Fortinet Posts 14% Revenue, 15% Billings Growth in Q2 2025

Fortinet reported strong Q2 2025 earnings with an adjusted EPS of $0.64, surpassing the consensus estimate of $0.59, and revenues of $1.63 billion, slightly above expectations and reflecting 14% year-over-year growth. The company’s billings also exceeded forecasts, reaching $1.78 billion, a 15% increase from the prior year, driven by growth in high-value deals and strategic segments such as Unified SASE and SecOps, which saw billings growth of 21% and 31% respectively. Despite beating earnings estimates and providing positive guidance for Q3 and full-year 2025, Fortinet's stock declined in extended trading, reflecting cautious market sentiment. Analysts maintain a predominantly cautious stance with an average “Hold” rating and a price target implying modest upside potential. Regional growth was led by EMEA at 18%, with the Americas and APAC growing 11%, while annual recurring revenue for Unified SASE and SecOps exceeded $1.6 billion. Overall, Fortinet continues to show solid financial health and strategic positioning in cybersecurity, but investors are advised to proceed with caution given mixed market reactions.