Fortinet Q4 Earnings Exceed Expectations on Enterprise Demand and Strong Billings Growth

Fortinet reported Q4 2025 earnings that exceeded analyst expectations, with EPS of $0.81 and revenue of $1.91 billion. Product revenue grew 20% YoY, while services revenue rose 12%. Billings increased 18% to $2.37 billion. The company exceeded the "Rule of 45" for the sixth consecutive year and provided FY 2026 guidance above Street estimates. Wedbush analysts highlighted the strength in billings and large enterprise demand, maintaining an "Outperform" rating with a $90 price target.