What does Fortinet do and what are its main business segments?

What is the revenue and EPS growth rate for Fortinet year over year?

What guidance did Fortinet's management provide for the next earnings period?

Did Fortinet beat or miss consensus estimates last quarter?

What is Fortinet's gross profit margin?

What factors drove the changes in Fortinet's revenue and profit?

What is the market's earnings forecast for Fortinet next quarter?

What is Fortinet's latest dividend and current dividend yield?

- **Unified SASE Dominance**: 100%+ YoY growth in FortiSASE, 15% of large enterprises now using Sovereign SASE. 
- **OT Security Leader**: 30% YoY growth, #1 market share in firewall and SD-WAN. 
- **Financial Strength**: 36.9% operating margin, $568M free cash flow, and $1.83B share buybacks in Q3. 
- **Future Growth Drivers**: New ASICs, FortiOS 8.0, and secure AI data center solutions targeting 10-15% product revenue growth. 
- **Rule of 45 Reaffirmed**: On track for sixth straight year, with 14% billings growth for FY25.

**【CEO Summary Section】**
- Fortinet reported 14% year-over-year (YoY) growth in total billings to $1.81 billion, driven by 19% growth in Unified SASE and 33% growth in SecOps. 
- Unified SASE billings grew over 100% YoY, with 15% of large enterprise customers now using FortiSASE (up 55% YoY). 
- Operational Technology (OT) and critical infrastructure solutions grew 30% YoY, outpacing market growth. 
- The company reaffirmed confidence in meeting the Rule of 45 for the sixth consecutive year, with 14% midpoint billings growth for FY25.

**【CFO Financial Commentary】**
- Total revenue reached $1.72 billion (+14% YoY), with product revenue up 18% to $559 million and service revenue up 13% to $1.17 billion. 
- Gross margin was 81.6%, operating margin 36.9% (record for Q3), and free cash flow $568 million. 
- Q4 guidance: Billings $2.185B-$2.285B (+12% YoY), revenue $1.825B-$1.885B (+12% YoY), non-GAAP EPS $0.73-$0.75. 
- Full year 2025: Billings $7.37B-$7.47B (+14% YoY), revenue $6.72B-$6.78B (+13% YoY). 
- CFO highlighted service revenue growth acceleration in H2 2026 due to strong product attach rates.

**【Q&A Key Highlights】**
- **Product Growth Drivers**: CEO Ken Xie emphasized new ASICs, FortiOS 8.0 launch, and OT security as key growth engines. Product revenue expected 10-15% YoY growth. 
- **SASE Momentum**: 8-figure police force deal showcased Sovereign SASE adoption for data privacy compliance. FortiSASE now $1+ billion business. 
- **AI Data Center Expansion**: New secure AI data center solution targets hyperscalers and enterprises scaling AI workloads. 
- **Competitive Advantage**: ASIC-based hardware delivers 5x-10x performance vs competitors, reducing TCO by 33%. 
- **Share Repurchases**: $1.83B spent in Q3, with $796M remaining under $1B authorization increase.


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