Fourth Quarter 2023 Highlights

  • Billings of $1.86 billion, up 8.5% year over year1
  • GAAP operating income of $385 million
  • Non-GAAP operating income of $454 million1
  • GAAP operating margin of 27.2%
  • Non-GAAP operating margin of 32.0%1
  • Cash paid for share repurchases of $896 million

Full Year 2023 Highlights

  • Total revenue of $5.30 billion, up 20% year over year
  • Service revenue of $3.38 billion, up 28% year over year
  • Billings of $6.40 billion, up 14% year over year1
  • Deferred revenue of $5.74 billion, up 24% year over year
  • GAAP operating income of $1.24 billion, up 28% year over year
  • Non-GAAP operating income of $1.51 billion, up 25% year over year1
  • GAAP operating margin of 23.4%
  • Non-GAAP operating margin of 28.4%1
  • GAAP diluted net income per share attributable to Fortinet, Inc. of $1.46, up 38% year over year
  • Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $1.63, up 37% year over year1
  • Cash flow from operations of $1.94 billion
  • Free cash flow of $1.73 billion1
  • Cash paid for share repurchases of $1.50 billion

Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has recently announced financial results for the fourth quarter of 2023 and full year ended December 31, 2023.

“In the fourth quarter of 2023, Security Operations billings grew 44% year over year and SASE billings increased 19% year over year, driven by our successful sales strategy shift and the improved execution of our sales teams,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “Our platform strategy is resonating with enterprises worldwide as we are a leader in Secure Networking and are the #1 firewall vendor for units shipped with FortiGates accounting for over half of the global deployment. Fortinet is well-positioned to consolidate the security capabilities of our over half a million customers onto our integrated FortiOS operating system, which encompasses over 30 networking and security functions spanning on-premises and cloud environments.”

About Fortinet (

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at, the Fortinet Blog or FortiGuard Labs.

For More Information:
Abdullah Inayat
W7Worldwide Marketing Communications Consultancy Agency
Media Relations Director