Fortinet
Fortinet, Inc. is an American multinational corporation specializing in cybersecurity solutions, founded in 2000 and providing integrated network security products such as next-generation firewalls and unified threat management systems.[1][2] The company, headquartered in Sunnyvale, California, develops proprietary security processing units (SPUs) using custom ASICs to deliver high-performance protection against evolving threats.[3] Fortinet's Security Fabric platform integrates over 50 enterprise cybersecurity products, serving more than 700,000 customers including enterprises and service providers worldwide.[4] Recognized as a leader in the 2025 Gartner Magic Quadrant for Secure Access Service Edge (SASE) platforms, Fortinet holds a significant market share in network firewalls, approximately 40 percent, underscoring its position in secure networking convergence.[5][6] In fiscal first quarter 2025, the company reported total revenue of $1.54 billion, reflecting 14 percent year-over-year growth amid ongoing demand for its FortiGate appliances and services.[7]
History
Founding and early development (2000–2010)
Fortinet was founded in October 2000 by brothers Ken Xie and Michael Xie in Sunnyvale, California, initially as Appligation Inc., a name later changed to ApSecure in December and then to Fortinet, denoting "fortified networks." Ken Xie, who had previously founded NetScreen Technologies in 1996 and served as its president and CEO before its acquisition by Juniper Networks in 2004, established the company to address next-generation network security threats through integrated, hardware-accelerated solutions embedded in computing and networking infrastructure. Starting with a team of about a dozen engineers, Fortinet focused on developing purpose-built security appliances from its inception.[8][9] The company's first major product, the FortiGate appliance, launched in May 2002 as an ASIC-accelerated unified threat management (UTM) platform integrating firewall, VPN, antivirus, anti-spam, and intrusion prevention capabilities into a single hardware device. This design leveraged custom application-specific integrated circuits (ASICs) to enable high-throughput processing of multiple security functions without performance degradation, distinguishing Fortinet from software-based competitors reliant on general-purpose processors. Early software releases included anti-spam and antivirus tools, expanding the FortiOS operating system that powered the FortiGate series.[8][9] From 2003 to 2007, Fortinet built its global footprint by launching its initial channel partner program in October 2003, initiating distribution in Canada that December, and expanding offices to Asia, Europe, and additional North American locations by 2004. The firm achieved cash flow positivity in the third quarter of 2008 and acquired IPLocks, a database security technology provider, to bolster data protection offerings. In November 2009, Fortinet completed its initial public offering on NASDAQ under the ticker FTNT. By 2010, the company had shipped over 600,000 systems to more than 100,000 customers, secured a majority of the Fortune Global 500 as clients, and captured the largest share of the worldwide UTM market according to IDC research, while holding over 60 security-related patents.[9][8]Growth, IPO, and expansion (2011–2020)
In the years following its 2009 initial public offering, Fortinet pursued aggressive revenue expansion driven by demand for its FortiGate next-generation firewalls and unified threat management appliances. Annual revenue grew 33.5% in 2011, accelerating to cumulative increases that saw billings and product sales rise amid broadening adoption in enterprise and service provider markets. By 2014, revenue had climbed 25.2% year-over-year, reflecting strengthened channel partnerships and entry into emerging sectors like secure SD-WAN precursors.[10] This period marked intensified product innovation and market penetration, with Fortinet achieving consistent double-digit growth through 2020. Revenue reached $1.00 billion in 2015 (up 31.0% from 2014), $1.27 billion in 2016 (up 26.4%), $1.49 billion in 2017 (up 17.3%), $1.80 billion in 2018 (up 20.7%), $2.16 billion in 2019 (up 19.8%), and $2.59 billion in 2020 (up 19.9%). Product revenue specifically surged to $916.4 million in 2020, underscoring hardware appliance demand despite shifting toward software and services, which comprised over 50% of total revenue by decade's end.[10][11] Strategic acquisitions fueled capability expansion and competitive positioning. In March 2013, Fortinet acquired Coyote Point Systems, integrating application delivery controllers to enhance load balancing and traffic management within its security fabric. Subsequent deals included ZoneFox in October 2018 for endpoint detection and response analytics, enSilo and CyberSponse in late 2019 for incident response automation and security orchestration, and OPAQ Networks in July 2020 for secure access service edge (SASE) cloud networking, followed by Panopta in December 2020 for multi-tenant monitoring and remediation. These moves, totaling over $100 million in disclosed spend by 2020, targeted gaps in cloud-native security and operational analytics without diluting core firewall focus.[12][13][14] Geographic and operational scaling supported sustained momentum, with Fortinet establishing additional research and development centers in Asia by 2014 alongside facilities in the United States, Canada, and France to accelerate ASIC chip design and threat intelligence. Office expansions worldwide, including in Europe and Asia-Pacific, accommodated workforce growth to over 5,000 employees by 2020, enabling localized support for hyperscale data centers and 5G deployments. Key milestones included surpassing 350 technology integrations in the Fortinet Security Fabric by early 2020 and launching multi-cloud SD-WAN capabilities in July 2020, enhancing hybrid network security amid rising distributed threats.[15][16]Recent developments and strategic shifts (2021–present)
In the period following 2021, Fortinet experienced sustained revenue expansion, with annual total revenue increasing from $3.34 billion in fiscal year 2021 to $4.42 billion in 2022, $5.30 billion in 2023, and $5.96 billion in 2024, reflecting a compound annual growth rate of approximately 15.6% driven by demand for cybersecurity solutions amid rising global threats.[10] Billings, a key indicator of future revenue, grew to $2.00 billion in Q4 2024, up 7% year-over-year, while product revenue reached $574 million in the same quarter, up 18%, underscoring resilience in hardware sales despite broader industry supply chain pressures.[17] In Q2 2025, revenue further rose 14% year-over-year to $1.63 billion, with billings up 15% to $1.78 billion, prompting the company to raise its full-year 2025 billings guidance by $100 million to $7.325–$7.475 billion.[18] Fortinet shifted strategically toward unified platforms integrating secure access service edge (SASE) and security operations, reducing reliance on traditional firewalls—which accounted for about 50% of billings in 2025 but declined 2% in share year-over-year—to emphasize cloud-delivered and software-based solutions for hybrid environments.[18] This pivot included early investments in AI-enhanced architectures, custom ASICs for performance, and a unified operating system to address the hybrid shift accelerated by remote work and cloud adoption post-2021.[19] The company expanded its Security Fabric to incorporate identity and access management (IAM), privileged access management (PAM), and continuous threat exposure management (CTEM), positioning it to capture growth in high-margin segments like Unified SASE annual recurring revenue (ARR) and security operations ARR.[20][21] In August 2025, Fortinet enhanced FortiCloud with FortiIdentity for IAM, alongside beta services FortiDrive for secure storage and FortiConnect for communications, integrating these into its broader platform for modern enterprises.[22] Acquisitions played a central role in these shifts, with Fortinet completing deals to bolster cloud, application, and endpoint security capabilities. Notable transactions included ShieldX in March 2021 for cloud-native protection, Sken.ai in July 2021 for application security, Next DLP and Lacework in 2024 to enhance data loss prevention and cloud security, Perception Point in December 2024 for approximately $100 million to strengthen email and collaboration security, Suridata in May 2025 for email protection, and the remaining stake in Linksys in January 2025 to expand Wi-Fi offerings for large venues.[23][24][25] These moves totaled over 20 acquisitions since inception, with a focus post-2021 on integrating technologies into the Fortinet ecosystem rather than standalone products.[26] Product innovations emphasized AI-driven defenses and operational technology (OT) security, including enhancements to FortiRecon in August 2025 for CTEM alignment and the launch of an AI-Powered Workspace Security Suite in June 2025 to counter evolving threats like cybercrime-as-a-service.[27][28] Fortinet's FortiGuard Labs reported a surge in darknet cybercrime-as-a-service in its 2025 Global Threat Landscape Report, informing platform updates for faster threat detection via automation and stolen credential mitigation.[29] The company achieved leadership in Gartner's inaugural 2025 Magic Quadrant for Hybrid Mesh Firewalls, with top execution scores, validating its integrated approach amid competition from point solutions.[30] Despite macroeconomic caution in enterprise spending, these developments sustained Fortinet's market share in network security while diversifying revenue streams.[20]Leadership and organization
Key executives and founders
Fortinet was founded in 2000 by brothers Ken Xie and Michael Xie, both cybersecurity pioneers who had previously collaborated at NetScreen Technologies, which Ken founded in 1996 and sold to Juniper Networks for $4.05 billion in 2004.[31][32] The Xies established Fortinet to integrate security directly into networking hardware via custom ASICs, addressing limitations in software-only solutions prevalent at the time.[31] Ken Xie, holding an M.S. from Stanford University and B.S./M.S. degrees from Tsinghua University, serves as Founder, Chairman of the Board, and Chief Executive Officer, roles he has maintained since inception. Prior to Fortinet and NetScreen, he founded Systems Integration Solutions (SIS) in 1993, focusing on network management software. Under his leadership, Fortinet has grown into a global leader in cybersecurity, emphasizing purpose-built hardware acceleration for threat protection.[31] Michael Xie, with M.S. degrees from the University of Manitoba and Tsinghua University, acts as Founder, President, and Chief Technology Officer, driving product innovation for over two decades. He previously served as software director and architect at NetScreen, contributing to its ASIC-based firewall development. Michael Xie has been instrumental in Fortinet's Security Fabric architecture, which unifies disparate security functions.[31] Other key executives include John Whittle, Chief Operating Officer since joining in 2006 with over 18 years at the company, overseeing global operations and leveraging prior experience from Corio's IPO and IBM acquisition; Christiane Ohlgart, Chief Financial Officer with 30+ years in finance, including prior roles at IGEL and SAP SuccessFactors; and Robert May, EVP of Technology and Product Management, at Fortinet since 2004 with expertise from Nortel and early networking projects. These leaders report to Ken Xie and support the company's focus on integrated security platforms.[31]Corporate governance and headquarters
Fortinet's global headquarters is located at 909 Kifer Road, Sunnyvale, California 94086, in the heart of Silicon Valley.[33] The facility, a four-story structure spanning approximately 172,000 square feet, was completed and occupied starting in late 2021, incorporating energy-efficient design features and serving as the company's primary hub for operations, research, and executive leadership.[34] This location replaced an earlier site at 899 Kifer Road established in 2014, reflecting the company's growth and commitment to sustainable infrastructure.[35] The company's corporate governance is overseen by a Board of Directors that acts as a fiduciary for shareholders, setting high standards for management and emphasizing oversight of business operations, risk management, and ethical conduct.[36] Founders Ken Xie, serving as Chairman and Chief Executive Officer since the company's inception, and Michael Xie, as President and Chief Technology Officer, hold pivotal board positions, which centralizes strategic decision-making with the founding leadership.[32] The board includes independent directors such as Ken Goldman (lead independent director and Audit Committee chair), Judith Sim (Human Resources Committee chair), and Admiral James Stavridis (Governance and Social Responsibility Committee member), providing external expertise in finance, technology, and policy.[32] Fortinet maintains four standing board committees to address key governance areas: the Audit Committee, which oversees financial reporting and internal controls; the Human Resources Committee, responsible for executive compensation and talent management; the Governance and Social Responsibility Committee, focused on board composition, director nominations, and corporate social responsibility; and the Cybersecurity Committee, dedicated to monitoring cybersecurity risks and product security practices.[37] [36] These structures align with standard practices for publicly traded companies under NASDAQ listing requirements and SEC regulations, with annual evaluations of board effectiveness and director independence disclosures in proxy statements.[38] The governance framework emphasizes accountability, with the board retaining authority to approve major transactions, strategic initiatives, and executive appointments.[39]Products and technologies
Core security appliances and software
Fortinet's core security appliances primarily consist of the FortiGate series of next-generation firewalls (NGFWs), available in hardware, virtual, and cloud-native forms to secure hybrid environments. These appliances integrate multiple security functions into a single platform, including stateful firewalling, intrusion prevention system (IPS), antivirus, web filtering, application control, and SSL inspection, powered by Fortinet's custom ASICs for high throughput and low latency.[40][40] The FortiGate lineup spans entry-level models like the FortiGate 40F for small offices to high-end units such as the FortiGate 6501F, which support up to 48x GE RJ45 ports, multiple SFP slots, and advanced features like SD-WAN and zero-trust network access (ZTNA). Performance metrics, measured with firewall, IPS, application control, and malware protection enabled under enterprise mix traffic, vary by model but emphasize scalable threat protection without compromising network speed.[40][41][41] Complementing the hardware, FortiOS serves as the unified operating system across FortiGate devices, incorporating over 300 security features such as deep packet inspection, VPN support (SSL/IPSec), and AI-driven anomaly detection to address evolving threats.[42] Management software like FortiManager provides centralized configuration, policy enforcement, and analytics for FortiGate deployments, enabling scalable oversight of distributed networks.[43] Additional core software includes FortiSandbox for inline malware analysis against zero-day threats using AI and machine learning, and FortiClient for endpoint protection that feeds telemetry into the broader Security Fabric. These components ensure comprehensive visibility and automated response across endpoints, networks, and clouds.[44][45]Security Fabric platform and integrations
The Fortinet Security Fabric is a unified cybersecurity architecture designed to integrate disparate security and networking components into a cohesive platform, enabling automated threat detection, response, and orchestration across hybrid environments.[46] Built on FortiOS as its foundational operating system, it converges networking and security functions to address expanding attack surfaces while simplifying management through centralized visibility and control.[47] The platform emphasizes three core attributes: broad protection to detect threats across endpoints, networks, and clouds; integrated operations to eliminate silos and reduce complexity; and automated processes for rapid mitigation.[46] Key components include the root FortiGate device, which serves as the central hub connecting downstream Fortinet appliances such as firewalls, switches, access points, and endpoints, facilitating topology visualization and policy enforcement.[48] It incorporates FortiGuard threat intelligence services for real-time updates on malware, vulnerabilities, and exploits, alongside features like intrusion prevention, antivirus scanning, and SD-WAN optimization integrated into a single fabric.[49] This structure supports secure access service edge (SASE) deployments by extending protection to remote users and multicloud setups, with automated fabric-wide responses triggered by events detected at any node.[50] Integrations within the Security Fabric extend to over 3,000 validated connections via the Fabric-Ready Technology Alliance Partner Program, launched to standardize interoperability with third-party tools as of July 30, 2025.[51] These include APIs for SIEM systems, identity providers, and orchestration platforms, allowing data ingestion from external sources like cloud services and threat feeds for correlated analytics.[52] Fabric Connectors enable seamless linkage with non-Fortinet devices, such as endpoint detection tools and messaging services, enhancing hybrid ecosystem compatibility without proprietary lock-in.[53] This open approach contrasts with siloed vendor strategies, prioritizing causal efficacy in threat chaining over isolated point solutions, though efficacy depends on proper configuration to avoid integration-induced latency.[54]Innovations in AI, ASICs, and OT security
Fortinet has advanced its cybersecurity portfolio by integrating artificial intelligence (AI) through the FortiAI platform, which automates threat detection, analysis, and response to enhance operational efficiency for security teams. Introduced as a virtual security analyst, FortiAI prioritizes alerts and streamlines incident handling, reducing manual intervention in complex environments.[55] In April 2025, Fortinet expanded FortiAI across its Security Fabric, incorporating agentic AI capabilities for proactive threat mitigation, generative AI monitoring to detect anomalous model behaviors, and automated network operations to address emerging risks like AI-powered attacks.[56] These enhancements include FortiAI-Protect for real-time threat hunting, FortiAI-Assist for operational workflows, and FortiAI-SecureAI for safeguarding AI deployments against vulnerabilities.[57] Fortinet's approach emphasizes integrated AI within its unified architecture, enabling faster adaptation to adversarial uses of AI, such as zero-day malware generation, while maintaining performance advantages over siloed systems.[58] In hardware innovation, Fortinet employs custom application-specific integrated circuits (ASICs), branded as Security Processing Units (SPUs), within its FortiGate next-generation firewalls to accelerate security functions like encryption, deep packet inspection, and threat prevention. These purpose-built ASICs offload processing from general-purpose CPUs, delivering higher throughput, lower latency, and improved energy efficiency compared to software-only alternatives.[59] The SPUs, combined with network processor units, support scalable performance in high-volume traffic scenarios, a design principle evident since early FortiGate models.[60] A notable advancement came in July 2025 with the FortiGate 700G series, powered by Fortinet's fifth-generation ASIC, which achieves up to sevenfold increases in firewall throughput and threat protection efficacy alongside a sevenfold reduction in power consumption relative to prior generations.[40] This ASIC evolution, including the FortiSP5 chip introduced for mid-range models in 2023, underscores Fortinet's focus on hardware-software co-design to sustain performance leadership in hybrid IT environments.[61] Fortinet's operational technology (OT) security innovations center on extending its Security Fabric to industrial control systems (ICS), supervisory control and data acquisition (SCADA), and cyber-physical assets, prioritizing visibility, segmentation, and protocol-specific protections without disrupting operations. The OT Security Platform integrates OT-aware intrusion prevention, application control, and vulnerability management tailored to legacy protocols like Modbus and DNP3.[62] The FortiGuard OT Security Service provides specialized signatures for detecting OT-targeted exploits, blocking malicious traffic while enabling compliance reporting and anomaly detection.[63] In March 2025, Fortinet enhanced this platform with advanced segmentation and remote access controls to counter rising threats to critical infrastructure, such as ransomware targeting industrial sites.[64] Empirical data from Fortinet's 2025 State of Operational Technology and Cybersecurity Report, based on surveys of over 550 OT professionals, indicates that unified IT/OT deployments yield a 93% reduction in cyber incidents and sevenfold faster response times compared to segmented approaches.[65] These capabilities address causal vulnerabilities in OT networks, where air-gapped assumptions have proven insufficient against lateral movement from IT compromises.[66]Acquisitions and partnerships
Major acquisitions timeline
Fortinet's major acquisitions have primarily focused on integrating complementary technologies into its unified cybersecurity platform, such as wireless networking, user behavior analytics, security orchestration, enterprise switching, cloud-native application protection, data loss prevention, and SaaS security.[67][68][69] The following table summarizes key acquisitions chronologically:| Date | Acquired Company | Details |
|---|---|---|
| February 2015 | Meru Networks | Wireless LAN solutions provider; acquired for $44 million to expand secure networking capabilities.[67] |
| October 23, 2018 | ZoneFox | Cloud-based user and entity behavior analytics (UEBA) firm; enhanced insider threat detection using machine learning.[70] |
| December 12, 2019 | CyberSponse | Security orchestration, automation, and response (SOAR) platform; integrated to automate incident response workflows.[68] |
| August 31, 2021 | Alaxala Networks (75% stake) | Japanese enterprise switching and networking company; bolstered secure switching integrated with Fortinet's platform.[69] |
| August 1, 2024 | Lacework | Cloud security and CNAPP provider; added data-driven risk prioritization and compliance to Unified SASE offerings.[71] |
| August 5, 2024 | Next DLP | Enterprise data security and insider risk management specialist; strengthened data loss prevention across endpoints and cloud.[25] |
| May 2025 | Suridata | SaaS security posture management startup; improved third-party SaaS application visibility and risk mitigation for tens of millions of dollars.[72] |
Strategic partnerships and ecosystem building
Fortinet's strategy for ecosystem building centers on its Open Ecosystem, which integrates third-party technologies with the Security Fabric platform to provide unified security across hybrid environments. The Fabric-Ready Technology Alliance Partner Program offers partners infrastructure, resources, and tools for seamless integration, enabling over 3,000 pre-validated integrations as of July 30, 2025, spanning more than 400 technology providers.[51] This program addresses integration complexities by optimizing solutions for FortiOS, the core operating system of the Security Fabric, thereby enhancing visibility, automation, and threat response for customers.[73] Key strategic alliances include collaborations with major cloud service providers to secure multi-cloud deployments. Fortinet partners with AWS, Microsoft Azure, Google Cloud, and Oracle, delivering certified solutions that align with shared responsibility models for workload protection and compliance.[74] In recognition of these efforts, Fortinet received the 2025 Google Cloud Infrastructure Modernization Partner of the Year award for Networking on April 8, 2025, its fifth such honor from Google Cloud.[75] These partnerships facilitate direct deployment of Fortinet solutions via cloud marketplaces, supporting hybrid infrastructure security without proprietary lock-in.[76] Recent expansions underscore ecosystem growth, such as the deepened alliance with Armis announced on October 7, 2025, combining Armis Centrix for asset intelligence with FortiOS to simplify global security operations and reduce silos.[77] Similarly, a partnership with CrowdStrike, established on October 22, 2024, unifies endpoint detection from CrowdStrike Falcon with Fortinet's next-generation firewalls for coordinated threat prevention across networks.[78] These integrations, part of a broader open architecture, extend the Security Fabric to include diverse vendors in networking, endpoints, and OT, fostering interoperability while prioritizing native Fortinet controls for efficacy.[79]Research and threat intelligence
FortiGuard Labs operations
FortiGuard Labs functions as Fortinet's dedicated global threat intelligence and research organization, tasked with observing and dissecting cybersecurity threats to inform product defenses and customer protections. Its core operations revolve around aggregating telemetry from millions of network sensors embedded in deployed Fortinet devices, which collectively scan the worldwide attack surface for indicators of compromise, including exploit attempts, malware propagation, and command-and-control communications. This sensor network provides unparalleled visibility, supplemented by data from over 200 intelligence-sharing partners, enabling the detection of threats across networks, endpoints, IoT devices, email, applications, and web traffic.[80][81] Analysis within FortiGuard Labs leverages artificial intelligence, machine learning, and deep learning models to process tens of billions of daily security events, identifying patterns and anomalies that signal new threats such as ransomware variants or advanced persistent threats. A distributed team of researchers across eight global labs dedicates approximately 609,000 hours annually to this effort, resulting in the discovery of over 925 zero-day vulnerabilities and the filing of more than 100 patents related to threat detection methodologies. Operations emphasize rapid response, with AI-driven systems generating actionable intelligence in seconds and pushing security signature updates multiple times per day through Fortinet's Distribution Network, thereby blocking an average of 15 million botnet command-and-control attempts and 904,000 malware instances per minute.[80][81] The labs disseminate intelligence through integrated FortiGuard security services—such as intrusion prevention, antivirus, web filtering, and sandboxing—while producing public outputs including real-time Outbreak Alerts for active exploits (e.g., Oracle E-Business Suite remote code execution on October 8, 2025), PSIRT advisories for vendor vulnerabilities (e.g., CVE-2025-49844 in RediShell on October 14, 2025), and detailed threat research blogs tracking campaigns like the expansion of a Chinese hacker group into Malaysia via shared infrastructure (October 17, 2025). These activities extend to advisory services, encompassing incident response, penetration testing, and consulting, often delivered by the in-house FortiGuard Incident Response team to mitigate live breaches vendor-agnostically.[82][83][81]Contributions to cybersecurity research
FortiGuard Labs, Fortinet's dedicated threat research division, contributes to cybersecurity research primarily through the analysis of global telemetry data collected from over 1 million enterprise sensors deployed across more than 100 countries, enabling the identification and dissemination of emerging threat trends. This data-driven approach has informed industry understanding of attack vectors, including the acceleration of exploit chains where cybercriminals leverage automation and AI to reduce breach timelines from weeks to hours, as detailed in biannual Global Threat Landscape Reports. For instance, the 2H 2023 report highlighted a 43% faster exploitation of industry-specific vulnerabilities compared to the first half of the year, underscoring the need for rapid vendor disclosures and proactive defenses.[84][85] Key research outputs include detailed tracking of advanced persistent threats (APTs) and malware campaigns, such as the expansion of a Chinese hacker group targeting Malaysia via shared infrastructure and tactics, and the abuse of Node.js in the Stealit infostealer campaign. These investigations provide granular insights into attacker tactics, techniques, and procedures (TTPs), including code reuse and infrastructure overlaps, which are shared publicly to aid defensive strategies across the sector.[83] FortiGuard Labs' 2025 reports further quantify impacts, revealing a surge in darknet Cybercrime-as-a-Service offerings that scale attacks through stolen credentials and automation, with ransomware detections declining amid sophisticated evasion methods.[29][86] In operational technology (OT) security, Fortinet's research demonstrates causal links between unified IT-OT defenses and reduced incidents, with mature implementations correlating to a 93% drop in cyber events and sevenfold faster threat response times, based on aggregated customer data. This empirical evidence challenges fragmented security models by emphasizing integrated visibility. Beyond reports, Fortinet shares actionable intelligence via collaborations like the Joint Cyber Defense Collaborative (JCDC), leveraging over two decades of telemetry to enhance U.S. cybersecurity resilience against shared threats.[65][87] Such contributions prioritize real-world telemetry over theoretical models, though they remain proprietary in methodology to protect sources.Cybersecurity achievements and impact
Industry leadership and recognitions
Fortinet has been positioned as a Leader in multiple Gartner Magic Quadrant reports in 2025, reflecting its execution and vision in key cybersecurity domains. In the 2025 Gartner Magic Quadrant for Secure Access Service Edge (SASE) Platforms, Fortinet was named a Leader and ranked highest in the Secure Branch Network Modernization use case, highlighting its unified SASE offerings that integrate networking and security.[5] Similarly, in the inaugural 2025 Gartner Magic Quadrant for Hybrid Mesh Firewall—a evolution from traditional network firewall evaluations—Fortinet achieved the highest placement for Ability to Execute, underscoring its integrated security fabric and ASIC-accelerated performance.[88] The company was also recognized as a Leader for the second consecutive year in the 2025 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure.[89] In security information and event management (SIEM), Fortinet was named a Challenger in the 2025 Gartner Magic Quadrant, noted for its FortiSIEM capabilities in analytics and correlation.[90] Beyond Gartner, Fortinet earned Leader status in the 2024 Forrester Wave for Enterprise Firewall Solutions (Q4), praised for its SD-WAN integration and comprehensive threat protection across hybrid environments.[91] In operational technology (OT) security, it was designated the Overall Leader for the third consecutive year in the 2025 Westlands Advisory IT/OT Network Protection Platform Navigator, emphasizing converged IT/OT defenses.[92] Fortinet's market leadership in security appliances is evidenced by historical dominance in shipments, holding a top-three position worldwide per IDC data, with strong growth in unified threat management and next-generation firewalls.[93] Additional accolades include recognition as the Overall Leader in the 2024 KuppingerCole Leadership Compass for Extended Detection and Response (XDR) and Best Security Vendor in the 2024 Channel Awards.[94][95] These positions stem from Fortinet's broad deployment base, serving over 700,000 customers globally, and innovations in scalable, hardware-accelerated security.[96]Real-world threat mitigation successes
Fortinet's FortiEDR endpoint detection and response solution achieved 100% blocking of attacks in the MITRE Engenuity ATT&CK Evaluations for the second consecutive year in 2022, demonstrating its ability to detect and prevent advanced persistent threats (APTs) and other evasions in simulated real-world scenarios.[97] Independent testing by NSS Labs in 2023 further validated FortiGate next-generation firewalls, recording a 99.88% security effectiveness score by blocking thousands of sophisticated threats and evasions while maintaining high performance and reliability.[98] In a 2021 case, a multinational bank deployed FortiGate NGFWs with AI/ML-powered intrusion prevention systems (IPS) and FortiGuard threat intelligence, enabling proactive ransomware prevention by consolidating security functions and correlating global threat data to block infections before encryption could occur.[99] Similarly, an infrastructural service provider in 2022, facing an active ransomware deployment, activated FortiEDR policies to rapidly contain the attack, limiting lateral movement and data exfiltration to prevent widespread damage across the environment.[100] Alaska Airlines integrated FortiGate firewalls for network segmentation and threat protection in 2023, enhancing defenses against ransomware targeting aviation data streams from e-connected aircraft; this deployment prevented potential lateral attack propagation across 130 North American and 5 international locations while supporting secure remote operations.[101] For a large planned community recovering from a 2023 phishing-induced ransomware incident, FortiGuard Incident Response and FortiMail email scanning were implemented to block subsequent phishing attempts, scanning all inbound messages to neutralize similar vectors that initially enabled the breach.[102] These implementations underscore Fortinet's role in real-time threat isolation, leveraging integrated AI-driven services to mitigate active exploits and reduce breach impacts in diverse operational contexts.Vulnerabilities, incidents, and responses
Disclosed vulnerabilities and CVEs
Fortinet products, especially FortiOS-powered devices like FortiGate firewalls, have been subject to numerous disclosed vulnerabilities, with over 1,000 CVEs assigned to the vendor as of 2025, many involving the SSL VPN component that has repeatedly attracted exploitation by nation-state actors.[103] These issues often stem from improper input validation, buffer overflows, or authentication weaknesses, leading to risks such as remote code execution (RCE) or data exfiltration. Fortinet's PSIRT advisories detail patches, but delays in patching have enabled persistent campaigns, as evidenced by joint alerts from agencies like CISA highlighting active exploitation.[104][105] The following table summarizes select high-impact CVEs, focusing on those with confirmed wild exploitation and critical severity:| CVE ID | Affected Products | CVSS v3.1 Score | Disclosure Date | Description and Impact |
|---|---|---|---|---|
| CVE-2018-13379 | FortiOS (versions 6.0.0-6.0.4, 5.6.3-5.6.7, 5.4.6-5.4.10) SSL VPN | 6.5 (Medium) | May 24, 2019 | Path traversal flaw in SSL VPN web portal enabling unauthenticated attackers to read sensitive system files, including credentials; exploited extensively by APT groups, resulting in leaks of hundreds of thousands of VPN accounts in 2021.[106][107][108] |
| CVE-2023-27997 | FortiOS SSL VPN (multiple versions up to 7.2.4) | 7.5 (High) | March 2023 | Heap-based buffer overflow allowing unauthenticated RCE; zero-day exploitation by state-sponsored actors for initial access in supply chain attacks.[109][105] |
| CVE-2024-21762 | FortiOS (versions 7.4.0-7.4.1, 7.2.0-7.2.6, 6.4.0-6.4.14) | 9.8 (Critical) | February 2024 (exploited pre-disclosure) | Out-of-bounds write in SSLVPNd daemon permitting unauthenticated remote RCE; confirmed in-the-wild attacks chaining with other flaws for persistence.[110][111] |
| CVE-2024-55591 | FortiOS and FortiProxy (versions 7.4.0-7.4.4, 7.2.0-7.2.7, others) | 9.6 (Critical) | January 2025 | Authentication bypass via crafted requests granting admin access; zero-day exploited for unauthorized control of firewalls, with rapid patching urged due to ongoing scans.[112][113] |
Customer-impacting breaches and leaks
In September 2024, an unauthorized individual accessed a limited number of files on Fortinet's instance of a third-party cloud-based shared file drive, resulting in the exposure of customer-related data primarily affecting organizations in the Asia-Pacific region.[116][117] The incident involved approximately 440 GB of data, including customer information such as names, contact details, and service-related documents, impacting less than 0.3% of Fortinet's customer base.[118][119] Fortinet confirmed the breach on September 12, 2024, stating that no source code, intellectual property, or credentials were compromised, and the company terminated the intruder's access upon detection.[116][120] The breach was publicly disclosed after a threat actor using the alias "Fortibitch" leaked samples of the stolen data online, prompting Fortinet to notify affected customers and recommend monitoring for phishing or unauthorized access attempts.[120][118] While Fortinet attributed the access to misconfigurations in the third-party service rather than a vulnerability in its own products, the incident highlighted risks in supply chain dependencies for data storage.[116] No evidence emerged of widespread exploitation beyond the initial leak, though affected customers faced potential risks of targeted social engineering based on the exposed details.[117] In January 2025, a threat actor known as the Belsen group leaked configuration data from over 15,000 FortiGate firewalls on the dark web, exposing sensitive customer information including usernames, passwords, device management certificates, and VPN credentials.[121][122] Fortinet analyzed the posting on January 16, 2025, determining that the leaked configurations were likely obtained through prior exploitation of known vulnerabilities in FortiGate devices, such as unpatched instances vulnerable to remote code execution flaws.[123] The data dump, made freely available, potentially enabled further attacks like network pivoting, lateral movement, or ransomware deployment against the affected organizations.[121] Fortinet advised customers to rotate exposed credentials, review firewall logs for anomalous activity, and apply patches for vulnerabilities like CVE-2024-21762, which had been linked to similar config extractions in prior incidents.[123][122] The leak underscored the consequences of delayed patching in customer environments, as many of the compromised devices ran outdated FortiOS versions, amplifying the risk of credential stuffing or unauthorized access to internal networks.[121] No direct attribution to a specific campaign was confirmed, but the public release increased the likelihood of opportunistic exploitation by multiple actors.[122]Patching, mitigation, and accountability measures
Fortinet maintains a dedicated Product Security Incident Response Team (PSIRT) to manage the identification, investigation, and remediation of security vulnerabilities in its products, coordinating with external researchers and threat actors under a formal vulnerability disclosure policy.[124] Upon receiving reports, PSIRT assesses the issue, develops patches, and publishes detailed advisories on the FortiGuard Labs PSIRT portal, including affected versions, severity scores, and recommended upgrade paths via the company's Upgrade Path Tool.[104] For instance, in response to CVE-2025-32756, a zero-day out-of-bounds write vulnerability exploited in the wild affecting multiple Fortinet products, PSIRT issued an advisory on May 14, 2025, providing firmware patches for FortiOS versions 7.6.3 and above.[125][104] Patching typically involves releasing stable channel firmware updates for products like FortiOS, FortiProxy, and FortiClient, with Fortinet urging immediate application after testing to address remote code execution (RCE) risks.[126] Historical examples include the May 2025 advisory for CVE-2025-25257, an unauthenticated SQL injection in FortiWeb, where patches were bundled into product updates alongside timeline details starting from initial discovery.[127] Fortinet also analyzes N-day vulnerability exploitation post-patching to refine future responses, as detailed in a February 2024 blog examining persistent threats to resolved flaws in FortiGate devices.[128] Interim mitigation measures emphasize configuration hardening, such as disabling exposed administrative interfaces or SSL VPN features until patches are deployed; for CVE-2024-47574 in FortiClient, recommendations included updating to the latest version and deploying endpoint detection and response (EDR) tools to block code execution.[129] In cases of active exploitation, like post-exploitation techniques targeting known CVEs such as CVE-2022-42475, Fortinet advised reviewing device configurations, resetting credentials, and upgrading to fortified versions like FortiOS 7.6.x.[105] Virtual patching is applied automatically to externally facing interfaces in Fortinet-managed environments to provide immediate protection.[130] Accountability measures include proactive customer notifications through PSIRT advisories and direct communications for high-severity issues, with Fortinet committing to balanced disclosure that avoids aiding attackers while enabling timely defenses.[131] Following the September 2024 incident involving unauthorized access to a third-party cloud-shared file drive containing limited customer data, Fortinet conducted an investigation, notified affected parties, and enhanced access controls, though no evidence of broader compromise or data exfiltration was confirmed.[116] The company publishes timelines in advisories, such as the May 13, 2025, initial release for a stack-based buffer overflow in FortiOS API (FG-IR-25-254), to demonstrate response efficiency, while internal threat intelligence from FortiGuard Labs informs ongoing product hardening.[132] Critics have noted delays in public acknowledgment for certain exploits, like CVE-2022-42475, but Fortinet's policy prioritizes patch availability before full disclosure.[133]Financial performance
Revenue growth and profitability metrics
Fortinet's revenue has exhibited steady growth, albeit decelerating from peak rates in recent years, reflecting maturation in the cybersecurity market amid broader economic pressures. For fiscal year 2024, the company reported annual revenue of $5.956 billion, a 12.3% year-over-year increase from $5.305 billion in 2023. This followed stronger expansions of 20.1% in 2023 from $4.417 billion in 2022, and 32.2% in 2022 from $3.342 billion in 2021. Earlier, revenue grew 28.9% in 2021 from $2.594 billion in 2020, underscoring a trajectory of compounding expansion fueled by product demand and market penetration.[134][10] In the first half of 2025, growth persisted, with Q2 revenue reaching $1.63 billion, up 14% year-over-year, and billings increasing 15% to $1.78 billion. Trailing twelve-month revenue as of mid-2025 stood at $6.34 billion. These figures highlight resilience in core segments like unified SASE (annual recurring revenue up 22%) and security operations (up 35%), despite moderating overall rates compared to the 20-30% surges of 2021-2022.[135][136] Profitability metrics remain robust, benefiting from scalable software-centric operations and high-margin subscriptions. The trailing twelve-month net profit margin reached 30.6%, with net income of $1.94 billion on $6.34 billion revenue. For full-year 2024, net income surged 52% to $1.745 billion from $1.148 billion in 2023, which itself rose 34% from 2022 levels. Operating margins have expanded, with GAAP at 28% and non-GAAP at 33% in Q2 2025, and full-year 2024 non-GAAP operating margin at 35%. Gross margins averaged 77.5% over 2020-2024, reflecting efficient cost structures typical of network security hardware and services.[136][137][135]| Fiscal Year | Revenue ($ billions) | YoY Growth (%) | Net Income ($ billions) | GAAP Operating Margin (%) |
|---|---|---|---|---|
| 2020 | 2.594 | - | - | - |
| 2021 | 3.342 | 28.9 | - | - |
| 2022 | 4.417 | 32.2 | 0.857 | - |
| 2023 | 5.305 | 20.1 | 1.148 | - |
| 2024 | 5.956 | 12.3 | 1.745 | - |