Latest news with #networksecurity
Yahoo
16 hours ago
- Business
- Yahoo
Next-Generation Firewall Market Surges to $8.6 billion by 2028 - Dominated by Palo Alto Networks (US), Cisco (US), Fortinet (US)
Delray Beach, FL, Aug. 14, 2025 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the global Next-Generation Firewall Market size is projected to grow from USD 5.0 billion in 2023 to USD 8.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period. Browse in-depth TOC on "Next-Generation Firewall Market " 432 - Tables 52 - Figures 325 – Pages Download Report Brochure @ Next-Generation Firewall Market Dynamics Drivers Rising demand for NGFW due to increased cyber-attack threats Growing IoT and BYOD trends to heighten network security needs Restraints High installation costs and complexity in network systems Resistance to change Opportunities Integration of advanced technologies to elevate NGFW capabilities for enterprises Increased adoption of cloud services to drive demand for NGFW List of Top Companies in Next-Generation Firewall Market Palo Alto Networks (US) Cisco (US) Fortinet (US) Check Point (Israel) Juniper Networks (US) Barracuda Networks (US) SonicWall (US) Zscaler (US) Forcepoint (US) Hillstone Networks (US) and many more… Request Sample Pages: The rise in IoT and BYOD trends has heightened network security needs. Next-Generation Firewalls (NGFWs) tackle these challenges through deep packet inspection, intrusion prevention, and application-layer filtering, crucial in industrial settings to safeguard against cyber-physical threats. Simultaneously, the global shift to remote work amid the COVID-19 pandemic intensifies the demand for advanced security solutions. NGFWs, equipped with sophisticated threat detection, ensure secure remote access and data transmission, countering the cyberattack surge. This increased demand aligns with the evolving cybersecurity landscape, emphasizing NGFWs as crucial for enterprise security compliance. Trend: ML-Powered Next-Generation Firewall The emergence of ML-powered next-generation Firewalls represents a transformative trend in cybersecurity, shifting from reactive to proactive threat prevention. With inline machine learning, zero-delay signatures, and automated policy recommendations, these firewalls provide instantaneous threat detection, rapid updates, and streamlined security administration. This technology trend, emphasizing proactive prevention and automation, marks a significant paradigm shift in the Next-Generation Firewall market. Trend: Zero Trust An emerging trend in the NGFW market is zero-trust technology adoption. With zero trust, no network traffic or user is inherently trusted, requiring rigorous verification for every request. Zero-trust firewalls employ granular policies based on contextual factors and user identity to prevent lateral movement and data exfiltration. This approach demands integrating identity management, encryption, and monitoring for enhanced security. Trend: Blockchain Application Firewall (BAF) The next-generation firewall (NGFW) landscape is witnessing a transformative trend with innovations like the Blockchain Application Firewall (BAF). BAF seamlessly integrates with Identity and Access Management (IAM) servers, ensuring secure connections and familiar sign-in procedures with multi-factor authentication. It plays a pivotal role in securing organizations managing numerous keys, implementing access restrictions based on dynamic rule configurations, and providing an additional layer of security for connections exposed to blockchain nodes. This trend, exemplified by solutions like the Kaleido BAF, reflects the growing importance of blockchain-integrated firewalls in enhancing NGFWs for robust security in blockchain applications. By offering, the service segment accounts for the highest CAGR during the forecast period. The rapid growth of the service segment in the Next-Generation Firewall (NGFW) market can be attributed to the rising complexity of NGFW solutions and the increasing shortage of security expertise within organizations. NGFWs, with their diverse features, pose a challenge for effective management, prompting organizations to turn to Managed Services Providers (MSPs) with specialized NGFW expertise. As the cybersecurity talent gap widens, organizations struggle to find skilled NGFW administrators, making MSPs a valuable resource for readily available expertise. MSPs offer enhanced security posture and threat response capabilities, including continuous monitoring and SIEM integration, providing real-time detection and response. Outsourcing NGFW management to service providers addresses the expertise shortage. It delivers cost savings, economies of scale, and improved operational efficiency, driving the fastest growth in the NGFW market's service segment. Inquire Before Buying: By organization size, the large enterprise segment accounts for a larger market share. The dominance of large enterprises in the next-generation firewall (NGFW) market stems from several key factors, such as its expansive attack surface and data sensitivity, compliance with strict regulations, abundant budgetary resources, and IT expertise. With vast and complex network infrastructures, large enterprises attract targeted cyberattacks, necessitating robust security measures provided by NGFWs to safeguard sensitive data. These organizations, subject to stringent industry regulations like HIPAA, PCI DSS, and GDPR, leverage NGFWs to ensure compliance with specific security controls and data protection measures. With larger IT budgets and dedicated teams of skilled professionals, large enterprises invest in advanced NGFW solutions, deploying high-performance appliances and employing cybersecurity teams to manage and optimize them. The need for centralized security management and scalability further drives the adoption of NGFWs, enabling consistent security policies and effective threat detection across geographically dispersed locations and diverse network segments. Opportunity: Advanced Technologies Propel Growth in the Next-Generation Firewall Market The Next-Generation Firewall (NGFW) market is experiencing transformative growth through the integration of advanced technologies like artificial intelligence (AI), machine learning (ML), threat intelligence feeds, deception technology, sandboxing, and security information and event management (SIEM). This integration elevates NGFW capabilities by enabling real-time threat detection, behavioral analysis, and adaptive responses. Key players like Palo Alto Networks, Cisco, and Check Point leverage these technologies, providing proactive security solutions against dynamic cyber threats. As organizations prioritize proactive threat management, incorporating advanced technologies becomes pivotal, ensuring continuous evolution and effectiveness in addressing the evolving cybersecurity landscape. This marks a significant growth opportunity for the NGFW market. Get access to the latest updates on Next-generation Firewall Companies and Next-generation Firewall Industry CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445, USA: +1-888-600-6441 Email: sales@ Visit Our Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
3 days ago
- CTV News
Cybersecurity attack may have exposed WestJet customers' personal information
Video WestJet says an investigation into a June 13 breach revealed hackers stole data from its network, but no credit and debit card information was compromised.
Yahoo
06-08-2025
- Business
- Yahoo
Fortinet Reports Second Quarter 2025 Financial Results
Highlights Revenue grew 14% year over year to $1.63 billion Billings grew 15% year over year to $1.78 billion1 Unified SASE ARR up 22% and Security Operations ARR up 35%, year over year2 GAAP operating margin of 28% Non-GAAP operating margin of 33%1 Raised 2025 full year billings guidance midpoint by $100 million SUNNYVALE, Calif., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the second quarter ended June 30, 2025. 'Our strong second quarter performance and consistent track record of growth are a direct result of our continued innovation and customer-first strategy, enabling us to beat our billings guidance for the quarter and raise our full year billings outlook,' said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. 'We are the industry leader in network security, with the most deployed firewalls worldwide, a New-Generation SASE Firewall, and recognized leadership in the 2025 Gartner® Magic Quadrant™ for SASE Platforms. This recognition, along with our strong business momentum, financial outlook, innovation, and leadership across five separate network security Magic Quadrant™ reports, underscores the strength of our AI-driven security approach and the strategic advantage of our unified FortiOS operating system.' Recent Market Leadership Highlights Recognized as a Leader in the 2025 Gartner® Magic Quadrant™ for SASE Platforms, #1 in the Critical Capabilities for SASE Platforms report for the Secure Branch Network Modernization use case, and the only vendor in five different network security Magic Quadrant™ reports. Expanded FortiCloud with three new natively integrated services: FortiIdentity, FortiDrive, and FortiConnect. Recognized as the Overall Leader in the Westlands Advisory IT/OT Network Protection Platform Navigator 2025™ report for the third time in a row. Named a Leader in the 2025 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure for the second year in a row. Recognized as a Gartner Peer Insights™ Customers' Choice for SD-WAN for the sixth consecutive year and for Endpoint Protection for the third consecutive year. Crossed 1,400 issued patents worldwide, and over 500 issued and pending AI patents, driven by R&D investments. Guidance For the third quarter of 2025, Fortinet currently expects: Revenue in the range of $1.670 billion to $1.730 billion Billings in the range of $1.760 billion to $1.840 billion Non-GAAP gross margin in the range of 80.0% to 81.0% Non-GAAP operating margin in the range of 32.5% to 33.5% Diluted non-GAAP net income per share in the range of $0.62 to $0.64, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 772 million to 776 million. For the fiscal year 2025, Fortinet currently expects: Revenue in the range of $6.675 billion to $6.825 billion Service revenue in the range of $4.550 billion to $4.650 billion Billings in the range of $7.325 billion to $7.475 billion Non-GAAP gross margin in the range of 79.0% to 81.0% Non-GAAP operating margin in the range of 32.0% to 33.5% Diluted non-GAAP net income per share in the range of $2.47 to $2.53, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 773 million to 777 million. These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort. Conference Call Details Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet's website at and a replay will be archived and accessible at Third Quarter 2025 Conference Participation Schedule: Deutsche Bank Technology ConferenceAugust 27, 2025 Citi Global TMT ConferenceSeptember 5, 2025 Goldman Sachs Communacopia + Technology ConferenceSeptember 11, 2025 Members of Fortinet's management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet's conference presentations are expected to be available via webcast on the company's website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet's website at The schedule is subject to change. 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. Well 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. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams ('CERTs'), government entities, and academia, is a fundamental aspect of Fortinet's commitment to enhance cyber resilience globally. 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. Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the third quarter and full year 2025, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; supply chain challenges; negative impacts from the ongoing war in Ukraine and its related macroeconomic effects and our decision to reduce operations in Russia; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; sales execution risks, including risks in connection with the timing and completion of large strategic deals; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers' networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive, including advances in artificial intelligence; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by competition and pricing pressure; excess product inventory for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine or tensions between China and Taiwan, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission ('SEC'), copies of which are available free of charge at the SEC's website at or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Use of Non-GAAP Financial Measures We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the 'Explanation of Non-GAAP Financial Measures' section of this press INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions) June 30,2025 December 31,2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 3,368.5 $ 2,875.9 Short-term investments 1,194.4 1,190.6 Accounts receivable—net 1,215.7 1,463.4 Inventory 405.2 315.5 Prepaid expenses and other current assets 162.5 126.1 Total current assets 6,346.3 5,971.5 LONG-TERM INVESTMENTS 112.0 — PROPERTY AND EQUIPMENT—NET 1,544.8 1,349.5 DEFERRED CONTRACT COSTS 665.4 622.9 DEFERRED TAX ASSETS 1,457.2 1,335.6 GOODWILL AND OTHER INTANGIBLE ASSETS—NET 382.2 350.4 OTHER ASSETS 133.5 133.2 TOTAL ASSETS $ 10,641.4 $ 9,763.1 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 245.2 $ 190.9 Accrued liabilities 339.1 337.9 Accrued payroll and compensation 281.3 255.7 Current portion of long-term debt 499.0 — Deferred revenue 3,412.5 3,276.2 Total current liabilities 4,777.1 4,060.7 DEFERRED REVENUE 3,155.1 3,084.7 LONG-TERM DEBT 496.3 994.3 OTHER LIABILITIES 152.5 129.6 Total liabilities 8,581.0 8,269.3 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock 0.8 0.8 Additional paid-in capital 1,715.9 1,636.2 Accumulated other comprehensive loss (20.7 ) (26.1 ) Retained earnings (accumulated deficit) 364.4 (117.1 ) Total stockholders' equity 2,060.4 1,493.8 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,641.4 $ 9,763.1 FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in millions, except per share amounts) Three Months Ended Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 REVENUE: Product $ 508.9 $ 451.9 $ 968.0 $ 860.8 Service 1,121.1 982.4 2,201.7 1,926.8 Total revenue 1,630.0 1,434.3 3,169.7 2,787.6 COST OF REVENUE: Product 165.9 155.1 315.8 337.9 Service 149.0 119.9 292.2 241.8 Total cost of revenue 314.9 275.0 608.0 579.7 GROSS PROFIT: Product 343.0 296.8 652.2 522.9 Service 972.1 862.5 1,909.5 1,685.0 Total gross profit 1,315.1 1,159.3 2,561.7 2,207.9 OPERATING EXPENSES: Research and development 209.5 165.4 408.1 338.4 Sales and marketing 592.0 501.3 1,134.7 1,002.4 General and administrative 56.9 56.6 114.7 111.0 Gain on intellectual property matters (1.3 ) (1.2 ) (7.6 ) (2.3 ) Total operating expenses 857.1 722.1 1,649.9 1,449.5 OPERATING INCOME 458.0 437.2 911.8 758.4 INTEREST INCOME 45.0 38.3 89.3 70.5 INTEREST EXPENSE (4.6 ) (5.0 ) (9.5 ) (10.1 ) OTHER INCOME (EXPENSE)—NET 18.9 (2.2 ) 45.0 (5.1 ) INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS 517.3 468.3 1,036.6 813.7 PROVISION FOR INCOME TAXES 77.1 76.5 173.6 116.0 GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS (0.1 ) (12.0 ) 10.5 (18.6 ) NET INCOME $ 440.1 $ 379.8 $ 873.5 $ 679.1 Net income per share: Basic $ 0.57 $ 0.50 $ 1.14 $ 0.89 Diluted $ 0.57 $ 0.49 $ 1.13 $ 0.88 Weighted-average shares outstanding: Basic 765.5 763.8 766.9 763.1 Diluted 772.7 769.9 774.8 770.2 FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions) Six Months Ended June 30,2025 June 30,2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 873.5 $ 679.1 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 135.2 126.2 Amortization of deferred contract costs 160.0 144.7 Depreciation and amortization 74.1 57.8 Amortization of investment discounts (19.4 ) (24.9 ) Other (44.8 ) 25.6 Changes in operating assets and liabilities, net of impact of business combinations: Accounts receivable—net 262.7 318.9 Inventory (79.6 ) 85.2 Prepaid expenses and other current assets (32.1 ) (12.3 ) Deferred contract costs (202.5 ) (136.0 ) Deferred tax assets (75.3 ) (130.3 ) Other assets (11.7 ) (7.6 ) Accounts payable 46.8 (67.2 ) Accrued liabilities (9.7 ) (24.9 ) Accrued payroll and compensation 22.9 (24.3 ) Deferred revenue 204.8 161.7 Other liabilities 10.3 0.7 Net cash provided by operating activities 1,315.2 1,172.4 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments (976.5 ) (974.3 ) Sales of investments 5.7 — Maturities of investments 869.6 904.6 Purchases of property and equipment (234.3 ) (245.0 ) Payments made in connection with business combinations, net of cash acquired (41.6 ) (5.7 ) Other 0.1 — Net cash used in investing activities (377.0 ) (320.4 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repurchase and retirement of common stock (401.1 ) — Proceeds from issuance of common stock 31.3 19.6 Taxes paid related to net share settlement of equity awards (77.0 ) (63.1 ) Other (0.1 ) (0.8 ) Net cash used in financing activities (446.9 ) (44.3 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 1.3 (2.4 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 492.6 805.3 CASH AND CASH EQUIVALENTS—Beginning of period 2,875.9 1,397.9 CASH AND CASH EQUIVALENTS—End of period $ 3,368.5 $ 2,203.2 Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures(Unaudited, in millions, except per share amounts) Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share Three Months Ended June 30,2025 June 30,2024 Reconciliation of non-GAAP operating income: GAAP operating income $ 458.0 $ 437.2 GAAP operating margin 28.1 % 30.5 % Add back: Stock‐based compensation 69.9 64.3 Amortization of acquired intangible assets 13.2 3.3 Gain on intellectual property matters (1.3 ) (1.2 ) Non‐GAAP operating income $ 539.8 $ 503.6 Non‐GAAP operating margin 33.1 % 35.1 % Reconciliation of non-GAAP net income: GAAP net income $ 440.1 $ 379.8 Add back: Stock‐based compensation 69.9 64.3 Amortization of acquired intangible assets 13.2 3.3 Gain on intellectual property matters (1.3 ) (1.2 ) Tax adjustment (a) (30.8 ) (14.3 ) Non-cash charge on equity method investment — 8.0 Non-GAAP net income $ 491.1 $ 439.9 Non-GAAP net income per share, diluted Non-GAAP net income $ 491.1 $ 439.9 Non-GAAP shares used in diluted net income per share calculations 772.7 769.9 Non-GAAP net income per share, diluted $ 0.64 $ 0.57 Reconciliation of non-GAAP net income per share, diluted GAAP net income per share, diluted $ 0.57 $ 0.49 Add back: Non-GAAP adjustments to net income per share 0.07 0.08 Non-GAAP net income per share, diluted $ 0.64 $ 0.57 (a) Non-GAAP financial information is adjusted to an effective tax rate of 18% and 17% in the three months ended June 30, 2025 and 2024, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate. Reconciliation of net cash provided by operating activities to free cash flow Three Months Ended June 30,2025 June 30,2024 Net cash provided by operating activities $ 451.9 $ 342.0 Less: Purchases of property and equipment (167.8 ) (23.1 ) Free cash flow $ 284.1 $ 318.9 Net cash used in investing activities $ (266.2 ) $ (50.1 ) Net cash used in financing activities $ (414.2 ) $ (14.0 )Reconciliation of total revenue to total billings Three Months Ended June 30,2025 June 30,2024 Total revenue $ 1,630.0 $ 1,434.3 Add: Change in deferred revenue 149.2 106.3 Less: Deferred revenue balance acquired in business acquisitions (0.8 ) — Total billings $ 1,778.4 $ 1,540.6 1 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading 'Explanation of Non-GAAP Financial Measures'.2 Annual Recurring Revenue or ARR is defined as the annualized value of renewable / recurring customer agreements as of the measurement date, assuming any contract that expires during the next 12 months is renewed at its existing value. Explanation of Non-GAAP Financial Measures We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles ('GAAP'). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below. Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business and cash flows. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue. Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption 'Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources' in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure. Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets, less gain on intellectual property matters and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP. Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a non-cash charge of impairment on an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP. Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet's trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiBranchSASE, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPoints, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTelemetry, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR, Lacework FortiCNAPP, Linksys, Intelligent Mesh, Velop, Max-Stream, Performance Perfected and SECURITY FABRIC. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. FTNT-F GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Note for Gartner Peer Insights™: Reviews from vendor partners or end users of companies with less than $50 million in revenue are excluded from this methodology. See the full 'Voice of the Customer' methodology. Gartner and Peer Insights are trademarks of Gartner, Inc. and/or its affiliates. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose. Gartner, Magic Quadrant for SASE Platforms, By Jonathan Forest, Neil MacDonald, Dale Koeppen, 09 July 2025 Gartner, Critical Capabilities for SASE Platforms, By Jonathan Forest, John Watts, Andrew Lerner, Charlie Winckless, 14 July 2025 Gartner, Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure, By Mike Leibovitz, Christian Canales, Nauman Raja, Tim Zimmerman, 25 June 2025 Gartner, Gartner Peer Insights™ 'Voice of the Customer': SD-WAN, Peer Contributors, 2025, 2024, & 2023 Gartner, Gartner Peer Insights™ 'Voice of the Customer': Endpoint Protection Platform, Peer Contributors, 2025, 2024, & 2023 Investor Contact: Media Contact: Aaron Ovadia Stephanie Lira Fortinet, Inc. Fortinet, Inc. 408-235-7700 408-235-7700 investors@ pr@
Globe and Mail
05-08-2025
- Business
- Globe and Mail
Keysight Automated Test Solution Validates Fortinet's SSL Deep Inspection Performance and Network Security Efficacy
Keysight Technologies, Inc. (NYSE: KEYS) announces that Fortinet chose the Keysight BreakingPoint QuickTest network application and security test tool to validate SSL deep packet inspection performance capabilities and security efficacy of its FortiGate 700G series next-generation firewall (NGFW). BreakingPoint QuickTest is Keysight's turn-key performance and security validation solution with self-stabilizing, goal-seeking algorithms that quickly assess the performance and security efficacy of a variety of network infrastructures. This press release features multimedia. View the full release here: Keysight's BreakingPoint QuickTest simplifies application performance and security effectiveness assessments with predefined test configurations and self-stabilizing, goal-seeking algorithms to deliver relevant, up-to-date test scenarios with real-world applications. Enterprise networks and systems face a constant onslaught of cyber-attacks, including malware, vulnerabilities, and evasions. These attacks are taking a toll, as 67% of enterprises report suffering a breach in the past two years, while breach-related lawsuits have risen 500% in the last four years. Fortinet developed the FortiGate 700G series NGFW to help protect enterprise edge and distributed enterprise networks from these ever-increasing cybersecurity threats, while continuing to process legitimate customer-driven traffic that is vital to their core business. The FortiGate 700G is powered by Fortinet's proprietary Network Processor 7 (NP7), Security Processor 5 (SP5) ASIC, and FortiOS, Fortinet's unified operating system. Requiring an application and security test solution that delivers real-world network traffic performance, relevant and reliable security assessment, repeatable results, and fast time-to-insight, Fortinet turned to Keysight's BreakingPoint QuickTest network applications and security test tool. Using BreakingPoint QuickTest, Fortinet validated the network performance and cybersecurity capabilities of the FortiGate 700G NGFW using: Simplified Test Setup and Execution: Pre-defined performance and security assessment suites, along with easy, click-to-configure network configuration, allow users to set up complex tests in minutes. Reduced Test Durations: Self-stabilizing, goal-seeking algorithms accelerate the test process and shorten the overall time-to-insight. Scalable HTTP and HTTPS Traffic Generation: Supports all RFC 9411 tests used by NetSecOPEN, an industry consortium that develops open standards for network security testing. This includes the 7.7 HTTPS throughput test, allowing Fortinet to quickly assess that the FortiGate 700G NGFW's SSL Deep Inspection engine can support up to 14 Gbps of inspected HTTPS traffic. NetSecOPEN Security Efficacy Tests: BreakingPoint QuickTest supports the full suite of NetSecOPEN security efficacy tests, including malware, vulnerabilities, and evasions. This ensures the FortiGate 700G capabilities are validated with relevant, repeatable, and widely accepted industry standard test methodologies and content. Robust Reporting and Real-time Metrics: Live test feedback and clear, actionable reports showed that the FortiGate 700G successfully blocked 3,838 of the 3,930 malware samples, 1,708 of the 1,711 CVE threats, and stopped 100% of evasions, earning a grade 'A' across all security tests. Nirav Shah, Senior Vice President, Products and Solutions, Fortinet, said: 'The FortiGate 700G series next-generation firewall combines cutting-edge artificial intelligence and machine learning with the port density and application throughput enterprises need, delivering comprehensive threat protection at any scale. Keysight's intuitive BreakingPoint QuickTest application and security test tool made our validation process easy. It provided clear and definitive results that the FortiGate 700G series NGFW equips organizations with the performance and advanced network security capabilities required to stay ahead of current and emerging cyberthreats.' Ram Periakaruppan, Vice President and General Manager, Keysight Network Test and Security Solutions, said: 'The landscape of cyber threats is constantly evolving, so enterprises must be vigilant in adapting their network defenses, while also continuing to meet their business objectives. Keysight's network application and security test solutions help alleviate the pressure these demands place on network equipment manufacturers by providing an easy-to-use package with pre-defined performance and security tests, innovative goal-seeking algorithms, and continuously updated benchmarking content, ensuring solutions meet rigorous industry requirements.' Resources About Keysight Technologies At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we're delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product lifecycle. We're a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and
Yahoo
04-08-2025
- Business
- Yahoo
Cisco Systems Stock: Is Wall Street Bullish or Bearish?
With a market cap of $265.8 billion, Cisco Systems, Inc. (CSCO) is a global leader in IP-based networking and communication technology, offering a broad range of products and services for businesses, governments, and service providers. The company is rapidly expanding in areas like network security, cloud collaboration, and data center solutions, leveraging innovations such as Zero Trust Architecture and secure endpoint management. Shares of the San Jose, California-based company have outperformed the broader market over the past 52 weeks. CSCO stock has climbed 41.6% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 14.5%. Moreover, shares of Cisco Systems are up 13.4% on a YTD basis, compared to SPX's 6.1% gain. More News from Barchart Find Winning Momentum Trades With This Moving Average Stock Screener Tariffs, Earnings and Other Can't Miss Items this Week This Blue-Chip Dividend Stock Is Stuck in the Tariff Crosshairs. Can Cost Cuts Save the Day? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Looking closer, the networking giant stock has also outpaced the Technology Select Sector SPDR Fund's (XLK) over 22% return over the past 52 weeks. Shares of Cisco soared 4.9% following its Q3 2025 results on May 14. The company reported adjusted EPS of $0.96 and revenue of $14.1 billion, exceeding expectations. Cisco also raised its fiscal 2025 revenue forecast to $56.5 billion - $56.7 billion and its adjusted EPS guidance to $3.77 - $3.79. Investor confidence was further boosted by over $600 million in AI infrastructure orders during the quarter and a year-to-date total surpassing $1 billion. For the fiscal year that ended in July 2025, analysts expect CSCO's EPS to decline 1.9% year-over-year to $3.06. However, the company's earnings surprise history is promising. It beat the consensus estimates in the last four quarters. Among the 23 analysts covering the stock, the consensus rating is a 'Moderate Buy.' That's based on 13 'Strong Buys,' one 'Moderate Buy' rating, and nine 'Holds.' On Jul. 28, Evercore ISI downgraded Cisco from 'Outperform' to 'In Line' and kept its $72 price target, citing a cyclical recovery in enterprise networking and increased focus on cloud and AI. As of writing, the stock is trading below the mean price target of $72.47. The Street-high price target of $79 implies a potential upside of 17.7% from the current price levels. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
