Q4

Q1 / 2023
2024

Single OS Converging Network

and Security
Cybersecurity, everywhere you need it.

Network
Firewall

WLAN/
LAN

Single
Vendor
SASE

Security
Service
SD-WAN Edge
 Securing People, Devices, and Data Everywhere
Founded: October 2000 Member of: Dow Jones Sustainability Index
Headquarters: Sunnyvale, CA NASDAQ 100 and S&P 500

FY 2023 Results Fortinet IPO (FTNT): November 2009

Revenue Billings
$5.305B $6.40B
Global Leader in Product Growth with Strong Growth in
Annual Billings and Profitability
Q4 2023 Results
BILLINGS AND GAAP OPERATING MARGIN / 2009-2023 CAGR: 25.0%
Revenue Billings
$1.415B $1.865B
$7000.00 35%
$6.4B
Op. Margin EPS (GAAP) $6000.00 $5.6B 30%

(GAAP) $0.40/share $5000.00 25%

27.2% $4000.00
21%
19%
20% $4.2B
20%
22% 23%
17% 16%
$3.0B 19%
Cash + Market Cap $3000.00
12%
13%
$2.6B
15%

Investments $44.54B $2000.00 10%

8% $1.5B
$1.8B
$2.2B
10%
$1.2B
$2.440B (AS OF DEC. 31, 2023) $1000.00
$476M $602M
$685M
$896M
1%
8% 5%
$282M $375M 4%
$- 0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Total Billings GAAP Operating Margin

Customers
730,000+

Highly Diversified Across Regions and Segments

Cumulative Units
Q4 2023 Q4 2023
Shipped REVENUE BY REGION BILLINGS BY SEGMENT
11.8+ Million

27.2%
40.7%
40.2% 43.9%
Headcount by Region
28.9%
U.S. 3,826
19.1 %

AMERICAS CANADA 2,594

■ AMERICAS ■ EMEA ■ APAC ■ HIGH-END ■ MIDRANGE ■ ENTRY-LEVEL
REST OF AMERICAS 987
FRANCE 519
EMEA U.K. 451
REST OF EMEA 2,456 A Large and Growing Total Available Market
INDIA 722 Total addressable market of $150B growing to $208B by 2027

APAC JAPAN 627 $208

$189
$36
REST OF APAC 1,386 $170
$31
$150 $26

TOTAL 13,568 $131 $21

$86
$110 $17 $77
$69
$94 $14
$60
ALL INFORMATION AS OF DECEMBER 31, 2023 $11 $52
$44
$38

$81 $86
$75
$68
$52 $62
$45

2021 2022 2023 2024 2025 2026 2027

Secure Networking Security Operations Unified SASE

2 Source: Fortinet estimates based on recent analyst research.

#1 Network Security Company in the World

Over 730,000 enterprises, service providers, and government organizations around the world
trust Fortinet to secure their operations.
#1 in
Enterprise
76% of Fortune 100
companies depend on TOP TOP TOP TOP TOP TOP TOP
Fortinet to stay secure. 4/4 8/10 9/10 9/10 9/10 9/10 4/4
Business Financial Healthcare & Manufacturing Retail & Technology Telcos &
Services Services Life Sciences Wholesale Carriers

12,000,000

#1 in Network
11.8M+
10,000,000

Security 8,000,000

“Fortinet is the #1 vendor for 6,000,000

Cumulative
firewall shipments globally 4,000,000
Units
with more than 50% share.”
–650 Group
2,000,000
Shipped
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

Innovation
957
~$2.5B
U.S. Patents

#1 in Palo Alto Networks 474

1,299 investment in innovation
Innovation Sophos 242 Global Patents since 2017, with 91% R&D

2x more patents than 957 U.S. Patents

comparable cybersecurity
Zscaler 203
342 International Patents Capital Return
companies. CrowdStrike 77
252 Pending Patents
~$6.1B
repurchased 219M shares
Source: U.S. Patent Office, as of December 31, 2023
since 2017

MAGIC GIGAOM WAVES PLATFORM

90+
QUADRANTS RADAR NAVIGATOR

#1 Most Third-
Party Validated Enterprise Analyst Reports
Leadership positions in Validate Fortinet Across
eight Gartner Magic Networking and Security MARKETSCAPE RADARS COMPASSES

Quadrants.

Pledge to Reach Net Zero

By 2030 across scopes 1 and 2 emissions
#1 in Product Second Consecutive Year
from Fortinet’s owned facilities worldwide.
Energy Efficiency
Product environmental
impacts are central to our
Lead in Energy-Efficiency
sustainability approach.
88% 66%
less power consumption average reduction
over industry-standard on product energy
CPU consumption1

1
Based on new models of 2022 FortiGate F series (compared to equivalent models
from previous generation).

3
More External Forces than Ever Are Driving Security Decisions
In an era when external forces exert unprecedented influence on cybersecurity decisions, you face challenges beyond your
control every day. Navigating a dynamic business landscape demands vigilance against evolving cybersecurity threats and the
ability to respond quickly.​

Infrastructure Is More Complex, Leaving It Vulnerable to Attack

125+
84%
of companies are hybrid.
distributed applications
are used by enterprises.
2022 Gartner: Market Guide for
Forbes: Remote Work Statistics SaaS Management Platforms

Users and Trends

Networks Apps

Devices

90%
41.6B
of enterprises will experience
a security incident related to the
edge network by 2026.
IoT devices now connected. Gartner: 2022 Strategic Roadmap for Edge
(IoT) Networking
IDC: Worldwide IDC Forecast

4
The Fortinet Security Fabric: Cybersecurity, Everywhere You Need It
Within our unified platform, three solutions redefine cybersecurity, helping you to respond to an ever-evolving cybersecurity
landscape to meet constantly accelerating business needs. The solution to simplifying complex networks, distributed users, and
hybrid applications is the convergence and consolidation of security, all with flexible consumption models to make buying easy.

Secure Networking Unified SASE AI-Driven Security

Operations

Converge security and Secure users anywhere AI-driven security

networking to protect and applications on operations to detect,
every edge and device any cloud investigate, and
respond to threats

One Operating System, One Management Plane, One Analytics Engine, Unified Endpoint Agent, and AI-powered Security Services

The Only Purpose-Built

Proprietary ASIC Network Content Security
Processor 7 Processor 9 Processor 5
Fortinet’s ASIC-based security processing units
NP7 CP9 SP5
(SPUs) radically increase the speed, scale,
efficiency, and value of Fortinet solutions while
greatly improving user experience, reducing
footprint and power requirements. From branch
and campus to data center solutions, SPU-
powered Fortinet appliances deliver superior
Security Compute Ratings versus industry Network processors operate As a co-processor to the main The security processor
alternatives. in-line to deliver unmatched CPU, content processors consolidates network and
performance for network offload resource-intensive content processing,
functions and hyperscale for processing and drive content delivering fast application
stateful firewall functions. inspection to accelerate identification, steering,
security functions. and overlay performance.

Our innovative SP5 ASIC concurrently supports more

16 apps
applications than any previous generation.
Zero Trust, CASB/DLP,
5G, NAC, OT/IoT,
VXLAN/GRE,
10 apps Secure Boot
Performance and
Applications SD-WAN, Switch/
AP Controller, Proxy/
SWG, SSL Inspection,
Sandboxing, NGFW
4 apps SD-WAN, Switch/
AP Controller,
IPS, IPSEC/VPN, SSL Inspection,
IPS, IPSEC/VPN
2 apps Anti-Malware, Sandboxing, NGFW,
IPS, IPSEC/VPN,
Firewall
Anti-Malware, Firewall
Anti-Malware, Firewall Anti-Malware, Firewall

Security Processor 2 Security Processor 3 Security Processor 4 Security Processor 5

5
 Convergence of Networking and Security into One Platform
Unified management of hybrid mesh firewalls and WLAN/LAN equipment, powered by FortiOS, along with FortiGuard
AI-Powered Security Services, extends protection across the entire network. Unified security, simplified operations,
and improved visibility deliver better control and a more reliable network.

Unified Management

Hybrid Mesh Firewall Secure Connectivity

Evolution of NGFW to hybrid mesh firewall for unified FortiLink converges networking and security for secure
management that simplifies operations, reduces risk, and WLAN/LAN equipment to provide security and automation,
ensures compliance at scale. improve visibility and control, and reduce TCO.

AI-Powered AI for Networking AI-Powered

Security (AIOps) Security

Accelerated Appliance Virtual Cloud-Native FWaaS FortiLink FortiAP FortiSwitch FortiExtender FortiNAC
ASIC

FortiGate Rugged 70G-5G-DUAL

Our latest FortiGate Rugged is designed for OT challenging environments and
remote ATMs. With a purpose-built fifth-generation security processor, you’ll
find integrated 5G, SD-WAN, NAC, ZTNA app gateway, and NGFW AI-powered
threat protection in one compact appliance and get faster deployment and
mobility with 5G dual modem for additional redundancy.

FortiGate
Rugged Security Palo Alto
70G-5G- Compute Competitive Allied Telesis Check Point Check Point Networks
Specification DUAL Rating Average AR405OS-5G Quantum 1570R Quantum 1595R PA-450R

Firewall (Gbps) 8 3.6X 2.23 1.9 1.9 1.9 3.2

6x GE RJ45 (including 2x IPsec VPN (Gbps) 7 6.3X 1.10 - 1.1 1.1 -
bypass) and 2x 1GE SFP
Threat Protection 1.1 1.5X 0.73 - 0.4 0.4 1.4
(Gbps)

Energy Concurrent Sessions 1,400,000 3.7X 375,000 300,000 500,000 500,000 200,000
Efficiency Connections per 85,000 6.9X 12,250 12,000 13,500 13,500 10,000
Second

Cellular Wireless 2x 5G - - 1x 5G 1x 3G/4G LTE 1x 5G 1x 5G

Secure Modem
SD-WAN Signatures Covered 3,060 2.5X 1,210 6 1,838 1,838 1,156
for OT Protocols

Power Consumption Energy Efficiency

Resilient Max Power 29 1.2X 34.6 28.0 30.7 29.5 50.0
Design Consumption (Watts)

BTU/hr 98.9 1.3X 125.1 95.5 104.8 100.6 170.0

Performance numbers taken from external
Watts/Gbps Firewall 3.6 4.2X 15.4 14.7 16.2 15.5 15.1
data sheets match as closely as possible.
Throughput
Different testing methodologies may be
applied by different vendors. Watts/Gbps IPsec VPN 4.1 6.6X 27.4 NA 27.9 26.8 NA
Throughput

BTU/hr per Gbps 12.4 4.2X 52.4 50.3 55.2 52.9 51.2
of FW Throughput
6
 Unified SASE Secures Access and Protects Networks,
Applications, and Data on Any Cloud
Fortinet Unified Secure Access Service Edge (SASE) combines six of the most critical networking and security
technologies seamlessly delivered via cloud and accelerated hardware, delivering unified management
and better security.​

Internet
Remote
Users

FortiSASE SaaS
Branch, SSE
Campus

Public Cloud
OT
FortiGate
SD-WAN Cloud Cloud
Firewall WAF
Data Center

Secure the Data Private Cloud

Secure the Applications and APIs
Secure Internet Access Secure the Network %
Level of Trust Secure SaaS Access
Customer
Secure Private Access Responsibility

Zero Trust | Digital Experience

Consistent Security for Applications That Can Live Anywhere

Secure applications across clouds with consistent security to reduce overhead and complexity. You will also gain faster threat
response and can take advantage of flexible consumption models.

Build Deploy Run

Application Security Cloud-Native FW WAFaaS Workload Global Server Load Cloud-Native

Testing Service Protection Balancing Protection

Multi-Cloud FortiDevSec FortiGate CNF FortiWeb Cloud FortiEDR FortiGSLB FortiCNP

DevSecOps Network Security Application / APIs Workload Protection Load Balancing Cloud-Native

FortiDevSec FortiGate VM FortiWeb FortiEDR FortiADC

Data Center and Application Security Virtual NGFW, WAF / WAAP Workload Application Delivery Cloud Fabric
Private Cloud Testing SD-WAN Protection Controller Ecosystem

FortiManager / Security Fabric

FortiGuard AI-Powered Security Services

7
 Detect and Respond to Sophisticated Cyberthreats Faster
Our consolidated security operations solution, built on AI and automation, offers the broadest attack surface
coverage and cyber kill chain coverage to accelerate incident detection and containment, as well as investigation
and response across your entire infrastructure.

NIST Cybersecurity Framework

Identify Protect Detect Respond Recover Continuous Threat

Exposure Mgmt.
Security Operations
Center

GenAI

Endpoint Detection
& Response Email & Application
Security
Fortinet Partner Data Lake
CSPM, CNAPP NGFW EDR EDR
DevSecOps, DAST SEG NDR NDR Ecosystem
EASM WAF SIEM SIEM AI-Driven Threat
DRPS EPP ICES ICES Intelligence
Threat Research VMS ITDR ITDR
Pen Testing IAM Threat Analytics Threat Analytics
SAT MFA Deception Deception
Sandbox Sandbox
Network Detection Access
& Repsonse Management

Fortinet Managed Services:

FortiGuard MDR, SOCaaS, Readiness & Response

OT-Compliant Security Platform Extends the Security Fabric

Our OT-compliant portfolio extends industrial-class Security Fabric capabilities to cyber-physical systems in factories, plants,
remote locations, and ships. ​

Secure Zero Security AI-Powered Threat IT

Cloud and Networking Trust Operations Intelligence Ecosystem
Enterprise

Converged
IT and OT

Cyber-Physical
Systems

Centralized Production Joint 70+ OT OT Fabric

Network Sensitive SOC Protocols Ready

OT-Compliant Security Platform

Westlands Advisory 2023 IT/OT Network Protection

Platforms Navigator Report
TM

Westlands Advisory has identified Fortinet as the lone Leader in its Platforms Navigator
(quadrant). We are the only vendor that achieved leader status in the report.

• OT network and security experience

• Commitment to OT cybersecurity
• Key strengths

8
 FortiGuard Labs: Industry-Leading Threat Intelligence
Founded in 2002, FortiGuard Labs is Fortinet’s elite cybersecurity threat intelligence and research organization.
Partnering with law enforcement agencies, government organizations, and security vendor alliances worldwide to
fight emerging global security risks, FortiGuard Labs maintains real-time threat intelligence and innovative prevention
tactics and tools across the Fortinet Security Fabric in three key categories:

Trusted ML and AI Real-Time Threat Threat Hunting and

Stop unknown threats faster Intelligence Outbreak Alerts
with a powerful combination of Achieve a proactive security Achieve faster remediation with
actionable local learning and AI posture through continuous alerts, analysis and detection,
and ML models on large-scale, security updates based on in- prevention and remediation
cloud-driven data lakes. house research and collaboration. tools, including outbreaks.

Global Leadership
and Collaboration

FortiGuard AI-Powered Security Services

This rich set of industry-leading security capabilities has been unified into one security framework to deliver coordinated,
context-aware policy for hybrid deployments across networks, endpoints, and clouds. These services continually assess risk
and automatically adjust prevention to counter known and unknown threats in real time.

Market-Leading Security-as- Consistent Context-Aware Coordinated Real-Time

a-Service Policy Prevention
ML-enabled security, deployed close Centralized detection and prevention Continuous risk assessment and
to the protected assets, powered by delivered from the cloud and built for automatic response to counter known
FortiGuard Labs. hybrid environments. and unknown threats.

FortiCare: Expertise at Your Service Learn more at fortinet.com/support

FortiCare Services helps thousands of organizations every year to get the most out of their Fortinet Security
Fabric solutions. We have over 1,900 experts providing accelerated implementation, reliable assistance, and
proactive care through advanced support and professional services to maximize your security and performance.

1,900+ 24x7 23
EXPERTS TECHNICAL GLOBAL SUPPORT
SUPPORT CENTERS

Adopting new technologies is not a project with a start and a finish. Instead, it is a journey from design and implementation to
optimization, operations, and ongoing management of the solution. Fortinet has you covered every step of the way, freeing up
your resources to focus on your business needs.

9
Our Global Partner Commitment
Fortinet leverages a global network of trusted advisors our customers can rely on to secure digital acceleration and
strategically drive business growth.

100,000+ Business Success with Proven Credibility

ACTIVE PARTNERS Our technology innovation and industry-leading threat
intelligence, alongside customer ratings and independent
The Engage Partner Program helps partners build a highly analyst reports, validate and differentiate partner offerings.
differentiated security practice by leveraging Fortinet
solutions to drive customer success. Our global partner Long-Term, Sustained Growth
program is driven by three concepts:
The Engage Partner Program provides sales, marketing,
and executive support so partners can grow successful
Growth through Technology Differentiation relationships. With growth drivers like specializations built
Our broad portfolio is integrated into an automated, high- into the program, we provide solutions that are driving
performance platform that spans endpoints, networks, market demand, ensuring partners are positioned
remote workers, and clouds. for success.

Training and Certification

Fortinet has pledged to train 1 million people by 2026 through
our Training Advancement Agenda (TAA) and award-winning
Training Institute programs.

NSE Certification Program

Twelve certifications to assess specific levels of cybersecurity
expertise, from foundation to expert. Supported by 119 Authorized
Training Centers that deliver technical training in over 150 countries.
1,500,000+
CERTIFICATIONS

Training and Education Programs

Increase access to Fortinet certifications including students and
a diverse population, including women, minorities, veterans, and 673
other underrepresented groups. ACADEMIC
PARTNERS IN 99
COUNTRIES
Security Awareness and Training Service
Delivers awareness and training on today’s cybersecurity threats and
helps IT, security, and compliance leaders build a cyber-aware culture.

An Education Edition, with additional student curriculum, is available

47
EDUCATION OUTREACH
at no cost to all K-12 schools in the U.S., U.K., Australia, Canada, and AND VETERANS
Brazil, with plans to expand to other countries. PROGRAM PARTNERS

10
90+
CUSTOMER RECOGNITION
MAGIC GIGAOM WAVES
QUADRANTS RADAR

Enterprise Analyst Reports

Validate Fortinet Across
Networking and Security MARKETSCAPE RADARS COMPASSES

Fortinet is one of the most validated

enterprise cybersecurity companies in the
world. We continually rank in leadership
positions across dozens of analyst reports, PLATFORM
Gartner Peer Insights Customers’
NAVIGATOR
highlighting the broad application of the Choice distinctions are based
Fortinet Security Fabric. on the ratings of vendors by
verified end-user professionals
across a variety of industries
and from locations around the
world. These distinctions take
Learn more at fortinet.com/solutions/analyst-reports
into account both the number
of end-user reviews a vendor
Fortinet is recognized as a Network SD-WAN receives, along with the overall
Leader in two Gartner® Firewalls Infrastructure ratings score a vendor receives
Magic Quadrant™ Reports. from those end-users.

Fortinet is proud to be named

a Gartner Peer Insights
Fortinet is also recognized Single-Vendor Endpoint Customers’ Choice in several
SASE Protection critical areas:
in four additional Gartner®
Magic Quadrant™ Reports, Platforms • Wired and Wireless LAN
including a wide range Wired and SIEM • Network Firewalls
of technologies. WLAN
• SD-WAN

• Email Security

Fortinet is an Honorable Security Access • Security Service Edge (SSE)

Mention in two additional Service Edge Management
• Endpoint Protection
Gartner® 2020/2022 Magic Platforms (EPP)
Quadrant™ Reports.
See our Gartner Peer Insights
reviews and distinctions at
www.gartner.com/reviews

Third-Party Testing and Certifications Gartner, Gartner Peer Insights ‘Voice of the Customer’:
Network Firewalls, Peer Contributors, 9 April 2021

Fortinet submits its products for impartial, third-party performance and effectiveness testing Gartner, Gartner Peer Insights ‘Voice of the Customer’:
Wired and Wireless LAN Access Infrastructure, Peer
with the most prominent organizations in the industry, with consistent positive results. Contributors, 12 May 2021

Gartner, Gartner Peer Insights ‘Voice of the Customer’:

Email Security, Peer Contributors, 5 February 2021

Gartner, Gartner Peer Insights ‘Voice of the Customer’:

R
WAN Edge Infrastructure, Peer Contributors,
5 February 2021

Gartner, Gartner Peer Insights ‘Voice of the Customer’:

Security Service Edge (SSE), Peer Contributors,
29 September 2023
Antiphishing 100% protection, Highest Near perfect Gartner, Gartner Peer Insights ‘Voice of the Customer’:
approved two years in “VBSpam+” score for WAF Endpoint Protection Platforms, Peer Contributors,
18 September 2023
a row rating at 96% The GARTNER PEER INSIGHTS CUSTOMERS’ CHOICE
badge is a trademark and service mark of Gartner, Inc.
and/or its affiliates and is used herein with permission. All
GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used rights reserved. Gartner Peer Insights Customers’ Choice
herein with permission. All rights reserved. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with constitute the subjective opinions of individual end-user
the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not reviews, ratings, and data applied against a documented
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 methodology; they neither represent the views of, nor
or completeness, including any warranties of merchantability or fitness for a particular purpose. constitute an endorsement by, Gartner or its affiliates.

11
Fortinet secures over 730,000 enterprises, service providers, and
government organizations around the world.

Global hospitality company with 18 Leading men’s professional golf tour Australia’s largest private rail freight
hotel brands and over 6,000 hotels in Europe, featuring tournaments operator. Operating 24 hours a day,
in over 100 countries and more than all over European regions. seven days a week, 365 days a year.
1,900 in development.

HQ: EMEA HQ: EMEA HQ: APAC

2,400+ locations nationwide and Second-largest fast-food chain in the Leading Latin American provider of
consistently ranked in the top 10 world. India became the 100th country airline passenger services flying to
franchises in America in Entrepreneur to open over 380 locations. destinations all over the world.
magazine's annual Franchise 500.

HQ: NAM HQ: APAC HQ: LATAM

Largest Latin American network Largest automotive services company The leading enabler
of fitness centers, with over 1,000 in North America, with over 4,400 of Advanced Air Mobility (AAM),
branches and over 3 million customers locations across 15 countries servicing providing the critical link between
in 13 different countries. over 50 million vehicles annually. the ground and the sky.

HQ: LATAM HQ: NAM HQ: EMEA

Visit fortinet.com/customers to see how our customers benefit from Fortinet solutions
and the Fortinet Security Fabric.

Copyright © 2024 Fortinet, Inc. All rights reserved. Fortinet®, FortiGate®, FortiCare® and FortiGuard®, and certain other marks are registered trademarks of Fortinet, Inc., and other Fortinet names herein may also be registered and/or
common law trademarks of Fortinet. All other product or company names may be trademarks of their respective owners. Performance and other metrics contained herein were attained in internal lab tests under ideal conditions, and
actual performance and other results may vary. Network variables, different network environments and other conditions may affect performance results. Nothing herein represents any binding commitment by Fortinet, and Fortinet
disclaims all warranties, whether express or implied, except to the extent Fortinet enters a binding written contract, signed by Fortinet’s General Counsel, with a purchaser that expressly warrants that the identified product will perform
according to certain expressly-identified performance metrics and, in such event, only the specific performance metrics expressly identified in such binding written contract shall be binding on Fortinet. For absolute clarity, any such
warranty will be limited to performance in the same ideal conditions as in Fortinet’s internal lab tests. Fortinet disclaims in full any covenants, representations, and guarantees pursuant hereto, whether express or implied. Certain
offerings mentioned herein may not be generally available, and Fortinet reserves the right to change, modify, transfer or otherwise revise this publication without notice, and the most current version of the publication shall be applicable.
Revision: Q4 / 2024 v1 February 13, 2024 2:11 PM