---
title: "Fortinet: Business Model"
description: "Fortinet revenue by product line and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/fortinet/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Fortinet: Business Model & Revenue Engine

## Direct Answer

Fortinet reports revenue across 3 product and service lines in its fiscal 2025 Form 10-K. Security Subscription is the largest, with $2.6 billion of revenue (39% of the total), followed by Product at $2.2 billion (33%). 28% of revenue came from the United States.

## How Does Fortinet Make Money?

No single line supplies a majority of revenue: the largest, Security Subscription, is 39%, which spreads Fortinet's exposure across several demand drivers. Between fiscal 2024 and 2025, Product grew fastest (+16.2%) and Technical Support and Other slowest (+12.6%), so the revenue mix tilts toward Product while that gap lasts.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Security Subscription | $2.6 billion | $2.3 billion | 38.7% | 13.7% |
| Product | $2.2 billion | $1.9 billion | 32.6% | 16.2% |
| Technical Support and Other | $1.9 billion | $1.7 billion | 28.6% | 12.6% |

![Bar chart of Fortinet revenue by product line for fiscal 2025: Security Subscription 38.7%, Product 32.6%, Technical Support and Other 28.6%.](https://www.getswoopr.com/images/charts/fortinet-business-model-segment-mix.webp)
*Fortinet revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does Fortinet's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Europe Middle East and Africa | $2.8 billion | $2.4 billion | 41.7% | 18.3% |
| United States | $1.9 billion | $1.8 billion | 28.4% | 8.5% |
| Asia Pacific and Japan | $1.3 billion | $1.1 billion | 18.6% | 13.2% |
| Other Americas | $771 million | $663 million | 11.3% | 16.2% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Fortinet's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Fortinet reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001262039-26-000007), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Fortinet's main products and services?

In its fiscal 2025 Form 10-K, Fortinet reports revenue for Security Subscription, Product and Technical Support and Other.

### Which part of Fortinet brings in the most revenue?

Security Subscription, with $2.6 billion of revenue in fiscal 2025, or 39% of the total.

### How much of Fortinet's revenue comes from outside the United States?

72% in fiscal 2025, by the geographic breakdown Fortinet reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Fortinet, Inc. Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm)
- [SEC EDGAR: Fortinet, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1262039&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Fortinet company dossier](https://www.getswoopr.com/stocks/companies/fortinet/)
- [Fortinet financial metrics](https://www.getswoopr.com/stocks/companies/fortinet/metrics/)
- [Fortinet financial risk indicators](https://www.getswoopr.com/stocks/companies/fortinet/risks/)
- [Fortinet peer comparison](https://www.getswoopr.com/stocks/companies/fortinet/competitors/)
- [Fortinet business model and revenue mix](https://www.getswoopr.com/stocks/companies/fortinet/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).