Q4 / 2023

The Fortinet Security Fabric:

Cybersecurity, Everywhere You
Need It
Securing people, devices, and data everywhere

Secure
Networking

Universal
SASE

Security
Operations
 Strong Growth in Annual Billings and Profitability

BILLINGS GAAP OPERATING MARGIN

FY 2022 Results
CAGR: 26%
Revenue Billings
$4.417B $5.594B

1.8B 2.2B 2.6B 3.1B 4.2B 5.6B 7.5% 13.0% 16.2% 20.5% 19.5% 21.9%
Q3 2023 Results 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022

Revenue Billings
$1.335B $1.491B
Highly Diversified Across Regions and Segments
Op. Margin EPS (GAAP)
(GAAP) $0.41/share Q3 2023 Q3 2023
22.7% REVENUE BY REGION BILLINGS BY SEGMENT

Cash + Market Cap

Investments $45.55B 26.9%
$3.17B (As of Sept. 30, 2023) 38.4%
40.9 %
45.4%
27.7%
20.7 %

Customers
■ AMERICAS ■ EMEA ■ APAC ■ HIGH-END ■ MIDRANGE ■ ENTRY-LEVEL
705,000+

Technological Leadership
Cumulative Units Nearly 3x more patents than comparable network security companies

Shipped
11.4+ Million 949
U.S. Patents

1,290 Palo Alto Networks 442

Global Patents
Sophos 231

Headcount by Region 949 U.S. Patents

341 International Patents Zscaler 186
252 Pending Patents
U.S. 3,862 CrowdStrike 69

AMERICAS CANADA 2,588

Source: U.S. Patent Office, as of September 30, 2023

REST OF AMERICAS 998

FRANCE 522
A Large and Growing Total Available Market
EMEA U.K. 456
Total addressable market of $125B growing to $199B by 2027
REST OF EMEA 2,432
INDIA 743
APAC JAPAN 633
REST OF APAC 1,384 Secure Security Universal
TOTAL 13,618 Networking Operations SASE
$62B $46B $17B
ALL INFORMATION AS OF SEPTEMBER 30, 2023

Source: Fortinet estimates based on recent analyst research.

2 Fortinet Q4/2023
Fortinet: Making Possible a Digital World You Can Always Trust
For over 20 years, Fortinet has been a driving force in the evolution of cybersecurity and networking and security convergence.
Our network security solutions are the most deployed, most patented, and among the most validated in the industry. Our broad,
complementary portfolio of cybersecurity solutions is built from the ground up with integration and automation in mind,
enabling more efficient, self-healing operations and a rapid response to known and unknown threats.

Chicago Ottawa
US Canada Herzliya
Israel
Sophia
France
Burnaby Concord Bangalore
Canada US India Kawasaki
Japan

Uberlandia
Brazil

Sunnyvale
US

Fortinet Dev and Support

Headquarters Dev Center Support Center Centers of Excellence

Mission: to secure people, devices, and data everywhere

Founded: October 2000 Fortinet IPO (FTNT): November 2009 NASDAQ 100 and S&P 500:
Only cybersecurity company in both
Headquarters: Sunnyvale, CA Member: Dow Jones Sustainability Index

Corporate Social Responsibility Learn more at fortinet.com/CSR

Sustainability is central to our company vision: making possible a digital world you can always trust, which is essential and
fundamental to achieving just and sustainable societies. Our corporate social responsibility mission is to deliver on that vision
by innovating sustainable security technologies, diversifying cybersecurity talent, and promoting responsible business across
our value chain.

Our Commitments Pledge: Reach Net Zero

Innovating for a Safe Internet By 2030 across scopes one and two emissions from
• Cybersecurity risks to society Fortinet’s owned facilities worldwide.
• Information security and privacy

Respecting the Environment FY22 Impact

• Product environmental impacts

88% 66%
• Climate change

Growing an Inclusive
Cybersecurity Workforce less power consumption over average reduction on product
• Diversity, equity, and inclusion industry-standard CPU energy consumption1

33% 500,000+
• Cybersecurity skills gap

Promoting Responsible Business

• Business ethics reduction in space occupation2 boxes shipped with 100%
• Responsible product use biodegradable packaging
1
 ased on new models of 2022 FortiGate F series (compared to equivalent models from previous generation).
B
2
FortiGate 4200/4400F series vs. E series.

The Fortinet Security Fabric 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 create a Gartner: 2022 Strategic Roadmap for Edge
whole new ecosystem. (IoT) Networking

IDC: Worldwide IDC Forecast

4 Fortinet Q4/2023
The Fortinet Security Fabric: Our AI-Driven Platform Approach
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 Security Operations Universal SASE

CONVERGE CONSOLIDATE CONSUME

Security and networking Consolidated security operations Flexible consumption of security
convergence across all edges, platform to accelerate time to detect services to secure access and protect
users, and devices and respond networks, applications, and data
on any cloud

AI-Driven Technologies FortiCloud FortiGuard Labs

20 years of expertise with AI/ML Our global footprint of cloud Fortinet’s elite cybersecurity
integrated across the entire locations provides fast, seamless, threat intelligence and
Security Fabric. and local connectivity. research organization.

FortiPoints OT-Compliant Ecosystem

Single points program for simplified Purpose-built industrial class One of the largest in the industry
procurement and fulfillment of solutions and rugged equipment with 500+ integrations and
Fortinet services on demand. for cyber-physical systems. threat-sharing collaborations.

The Purpose-Built Network

Processor 7
Content
Processor 9
Security
Processor 5
ASIC Advantage NP7 CP9 SP5
Fortinet’s ASIC-based security
processing units (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
Network processors operate As a co-processor to the main The security processor
data center solutions, SPU-powered Fortinet in-line to deliver unmatched CPU, content processors consolidates network and
performance for network offload resource-intensive content processing, delivering
appliances deliver superior Security Compute functions and hyperscale for processing and drive content fast application identification,
stateful firewall functions. inspection to accelerate steering, and overlay
Ratings versus industry alternatives. security functions. performance.

Security Compute Ratings are benchmarks that compare the performance metrics of Fortinet SPU-based next-generation
firewalls to similarly priced solutions from vendors that utilize generic processors for networking and security.

The Fortinet Security Fabric 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.

Secure Networking

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.

Accelerated Branch Campus Data Cloud Virtual FWaaS FortiLink FortiAP FortiSwitch FortiExtender FortiNAC
ASIC Center Native

AI-Driven
Technologies

FortiOS FortiGuard Labs AI for Networking Unified

(AIOps) Management

New Product Spotlight: FortiGate 120G Series

The FortiGate 120G delivers the industry’s best price-to-performance ratio
compared to the industry average with 13 times the firewall throughput.
It is also on average 95% more cost-effective to operate per gig. A powerful
solution for secure and seamless application access from any device, the
FG-120G also delivers twice the threat protection compared to competitive models. Its exceptional performance stems from
the groundbreaking Security Processing Unit 5 (SP5) ASIC, offering industry-leading, AI-powered threat protection, scalability,
and cost efficiency.

Security Palo Alto Check Point Cisco Cisco Juniper

FortiGate Industry
Specification Compute Networks Quantum Firepower Meraki Networks
120G Average
Rating PA-460 3800 1120 MX95 SRX-345
Resilient design
Firewall (Gbps) 39.0 13X 3.20 4.40 3.60 4.50 2.00 1.50

Energy efficient IPsec VPN (Gbps) 35.0 21X 1.68 3.00 2.80 1.00 0.80 0.80

Threat Protection 2.8 2X 1.40 2.40 1.50 – – 0.30

(Gbps)
4x 10 GE SFP+
16x 1 GE RJ45 SSL Inspection 3.0 6X 0.54 0.19 – 0.90 – –

8x 1 GE SFP (Gbps)

Concurrent 3,000,000 54X 1,243,750 400,000 4,000,000 200,000 – 375,000

Sessions
Performance numbers taken from external
data sheets match as closely as possible. Connections 140,000 14X 40,750 73,000 60,000 15,000 – 15,000
Different testing methodologies may be per Second

applied by different vendors.

6 Fortinet Q4/2023
Universal SASE Secures Access and Protects Networks, Applications,
and Data on Any Cloud
Fortinet’s Universal 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

FortiSASE SaaS
Remote Users SSE

Public Cloud

FortiGate
Campus SD-WAN Cloud Cloud
Firewall WAF
Data Center

Secure the Data Private Cloud

Secure the Applications and APIs
Secure Internet Access Secure the Network %

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

The Fortinet Security Fabric 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
ce Infr
chain coverage to accelerate incident detection and containment, as rfa ast
Su ru
k ct
c ur
well as investigation and response across your entire infrastructure. ta e
At

FortiRecon FortiSIEM
FortiAnalyzer

Applications
Endpoints
FortiEDR FortiWeb
Identify Protect Detect Respond Recover XDR Threat
Analytics
EASM NGFW EDR SOAR Fortinet Partner FortiSOAR
DRPS SEG NDR XDR Ecosystem
Threat Research WAF SIEM
Pen Testing EPP FAZ
FortiNDR FortiMail API
SAT VMS Threat Analytics FortiSandbox
FortiDeceptor
Deception
ks Em
Sandbox or ail

+
tw
Ne

Fortinet Managed Services

FortiMDR, FortiGuard SOCaaS, Readiness, and 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 Fortinet Q4/2023
 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.

The Fortinet Security Fabric 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 Training Institute: Closing the Cybersecurity Skills Gap
Fortinet has pledged to train 1 million people by 2026 through our Training Advancement
Agenda (TAA) and Training Institute programs. Our award-winning Training Institute has
been recognized by various organizations for our excellence in cybersecurity training.

NSE Certification Program Training and Education Programs

The Network Security Expert (NSE) Certification program The Training Institute’s partnerships help increase access
includes a wide range of instructor-led and self-paced courses, to our certifications. Our Academic Partner program
as well as practical, hands-on exercises that demonstrate works with institutions in 98 countries and territories,
mastery of complex cybersecurity concepts. With the help while our Education Outreach program reaches a diverse
of our 117 Authorized Training Centers, technical training is population, including women, minorities, veterans, and other
delivered in over 150 countries and territories. underrepresented groups.

1,400,000+ 617 46
CERTIFICATIONS ACADEMIC EDUCATION OUTREACH
PARTNERS IN 98 AND VETERANS
COUNTRIES PROGRAM PARTNERS

Security Awareness and Training Service

The Security Awareness and Training service is a SaaS-based offering that delivers awareness and training on today’s
cybersecurity threats and helps IT, security, and compliance leaders build a cyber-aware culture.

Fortinet developed an education-focused version of this service, which it makes available at no cost to all primary and
secondary schools. It is currently available in the U.S., U.K., Australia, and Canada, with plans to expand to other countries.

10 Fortinet Q4/2023
70+
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® Magic Firewalls Infrastructure ratings score a vendor receives
Quadrant™ Reports. from those end-users.

Fortinet is proud to be named

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

• Secure Service Edge (SSE)

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

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

Third-Party Testing and Certifications

Network Firewalls, Peer Contributors, 9 April 2021

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

Wired and Wireless LAN Access Infrastructure, Peer

Fortinet submits its products for impartial, third-party performance and effectiveness testing Contributors, 12 May 2021

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

with the most prominent organizations in the industry, with consistent positive results. Email Security, Peer Contributors, 5 February 2021

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

WAN Edge Infrastructure, Peer Contributors,
5 February 2021
R

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

Security Service Edge (SSE), Peer Contributors,
29 September 2023

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

Antiphishing 100% protection, Highest Near perfect Endpoint Protection Platforms, Peer Contributors,

approved two years in “VBSpam+” score for WAF 18 September 2023

The GARTNER PEER INSIGHTS CUSTOMERS’ CHOICE
a row rating at 96% 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.

The Fortinet Security Fabric 11

Fortinet secures over half a million 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 the development.

HQ: EMEA HQ: EMEA HQ: APAC

A leading global, fully integrated Second-largest fast-food chain in the Leading Latin American provider of
biopharmaceutical solutions world. India became the 100th country airline passenger services flying to
organization. to open over 380 locations. destinations all over the world.

HQ: NAM HQ: APAC HQ: LATAM

Largest Latin American network One of the largest industry- A 100% sustainable green energy
of fitness centers, with over 1,000 leading insurance brokerage and company providing energy services,
branches and over 3 million customers consulting firms in the world. ​ supporting smart energy and
in 13 different countries. innovative environmental projects.

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 © 2023 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: Q3 / 2023 v1 November 16, 2023 2:37 PM