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Home > Cybersecurity > Fortinet reports fourth quarter and full-year results

Fortinet reports fourth quarter and full-year results

Fortinet announced the company's financial results for the fourth quarter and full-year ended December 31, 2021.


Erdem Yasar Erdem Yasar
February 5, 2022
3 min read

Broad, integrated and automated cybersecurity solutions provider, Fortinet announced strong financial results for the fourth quarter and full-year. Fortinet’s total revenue was $963.6 million for the fourth quarter of 2021, with an increase of 28.8% compared to $748.0 million for the same quarter of 2020. The company stated that the company is expecting a revenue between $865 million and $895 million for the first quarter of 2022 and between $4.275 billion and $4.325 billion for the fiscal year 2022.

Financial highlights

Fourth Quarter 2021 Highlights:

  • Revenue: Total revenue was $963.6 million for the fourth quarter of 2021, an increase of 28.8% compared to $748.0 million for the same quarter of 2020.
  • Product Revenue: Product revenue was $378.9 million for the fourth quarter of 2021, an increase of 31.4% compared to $288.4 million for the same quarter of 2020.
  • Service Revenue: Service revenue was $584.7 million for the fourth quarter of 2021, an increase of 27.2% compared to $459.6 million for the same quarter of 2020.
  • Billings: Total billings were $1.31 billion for the fourth quarter of 2021, an increase of 35.9% compared to $960.9 million for the same quarter of 2020.
  • Bookings: Total bookings were $1.43 billion for the fourth quarter of 2021, an increase of 48.7% compared to $960.3 million for the same quarter of 2020. Backlog was $161.9 million as of December 31, 2021 an increase of $149.7 million compared to $12.2 million as of December 31, 2020.

Financial Highlights for the Full Year 2021

  • Revenue: Total revenue was $3.34 billion for 2021, an increase of 28.8% compared to $2.59 billion in 2020.
  • Product Revenue: Product revenue was $1.26 billion for 2021, an increase of 36.9% compared to $916.4 million in 2020.
  • Service Revenue: Service revenue was $2.09 billion for 2021, an increase of 24.4% compared to $1.68 billion in 2020.
  • Billings: Total billings were $4.18 billion for 2021, an increase of 35.3% compared to $3.09 billion in 2020.
  • Bookings: Total bookings were $4.33 billion for 2021, an increase of 40.2% compared to $3.09 billion in 2020.
  • Deferred Revenue: Total deferred revenue was $3.45 billion as of December 31, 2021, an increase of 32.5% compared to $2.61 billion as of December 31, 2020.
Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet
Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet

Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet said,

« Revenue growth accelerated to 29% in 2021, after three consecutive years with revenue growth of 20% or more. Cash flow from operations was $1.5 billion and free cash flow was a record $1.2 billion for the year. Our 2021 performance was driven by increased demand for our cybersecurity solutions and exceptional execution from our global operations and sales teams and excellent support from our channel partners and distributors. Fortinet’s integrated and single platform approach to security is resonating with customers that want to effectively protect their corporate networks from a wide range of attack vectors. Given our robust pipeline and strong business momentum, we expect several more years of solid growth as Fortinet is well positioned to address our $174 billion market opportunity. »

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Tags: Fortinet
Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7, Erdem was the managing editor of T3 Magazine.

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