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FTNT Revenue by Segments

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As of Q3'25, FTNT's latest revenue data shows Product revenue at USD 85.4M and Service revenue at USD 131.4M. This marks a significant decline from previous quarters, with both segments experiencing sharp drops compared to Q2'25, where Product and Service revenues were USD 508.9M and USD 1.12B, respectively. Over the period from Q4'22 to Q3'25, Service revenue consistently dominated FTNT's total revenue, steadily increasing from USD 743M in Q4'22 to a peak of USD 1.13B in Q2'25 before the abrupt decline in Q3'25. Product revenue, while more volatile, generally trended downward after peaking at USD 540.1M in Q4'22, with intermittent rebounds but never surpassing Service revenue. The dramatic drop in both segments in Q3'25 represents a notable inflection point, breaking the previous pattern of growth and stability, and warrants close monitoring for underlying causes.