Fortinet Inc (NASDAQ:FTNT) reported financial results for the fourth quarter after the market close on Thursday. Here’s a look at the key metrics from the quarter.

Q4 Earnings: Fortinet reported fourth-quarter revenue of $1.66 billion, beating the consensus estimate of $1.59 billion. The cybersecurity company reported fourth-quarter adjusted earnings of 74 cents per share, beating analyst estimates of 61 cents per share, according to Benzinga Pro.

Total revenue was up 17% year-over-year. Product revenue was up 18% year-over-year to $574 million. Service revenue grew 17.2% year-over-year to $1.09 billion. Billings totaled $2 billion, up 7.4%. 

Cash flow from operations came in at $477.6 million and free cash flow totaled $380 million during the quarter. The company ended the quarter with $2.88 billion in cash and cash equivalents.

“We continue to execute our strategy of investing in the high-growth Unified SASE and Security Operations markets, while strengthening our position in Secure Networking. Our customers are increasingly recognizing the benefits of a single-vendor approach to SASE, and we expect to emerge as a leader in this space,” said Ken Xie, founder, chairman and CEO of Fortinet.

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Guidance: Fortinet expects first-quarter revenue to be between $1.5 billion and $1.56 billion versus estimates of $1.53 billion. The company anticipates first-quarter adjusted earnings of 52 cents to 54 cents per share versus estimates of 53 cents per share.

Fortinet expects full-year 2025 revenue to be in the range of $6.65 billion to $6.85 billion. The company sees full-year adjusted earnings in the range of $2.41 to $2.47 per share.

Fortinet executives will further discuss the quarter on a call with investors and analysts at 4:30 p.m. ET.

FTNT Price Action: Fortinet shares were up 12.68% after hours, trading at $118 at the time of publication Thursday, according to Benzinga Pro.

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