ADDED
As of February 20, 2026, there were 739,923,583 shares of the registrant s common stock outstanding.
During prior periods of supply chain disruption, including during the COVID-19 pandemic, we increased our purchase order commitments.
Similar conditions could arise in the future, which may require us to accept or pay for components and finished goods regardless of our level of sales in a particular period, which may negatively or unpredictably impact our operating results and financial condition.
Our billings, revenue and free cash flow growth, including our product and service billings and revenue, may slow, and our operating margins may decline, particularly if our billings and revenue do not improve or grow as anticipated, or if customer demand, renewal rates, pricing, competitive dynamics, implementation timing, cost structure, or macroeconomic conditions adversely affect our business, which could negatively impact our financial condition and results of operations.
Any weakness in sales strategy, productivity, personnel, hiring and retention, and execution could negatively impact our results of operations.
We rely significantly on revenue from FortiGuard and other security subscriptions and FortiCare technical support services, and revenue from these services may decline or fluctuate in manners that could adversely impact our results of operations.
Our Product Security Incident Response Team publicly posts on our FortiGuard Labs website known product vulnerabilities, including critical vulnerabilities, and methods for customers to mitigate the risk of vulnerabilities.
We generate a majority of billings, revenue and cash flow from sales outside of the United States, which may expose us to risks associated with international operations and may adversely affect our business, financial condition and results of operations.
A portion of our revenue is generated by sales to government organizations and other adjacent customers, which are subject to a number of regulatory requirements, their own supply chain constraints and contractual requirements, challenges and risks, including impacts from geopolitical dynamics.
Investors , activists and regulators expectations of our investments and performance relating to operational sustainability factors may impose additional costs and expose us to new risks.
REMOVED
As of February 18, 2025, there were 768,974,062 shares of the registrant s common stock outstanding.
As a result of supply chain disruptions in previous periods, we increased our purchase order commitments in previous periods and, were in some instances required to and may in the future be required to accept or pay for components and finished goods regardless of our level of sales in a particular period, which may negatively or unpredictably impact our operating results and financial condition.
Our billings, revenue, and free cash flow growth may slow or may not continue to grow, and our operating margins may decline.
As the supply chain challenges normalize, our product revenue growth rate may be lower versus prior quarters where delivery from backlog contributed more to billings.
For the fiscal year 2024, the comparably lower backlog contribution to billings resulted in decreased year-over-year quarterly growth rates.
Any weakness in sales strategy, productivity, personnel and execution could negatively impact our results of operations.
We rely significantly on revenue from FortiGuard and other security subscriptions and FortiCare technical support services, and revenue from these services may decline or fluctuate.
If our internal enterprise IT networks, our operational networks, our research and development ( R D ) networks, our back-end labs and cloud stacks hosted in our data centers or PoPs, colocation vendors or public cloud providers are compromised, public perception of our products and services may be harmed, our customers may be breached and harmed, we may become subject to liability, and our business, operating results and stock price may be adversely impacted.
We generate a majority of billings, revenue and cash flow from sales outside of the United States.
A portion of our revenue is generated by sales to government organizations and other customers, which are subject to a number of regulatory requirements, their own supply chain constraints and contractual requirements, challenges and risks.