Fortinet: How Is Its One-Box SD-WAN Strategy Crushing the Competition?

Fortinet Inc.’s third-quarter 2025 financial results display a combination of strong operational performance and some ongoing challenges. The company reported a 14% year-over-year increase in both billings and revenue, reaching $1.81 billion and $1.72 billion, respectively. This growth was largely driven by Fortinet’s Unified SASE, which grew by 19%, and Secure Operations (SecOps), which increased by 33%. A notable highlight is the over 100% billing growth in FortiSASE, illustrating Fortinet’s solid positioning and rapid expansion in the Secure Access Service Edge (SASE) market. Fortinet’s competitive advantage lies in its single operating system, FortiOS, which natively integrates next-gen firewall, SD-WAN, and SASE capabilities, providing a seamless and flexible security solution both on-premise and in the cloud. This integration has been attractive to large enterprises, as evidenced by a 55% growth in FortiSASE adoption among these customers, contributing significantly to Fortinet’s market leadership.