Fortinet, Inc.
FTNTQ3 2024(FTNT Q2 FY2024)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$1.2B
AI Revenue (Q)
$57.4M
Total Revenue (Q)
$1.4B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Fortinet Q2 calendar 2024 (mapped as Q2 FY2024). Total revenue $1,434.3M (Product $451.9M + Service $982.4M). Same filing structure as Q1 FY2024 with 'secure networking, unified SASE and security operations' language in risk factors. Service revenue growth continues ($982.4M vs $820.2M YoY). No AI-specific revenue breakout. The three-pillar strategy (secure networking, SASE, SecOps) is now established, but traditional firewall/VPN remains the vast majority of revenue. Maintaining 4.0% estimate. $57.4M estimated AI / $1,434.3M total = ~4.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Product revenue $451.9M, Service revenue $982.4M, Total revenue $1,434.3M
10-Q Condensed Consolidated Statements of Income, Q2 2024
fluctuations and changes in the mix of our sales from secure networking, unified SASE and security operations between products and services
10-Q Risk Factors
AI Products Identified (Ring 1)
FortiGuard AI-enhanced threat detectionFortiAI GenAI assistantAI-driven SecOps (FortiAnalyzer, FortiSIEM, FortiSOAR)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
FortiGuard security subscriptionsFortiCare technical supportFortiGate firewall appliancesSASE offerings
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix