FTNT — what changed in the latest 10-Q
A section-by-section comparison of FTNT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-30 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +34 | −32 | ~39 | 54 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +29 | −24 | ~22 | 305 |
| Other information | Text added/removed | +3 | −4 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-30
In addition to FortiCare solution-based services, Advanced Support service options are available per account. These services are available for regional account support in three options: Core, Pro and Pro Plus, and can be available or provided on a global basis at the Pro and Pro Plus levels. Advance…
Total revenue increased $353.5 million, or 20%, during the three months ended September 30, 2026 compared to the same period last year. We continued to experience geographically diversified revenue, as well as diversification across customer and industry verticals. Revenue from all regions grew, wit…
Product revenue increased $205.7 million, or 37%, during the three months ended September 30, 2026 compared to the same period last year, primarily driven by hardware revenue growth resulting from higher average selling prices resulting from customer demand for higher performance products and recent…
Service revenue increased $147.8 million, or 13%, during the three months ended September 30, 2026 compared to the same period last year. Security subscription revenue increased $81.6 million, or 12%, and technical support and other services revenue increased $66.2 million, or 13%, during the three …
Of the service revenue recognized during the three months ended September 30, 2026 and 2025, 90% was included in the deferred revenue balance as of June 30, 2026 and 2025, respectively.
Text removed vs the prior filing · source: 10-Q · 2026-07-30
FortiSwitch secure ethernet switches, FortiAP wireless local area network access points and FortiExtender 5G connectivity gateways and Network Access Control for securing Internet of Things (“IoT”) devices.
In addition to FortiCare solution-based services, Advanced Support service options are available per account. These services are available for regional account support in three options: Core, Pro and Pro Plus, and can be available or provided on
a global basis at the Pro and Pro Plus levels. Advanced Support brings support directly to each account, helping account holders to make their operations more effective and to plan and manage their solution lifecycle.
Total revenue increased $417.9 million, or 26%, during the three months ended June 30, 2026 compared to the same period last year. We continued to experience geographically diversified revenue, as well as diversification across customer and industry verticals. Revenue from all regions grew, with EME…
Product revenue increased $264.1 million, or 52%, during the three months ended June 30, 2026 compared to the same period last year, primarily driven by hardware revenue growth resulting from higher unit shipments year over year, higher average selling prices resulting from customer demand for highe…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-30
Compliance with applicable building, safety, environmental and other regulatory requirements, including obtaining and maintaining necessary permits and approvals, may require significant expenditures. Failure to comply could restrict our ability to occupy or operate our buildings and data centers, d…
We have broad insurance programs covering our properties and operating activities with limits of liability, deductibles and self-insured retentions that we believe are comparable to similarly situated companies. We believe the policy specifications and insured limits of these policies are adequate a…
changes to our overall business and operational relationships due to dealing with a larger combined entity, and our ability to maintain such relationships on favorable contractual terms may be more limited. We may also become increasingly dependent on a more limited number of channel partners, as co…
Six distributor customers who purchase directly from us accounted for 63% of our total net accounts receivable in the aggregate as of September 30, 2026. See Note 13. Segment Information in Part I, Item 1 of this Quarterly Report on Form 10-Q for distributor customers accounted for 10% or more of ou…
confidential information. Changes in immigration laws, including changes to the rules regarding H1-B visas, may also harm our ability to attract personnel from other countries. Our inability to hire properly qualified and effective sales, support and engineering employees could harm our growth and o…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
We have broad insurance programs covering our properties and operating activities with limits of liability, deductibles and self-insured retentions that we believe are comparable to similarly situated companies. We believe the policy specifications and insured limits of these policies are adequate a…
loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue from the property. In such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations …
Six distributor customers who purchase directly from us accounted for 64% of our total net accounts receivable in the aggregate as of June 30, 2026. See Note 13. Segment Information in Part I, Item 1 of this Quarterly Report on Form 10-Q for distributor customers accounted for 10% or more of our rev…
Product and service sales and employee and contractor matters may be subject to foreign governmental regulations, which vary substantially from country to country. Further, we may be unable to keep up to date with changes in government requirements as they change over time. Failure to comply with th…
Large- and medium-sized businesses, service providers and MSSPs and government organizations often undertake a significant evaluation process that results in a lengthy sales cycle, in some cases longer than 12 months. Although we have a channel sales model, our sales representatives typically engage…
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-30
The Napolitano Plan includes a representation from Ms. Napolitano to the broker administering the plan that she was not in possession of any material nonpublic information regarding us or the securities subject to the Napolitano Plan at the time that she entered into the Napolitano Plan. She made a …
that date. In making the representation, Ms. Napolitano did not provide assurance with respect to any material nonpublic information of which she was unaware, or with respect to any material nonpublic information acquired by her or us after the date of the representation.
Once executed, transactions under the Napolitano Plan will be disclosed publicly through Form 4 and/or Form 144 filings with the SEC in accordance with applicable securities laws, rules and regulations. Except as may be required by law, we do not undertake any obligation to update or report any modi…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
On June 10, 2026, Christiane Ohlgart, our Chief Financial Officer, entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 under the Exchange Act for the sale of shares of our common stock (the “Ohlgart Plan”) during an open trading window in accordance with our insider tr…
Each of the Whittle Plan and the Ohlgart Plan (each, a “10b5-1 Plan,” and together, the “10b5-1 Plans”) includes a representation from each of Mr. Whittle and Mrs. Ohlgart, respectively, to the broker administering the plan that they were not in possession of any material nonpublic information regar…
each 10b5-1 Plan under our insider trading policy. Those representations for each 10b5-1 Plan were made as of the respective date of adoption of the applicable 10b5-1 Plan, and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic i…
Once executed, transactions under the 10b5-1 Plans will be disclosed publicly through Form 4 and/or Form 144 filings with the SEC in accordance with applicable securities laws, rules and regulations. Except as may be required by law, we do not undertake any obligation to update or report any modific…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice