Fortinet
39 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.
Customers
Largest distributor
concentrated in · 32% of our total net accounts receivablenamed as a riskAdditionally, a small number of distributors represents a large percentage of our revenue and accounts receivable, and one distributor accounted for 32% of our total net accounts receivable as of December 31, 2025.Risk factors (Item 1A)
Distributor customers (six largest)
concentrated in · 67% and 69% of our total net accounts receivablenamed as a riskSix distributor customers who purchase directly from us accounted for 67% and 69% of our total net accounts receivable in the aggregate as of December 31, 2025 and 2024, respectively.Risk factors (Item 1A)
Ingram Micro
earns fromWe work with many technology distributors, including Arrow Electronics, Inc., Exclusive, Ingram Micro, and TD Synnex.Business (Item 1)
Arrow Electronics
earns fromWe work with many technology distributors, including Arrow Electronics, Inc., Exclusive, Ingram Micro, and TD Synnex.Business (Item 1)
Also named by MCHP
TD Synnex
earns fromWe work with many technology distributors, including Arrow Electronics, Inc., Exclusive, Ingram Micro, and TD Synnex.Business (Item 1)
Also named by CDW
Exclusive Networks
earns fromWe work with many technology distributors, including Arrow Electronics, Inc., Exclusive, Ingram Micro, and TD Synnex.Business (Item 1)
Also named by RBRK
Suppliers
Taiwan Semiconductor Manufacturing Co. (TSMC)
depends onnamed as a riskThese contract manufacturers use foundries operated by TSMC or Renesas on a purchase-order basis, and these foundries do not guarantee their capacity and could delay orders or increase their pricing.Risk factors (Item 1A)
Also named by ADI, ALAB, AMD, AVGO, CRWV, ENTG, INTC, KLAC and 6 more
Broadcom
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Advanced Micro Devices (AMD)
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Intel
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Samsung Electronics
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Qualcomm
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Wistron Corporation
depends onnamed as a riskWe outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.Risk factors (Item 1A)
Also named by NVDA
Marvell Technology
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Also named by ALAB
Micron Technology
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Also named by NVDA
Toshiba Corporation
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Also named by ONTO
Renesas Electronics
depends onnamed as a riskOur proprietary ASIC, which are key to the performance of our appliances, are built by contract manufacturers including Renesas and Toshiba America.Risk factors (Item 1A)
Toshiba America Electronic Components
depends onnamed as a riskOur proprietary ASIC, which are key to the performance of our appliances, are built by contract manufacturers including Renesas and Toshiba America.Risk factors (Item 1A)
Accton Technology
depends onnamed as a riskWe outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.Risk factors (Item 1A)
IBASE Technology
depends onnamed as a riskWe outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.Risk factors (Item 1A)
Micro-Star International
depends onnamed as a riskWe outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.Risk factors (Item 1A)
Senao Networks
depends onnamed as a riskWe outsource the manufacturing of our security appliance products to contract manufacturing partners and original design manufacturing partners, including manufacturers with facilities located in Taiwan and other countries outside the United States such as Accton, IBASE, Micro-Star, Senao and Wistron.Risk factors (Item 1A)
Western Digital
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
ADATA Technology
depends onnamed as a riskOur limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Samsung and Western Digital.Risk factors (Item 1A)
Partners and platforms
Amazon Web Services
depends onnamed as a riskWe rely on public cloud providers, such as Amazon Web Services, Microsoft Azure and Google Cloud colocation providers, such as Equinix, and our own data centers and PoPs, and any availability interruption in any of these cloud solutions could result in us not meeting our service-level commitments to our customers.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Microsoft Azure
depends onnamed as a riskWe rely on public cloud providers, such as Amazon Web Services, Microsoft Azure and Google Cloud colocation providers, such as Equinix, and our own data centers and PoPs, and any availability interruption in any of these cloud solutions could result in us not meeting our service-level commitments to our customers.Risk factors (Item 1A)
Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more
Google Cloud
depends onnamed as a riskWe rely on public cloud providers, such as Amazon Web Services, Microsoft Azure and Google Cloud colocation providers, such as Equinix, and our own data centers and PoPs, and any availability interruption in any of these cloud solutions could result in us not meeting our service-level commitments to our customers.Risk factors (Item 1A)
Also named by AAON, CME, DGX, ETSY, GTLB, LBTYA, MSTR, NTAP and 4 more
Equinix
depends onnamed as a riskWe rely on public cloud providers, such as Amazon Web Services, Microsoft Azure and Google Cloud colocation providers, such as Equinix, and our own data centers and PoPs, and any availability interruption in any of these cloud solutions could result in us not meeting our service-level commitments to our customers.Risk factors (Item 1A)
Places
Taiwan
concentrated in · Approximately 87% of our hardwarenamed as a riskApproximately 87% of our hardware is manufactured in Taiwan.Business (Item 1)
Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more
Burnaby, Canada
operates innamed as a riskOur corporate headquarters are located in the San Francisco Bay Area, a region known for seismic activity, and our research and development and data center in Burnaby, Canada, from which we deliver to customers our FortiGuard and other security subscription updates, is subject to the risk of flooding and is also in a region known for seismic activity.Risk factors (Item 1A)
Hazards
San Francisco Bay Area earthquakes
operates innamed as a riskAny earthquake in the Bay Area or Burnaby, or flooding in Burnaby, could materially negatively impact our ability to provide products and services, such as FortiCare support and FortiGuard subscription services and could otherwise materially negatively impact our business.Risk factors (Item 1A)
Also named by FFIV, PANW, PLTR, PYPL, RBRK, RDDT, TWLO, XYZ and 1 more
China-Taiwan tensions
named as a riskAny increase in tensions between China and Taiwan, including threats of military actions or escalation of military activities, could adversely affect our manufacturing operations in Taiwan, which, given the large percentage of our hardware that is manufactured in Taiwan, could have significant impacts on our business and operations.Risk factors (Item 1A)
Taiwan typhoons
named as a riskFor example, a typhoon in Taiwan could materially negatively impact our ability to manufacture and ship products and could result in delays and reductions in billings and revenue, or the effects of epidemics and pandemics may negatively impact our ability to manufacture and ship products, possibly in a material way, and could result in delays and reductions in billings and revenue, also possibly in a material way.Risk factors (Item 1A)
Commodities and inputs
Laws and programs
General Data Protection Regulation (GDPR)
subject tonamed as a riskCompliance with, and the other burdens imposed by, the GDPR and local regulatory authorities may limit our ability to operate or expand our business in the EU and could adversely impact our operating results.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
FedRAMP
subject tonamed as a riskFor example, certain of our competitors may have decided to become certified under the U.S. Federal Risk and Authorization Management Program (“FedRAMP”), and until the time that we also certify under FedRAMP, we risk losing deals to certified competitors for deals where FedRAMP certification is a requirement.Risk factors (Item 1A)
Also named by ADSK, CRWD, DDOG, DOCU, GTLB, MSTR, NET, OKTA and 9 more
U.S. export controls
subject tonamed as a riskBecause we incorporate encryption technology into our products, certain of our products are subject to U.S. export controls and may be exported outside the United States only with the required export license or through an export license exception, or may be prohibited altogether from export to certain countries.Risk factors (Item 1A)
Also named by ADI, DD, FLS, HPE, MDB, NVT, PANW, Q and 1 more
Technology
FortiManager vulnerability
named as a riskWe are subject to various risks due to the FortiManager vulnerability, including reputational harm, adverse impacts to customer relationships, potential litigation, and additional regulatory scrutiny, which could negatively impact our business, operating results and financial condition.Risk factors (Item 1A)