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Fortinet and CrowdStrike both sell cybersecurity, but they make money in different ways. Fortinet combines network-security products such as firewalls with recurring subscriptions and support; CrowdStrike is much more subscription-centered, delivering its Falcon security platform as a cloud service. Their latest reported quarters both showed 26% revenue growth, but ended a month apart and use different accounting measures—so growth alone does not establish which stock is the better value.
How Fortinet and CrowdStrike make money
Fortinet: products plus recurring services
Fortinet sells secure-networking products, including firewall hardware, and earns recurring revenue from security subscriptions and technical support. In FY2025, the company reported $6.800 billion in total revenue: $2.218 billion from products and $4.581 billion from services. The service total included $2.633 billion in security subscriptions and $1.948 billion in technical support and other services. These company-reported figures show that services were the larger stream, while product sales remained economically significant. Fortinet FY2025 Form 10-K
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Fortinet reported $7.18 billion in remaining performance obligations as of December 31, 2025. The company said this amount was substantially made up of deferred security subscriptions and technical support, plus unbilled revenue under non-cancellable contracts. Remaining performance obligations indicate contracted business not yet recognized as revenue; they are not the same as revenue already earned or cash already collected. Fortinet FY2025 Form 10-K
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CrowdStrike sells its Falcon security platform as a cloud-delivered service, with modular offerings spanning endpoint security, security operations, cloud security, identity, threat intelligence, data protection, observability, and related areas. Its investor-relations overview describes 34 cloud modules on the platform. CrowdStrike company and platform overview
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In FY2027 Q2, CrowdStrike reported $1.400 billion of subscription revenue out of $1.471 billion total revenue. Ending annual recurring revenue (ARR) was $5.84 billion at July 31, 2026. ARR is a company-defined operating metric, not GAAP revenue; it should not be added to reported revenue or treated as revenue recognized during the quarter. CrowdStrike FY2027 Q2 results
Latest reported results: similar growth, different periods
The latest reported quarters available here are not synchronized: Fortinet’s FY2026 Q2 ended June 30, 2026, while CrowdStrike’s FY2027 Q2 ended July 31, 2026. Use the figures as each company’s latest reported results, not as a strict same-quarter comparison.
| Measure | Fortinet | CrowdStrike |
|---|---|---|
| Quarter ended | June 30, 2026 | July 31, 2026 |
| Total revenue and growth | $2.05 billion; up 26% year over year | $1.471 billion; up 26% year over year |
| Product or subscription revenue | $773 million product revenue; up 52% year over year | $1.400 billion subscription revenue; up 27% year over year |
| Other operating indicators | $2.37 billion billings; $966 million free cash flow | $5.84 billion ending ARR, up 25%; $377 million free cash flow |
| Profitability measure highlighted | 34% GAAP operating margin | 81% non-GAAP subscription gross margin |
Sources: Fortinet FY2026 Q2 results and CrowdStrike FY2027 Q2 results. Billings and free cash flow are non-GAAP or company-defined measures; consult each issuer’s definitions and reconciliations before comparing them. CrowdStrike’s subscription gross margin is non-GAAP, whereas Fortinet’s operating margin in the table is GAAP, so the percentages do not measure the same thing.
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Fortinet: product demand and the installed base
Fortinet’s results can move with firewall and other product demand as well as subscription and support renewals. Its latest quarter’s 52% year-over-year product-revenue increase was faster than its 26% total-revenue growth, making product demand an important feature of that period—not proof that product growth will recur at that pace.
- Hardware demand and product transitions: customers’ purchasing cycles affect product revenue, while shifts between product generations can change when orders are placed.
- Supply, manufacturing, and inventory: component availability, production constraints, channel inventory, and order variability can affect shipments and margins. Fortinet’s filings discuss risks from shortages as well as excess stock. Fortinet FY2025 Form 10-K
- Recurring services: security-subscription and support renewals contribute a continuing revenue stream alongside product sales.
CrowdStrike: subscription expansion and platform execution
For CrowdStrike, useful indicators include subscription growth, ARR additions, renewal and expansion performance, and adoption of additional Falcon modules. ARR growth and subscription-revenue growth describe related but distinct aspects of the business: ARR is an ending company-defined run-rate measure, while subscription revenue is recognized revenue for the reporting period.
- Customer retention and expansion: renewals and adoption of additional modules influence recurring revenue and platform use.
- Reliability and security: CrowdStrike identifies defects or vulnerabilities, rapid growth, competition, customer retention, and costs tied to the July 19, 2024 incident among its risks. The incident remains mentioned in its FY2027 Q2 release. CrowdStrike FY2027 Q2 results
- Profit measures require definition: in FY2027 Q2, CrowdStrike reported a GAAP operating loss of $33.2 million and non-GAAP operating income of $371.6 million. Its adjusted guidance excludes stock-based compensation and other items, including costs or recoveries associated with the July 19 incident. Keep the GAAP and adjusted measures separate. CrowdStrike FY2027 Q2 results
How to compare the stocks without confusing business quality and value
A stronger business model or faster revenue growth does not automatically make a stock cheaper or more attractive. The figures above do not provide a synchronized market capitalization, share price, valuation multiple, or analyst-consensus comparison for FTNT and CRWD. A defensible valuation comparison needs prices from the same date, consistent share-count and cash/debt treatment, and a clearly defined denominator—such as trailing or forward earnings or cash flow.
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For an investor comparing the companies, separate the questions:
- What is the revenue mix? Fortinet has material product revenue alongside services; CrowdStrike’s reported revenue is predominantly subscription-based.
- How durable is growth? Examine product demand and renewal behavior for Fortinet; subscription growth, ARR additions, renewal and expansion, and module adoption for CrowdStrike.
- How much profit converts to cash? Start with GAAP results and cash flow, then assess adjusted measures using each company’s definitions and reconciliations.
- What risks could interrupt execution? Consider Fortinet’s supply and channel factors, and CrowdStrike’s reliability, competitive, retention, and incident-related risks.
- What price is the market asking? Compare valuation only with a shared price date and a consistent denominator; the operating-growth figures alone cannot answer this.
Bottom line
Fortinet is a hybrid security business with meaningful hardware sales and a larger services stream; CrowdStrike is a cloud-delivered platform whose revenue is overwhelmingly subscription-based. Their latest reported quarters each grew revenue 26%, but the periods differ by a month and their highlighted profitability measures are not directly comparable. The useful distinction is the underlying business model and its execution drivers—not a stock-value verdict unsupported by synchronized valuation data.
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