Revenue and Financial Overview
Product and Services Revenue and Y/Y Growth: 2009 - 2023
($ in millions)
W
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$153
$0
$99
Note
(1)
$921
50%
40%
30%
20%
$3,378
$2,637
$2,087
$1,678
10%
$337
$278
$577
$916 $1,255 $1,781 $1,927
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Product Revenue
Service Revenue → Product Revenue Y/Y growth Service Revenue Y/Y growth
3 & 4 Year CAGRs (Cycles)
2009-2013 2013-2017
2017-2020 2020-2023
14 Year CAGR
2009-2023
Product Revenue
29.6%
20.0%
16.7%
28.1%
23.6%
Services Revenue
21.8%
28.6%
22.1%
26.3%
24.7%
Total Revenue
25.0%
24.9%
20.1%
26.9%
24.3%
0%
2009-2015 have not been adjusted for an immaterial error related to the commencement of revenue recognition for certain FortiCare support service contracts.
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