Added10-Q 2026-10-30 vs 10-K 2026-02-25
• the seasonal buying patterns of our end-customers, and the impact of other buying patterns such as dynamic and changing buying patterns based on refresh cycles;
FTNTFortinet
Fortinet is a leader in cybersecurity, driving the convergence of networking and security. 10-K, Item 1
- Headquarters
- Sunnyvale, CA
- CEO
- Ken Xie
- Next results
- around Feb 4, 2027
15 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 21, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Our billings, revenue and free cash flow growth, including our product and service billings and revenue, may slow, and our operating margins may decline, particularly if our billings and revenue do not improve or grow as anticipated, or if customer demand, renewal rates, pricing, competitive dynamics, implementation timing, cost structure, or macroeconomic conditions adversely affect our business, which could negatively impact our financial condition and results of operations.
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•unexpected lack of power access or unexpected increases in power needs or connectivity;
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in providing protection from a single type of security threat are often able to deliver these specialized security products to the market more quickly than we can.
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organizations involve risks that may not be present, or that are present to a lesser extent, with sales to smaller entities. These risks include:
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•funding authorizations and requirements unique to government agencies, with funding or purchasing reductions or delays adversely affecting public sector demand for our products. Our business operations, contract awards, and revenue streams are subject to governmental actions, which may introduce risks to our financial performance and strategic growth. In addition, these actions could eliminate or reduce the operations of an agency that we work with, terminate employees with whom we have business relations with or cancel or modify a contract with us. Any failure to comply with these actions, shifts in federal procurement strategies, or budgetary reductions imposed by the agency could adversely impact our financial results, competitive positioning, and overall business operations; and
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practice. Such lack of action to remediate known product vulnerabilities in the customer environment could negatively impact their own security posture, increasing the likelihood of exploitation and negatively impacting our reputation. Our networks and products, including cloud-based technology, could be targeted by attacks specifically designed to disrupt our business and harm our operational results and reputation.
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potential increased costs for shipping and products, and potential delays and interruptions in the supply chain. We may face challenges in sourcing materials, fulfilling orders and managing logistics efficiently, which could ultimately affect our operations, financial performance and overall business continuity. For example, as a result of the rapid global build-out of AI infrastructure, there is currently a global shortage of memory chips, which are a component in certain of our products. As a result, we are currently experiencing, and may continue to experience, constraints on the availability of memory chips. If we are unable to obtain sufficient quantities of memory chips on commercially reasonable terms, we have experienced, and may continue to experience, delays in the production and delivery of our products and increased costs to source available memory chips, any of which could harm our business, financial condition and results of operations. To mitigate increased hardware costs resulting from these shortages, we are implementing price increases, which may negatively impact demand for our products and may not be sufficient or timely to offset rising input costs, potentially resulting in margin compression and adversely affecting our business, financial condition and results of operations.
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The rapid evolution of AI, including potential government regulation of AI, may require significant additional resources related to AI in our solutions. Our AI-related initiatives may result in new or enhanced governmental or regulatory
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6 more
defend such lawsuits and any settlement payment or adverse result in such lawsuits could have a material adverse effect on our results of operations and financial condition.
Similar paragraph at 30 of 74 other Technology companies: ACN, ADI, AVGO, COHR, CRWD, CTSH, FFIV, FLEX and 22 moreRead in the 10-K ↗
In addition to the GDPR, the EU has also enacted legislation that would regulate non-personal data and establish new cybersecurity standards, and other countries, including the U.K., may similarly do so in the future. In particular, the EU Data Act went into effect in 2024 and imposes certain data and cloud service interoperability and switching obligations to enable users to switch between cloud service providers (as well as certain requirements concerning cross-border international transfers of non-personal data outside the EEA). Additionally, the EU’s Network and Information Security Directive II, adopted in 2023, regulates resilience and incident response capabilities of entities operating in a number of sectors, including the digital infrastructure sector and provides for EU member states to have issued implementing legislation by October 2024. Further, DORA became effective in January 2025 and imposes certain requirements on entities in the financial sector and their third-party cloud service providers related to managing and mitigating information and communication technology risk. If we are unable to transfer data, including personal data, between and among countries and regions in which we operate, or are otherwise required to modify our practices, including our data privacy and security controls and procedures, it could affect the manner in which we provide our services, the geographical location or segregation of our relevant systems and operations, and could adversely affect our financial results.
Similar paragraph at 1 of 74 other Technology companies: CRWDRead in the 10-K ↗
We are currently, and may in the future become, involved in litigation that may adversely affect us.
Similar paragraph at 1 of 74 other Technology companies: CRWDWe are regularly subject to claims, suits and government investigations and other proceedings including patent, product liability, class action, personal injury, property damage, labor and employment, commercial disputes, securities litigation, compliance with laws and regulatory requirements and other matters, and we may become subject to additional types of claims, suits, investigations and proceedings as our business expands. Such claims, suits and government investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty. Regardless of the outcome, any of these types of legal proceedings can have an adverse impact on us because of legal costs and diversion of management attention and resources, and could cause us to incur significant expenses or liability, adversely affect our brand recognition and/or require us to change our business practices. The expense of litigation and the timing of this expense from period to period are difficult to estimate, subject to change and could adversely affect our results of operations. It is possible that a resolution of one or more such proceedings could result in substantial damages, settlement costs, fines and penalties that could adversely affect our business, consolidated financial position, results of operations or cash flows in a particular period. These proceedings could also result in reputational harm, sanctions, consent decrees or orders requiring a change in our business practices. Because of the potential risks, expenses and uncertainties of litigation, we may, from time to time, settle disputes, even where we have meritorious claims or defenses, by agreeing to settlement agreements. Because litigation is inherently unpredictable, we cannot assure you that the results of any of these actions will not have a material adverse effect on our business, financial condition, results of operations, and prospects. Any of these consequences could adversely affect our business and results of operations. For additional information regarding our litigation, claims and related contingencies, see Note 11. Commitments and Contingencies, of our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
Similar paragraph at 1 of 74 other Technology companies: CRWDRead in the 10-K ↗
Additional regulations involving single-use plastics in packaging resulting in import taxes in certain countries in the EU have resulted in additional costs to source appropriate packaging for hardware. Alternatively, for our cloud based systems, new EU energy efficiency laws relating to the power usage effectiveness and emerging water usage regulations of data centers will require us to source specific data centers or retrofit existing ones to meet the stringent energy efficiency requirements.
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our business, our stock price could decline. Moreover, if securities analysts publish inaccurate positive information, stockholders could buy our stock and the stock price may later decline.
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based in the United States or Israel, including us and certain of our competitors. The continuing effect of any or all of these events could adversely impact demand for our products, harm our operations and weaken our financial results.
Read in the 10-K ↗
New in the latest 10-Q
25 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 30, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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The following table presents the changes in the carrying amount of goodwill (in millions):
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Amount Balance—December 31, 2025 $257.4 Additions due to a business combination 16.3 Balance—September 30, 2026 $273.7
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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costs, which are amortized to interest expense over the respective contractual terms of these notes using the effective interest method.
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended Revenue September 30, September 30, September 30, September 30,
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Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30,
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In October 2026, we signed a definitive agreement to purchase real property in Tokyo, Japan, totaling approximately 204,000 square feet for $ 136.8 million in cash, excluding acquisition costs.
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General and administrative expenses remained relatively flat during the nine months ended September 30, 2026 compared to the same period last year.
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March 15, 2026. As of September 30, 2026, the long-term debt totaled $497.1 million and consisted of the 2031 Senior Notes, net of unamortized discount and debt issuance costs.
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Risk Factors
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, disrupt operations and result in additional costs.
Read in the 10-Q ↗
which organizations can develop and integrate technology solutions, some customers may choose to develop or integrate solutions internally rather than purchase them from us, which could reduce demand for our products and services.
Read in the 10-Q ↗
The rapid advancement and availability of frontier AI models may enable threat actors to identify and exploit vulnerabilities in our products, services, and internal systems more quickly than we are able to detect, assess, and remediate them. These technologies may accelerate vulnerability discovery, exploit development, and attack automation, potentially increasing the risk of previously unknown or unpatched vulnerabilities being identified and weaponized before protective measures or software updates can be deployed. As a result, attacks may become more frequent, sophisticated, and difficult to prevent or mitigate. Any successful exploitation of vulnerabilities in our products or services could adversely affect our customers, damage our reputation as a cybersecurity provider, result in regulatory scrutiny, litigation, increased remediation costs, and negatively impact our business, financial condition, and results of operations.
Read in the 10-Q ↗
We rely primarily on patent, trademark, copyright and trade secrets laws and confidentiality procedures and contractual provisions to protect our technology. Valid patents may not issue from our pending applications, and the claims
Read in the 10-Q ↗
We are regularly subject to claims, suits and government investigations and other proceedings including patent, product liability, class action, personal injury, property damage, labor and employment, commercial disputes, securities litigation, compliance with laws and regulatory requirements and other matters, and we may become subject to additional types of claims, suits, investigations and proceedings as our business expands. Such claims, suits and government investigations and
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-10-30 vs 10-K 2026-02-25
We may experience slowing growth or a decrease in billings, revenue, operating margin and free cash flow for a number of reasons, including a slowdown in pipeline growth or for demand for our products or services generally, a shift in
Added10-Q 2026-10-30 vs 10-K 2026-02-25
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, disrupt operations and result in additional costs.
Added10-Q 2026-10-30 vs 10-K 2026-02-25
Although we take numerous measures and implement multiple layers of security to protect our networks, we cannot guarantee that our security products, processes and services will secure against all threats. Further, we cannot be sure that third
Added10-Q 2026-10-30 vs 10-K 2026-02-25
• failure of a component to meet environmental or other regulatory requirements;
Added10-Q 2026-10-30 vs 10-K 2026-02-25
which organizations can develop and integrate technology solutions, some customers may choose to develop or integrate solutions internally rather than purchase them from us, which could reduce demand for our products and services.
Added10-Q 2026-10-30 vs 10-K 2026-02-25
Separately from the actual operational, competitive, and regulatory risks described above, investor and market perceptions regarding AI-related disruption to the cybersecurity industry, including speculation, or doubt about whether AI will displace, commoditize, or diminish demand for traditional cybersecurity solutions, or about the relative positioning of incumbents versus AI-native entrants, could adversely affect the trading price and volatility of our common stock, even if such perceptions do not reflect actual changes in our business, customer demand, competitive position, or financial performance. Perceived disruptive impact of AI on our markets could result in stock price declines, increased volatility, or heightened scrutiny, regardless of our actual operating results. Any of the foregoing could adversely affect our business, reputation, or financial results.
Added10-Q 2026-10-30 vs 10-K 2026-02-25
The rapid advancement and availability of frontier AI models may enable threat actors to identify and exploit vulnerabilities in our products, services, and internal systems more quickly than we are able to detect, assess, and remediate them. These technologies may accelerate vulnerability discovery, exploit development, and attack automation, potentially increasing the risk of previously unknown or unpatched vulnerabilities being identified and weaponized before protective measures or software updates can be deployed. As a result, attacks may become more frequent, sophisticated, and difficult to prevent or mitigate. Any successful exploitation of vulnerabilities in our products or services could adversely affect our customers, damage our reputation as a cybersecurity provider, result in regulatory scrutiny, litigation, increased remediation costs, and negatively impact our business, financial condition, and results of operations.
Added10-Q 2026-10-30 vs 10-K 2026-02-25
We rely primarily on patent, trademark, copyright and trade secrets laws and confidentiality procedures and contractual provisions to protect our technology. Valid patents may not issue from our pending applications, and the claims
Added10-Q 2026-10-30 vs 10-K 2026-02-25
We are regularly subject to claims, suits and government investigations and other proceedings including patent, product liability, class action, personal injury, property damage, labor and employment, commercial disputes, securities litigation, compliance with laws and regulatory requirements and other matters, and we may become subject to additional types of claims, suits, investigations and proceedings as our business expands. Such claims, suits and government investigations and
Added10-Q 2026-10-30 vs 10-K 2026-02-25
In January 2026, our board of directors approved a $1.0 billion increase in the authorized stock repurchase amount under the Repurchase Program, bringing the aggregate amount authorized to be repurchased to $10.25 billion of our
Added10-Q 2026-10-30 vs 10-K 2026-02-25
ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
In addition, regional instability, international disputes, wars, such as the war in Ukraine, tensions between China and Taiwan or conflicts in the Middle East and any expansion thereof, and other acts of aggression, civil and political unrest, labor disruptions, rebellions, acts of terrorism and other geo-political unrest could cause disruptions in our business or the business of our manufacturers, suppliers, logistics providers, partners or end-customers, or of the economy as a whole.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Our limited source components for particular appliances and suppliers of those components include specific types of CPUs Central Processing Units from Intel Corporation (“Intel”) and AMD, Advanced Micro Devices, Inc., network and wireless chips from Broadcom, Marvell, Broadcom Inc., Marvell Technology Group Ltd., Qualcomm Incorporated and Intel, and memory devices from Intel, Micron, ADATA, Toshiba, Micron Technology, ADATA Technology Co., Ltd., Toshiba Corporation, Samsung Electronics Co., Ltd. and Western Digital. Digital Technologies, Inc.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
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Our database and technologies may not be able to keep pace with the growth in the number of websites, especially the growing amount of content utilizing foreign languages and the increasing sophistication of malicious code and the delivery mechanisms associated with spyware, phishing and other hazards associated with the internet.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
For example, global press reports have indicated that the Chinese government recently may have instructed domestic companies in certain industries not to use cybersecurity products manufactured by the companies based in the United States or Israel, including us and certain of our competitors.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Additionally, the EU’s Network and Information Security Directive II, adopted in 2023, regulates resilience and incident response capabilities of entities operating in a number of sectors, including the digital infrastructure sector and provides for EU member states to have issued implementing legislation by October 2024. sector.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Our products are also susceptible to errors, defects, logic flaws, vulnerabilities and inserted vulnerabilities that may arise in, or be included in our products in, different stages of our supply chain, manufacturing and shipment processes, and a threat actor’s exploitation of these weaknesses may be difficult to anticipate, prevent, and detect. detect, and threat actors may leverage AI tools to exploit product errors, defects, logic flaws, and vulnerabilities.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Conflicts in the Middle East highlights highlight potential risks associated with geopolitical instability in the region, including disruption to shipping routes, longer lead times for components and products, increased insurance costs for vessels passing through conflict zones, potential increased costs for shipping and products, and potential delays and interruptions in the supply chain.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
Further, certain components for our products come from Taiwan Taiwan, and the majority approximately 83% of our hardware is was manufactured in Taiwan. Taiwan during the three months ended September 30, 2026.
Reworded10-Q 2026-10-30 vs 10-K 2026-02-25
We may have difficulty incorporating acquired technologies, IP or products with our existing product lines, integrating reporting systems and procedures, and maintaining uniform standards, controls, development practices, procedures and policies.
Quiet changes10-Q 2026-10-30 vs 10-K 2026-02-25
Moreover, the timing and effect of these laws and regulations on our business may be uncertain.
The first 25 of 59 are shown (at most 12 of each type).
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