Fortinet reported strong Q2 2025 financial results with total billings growing 15% to $1.78 billion and revenue increasing 14% to $1.63 billion.
Free cash flow was $284 million, adjusted free cash flow was $428 million, up $104 million, with strong cash generation of $1.27 billion year-to-date.
Gross margin improved by 10 basis points to 81.6%, with product gross margin up 180 basis points and service gross margin down 80 basis points.
Infrastructure investments increased to $168 million, up $145 million year-over-year, supporting FortiSASE, FortiCloud, and other services.
Non-GAAP operating margin was 33.1%, slightly above guidance despite a 200 basis point year-over-year decline due to investments and FX headwinds.
Product revenue grew 13% to $509 million, driven by upgrade buying and operational technology growth, while service revenue increased 14% to $1.12 billion.
Debt was reduced by $105 million, lowering net debt to $1.1 billion and net leverage to 1.8x, with credit rating upgrades from Fitch and Moody's.
Operating margin expanded to 22.6%, up 160 basis points year-over-year, and non-GAAP EPS grew 16% to $1.06 per diluted share.
RingCentral achieved positive GAAP operating income and net income for the first time in its history.
RingCentral reported total revenue of $620 million in Q2 2025, representing a 5% year-over-year increase and hitting the high end of guidance.
Stock-based compensation was reduced by 450 basis points year-over-year as a percentage of revenue, with net new grants down 45% in the first half of 2025.
Subscription revenue grew 6% to approximately $600 million, with ARR increasing 7% to about $2.6 billion.
The company generated $144 million in free cash flow, a 33% increase year-over-year, with free cash flow per share rising 37% to $1.57.
Blend Labs reported total revenue of $31.5 million in Q2 2025, representing a 10% year-over-year increase and surpassing the midpoint of guidance.
Consumer banking suite revenue grew 43% year-over-year to $11.4 million, while mortgage suite revenue declined 3% to $18 million due to lower EVPFL.
Free cash flow was negative $9 million, compared to negative $5.1 million in the prior year quarter.
Non-GAAP gross margin improved to 76% from 71% in Q2 2024, with non-GAAP operating income of $4.7 million and a 15% operating margin.
Remaining performance obligations (RPO) reached a record $190 million, up from $158 million in Q1 2025.
The company repurchased approximately 1.3 million shares worth over $4 million year-to-date, with $20.9 million remaining under the repurchase authorization.
Dafinchi