Fortinet vs. CrowdStrike: What Comparing Revenue Trends Tells Investors
Key Points
Fortinet consistently reports higher total revenue than CrowdStrike throughout the observed periods.
CrowdStrike demonstrates steady quarter-over-quarter revenue growth, while Fortinet shows a generally upward trajectory with more quarter-over-quarter volatility.
Investors should watch whether CrowdStrike maintains its sequential growth streak or if the revenue gap between the two companies begins to widen.
- 10 stocks we like better than Fortinet ›
Fortinet: Navigating Sequential Volatility
Fortinet (NASDAQ:FTNT) primarily generates revenue by selling integrated cybersecurity hardware, software licenses, and subscription services to enterprise customers.
It recently expanded its lineup with new firewall models and faced shareholder legal investigations, while reporting an approximately 29% net income margin for the quarter ended March 31, 2026.
CrowdStrike: Steady Sequential Growth
CrowdStrike (NASDAQ:CRWD) earns revenue mostly by selling cloud-based subscriptions for its security modules that protect endpoints, identity, and data.
It authorized a $500 million share repurchase increase and announced a 5% workforce reduction, and generated an approximately 5% net income margin for the quarter ended Jan. 31, 2026.
Why Revenue Matters for Retail Investors
Revenue represents the total amount of money a business brings in from its core operations before any expenses are subtracted. Tracking this metric helps investors measure a company's total customer sales volume and baseline growth trajectory over time.
Image source: The Motley Fool.
Quarterly Revenue for Fortinet and CrowdStrike
| Quarter (Period End) | Fortinet Revenue | CrowdStrike Revenue |
|---|---|---|
| Q2 2024 | $1.4 billion (period ended June 2024) | $921.0 million (period ended April 2024) |
| Q3 2024 | $1.5 billion (period ended Sept. 2024) | $963.9 million (period ended July 2024) |
| Q4 2024 | $1.7 billion (period ended Dec. 2024) | $1.0 billion (period ended Oct. 2024) |
| Q1 2025 | $1.5 billion (period ended March 2025) | $1.1 billion (period ended Jan. 2025) |
| Q2 2025 | $1.6 billion (period ended June 2025) | $1.1 billion (period ended April 2025) |
| Q3 2025 | $1.7 billion (period ended Sept. 2025) | $1.2 billion (period ended July 2025) |
| Q4 2025 | $1.9 billion (period ended Dec. 2025) | $1.2 billion (period ended Oct. 2025) |
| Q1 2026 | $1.8 billion (period ended March 2026) | $1.3 billion (period ended Jan. 2026) |
Data source: Company filings. Data as of May 28, 2026.
Foolish Take
Comparing revenue between Fortinet and CrowdStrike provides interesting insights to investors. As the older company, Fortinet’s total sales are higher than CrowdStrike’s. It is also seeing year-over-year revenue growth, which is a sign that its business is growing.
However, the trend over the past two years reveals CrowdStrike is experiencing consistent revenue growth nearly every quarter, while sequential quarterly sales are lumpy for its cybersecurity rival. For CrowdStrike to deliver an increase every quarter is impressive, and indicates strong customer demand for its cybersecurity solutions. If this sales trend continues, CrowdStrike is likely to overtake Fortinet in total sales over time.
CrowdStrike appears to be making the right moves to do so. Its Project QuiltWorks focuses on the security risks around artificial intelligence, and has gone beyond protecting against hackers and into insurance for AI’s penchant to make mistakes that can cause a business to suffer financial liability. The cybersecurity giant partnered with leading insurance providers, such as Liberty Mutual Insurance.
Should you buy stock in Fortinet right now?
Before you buy stock in Fortinet, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Fortinet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $463,900!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,294,401!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of May 30, 2026.
Robert Izquierdo has positions in CrowdStrike. The Motley Fool has positions in and recommends CrowdStrike and Fortinet. The Motley Fool has a disclosure policy.
Recommended Articles
