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Published November 13, 2025
Fortinet promised record growth. Executives said a massive firewall “refresh cycle” would drive hundreds of millions in new revenue through 2026. They told investors the upgrade wave was “by far the largest ever.”
But the truth? That cycle wasn’t new demand at all — it was mostly outdated firewalls, sold more than a decade ago, making up only a small slice of Fortinet’s business. By summer 2025, the company had already forced through nearly half of the upgrades — leaving little left to boost sales.
When Fortinet finally admitted it was already 50% through the so-called two-year cycle, the illusion collapsed. The stock fell more than 22% overnight. Investors were blindsided — and now, more of them are joining the lawsuit.