Q1 26 EPS
$0.82
BEAT +32.62%
Est. $0.62
Q1 26 Revenue
$1.85B
BEAT +6.68%
Est. $1.73B
vs S&P Since Q1 26
+61.2%
BEATING MARKET
FTNT +62.6% vs S&P +1.4%
Market Reaction
Did FTNT Beat Earnings? Q1 2026 Results
Fortinet delivered a blowout first quarter for fiscal 2026, posting non-GAAP diluted EPS of $0.82 against a Wall Street consensus of $0.62, a beat of 32.62% that extended the cybersecurity company's streak of topping EPS estimates to five consecutive… Read more Fortinet delivered a blowout first quarter for fiscal 2026, posting non-GAAP diluted EPS of $0.82 against a Wall Street consensus of $0.62, a beat of 32.62% that extended the cybersecurity company's streak of topping EPS estimates to five consecutive quarters. Revenue climbed 20.1% year over year to $1.85 billion, beating the $1.73 billion consensus by 6.68%, as the company exceeded the high end of its own guidance on both top and bottom lines. The single clearest driver of the outperformance was a 41% surge in product revenue to $645.10 million, signaling an accelerating hardware refresh cycle and new customer wins, while billings jumped 31% to $2.09 billion and free cash flow reached a record $1.01 billion. With ransomware activity intensifying sharply across the industry and enterprise security budgets reflecting that urgency, Fortinet raised its full-year 2026 revenue guidance to $7.71 billion to $7.87 billion, representing roughly 15% year-over-year growth, while guiding Q2 revenue to a range of $1.83 billion to $1.93 billion.
Key Takeaways
- • 41% product revenue growth driven by convergence of networking and security
- • 31% billings growth reflecting broad-based demand across portfolio and geographies
- • Increasingly complex AI-intensified threat environment driving demand
- • Direct operations and manufacturing model turning supply chain challenges into market share opportunities
- • Record operating cash flow of $1.08 billion and record free cash flow of $1.01 billion
FTNT Forward Guidance & Outlook
For Q2 2026, Fortinet expects revenue of $1.830B–$1.930B, billings of $2.090B–$2.190B, non-GAAP gross margin of 79.5%–80.5%, non-GAAP operating margin of 33.0%–35.0%, and non-GAAP diluted EPS of $0.72–$0.76. For full-year 2026, the company raised revenue guidance to $7.710B–$7.870B (representing approximately 15% YoY growth), with service revenue of $5.090B–$5.150B, billings of $8.800B–$9.100B, non-GAAP gross margin of 79.0%–81.0%, non-GAAP operating margin of 33.0%–36.0%, and non-GAAP diluted EPS of $3.10–$3.16.
FTNT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
FTNT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are very pleased with our excellent first quarter results, exceeding the high end of our guidance through strong execution and broad-based demand across our portfolio and geographies.”
— Ken Xie, Q1 2026 Earnings Press Release
FTNT Earnings Trends
FTNT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FTNT EPS Trend
Earnings per share: estimate vs actual
FTNT Revenue Trend
Quarterly revenue: estimate vs actual
FTNT Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.62 | $0.82 | +32.62% | $1.85B | +6.68% |
| Q4 25 BEAT FY | $0.74 | $0.81 | +8.96% | $1.91B | +2.37% |
| FY Full Year | $2.69 | $2.76 | +2.43% | $6.80B | +0.66% |
| Q3 25 BEAT | $0.63 | $0.74 | +16.90% | $1.72B | +1.18% |
| Q2 25 BEAT | $0.59 | $0.64 | +8.27% | $1.63B | +0.25% |
| Q1 25 BEAT | $0.53 | $0.58 | +8.57% | $1.54B | -0.07% |
| Q2 24 | $0.41 | — | — | — | — |
| Q3 22 BEAT | $0.27 | $0.33 | +22.22% | $1.15B | +2.35% |