Q2 26 EPS
$0.90
BEAT +20.58%
Est. $0.75
Q2 26 Revenue
$2.05B
BEAT +8.42%
Est. $1.89B
vs S&P Since Q2 26
+3.5%
BEATING MARKET
FTNT +8.2% vs S&P +4.7%
Market Reaction
Did FTNT Beat Earnings? Q2 2026 Results
Fortinet delivered a blowout second quarter for fiscal 2026, extending its streak of consensus beats to six consecutive quarters as the cybersecurity giant posted non-GAAP earnings per share of $0.90, clearing the $0.75 analyst estimate by 20.53%, wh… Read more Fortinet delivered a blowout second quarter for fiscal 2026, extending its streak of consensus beats to six consecutive quarters as the cybersecurity giant posted non-GAAP earnings per share of $0.90, clearing the $0.75 analyst estimate by 20.53%, while revenue of $2.05 billion topped expectations by 8.42% and grew 25.6% year over year. The headline driver was a 52% surge in product revenue to $773 million, fueled by robust demand for FortiGate appliances tied to the ongoing firewall refresh cycle and accelerating AI infrastructure deployments, which pushed total billings up 33% year over year to $2.37 billion, a forward indicator of continued booking strength. Profitability expanded sharply alongside the top-line beat, with non-GAAP operating margin widening to 38.0% from 33.1% a year ago and free cash flow more than tripling to $965.60 million. Looking ahead, Fortinet raised its full-year 2026 revenue guidance to $8.02 billion to $8.18 billion, implying approximately 19% year-over-year growth, with a $7.68 billion deferred revenue balance underpinning visibility into the second half.
Key Takeaways
- • Product revenue grew 52% YoY driven by strong hardware demand and firewall refresh cycle
- • Billings grew 33% YoY to $2.37 billion indicating strong bookings momentum
- • Non-GAAP operating margin expanded to 38.0% from 33.1% YoY
- • Free cash flow margin expanded to 47.2% from 17.4% YoY
- • Operating cash flow more than doubled to $1.04 billion from $451.9 million YoY
FTNT Forward Guidance & Outlook
For Q3 2026, Fortinet expects revenue of $2.010–$2.100 billion, billings of $2.250–$2.350 billion, non-GAAP gross margin of 79.0%–81.0%, non-GAAP operating margin of 35.0%–37.0%, and non-GAAP diluted EPS of $0.83–$0.87. For full-year 2026, the company raised revenue guidance to $8.020–$8.180 billion (implying ~19% YoY growth), with service revenue of $5.180–$5.220 billion, billings of $9.350–$9.550 billion, non-GAAP gross margin of 79.0%–81.0%, non-GAAP operating margin of 35.0%–37.0%, and non-GAAP diluted EPS of $3.41–$3.47.
FTNT YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
FTNT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are very pleased with our excellent second quarter results, which reflect the differentiated value of our innovation in the AI Era.”
— Ken Xie, Q2 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
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.75 | $0.90 | +20.58% | $2.05B | +8.42% |
| 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% |