Fortinet Inc

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.