Exceeds high end of first quarter guidance on revenue and profitability
Raises 2026 revenue guidance to 15% year over year growth
Highlights
- Revenue grew 20% year over year to $1.85 billion
- Product revenue grew 41% year over year to $645 million
- Billings grew 31% year over year to $2.09 billion1
- GAAP operating margin of 31%
- Non-GAAP operating margin of 36%1
- GAAP earnings per share grew 29% year over year to $0.72
- Non-GAAP earnings per share grew 41% year over year to $0.821
- Record operating cash flow of $1.08 billion
- Record free cash flow of $1.01 billion1
SUNNYVALE, Calif., May 06, 2026 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2026.
“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,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “Billings grew 31% year over year, driven by the continued convergence of networking and security, an approach Fortinet has led for 26 years, and by an increasingly complex threat environment that is being intensified by AI. As network security evolves towards the SASE Firewall, innovations such as our new FortiOS 8.0 and FortiASIC technology continue to differentiate our platform and support ongoing market share gains, while our direct operations, manufacturing model and strong execution turn supply chain challenges into opportunities to gain market share.”
Recent Business Highlights
- Introduced FortiOS 8.0, the latest release of the operating system that powers the Fortinet Security Fabric. FortiOS 8.0 delivers powerful new AI-driven security, next-generation SASE, and quantum-safe capabilities to help organizations simplify their security architectures while delivering consistent protection and performance across the entire digital infrastructure.
- Announced new additions to the FortiGate G Series portfolio, with the FortiGate 3500G and FortiGate 400G designed to deliver high‑performance security that helps organizations secure and scale modern enterprise networks while keeping pace with growing encrypted traffic.
- Fortinet is collaborating closely with multiple leading AI companies, including Anthropic as part of “Project Glasswing”, OpenAI and others.
- Recognized as a Gartner Peer Insights™ Customers’ Choice for SD-WAN, marking the seventh consecutive year customers have validated Fortinet Secure SD-WAN based on real-world experience and outcomes.
Guidance
For the second quarter of 2026, Fortinet currently expects:
- Revenue in the range of $1.830 billion to $1.930 billion
- Billings in the range of $2.090 billion to $2.190 billion
- Non-GAAP gross margin in the range of 79.5% to 80.5%
- Non-GAAP operating margin in the range of 33.0% to 35.0%
- Diluted non-GAAP net income per share in the range of $0.72 to $0.76, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 736 million to 740 million.
For the fiscal year 2026, Fortinet currently expects:
- Revenue in the range of $7.710 billion to $7.870 billion
- Service revenue in the range of $5.090 billion to $5.150 billion
- Billings in the range of $8.800 billion to $9.100 billion
- Non-GAAP gross margin in the range of 79.0% to 81.0%
- Non-GAAP operating margin in the range of 33.0% to 36.0%
- Diluted non-GAAP net income per share in the range of $3.10 to $3.16, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 743 million to 749 million.
These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.
Conference Call Details
Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.
Second Quarter 2026 Conference Participation Schedule:
- J.P. Morgan Global Technology, Media and Communications Conference
May 19, 2026 - Bank of America Global Technology Conference
June 2, 2026
Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.
About Fortinet (www.fortinet.com)
Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.