Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
+3.8%
BEATING MARKET
FTNT +8.6% vs S&P +4.8%
Market Reaction
Did FTNT Beat Earnings? Q1 2026 Results
Fortinet closed out fiscal 2025 on a strong note, posting Q4 revenue of $1.91 billion, up 14.8% year over year, and non-GAAP diluted EPS of $0.81, ahead of the $0.74 consensus estimate by 9.46%, as broad-based demand across its cybersecurity portfoli… Read more Fortinet closed out fiscal 2025 on a strong note, posting Q4 revenue of $1.91 billion, up 14.8% year over year, and non-GAAP diluted EPS of $0.81, ahead of the $0.74 consensus estimate by 9.46%, as broad-based demand across its cybersecurity portfolio drove results above Wall Street's expectations. The quarter's standout driver was non-GAAP billings, which reached $2.37 billion, an 18% jump that cleared the high end of management's own guidance, while Unified SASE billings surged 40% as enterprises increasingly consolidated network and security functions onto Fortinet's single FortiOS platform. Free cash flow hit a record $2.21 billion for the full year, a 32.5% margin that underscores the durability of the company's business model. Despite a post-earnings downgrade from at least one analyst on valuation grounds, management issued confident forward guidance, targeting full-year 2026 revenue of $7.50 billion to $7.70 billion and non-GAAP EPS of $2.94 to $3.00, implying continued mid-teens growth.
Key Takeaways
- • Broad-based demand across the portfolio drove billings above high end of guidance
- • Product revenue grew 20% year over year to $691M in Q4
- • Unified SASE billings grew 40% in Q4
- • Unified SASE & SecOps billings grew 24% for full year 2025
- • #1 firewall leader with 55% unit market share
- • Exceeded the Rule of 45 for the sixth consecutive year
FTNT Forward Guidance & Outlook
For Q1 2026, Fortinet expects revenue of $1.700B–$1.760B, billings of $1.770B–$1.870B, non-GAAP gross margin of 80.0%–81.0%, non-GAAP operating margin of 30.0%–32.0%, and non-GAAP diluted EPS of $0.59–$0.63 (assuming 18% non-GAAP tax rate and 746M–750M diluted shares). For full year 2026, the company expects revenue of $7.500B–$7.700B, service revenue of $5.050B–$5.150B, billings of $8.400B–$8.600B, non-GAAP gross margin of 79.0%–81.0%, non-GAAP operating margin of 33.0%–36.0%, and non-GAAP diluted EPS of $2.94–$3.00 (assuming 18% non-GAAP tax rate and 747M–753M diluted shares).
FTNT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
FTNT Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with our strong finish to the year, highlighted by an excellent fourth quarter driven by broad-based demand across our portfolio, which drove billings above the high end of our guidance.”
— 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 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.74 | $0.81 | +9.46% | $1.91B | — |
| 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% |