Quarterly ResultMay 8, 2026, 06:09 AM
Fortinet Q1 Revenue +20.1% to $1.85B; Net Income +23.3% to $534.5M
AI Summary
Fortinet reported strong financial results for the first quarter ended March 31, 2026, with total revenue increasing by 20.1% year-over-year to $1.85 billion and net income rising 23.3% to $534.5 million. The company also completed the acquisition of the remaining stake in Linksys Holdings, Inc. and repaid $500.0 million of its 2026 Senior Notes during the quarter.
Key Highlights
- Total revenue increased 20.1% to $1,849.6 million from $1,539.7 million year-over-year.
- Net income rose 23.3% to $534.5 million from $433.4 million year-over-year.
- Diluted EPS grew 28.6% to $0.72 from $0.56 year-over-year.
- Product revenue increased 40.5% to $645.1 million, and service revenue grew 11.5% to $1,204.5 million.
- Net cash provided by operating activities was $1,077.1 million, up 24.8% from $863.3 million.
- Repaid $500.0 million aggregate principal amount of 2026 Senior Notes upon maturity.
- Repurchased and retired $823.0 million of common stock during the quarter.
- Acquired remaining 49.2% of Linksys Holdings, Inc. for $20.8 million cash, recognizing a $39.9 million bargain purchase gain.
Price Impact
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