| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 1.8K | 20.1% |
| Total Income | 1.8K | 20.1% |
| Expenditure | 1.3K | 16.9% |
| PBT | 656.60 | 26.4% |
| Net Profit | 534.50 | 23.3% |
| OPM | 31.36% | 1.89pp |
| NPM | 28.90% | 0.75pp |
| EPS | 0.72 | 28.6% |
Fortinet Reports Strong Q1 2026: Revenue Up 20% to $1.85 Billion
07 May 2026 · 7 May, 1:48 am
Summary
Fortinet announced its financial results for the first quarter ended March 31, 2026, reporting a 20% increase in revenue to $1.85 billion. Billings grew by 31% year over year. The company's GAAP earnings per share increased by 29% to $0.72, while non-GAAP earnings per share grew by 41% to $0.82. Fortinet raised its 2026 revenue guidance to 15% year-over-year growth.
Key Highlights
- 1
Fortinet's revenue grew by 20% year over year to $1.85 billion in the first quarter of 2026.
- 2
Product revenue increased by 41% year over year, reaching $645 million.
- 3
Billings experienced a 31% year-over-year growth, totaling $2.09 billion.
- 4
The GAAP operating margin was reported at 31% for the quarter.
- 5
GAAP earnings per share grew 29% year over year to $0.72.
- 6
Non-GAAP earnings per share increased by 41% year over year to $0.82.
- 7
Operating cash flow reached a record $1.08 billion in Q1 2026.
Management Comments
Ken Xie
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. 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.
Informational and educational content only. Not investment advice.