[FTNT] Fortinet: Q3 2026 earnings preview on FortiGate demand vs pull-forward

Fortinet is a cybersecurity company built around its own security chips and FortiGate firewalls, and its Q3 2026 earnings preview centers on whether FortiGate demand is durable or pulled forward. The company will report results for the third quarter of 2026, ending September 30, 2026, on 2026-10-28[1]. In its most recently reported quarter, the second quarter of 2026, revenue rose 26% year over year to $2.05 billion ($2,047.9 million): product revenue grew 52% to $773 million, service revenue grew 14% to $1.27 billion, billings (revenue plus the change in deferred revenue) grew 33% to $2.37 billion, and non-GAAP operating margin reached 38.0%[2][3][4]. On July 29 the company guided third-quarter revenue to $2.010 billion to $2.100 billion, billings to $2.250 billion to $2.350 billion, non-GAAP operating margin to 35.0% to 37.0% and diluted non-GAAP EPS to $0.83 to $0.87[5], and set full-year service revenue guidance at $5.180 billion to $5.220 billion[6]. According to estimates from 24 analysts compiled by Drillr, consensus third-quarter revenue is $2.062 billion, slightly above the $2.055 billion guidance midpoint; the consensus non-GAAP EPS estimate from 25 analysts is $0.86[7].

Three things matter most in the third-quarter report. The first is whether product revenue can keep growing by 40% or more: product accounted for $450 million of the $728 million increase in total revenue in the first half[3], so its trajectory separates genuine refresh and upgrade demand from customers buying ahead of price increases. The second is whether service revenue growth can rise from 13.7% in the second quarter to roughly 15%, because services make up about two-thirds of revenue at a gross margin near 87%[8], and the long-term value of the hardware cycle depends on turning it into subscription revenue. The third is whether unified SASE (secure access service edge) billings can sustain the second quarter's 35% growth without diluting service gross margin[9], because this cloud-delivered business determines whether Fortinet has an independent growth engine once the hardware cycle passes.

Company Background and Business Structure

Fortinet competes by integrating many networking and security functions on one in-house operating system and chip architecture. FortiGate is the main source of product sales, and a single appliance combines firewall, next-generation firewall, SD-WAN (software-defined wide-area networking), intrusion prevention, VPN and other functions[10]; its proprietary ASIC security chips are built by contract manufacturers Toshiba and Renesas using foundries such as TSMC[11]. The company is headquartered in Sunnyvale, California[12], and is led by Ken Xie[13]. It had 15,109 employees at the end of 2025[14], rising to 15,472 by the end of June 2026[15].

Fortinet reports only two revenue lines, product and service, and they are recognized in completely different ways. In 2025 product revenue was $2.22 billion and service revenue was $4.58 billion, roughly 33% and 67% of the total[16]. Product revenue is recognized upon shipment, while service revenue comes from FortiGuard security subscriptions, FortiCare technical support and other services, with typical terms of one to five years recognized ratably over the contract[10]. Ninety percent of the service revenue recognized in the second quarter came from the deferred revenue balance at the start of the period[17], which means service revenue is driven mainly by billings from earlier quarters. Management groups the business into three growth pillars, Secure Networking, Unified SASE and AI-driven Security Operations (SecOps), but discloses pillar billings growth only on earnings calls[9].

The company depends on outside partners for both supply and sales, while its customer geography is broad. About 87% of its hardware is manufactured in Taiwan[11]. Sales run mainly through a two-tier distribution model in which distributors such as Arrow, Exclusive, Ingram Micro and TD Synnex sell to resellers, service providers and managed security service providers, with direct sales teams supporting large accounts[18]. In 2025, EMEA, the Americas and APAC contributed 42%, 40% and 18% of revenue[16], and seven countries accounted for about half of billings, with the rest coming from more than 100 countries that each contributed less than 3%[19].

Financial History and Current Position

For full-year 2025, Fortinet combined mid-teens growth with an operating margin above 30%. Revenue rose 14% from $5.96 billion in 2024 to $6.80 billion, with product revenue up 16% and service revenue up 13%; operating income was $2.08 billion and operating margin was 30.7%[16]. Full-year billings were $7.55 billion, up 16%[20]. Gross margin was 80.5%, with product at 67.3% and service at 86.8%, down from 87.5% a year earlier[21]. Operating cash flow was $2.59 billion, capital expenditure was $364.8 million and free cash flow was $2.21 billion[22], and the company repurchased 28.7 million shares for $2.29 billion[23]. Deferred revenue ended the year at $7.12 billion, up 12%[16], and remaining performance obligations were $7.18 billion[24].

Demand accelerated clearly in the first two quarters of 2026, with product revenue as the main driver. First-quarter revenue was $1.85 billion, up 20%, with product revenue of $645 million, up 41%, and service revenue of $1.20 billion, up 11%[25]; billings were $2.09 billion, up 31%, free cash flow was $1.01 billion[26], and non-GAAP operating margin was 36%[12]. Second-quarter revenue was $2.05 billion, up 26%, including security subscription revenue of $730 million, up 13%, and technical support and other revenue of $545 million, up 14%[3]. GAAP gross margin was 80.2%, with product gross margin rising to 69.8% from 67.4% a year earlier[8], while non-GAAP gross margin slipped to 80.9% from 81.6%; GAAP operating margin was 33.7%, GAAP EPS was $0.82 and non-GAAP EPS was $0.90[4]. Second-quarter operating cash flow was $1.04 billion and free cash flow was $966 million, compared with $284 million a year earlier[27].

As of June 30, 2026, the balance sheet still held substantial net cash, but inventory purchase commitments had expanded sharply. Cash and investments totaled $4.47 billion[28], long-term debt was $496.9 million, and the company repaid its maturing $500 million notes in March[29]. Deferred revenue was $7.68 billion, up 17%[27], and remaining performance obligations were $7.73 billion, of which about $3.86 billion is scheduled to be recognized over the next 12 months[30]. Inventory purchase commitments rose to $1.67 billion from $810.6 million at the end of 2025[31], and the company bought back $973 million of stock in the first half[32]. On July 29, Fortinet raised full-year guidance to revenue of $8.020 billion to $8.180 billion (about 19% growth at the midpoint), billings of $9.350 billion to $9.550 billion and non-GAAP operating margin of 35% to 37%[6], above the May guidance of $7.710 billion to $7.870 billion in revenue and $8.800 billion to $9.100 billion in billings[33].

Operating Model

Fortinet's revenue combines hardware recognized upfront with services recognized over time, and billings are the leading indicator that links the two. Product revenue is roughly FortiGate and other hardware unit shipments multiplied by average selling price, plus term software licenses, and it is recognized on shipment, which makes it the line most sensitive to demand and supply[10]. In the second quarter, management attributed product growth to higher unit shipments, higher average selling prices as customers moved to higher-performing models, and recent pricing actions[17]. Service revenue comes from the one- to five-year subscription and support contracts customers buy with their appliances; these are billed first, recorded as deferred revenue and then recognized over the contract term[10]. In the second quarter service billings grew 26% while service revenue grew only 14%, and the difference accumulated in deferred revenue, which rose 17%[34]. That balance will turn into revenue over the following quarters, so service revenue responds to billings with a clear lag.

Margins depend on the mix between product and service, product pricing and the pace of personnel spending. Product costs are mainly contract manufacturing fees and components, while service costs are mainly personnel, repair and replacement, owned data centers and cloud hosting[35]. In the second quarter, product's share of revenue rose 6.5 percentage points and product gross margin improved 2.4 points on pricing, yet total gross margin still fell 0.5 points[35], showing that a higher hardware share by itself pulls overall gross margin down. Operating expenses are dominated by sales and marketing ($669.1 million, 33% of revenue) and research and development ($225.0 million)[36]. Headcount grew only 4% while revenue grew 26%, so operating expenses as a share of revenue fell 6.0 percentage points[15], and that operating leverage lifted non-GAAP operating margin to 38.0%[4].

Cash flow is collected in advance, so free cash flow margin runs well above operating margin. On 2025 revenue of $6.80 billion and free cash flow of $2.21 billion, the free cash flow margin was about 32.5%[22], and it reached 54.4% and 47.2% in the first and second quarters of 2026[26][27]. Cash goes mainly to buybacks, capital expenditure and debt repayment: full-year capital spending is planned at $350 million to $550 million for data centers, PoPs (points of presence), offices and warehouses[29], above the $350 million to $450 million plan in the annual report[23]. The inventory purchase commitments expanded to cope with the memory shortage are the opposing variable in this cash model: if demand softens, they could turn into inventory write-downs or discounted sales[37].

Industry and Competitive Position

Fortinet faces different types of rivals in firewalls, SASE and security operations. The annual report lists firewall vendors such as Palo Alto Networks, Cisco, Check Point, Huawei, SonicWall and Sophos, cloud-native SASE vendors such as Zscaler and Netskope, and security operations and endpoint vendors such as CrowdStrike and Microsoft among its competitors[38]. Its differentiation is cost and integration: Fortinet says it is the only vendor that develops every key component of a SASE firewall in-house and integrates them on a single FortiOS operating system[9]. Its cloud network has more than 190 PoPs, and customers can deploy FortiSASE in their own facilities as "Sovereign SASE" to meet data-residency requirements[39]. Management says sovereign SASE is the fastest-growing segment and helped the company win a pharmaceutical customer from a competitor in the second quarter[40].

Part of Fortinet's 2026 advantage comes from its supply chain, but the comparable evidence has clear limits. The annual report warned that the rapid build-out of AI infrastructure had caused a global memory chip shortage and that the company was raising prices to offset higher component costs, while noting that price increases could weaken demand or fail to cover costs[41]. In the second quarter Fortinet announced a collaboration with Intel to develop its sixth-generation security processor, SP6, to strengthen the resilience and diversity of its supply chain[42]. The annual report also acknowledges that several competitors are significantly larger and have greater resources[38]. Because Fortinet does not disclose unit shipments, average selling prices or revenue by product line, and directly comparable peer data for the same period are lacking, it is not possible to establish how much of the 52% product growth reflects share gains and how much reflects industry-wide pricing and stocking.

Core Debates

Fortinet's product revenue grew 52% in the second quarter, and management attributes most of it to unit growth and higher-end models rather than price increases. Can third-quarter growth hold up and show this was not customers buying ahead of price hikes?

This question matters because product revenue is the main source of Fortinet's 2026 revenue acceleration and the line that reacts fastest to changes in demand. Product contributed $450 million of the $728 million increase in first-half revenue[3]. It is recognized on shipment, it pulls multi-year service contracts along with each appliance, and through operating leverage it helped lift non-GAAP operating margin to 38.0%[4]. If the growth mainly reflects pull-forward buying, revenue, billings and margins would fall back together in the following quarters.

The current evidence supports real demand but leaves room for a pull-forward explanation. Second-quarter product revenue was $773 million, up 52%, after 41% growth in the first quarter[3][25]. The 10-Q attributes the growth to higher unit shipments, a shift to higher-performing models and recent pricing actions[17], and pricing contributed only a low-single-digit impact to product growth in the first quarter[43]. On the second-quarter call, management said its second-half billings assumptions include roughly a high-single-digit pricing impact, said it sees no excess inventory or pull-forward, and added that "this is much bigger than just the refresh"[34]; in the first quarter Ken Xie had also said there was not much pull-forward[44]. Product gross margin rose to 69.8% from 67.4%[8], which shows pricing outran memory costs. The alternative explanation is equally plausible: memory shortages and staged price increases may have pushed distributors and customers to order early, while inventory purchase commitments doubled from $810.6 million to $1.67 billion[31], so a demand slowdown would weaken growth and margin at the same time.

The numeric baselines for this debate are clear, and the transmission chain is direct. Second-quarter product revenue grew 52% from $508.9 million a year earlier, and first-half product revenue grew 46%[28]; total billings were $2.37 billion, up 33%[27]; product gross margin was 69.8% for the quarter and 68.8% for the first half[45]; and non-GAAP operating margin was 38.0% versus 33.1% a year earlier[4]. The chain runs as follows: AI infrastructure expansion creates a memory shortage, component costs rise, and Fortinet raises prices in stages based on memory costs[34]. Customers upgrade to higher-performance FortiGates to handle AI-driven east-west data center traffic, sovereign SASE and operational technology security, and some may also buy early to avoid price increases. Unit shipments times average selling price set product revenue, the race between pricing and memory costs sets product gross margin, and revenue growing faster than expenses lifts operating margin.

What remains unresolved is how much of the growth is volume versus price, and how much of the first half was borrowed from the future. The third quarter offers four signals: whether product revenue growth stays at or above 40%, whether billings land at the top of the $2.250 billion to $2.350 billion guidance range[5], whether product gross margin holds above 69%, and whether management changes its account of the pricing contribution and channel inventory. If product growth falls below 25% and billings come in under $2.250 billion, that would indicate pull-forward in the first half. If product growth stays at or above 40% and product gross margin does not decline, concerns about pull-forward would look overstated.

Hardware is selling strongly, but service revenue grew only 14% in the second quarter. Can the extra subscription contracts push service revenue growth toward 15% in the second half?

Service revenue is the core of Fortinet's profit and cash flow, so the long-term value of the hardware cycle ultimately depends on whether it lifts service growth. Services make up about two-thirds of revenue, and service gross margin was 86.6% in the second quarter[8]. How many subscriptions attach to new appliances, and for how long they renew, determines how much recurring revenue this hardware cycle leaves behind. The midpoint of full-year service revenue guidance is about $5.20 billion[6], and first-half service revenue was $2.48 billion[3], which implies roughly $2.72 billion in the second half, or about 14% growth.

The evidence shows service revenue has started to accelerate, but there are two explanations for where that acceleration comes from. Second-quarter service revenue was $1.27 billion, up 13.7%, after 11.5% growth in the first quarter[3][25]. Service billings grew 26%[34], and deferred revenue grew 17%, compared with 12% at the end of 2025[27][16]. Management said both FortiCare and FortiGuard are accelerating, and that new bundled services for the SASE firewall and new AI-related subscriptions are adding growth[40]; on the call it said service revenue growth would pick up in the second half[46]. The alternative explanation is that part of the service billings growth comes from price increases and longer contract terms rather than more subscription content, so a deferred revenue balance inflated by longer contracts does not necessarily mean faster annual service revenue.

This debate has four numeric baselines, and deferred revenue is the channel that carries billings into revenue and cash. Second-quarter service revenue grew 13.7% from $1.12 billion a year earlier, and security subscription revenue was $730 million, up 13.2% from $644 million[3]. Deferred revenue at June 30 was $7.68 billion, up 16.9% from $6.57 billion a year earlier[27], including short-term deferred revenue of $3.84 billion[47]. Free cash flow margin was 47.2% in the second quarter and 54.4% in the first[26]. The chain runs from FortiGate shipments and pricing to the one- to five-year subscription and support contracts billed with each appliance, which first create service billings and deferred revenue and are then recognized as service revenue at a gross margin near 87%; the prepaid contracts also generate operating cash flow that funds buybacks and capital spending[48].

What remains unresolved is how much of the deferred revenue growth reflects "more services" and how much reflects only "longer contracts." In the third quarter, the signals are whether service revenue growth reaches about 15%, whether security subscriptions grow faster than technical support, whether deferred revenue growth stays above 17%, and whether free cash flow margin holds above 40%. If service revenue growth falls below 13% and deferred revenue growth drops below 12%, the hardware cycle would not be converting into long-term revenue. If service revenue growth is at or above 15%, the revenue base after the hardware cycle would be thicker.

Fortinet has combined its firewall, SD-WAN and SASE into a single "SASE firewall", and SASE billings grew 35% in the second quarter. Can this cloud-delivered business keep outgrowing the company without dragging down service gross margin?

Unified SASE and SecOps are Fortinet's growth sources beyond the firewall, and they will decide whether service revenue can keep growing at double digits after the hardware cycle ends. Both are delivered as subscriptions and SaaS and require Fortinet to build its own data centers and PoPs[39]. The annual report shows service gross margin already fell from 87.5% to 86.8% in 2025[21], and the second-quarter 10-Q attributed the decline in service gross margin to the expansion of data center and cloud services[35]. The more this business succeeds, the more it needs to show that it is not growing at the expense of service gross margin.

The evidence shows the cloud-delivered business is accelerating, but how much of it is independent of hardware is still unclear. Second-quarter unified SASE billings grew 35%, FortiSASE grew more than 100%, and SecOps billings grew 25%[9], after unified SASE growth of 31% in the first quarter[13]. Management said the fastest-growing segment is sovereign SASE that can run in customer facilities, and in the second quarter it won a competitive displacement deal covering 45,000 SASE users at a global pharmaceutical company[32]. Service gross margin was 86.6%, just 0.1 percentage point below a year earlier[8]. Full-year capital spending guidance has been raised to $350 million to $550 million, against $148.6 million spent in the first half[29][48]. The alternative explanation is that unified SASE includes SD-WAN, much of which is sold together with firewall hardware, so the 35% growth rate may largely be an extension of the hardware cycle rather than independent demand for cloud services.

The baselines for this debate come from earnings-call figures and the 10-Q, and the transmission chain connects revenue at one end to costs at the other. Unified SASE billings growth was 35% in the second quarter and 31% in the first, and SecOps billings growth was 25%; all of these figures come only from earnings calls[9][13]. Service gross margin was 86.6% in the second quarter versus 86.7% a year earlier, and 86.8% for the first half[45]. First-half capital expenditure was $148.6 million, compared with $234.3 million a year earlier[48]. The chain runs from data-residency and sovereignty requirements, hybrid work and access control for AI applications, which lead customers to turn on SD-WAN and SASE on FortiGate or buy cloud-delivered FortiSASE and SecOps subscriptions, to billings and deferred revenue that are recognized as service revenue over time or by usage. At the same time, data center, PoP, colocation and public cloud costs flow into the cost of service and affect service gross margin, while infrastructure investment affects free cash flow through capital expenditure.

What remains unresolved is whether this growth can hold its pace after hardware slows, and whether scale will dilute service gross margin. In the third quarter, the signals are whether unified SASE billings growth stays at or above 35%, whether SecOps billings growth stays at or above 25%, whether service gross margin holds at 86.6%, and whether capital expenditure for the first three quarters exceeds $400 million. If SASE growth falls below 27% and service gross margin declines, cloud-delivered growth would be riding on the hardware cycle while diluting profit. If SASE growth stays at or above 35% and service gross margin does not fall, worries about the cost of cloud delivery would look overstated.

Risks and Falsifiers

The first risk is that inventory purchase commitments expanded during the memory shortage turn into inventory write-downs or discounted sales if demand softens. Purchase commitments reached $1.67 billion at the end of June, double the $810.6 million at the end of 2025[31], and about 3.8 times the $442.1 million cost of product revenue in the first half[45]. The 10-Q warns that these commitments may require the company to accept and pay for components regardless of sales, and amounts in excess of demand require a liability that would depress product gross margin[37]. If third-quarter purchase commitments stop rising and the company records no new inventory write-downs or purchase-commitment reserves, this risk would recede.

The second risk is large-scale exploitation of FortiGate product vulnerabilities, which could damage customer trust and affect renewals and new purchases. News reports said about 75,000 FortiGate devices were compromised in June 2026 and that an attack called FortiBleed followed in October; the company's quarterly filing offers only a general warning that its products may contain defects and vulnerabilities and that attackers may use AI tools to exploit them[49]. As a security vendor, a security incident harms Fortinet's brand more than it would an ordinary company; the exposed lines are product revenue and service renewals, but the impact cannot be quantified for now. If third-quarter billings and service revenue growth meet guidance and management does not cite lost orders or compensation tied to security incidents, the effect on this quarter's results would be limited.

The third risk is that customers ordered early to avoid price increases or memory shortages, so first-half product strength borrowed from later demand. The annual report already warned that price increases could dampen product demand[41], and an analyst on the first-quarter call specifically asked about customer buying behavior[44]. The exposure is second-quarter product revenue of $773 million and product gross profit[3]: if product growth fell from 52% back toward 2025's 16%, quarterly product revenue would be about $200 million lower and the operating-margin leverage would reverse. If third-quarter product revenue growth stays at or above 40%, billings reach or exceed $2.350 billion and the company still reports no excess channel inventory, this concern would be falsified.

The fourth risk is that the installed hardware does not translate into faster service growth, because subscriptions attached to new appliances carry longer terms or deeper discounts, leaving service revenue growth stuck at 11% to 14%. The exposure is service revenue guided at $5.180 billion to $5.220 billion for the year at a gross margin near 87%[6]; at the second quarter's $1.27 billion service revenue run rate[3], each percentage point of lost service growth would cost about $11 million to $12 million of high-margin revenue per quarter. If third-quarter service revenue growth is at least 15% and deferred revenue grows at least 17% year over year[27], this risk would be falsified.

The fifth risk is that cloud-delivered growth in SASE and SecOps requires more data centers, PoPs and hosting capacity, putting pressure on service gross margin and capital spending. Second-quarter service gross profit was about $1.10 billion, and each 0.5-point drop in service gross margin would cost about $6.4 million of gross profit per quarter at second-quarter service revenue[8]. The ceiling of full-year capital expenditure guidance has already been raised from $450 million to $550 million[29][23]. If third-quarter service gross margin is at least 86.6% and cumulative capital expenditure for the first three quarters does not exceed $300 million, this risk would be falsified.

What to Watch Next

• Product demand versus pull-forward: product revenue grew 52% in the second quarter and 41% in the first. Growth at or above 40% with stable product gross margin would ease pull-forward concerns; growth below 25% with billings under $2.250 billion would point to pull-forward.
• Billings: second-quarter billings were $2.37 billion, up 33%. Reaching or exceeding the $2.350 billion top of guidance would support genuine demand.
• Product gross margin: 69.8% in the second quarter and 68.8% in the first half. A clear decline would signal pricing falling behind memory costs or softer demand.
• Service acceleration: service revenue grew 13.7% in the second quarter and 11.5% in the first. Growth near 15% would thicken the revenue base; growth below 13% with deferred revenue growth below 12% would show weak conversion.
• Deferred revenue and free cash flow: deferred revenue grew 16.9% to $7.68 billion, and free cash flow margin was 47.2% in the second quarter. Watch whether deferred revenue growth holds above 17% and free cash flow margin above 40%.
• Cloud delivery: unified SASE billings grew 35% and SecOps 25%; service gross margin was 86.6%, and first-half capital expenditure was $148.6 million. SASE growth below 27% with falling service gross margin would show dependence on hardware and margin dilution.

Conclusion

Fortinet's business currently runs on two engines: FortiGate hardware is growing fast amid the memory shortage, price increases and AI-related upgrade demand, while multi-year subscription and support contracts pass through deferred revenue and later become high-margin service revenue. Second-quarter revenue was $2.05 billion, up 26%, product revenue grew 52%, non-GAAP operating margin was 38.0% and free cash flow was $966 million[2][4], and cash and investments stood at $4.47 billion at the end of June[28], a solid financial position. The central unresolved relationship is whether the hardware surge is a durable refresh and upgrade cycle or partly pull-forward buying borrowed from the future, and whether these new appliances can lift service revenue growth from 13.7% toward 15% so that SASE and SecOps can carry growth once hardware slows.

There is a clear gap in independent outside views this time. Between the second-quarter report and October 13, the relevant coverage consisted mainly of results recaps, stock-move stories, brokers adjusting their views on the shares, and security news about product vulnerabilities such as FortiBleed; most independent analysis of whether the hardware refresh can last was published between August and November 2025, before this window. As a result, there is no attributable outside interpretation to set against the three core debates, and the article does not treat stock performance or aggregated opinions as a conclusion.

The combination that would materially strengthen the current understanding is third-quarter product revenue growth of at least 40% with product gross margin above 69%, billings at the $2.350 billion top of guidance, service revenue growth near 15% with deferred revenue growth above 17%, and unified SASE billings growth of at least 35% with service gross margin of at least 86.6%. Conversely, product growth below 25%, billings under $2.250 billion, service revenue growth stuck below 13%, and inventory purchase commitments that keep rising or new inventory write-downs would materially weaken it.

Sources

[1] Drillr earnings calendar (updated 2026-10-12) · FTNT 2026-10-28 call · 2026-10-12 · Drillr earnings calendar

[2] FTNT 8-K filed 2026-07-29 · Q2 2026 results highlights · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftntq2-2026ex991.htm

[3] FTNT 10-Q filed 2026-07-30 · Q2 2026 disaggregation of revenue · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[4] FTNT 8-K filed 2026-07-29 · Q2 2026 non-GAAP reconciliation · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftntq2-2026ex991.htm

[5] FTNT 8-K filed 2026-07-29 · Q3 2026 guidance · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftntq2-2026ex991.htm

[6] FTNT 8-K filed 2026-07-29 · FY2026 guidance · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftntq2-2026ex991.htm

[7] Drillr analyst_financial_estimates (updated 2026-10-12) · FTNT quarter ending 2026-09-30 · 2026-10-12 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[8] FTNT 10-Q filed 2026-07-30 · Q2 2026 gross margin by product and service · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[9] FTNT Q2 2026 earnings call 2026-07-29 · billings by pillar and segment performance · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] FTNT 10-K filed 2026-02-25 · revenue recognition and FortiGate · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[11] FTNT 10-K filed 2026-02-25 · manufacturing and suppliers · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[12] FTNT 8-K filed 2026-05-06 · Q1 2026 results highlights · 2026-05-06 · 8-K · https://investor.fortinet.com/news-releases/news-release-details/fortinet-reports-strong-first-quarter-2026-financial-results

[13] FTNT Q1 2026 earnings call 2026-05-06 · billings by pillar · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[14] FTNT 10-K filed 2026-02-25 · 2026 margin outlook, price increases and headcount · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[15] FTNT 10-Q filed 2026-07-30 · operating margin outlook and headcount · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[16] FTNT 10-K filed 2026-02-25 · FY2025 financial summary · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[17] FTNT 10-Q filed 2026-07-30 · Q2 2026 revenue drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[18] FTNT 10-K filed 2026-02-25 · two-tier distribution · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[19] FTNT 10-K filed 2026-02-25 · billings geography · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[20] FTNT 10-K filed 2026-02-25 · FY2025 billings · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[21] FTNT 10-K filed 2026-02-25 · FY2025 gross margin by product and service · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[22] FTNT 10-K filed 2026-02-25 · FY2025 free cash flow · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[23] FTNT 10-K filed 2026-02-25 · FY2025 share repurchases and 2026 capex plan · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[24] FTNT 10-K filed 2026-02-25 · remaining performance obligations · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[25] FTNT 10-Q filed 2026-05-08 · Q1 2026 disaggregation of revenue · 2026-05-08 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000013/ftnt-20260331.htm

[26] FTNT 10-Q filed 2026-05-08 · Q1 2026 key metrics · 2026-05-08 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000013/ftnt-20260331.htm

[27] FTNT 10-Q filed 2026-07-30 · Q2 2026 key metrics · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[28] FTNT 10-Q filed 2026-07-30 · Q2 2026 financial highlights · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[29] FTNT 10-Q filed 2026-07-30 · 2026 capex estimate and debt · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[30] FTNT 10-Q filed 2026-07-30 · remaining performance obligations at June 30, 2026 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[31] FTNT 10-Q filed 2026-07-30 · inventory purchase commitments · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[32] FTNT Q2 2026 earnings call 2026-07-29 · large deals and buybacks · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[33] FTNT 8-K filed 2026-05-06 · Q2 2026 and FY2026 guidance · 2026-05-06 · 8-K · https://investor.fortinet.com/news-releases/news-release-details/fortinet-reports-strong-first-quarter-2026-financial-results

[34] FTNT Q2 2026 earnings call 2026-07-29 · transcript on pricing, pull-forward and service billings · 2026-07-29 · earnings-call · https://www.investing.com/news/transcripts/earnings-call-transcript-fortinet-tops-q2-2026-forecasts-and-shares-jump-93CH-4821909

[35] FTNT 10-Q filed 2026-07-30 · Q2 2026 gross margin drivers · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[36] FTNT 10-Q filed 2026-07-30 · Q2 2026 operating expenses · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[37] FTNT 10-Q filed 2026-07-30 · memory supply commitments risk · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[38] FTNT 10-K filed 2026-02-25 · competition · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[39] FTNT 10-K filed 2026-02-25 · Unified SASE · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[40] FTNT Q2 2026 earnings call 2026-07-29 · Q&A on durability, SASE and services · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] FTNT 10-K filed 2026-02-25 · memory chip shortage and price increases · 2026-02-25 · 10-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000007/ftnt-20251231.htm

[42] FTNT 8-K filed 2026-07-29 · Q2 2026 business highlights · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftntq2-2026ex991.htm

[43] FTNT 10-Q filed 2026-05-08 · Q1 2026 revenue drivers · 2026-05-08 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000013/ftnt-20260331.htm

[44] FTNT Q1 2026 earnings call 2026-05-06 · Q&A on service billings and pull-forward · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[45] FTNT 10-Q filed 2026-07-30 · H1 2026 gross margin by product and service · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[46] FTNT Q2 2026 earnings call 2026-07-29 · guidance commentary · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[47] FTNT 10-Q filed 2026-07-30 · deferred revenue and billings at June 30, 2026 · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[48] FTNT 10-Q filed 2026-07-30 · H1 2026 cash flows · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm

[49] FTNT 10-Q filed 2026-07-30 · product vulnerability risk · 2026-07-30 · 10-Q · https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm