Fortinet, Inc. (FTNT) Earnings
Fortinet, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.74. FTNT has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +20.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.62 | $0.82 | +32.5% | $1.8B | +6.7% |
| Feb 5, 2026 | $0.74 | $0.81 | +9.0% | $1.9B | +2.4% |
| Nov 5, 2025 | $0.63 | $0.74 | +17.3% | $1.7B | +1.2% |
| Feb 6, 2025 | $0.60 | $0.74 | +23.3% | $1.7B | +4.2% |
| Nov 7, 2024 | $0.52 | $0.63 | +21.2% | $1.5B | +1.9% |
| May 2, 2024 | $0.38 | $0.43 | +13.2% | $1.4B | +1.1% |
| Feb 6, 2024 | $0.43 | $0.51 | +18.6% | $1.4B | +0.4% |
| Nov 2, 2023 | $0.36 | $0.41 | +13.9% | $1.3B | -1.1% |
| Aug 3, 2023 | $0.34 | $0.38 | +11.8% | $1.3B | -0.9% |
| May 4, 2023 | $0.29 | $0.34 | +17.2% | $1.3B | +5.1% |
| Feb 7, 2023 | $0.39 | $0.44 | +12.8% | $1.3B | -0.9% |
| Nov 2, 2022 | $0.27 | $0.33 | +22.2% | $1.1B | +2.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Ken Xie noted strong first quarter results with billings up 31%, total revenue up 20%, product revenue up 41%, and record free cash flow. The convergence of networking and security is accelerating in the AI era with various segments showing growth like secure networking, OT security, unified SASE, and AI-driven security operations. • Christiane Ohlgart highlighted broad-based demand and strong execution, with billings, revenue, and margins exceeding guidance. Mentioned key seven-figure deals, durable competitive advantages like single operating system, own global cloud infrastructure, and large TAM. Also discussed new SD-WAN and SASE services bundle and market leadership in various areas.
Guidance
• Raised full-year guidance across billings, revenue, and service revenue. Second quarter billings expected in range of $2.09 billion to $2.19 billion, revenue $1.83 billion to $1.93 billion, etc. Full-year billings expected $8.8 billion to $9.1 billion, revenue $7.71 billion to $7.87 billion, service revenue $5.09 billion to $5.15 billion, etc. • Expect non-GAAP gross margin 79% - 81%, non-GAAP operating margin 33% - 36%, etc.
Segment performance
Total billings grew 31% to $2.09 billion. Total revenue grew 20% to $1.85 billion with product revenue increasing 41% to $645 million and service revenue growing 11% to $1.21 billion. Secure networking billings grew 32%, unified SASE billings grew 31%, and OT billings growth over 70%. Non-GAAP and GAAP operating margin were very strong at 36% and 31% respectively. Free cash flow was a record $1.01 billion.
Analyst Q&A
Q: Shaul Eyal asked what drove the strength this quarter and confidence in guidance.
A: Ken Xie said AI is a tailwind, they've invested in AI for 15 years, have direct manufacturing operations, and differentiate with integrated solutions.
Q: Saket Kalia asked about customer reaction to security environment after Methos and which parts of portfolio benefit.
A: Ken Xie said use AI to secure AI, security operations with over 20 AI-enabled products are helping, OT grew 70% as it secures AI infrastructure.
Q: Rob Owens asked about customers honing in on AI portfolio.
A: Ken Xie said AI accelerates convergence, they're ahead with long-term investment, Christiane Ohlgart said customers are concerned about traffic flows and shadow AI.
Q: Brad Zelnick asked about securing AI data centers, competition, partners, cycles.
A: Ken Xie said they have own ASIC chip giving better performance and cost, Christiane Ohlgart said related to pipeline building and reference architectures.
Q: Tal Liani asked about sustainability of 32% secure networking billings growth.
A: Ken Xie said comparable to five years ago, Christiane Ohlgart said drivers are consolidation, simplicity, security posture.
Q: Fatima Boolani asked about impact on secure networking portfolio and services side.
A: Ken Xie said strong growth in high end with ASIC, unified SASE growth, new bundled service. Christiane Ohlgart said services billings growing, deferred revenue up.
Q: Gabriela Borges asked about step-function change in AI data center pipeline and internal process for hardening infrastructure.
A: Ken Xie said AI data centers and sovereign AI drive growth, working with leading AI companies.
Q: Brian Essex asked about unified SASE billings breakdown and sovereign SASE contribution.
A: Ken Xie said unified SASE includes SD-WAN, sovereign SASE is big, Christiane Ohlgart said related to upgrade of customer base.
Q: Gray Powell asked about branch office firewall customers turning on SD-WAN and SASE.
A: Ken Xie said new bundled service helps, Christiane Ohlgart said upgrading customer base makes features more interesting.
Q: Analyst asked about service billings strength and buying behavior.
A: Christiane Ohlgart said good linearity and trends, Ken Xie said no much pull-forward, managing better.
Q: Junaid Siddiqui asked about adapting security architecture to edge shift.
A: Ken Xie said investing in ASIC at edge, hybrid approach beneficial.