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Fortinet Tops Revenue Estimates at $2.08 Billion as Product Sales Jump 37%

Fortinet raised its 2026 revenue growth guidance to 20% and set fourth-quarter revenue guidance of $2.155 billion to $2.245 billion.

By Zintick Team · Editor: Kratik Mehta
Published

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Key points

  • Revenue of $2.08 billion vs. $2.06 billion analyst estimate, up 20% year over year
  • Adjusted EPS of $0.91 vs. $0.86 consensus; GAAP EPS $0.86
  • Product revenue up 37% to $765 million; billings up 29% to $2.34 billion
  • Fourth-quarter revenue guidance of $2.155 billion to $2.245 billion vs. $2.16 billion consensus
  • Full-year revenue guidance $8.125 billion to $8.215 billion; buyback authorization up $1.2 billion

Fortinet (Nasdaq: FTNT) reported third-quarter revenue of $2.08 billion, above the $2.06 billion analysts expected, and adjusted earnings of $0.91 per diluted share against the $0.86 consensus estimate, according to an 8-K filed Wednesday, Oct. 28, 2026. Revenue rose 20% from a year earlier, when the company reported $1.72 billion. GAAP earnings were $0.86 per diluted share.

Product and service results

Product revenue grew 37% from a year earlier to $765 million. Service revenue reached $1.31 billion. Billings grew 29% to $2.34 billion.

GAAP operating margin was 34%, and non-GAAP operating margin was 38%. Operating cash flow was $946 million and free cash flow was $865 million.

Guidance

Fortinet raised its 2026 billings guidance for the third time this year and now expects full-year revenue growth of 20%. For the fourth quarter, the company expects revenue of $2.155 billion to $2.245 billion, compared with the $2.16 billion analysts expected for the quarter. It expects non-GAAP diluted earnings of $0.93 to $0.95 per share.

For fiscal 2026, Fortinet expects revenue of $8.125 billion to $8.215 billion and non-GAAP diluted earnings of $3.54 to $3.58 per share. The consensus estimate for full-year revenue was $8.12 billion, and for full-year EPS $3.45.

Capital return

Fortinet increased its share repurchase authorization by $1.2 billion, leaving $2 billion remaining. During the first nine months, the company repurchased $972.8 million of common stock.

The company did not say how the stock reacted to the release.

Sources

Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.

FTNT page →

Filings, figures and price history are on the Fortinet page.