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Fortinet expects services growth in 27 to exceed 26, citing higher short-term deferred revenue, while remaining confident product growth will outpace the market.
Fortinet reported nine-month revenue of $5.98 billion, up 22%, and operating margin of 33.0%, while operating cash flow rose 56% to $3.07 billion. Gross margin declined to 79.8%.
Fortinet reported third quarter 2026 billings of $2.34 billion, up 29%, and revenue of $2.08 billion, up 20%; it raised full-year revenue guidance to $8.125 billion to $8.215 billion and billings guidance to $9.568 billion to $9.718 billion.
Fortinet reported third-quarter revenue of $2.08 billion, up 20% year over year, and raised 2026 revenue guidance to 20% year over year growth. The share repurchase authorization increased by $1.2 billion, leaving $2 billion.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Effective tax rate | 16% | the three months ended June 30, 2026 filing | — |
| Free cash flow (non-GAAP) non-GAAP | $965.6M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 1.04B
-78M Purchases of property and equipment
= Free cash flow (non-GAAP) 965.6M
|
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| Operating margin | 33.7% | the three months ended June 30, 2026 filing | — |
| Product gross margin | 69.8% | the three months ended June 30, 2026 filing | — |
| Service gross margin | 86.6% | the three months ended June 30, 2026 filing | — |
| Total gross margin | 80.2% | the three months ended June 30, 2026 filing | — |
| Adjusted free cash flow non-GAAP | $995.9M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Free cash flow $965.6M
+$30.3M Real estate related purchases
= Adjusted free cash flow $995.9M
|
|||
| Adjusted free cash flow margin non-GAAP | 48.6% | Three Months Ended June 30, 2026 | — |
| Billings | 2.37B | Q2 FY2026 | — |
| Free cash flow | 966M | Q2 FY2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities $1.04B
-$78M Purchases of property and equipment
= Free cash flow $965.6M
|
|||
| Free cash flow margin non-GAAP | 47.2% | Three Months Ended June 30, 2026 | — |
| Non-GAAP net income non-GAAP | $665M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP net income 606.3M
+80.8M Stock-based compensation
+9.9M Amortization of acquired intangible assets
-1.3M Gain on intellectual property matters
-30.7M Tax adjustment (a)
= Non-GAAP net income 665M
|
|||
| Non-GAAP net income per share, diluted non-GAAP | $0.9 | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP net income per share, diluted $0.82
+$0.08 Non-GAAP adjustments to net income per share
= Non-GAAP net income per share, diluted $0.9
|
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| Non-GAAP operating margin non-GAAP | 38% | Q2 FY2026 | — |
| Non‐GAAP gross margin non-GAAP | 80.9% | Three Months Ended June 30, 2026 | — |
| Non‐GAAP gross profit non-GAAP | $1.66B | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP gross profit 1.64B
+8.7M Stock-based compensation
+5.8M Amortization of acquired intangible assets
= Non-GAAP gross profit 1.66B
|
|||
| Non‐GAAP operating income non-GAAP | $778.7M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP operating income 689.3M
+80.8M Stock-based compensation
+9.9M Amortization of acquired intangible assets
-1.3M Gain on intellectual property matters
= Non-GAAP operating income 778.7M
|
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| Operating cash flow | 1.04B | Q2 FY2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FTNT
this stock
Fortinet, Inc.
|
$93.47B | +60.2% | +14.2% | 41.4 | 1.6% |
|
MSFT
Microsoft Corp
|
$3.89T | +8.3% | +6.9% | 27.4 | 0.8% |
|
PLTR
Palantir Technologies Inc.
|
$404.77B | -5.5% | +56.2% | 117.5 | 2.3% |
|
ORCL
Oracle Corp
|
$379.03B | -35.7% | +17.3% | 19.7 | 1.5% |
|
PANW
Palo Alto Networks Inc
|
$263.59B | +74.9% | +29.0% | — | 2.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Fortinet expects services growth in 27 to exceed 26, citing higher short-term deferred revenue, while remaining confident product growth will outpace the market.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FTNT | +7.1% | -24.8% | -5.0% | -6.5% | +60.2% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +4.5% | -23.6% | -5.5% | -6.3% | +49.6% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
