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Fortinet (FTNT)
NASDAQ:FTNT
Earnings Data
Report Date
Apr 30, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.62Last Year’s EPS
0.58Same Quarter Last Year
Based on 26 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong top-line growth, robust product acceleration, leadership in secure networking and Unified SASE, impressive margins and record cash generation, alongside disciplined capital returns and confident guidance for 2026. Headwinds discussed were manageable operational issues—memory/component pricing, short-term services revenue timing, and some quarterly volatility in SecOps billings—plus modest FX and debt-repayment effects. Overall the positive execution, market leadership, and reaffirmed multi-year targets materially outweigh the near-term operational and cost pressures.Company Guidance
Strong Q4 Billings and Revenue Growth
Total billings grew 18% year-over-year to $2.37 billion in Q4 2025; total revenue grew 15% year-over-year to $1.91 billion.
Product Revenue Acceleration
Product revenue increased ~20% year-over-year to $691 million in Q4, with both hardware and software each growing ~20%.
Unified SASE Momentum
Unified SASE billings grew 40% in Q4; Unified SASE ARR increased 11% to $1.28 billion, and FortiSASE ARR grew over 90%.
AI and OT Growth
AI-driven security billings grew 6% in Q4 and 22% for the full year; AI-related ARR was up 21% for the year. Operational technology (OT) billings grew more than 25% in Q4.
Market Leadership and Share Gains
Fortinet remained #1 in firewall unit market share at 55% and reported the highest product revenue among segment security peers; secure networking billing grew 13%, outpacing the market.
Broad Enterprise Deal Flow and Customer Adds
Number of deals >$1M increased by over 30% in Q4 and total deal value grew by over 40%; 7,200 new organizations adopted the Unified FortiOS platform in the quarter.
Strong Profitability and Cash Generation
Q4 non-GAAP gross margin was 80.3%; operating margin was 37.3% (above guidance). Q4 free cash flow was $577 million (adjusted FCF $589 million, 31% margin).
Record Full-Year Financials and Rule of 45
Full-year 2025: billings grew 16% to $7.55 billion; revenue grew 14% to $6.8 billion; product revenue +16%; service revenue +13% to $4.58 billion. Gross margin 81.3%; operating margin 35.5% (up 50 bps); operating income $2.41 billion (+16%); EPS +16% to $2.76. Fortinet exceeded the Rule of 45 for the sixth consecutive year.
Capital Return and Balance Sheet Actions
Q4 share repurchases ~730k shares for $57 million and 4.6M shares for $356 million quarter-to-date; board approved a $1 billion increase in buyback authorization and remaining repurchase authorization is ~ $1.4 billion.
Confident 2026 Guidance
Q1 2026 guidance: billings $1.77–1.87 billion (midpoint +14%), revenue $1.70–1.76 billion (midpoint +12%), non-GAAP gross margin 80–81%, operating margin 30–32%. Full-year 2026 guidance: billings $8.4–8.6 billion (midpoint +13%), revenue $7.5–7.7 billion (midpoint +12%), service revenue $5.05–5.15 billion (midpoint +11%); reaffirmed midterm targets of billings/revenue CAGR >12% and achieving the Rule of 45.
FTNT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FTNT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $78.93 | $82.76 | +4.85% |
Nov 05, 2025 | $85.99 | $80.54 | -6.34% |
Aug 06, 2025 | $96.58 | $75.30 | -22.03% |
May 07, 2025 | $106.72 | $97.74 | -8.41% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Fortinet (FTNT) report earnings?
Fortinet (FTNT) is schdueled to report earning on Apr 30, 2026, TBA (Confirmed).
What is Fortinet (FTNT) earnings time?
Fortinet (FTNT) earnings time is at Apr 30, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FTNT EPS forecast?
FTNT EPS forecast for the fiscal quarter 2026 (Q1) is 0.62.
