Fortinet Reports Strong Second Quarter 2026 Financial Results

Fortinet® (Nasdaq: FTNT) has reported strong second-quarter financial results for the quarter ended June 30, 2026, exceeding the high end of its guidance for both revenue and profitability. In addition, the company increased its full-year 2026 revenue guidance following continued demand for its integrated cybersecurity platform and AI-driven security solutions.

Revenue increased 26 per cent year over year to US$2.05 billion, while product revenue grew 52 per cent to US$773 million. Meanwhile, billings rose 33 per cent to US$2.37 billion. Operating cash flow reached US$1.04 billion, and free cash flow totalled US$966 million, reflecting continued momentum across the business.

Fortinet Second Quarter Financial Results Highlights

Fortinet delivered strong growth across its key financial measures during the second quarter.

Key Financial Results

• Revenue increased 26 per cent year over year to US$2.05 billion
• Product revenue increased 52 per cent year over year to US$773 million
• Billings increased 33 per cent year over year to US$2.37 billion
• GAAP operating margin reached 34 per cent
• Non-GAAP operating margin reached 38 per cent
• GAAP earnings per share increased 44 per cent year over year to US$0.82
• Non-GAAP earnings per share increased 41 per cent year over year to US$0.90
• Operating cash flow totalled US$1.04 billion
• Free cash flow reached US$966 million

Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet, said:

“We are very pleased with our excellent second quarter results, which reflect the differentiated value of our innovation in the AI Era. Our results reflect that customers value Fortinet’s unique ‘SASE Firewall’, with leading firewall, SD-WAN and SASE functionality integrated together on our single FortiOS operating system and powered by our purpose-built FortiASIC, offering customers flexible deployment in a sovereign form factor, on-prem and in the cloud.”

Fortinet Second Quarter Financial Results Highlight Product Innovation

Alongside its financial performance, Fortinet announced several strategic initiatives during the quarter. These included new product launches, technology partnerships, and continued investment in AI-powered cybersecurity capabilities.

Strategic Collaboration with Intel

Fortinet announced a strategic collaboration with Intel to develop Fortinet Security Processor 6 (SP6). The partnership combines Fortinet’s proprietary, purpose-built security processor expertise with Intel’s advanced design, development, packaging, and manufacturing capabilities.

As a result, the companies expect to accelerate SP6 development while strengthening the resilience and diversity of Fortinet’s global supply chain.

FortiGate 1200G Series

Fortinet launched the FortiGate 1200G series with FortiSASE Outpost. The solution combines local enforcement with cloud-delivered security to address customers’ evolving sovereignty, performance, and AI infrastructure requirements.

Furthermore, Fortinet said the convergence of firewall and Secure Access Service Edge (SASE) technologies creates a new “SASE Firewall” market built for today’s hybrid environments.

FortiSOC Platform

The company also launched FortiSOC, a cloud-delivered SOC platform that brings together six core security operations functions into a single AI SOC experience. Consequently, security teams can simplify and scale modern security operations through a unified platform.

FortiEndpoint Expansion

Fortinet expanded FortiEndpoint, converging multiple endpoint security innovations into one agent. The updated platform helps security teams safely enable AI adoption, strengthen data security, improve risk visibility, and simplify operations.

Artificial Intelligence Partnerships

In addition, Fortinet strengthened its AI ecosystem through several strategic partnerships.

The company partnered with:

• Anthropic on Project Glasswing (Mythos)
• OpenAI on Project Daybreak (GPT 5.5 Cyber)
• NVIDIA as a founding member of the Open Secure AI Alliance for AI Safety and Security

Moody’s Ratings Upgrade

Separately, Moody’s Ratings upgraded Fortinet’s senior unsecured notes rating to A3 from Baa1. It also upgraded the company’s senior unsecured shelf rating to (P)A3 from (P)Baa1. According to Fortinet, this is the highest rating among public cybersecurity companies.

Fortinet Raises Full-Year 2026 Revenue Guidance

Following its strong second quarter financial results, Fortinet increased its financial outlook for both the third quarter and the full 2026 fiscal year. The updated guidance reflects continued demand for the company’s cybersecurity platform and confidence in its growth strategy.

Third Quarter 2026 Guidance

Fortinet currently expects the following results for the third quarter of 2026.

Third Quarter Financial Outlook

• Revenue: US$2.010 billion to US$2.100 billion
• Billings: US$2.250 billion to US$2.350 billion
• Non-GAAP Gross Margin: 79.0 per cent to 81.0 per cent
• Non-GAAP Operating Margin: 35.0 per cent to 37.0 per cent
• Diluted Non-GAAP Net Income Per Share: US$0.83 to US$0.87

The guidance assumes an 18 per cent non-GAAP effective tax rate and a diluted share count between 741 million and 745 million shares.

Full-Year 2026 Guidance

Fortinet also updated its financial outlook for the full 2026 fiscal year.

Full-Year Financial Outlook

• Revenue: US$8.020 billion to US$8.180 billion
• Service Revenue: US$5.180 billion to US$5.220 billion
• Billings: US$9.350 billion to US$9.550 billion
• Non-GAAP Gross Margin: 79.0 per cent to 81.0 per cent
• Non-GAAP Operating Margin: 35.0 per cent to 37.0 per cent
• Diluted Non-GAAP Net Income Per Share: US$3.41 to US$3.47

This guidance also assumes an 18 per cent non-GAAP effective tax rate and a diluted share count between 741 million and 745 million shares.

Guidance Disclosure

These statements are forward-looking, and actual results may differ materially. Refer to the Forward-Looking Statements section below for additional information on the factors that could affect future financial performance.

Furthermore, Fortinet’s guidance for non-GAAP financial measures excludes stock-based compensation, amortisation of acquired intangible assets, gains on intellectual property matters, and tax adjustments required to determine the non-GAAP effective tax rate. Because certain items remain uncertain or cannot be reasonably predicted, the company has not reconciled its non-GAAP guidance to the corresponding GAAP measures.

Third Quarter 2026 Conference Participation Schedule

Fortinet’s management team is expected to participate in several technology and investor conferences during the third quarter of 2026. During these events, executives plan to discuss the company’s latest strategies and initiatives. Conference presentations are expected to be available via webcast on the company’s website.

Upcoming Conferences

• Rosenblatt Technology Summit: The Age of AI — August 17, 2026
• Stifel Tech Executive Summit — August 24, 2026
• Deutsche Bank Technology Conference — August 27, 2026
• Goldman Sachs Communacopia + Technology Conference — September 8, 2026
• Kepler Cheuvreux Autumn Conference — September 10, 2026

To access the latest information, pre-register, and watch each webcast, visit the Investor Presentation & Events page on Fortinet’s website:

https://investor.fortinet.com/events-and-presentations

The conference schedule is subject to change.

About Fortinet

Fortinet (NASDAQ: FTNT) is a global cybersecurity leader driving the convergence of networking and security. Its mission is to secure people, devices, and data everywhere. Today, the company delivers cybersecurity through one of the industry’s largest integrated portfolios of more than 50 enterprise-grade products.

More than half a million customers trust Fortinet’s solutions, which are among the industry’s most deployed, patented, and validated. In addition, the Fortinet Training Institute offers one of the broadest cybersecurity training programs available, helping expand career opportunities and strengthen cyber skills worldwide.

Fortinet also works with Computer Emergency Response Teams (CERTs), government agencies, academic institutions, and private-sector organisations to improve cyber resilience. Meanwhile, FortiGuard Labs develops and uses machine learning and artificial intelligence to provide timely protection and actionable threat intelligence.

Learn more at:

• https://www.fortinet.com
• Fortinet Blog
• FortiGuard Labs

Legal Notices

Copyright © 2026 Fortinet, Inc. All rights reserved.

The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiBranchSASE, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPoints, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTelemetry, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR, Lacework FortiCNAPP, Linksys, Intelligent Mesh, Velop, Max-Stream, Performance Perfected and SECURITY FABRIC. Other trademarks belong to their respective owners.

Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding future growth and market share gains, strategy, guidance and expectations for future financial results, including guidance for the third quarter and full year 2026, market opportunity, market size, and business momentum.

Although Fortinet attempts to make accurate forward-looking statements, future circumstances may differ from the assumptions on which those statements are based. Consequently, actual results could differ materially from those described in this release.

Economic and Market Risks

Important factors that could affect future results include general economic risks, including economic challenges, a possible downturn or recession, inflation or stagflation, changing interest rates, reduced information technology spending, supply chain challenges, and the macroeconomic impacts of global conflicts. Competition within the cybersecurity market, changing customer demand, and market opportunities may also influence future performance.

Operational and Technology Risks

Additional risks include sales execution, the timing of large strategic deals, longer enterprise sales cycles, product development challenges, cybersecurity threats, litigation, acquisition integration, market acceptance of new products and services, and the company’s ability to attract and retain personnel. Advances in artificial intelligence and other technological changes may also affect future performance.

External Risks

Other factors include business disruption caused by natural disasters, health emergencies, power outages, floods, epidemics, human-caused events such as civil unrest, labour disruption, international trade disputes, terrorism, wars, critical infrastructure attacks, tariffs, trade barriers, and geopolitical tensions. Additional risk factors are described in Fortinet’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission, available free of charge at www.sec.gov or by contacting Fortinet Investor Relations.

All forward-looking statements reflect Fortinet’s views only as of the date of this release. The company undertakes no obligation, and expressly disclaims any obligation, to update forward-looking statements in light of new information or future events.

Use of Non-GAAP Financial Measures

Fortinet believes presenting non-GAAP financial information provides important supplemental information to management and investors regarding financial condition and operating performance. These measures also help explain underlying financial and business trends.

For additional information about these measures, including how management uses them and the limitations associated with them, refer to the “Explanation of Non-GAAP Financial Measures” section of the original press release.

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