Earnings Call
May 6, 2026
Q1 FY2026
EPS Estimate
0.62
EPS Actual
0.82
Post-Earnings Close
$107.97
Earnings Reaction
+20.0%
Fortinet opened 2026 with one of its strongest quarters in recent memory, posting billings growth of 31% to $2.09 billion, total revenue growth of 20% to $1.85 billion, and product revenue growth of 41% to $645 million, all exceeding the high end of guidance. Non-GAAP EPS of $0.82 grew 41% year-over-year, well ahead of the $0.61 consensus estimate, while free cash flow hit a record $1.01 billion. The company raised full-year guidance across all top-line metrics, now targeting billings of $8.8, $9.1 billion (18% growth at midpoint) and revenue of $7.71, $7.87 billion (15% growth at midpoint).
Report generated on May 7, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
Read the full FTNT analysis
The complete report, with key themes, analyst Q&A summary, notable quotes, and market context — is free with an account. No password, no card.