Fortinet delivered a strong start to 2026, reporting first‑quarter revenue of $1.85 billion, up 20% year on year, as global enterprises increased investment in cybersecurity to counter rapidly evolving digital threats. The results exceeded expectations across revenue, billings, and profitability, underscoring the company’s momentum in converged networking and security.
Product revenue surged 41% to $645 million, reflecting heightened demand for Fortinet’s integrated security platforms. Total billings rose 31% to $2.09 billion, surpassing the upper end of the company’s guidance and highlighting broad‑based customer adoption across industries and regions.
Fortinet reported a GAAP operating margin of 31%, while non‑GAAP operating margin reached 36%. Diluted non‑GAAP earnings per share increased 41% year on year to $0.82. The company also delivered record operating cash flow of $1.08 billion and free cash flow of $1.01 billion, reinforcing its strong financial position and operational efficiency.
Founder, chairman, and CEO Ken Xie said the quarter’s performance reflects sustained global demand and strong execution. “The strong billings growth demonstrates the continued trend toward convergence of networking and security, a strategy Fortinet has championed for more than 26 years, alongside the rapid evolution of AI‑driven cyber threats,” he said.
Xie added that innovations such as FortiOS 8.0 and FortiASIC technology continue to differentiate Fortinet’s platform as network security evolves toward the SASE Firewall model. He also noted that Fortinet’s direct operations and manufacturing approach helped the company navigate supply‑chain challenges during the quarter.
Fortinet launched FortiOS 8.0, the latest version of its operating system powering the Fortinet Security Fabric, introducing expanded AI capabilities, next‑generation SASE features, and quantum‑safe protections. The company also expanded its FortiGate G Series firewall portfolio with the FortiGate 3500G and 400G, designed to help enterprises manage rising volumes of encrypted traffic.
Fortinet further strengthened its AI ecosystem through partnerships with Anthropic under Project Glasswing, alongside collaborations with OpenAI and other technology leaders.
For the second quarter of 2026, Fortinet expects revenue between $1.83 billion and $1.93 billion, with billings projected between $2.09 billion and $2.19 billion. For the full fiscal year, the company raised its outlook, forecasting revenue between $7.71 billion and $7.87 billion, representing roughly 15% annual growth. Service revenue is expected to reach $5.09–$5.15 billion, with total billings of $8.8–$9.1 billion and full‑year non‑GAAP operating margins of 33–36%.
