Monitor Q4 2026 results for continued billings growth and margin expansion; the raised guidance and strong product revenue suggest sustained demand for Fortinet's cybersecurity solutions.
Price Chart
Executive Summary
Fortinet reported Q3 2026 revenue of $2.078B (up 20% YoY), GAAP EPS of $0.86 (in line with consensus of $0.86), and non-GAAP EPS of $0.91. The company raised its full-year 2026 billings guidance for the third time this year, and announced a $1.2B increase in its share repurchase authorization. Results were driven by 37% product revenue growth and strong billings growth of 29%.
Key Financial Metrics
Key Facts
- Revenue grew 20% YoY to $2.078B, above consensus of $2.06B
- GAAP EPS of $0.86 in line with consensus of $0.86
- Non-GAAP EPS of $0.91, above GAAP EPS
- Product revenue grew 37% YoY to $765M
- Billings grew 29% YoY to $2.34B
- GAAP operating margin of 34%, non-GAAP operating margin of 38%
- Operating cash flow of $946M, free cash flow of $865M
- Share repurchase authorization increased by $1.2B; remaining authorization of $2B
- Full-year 2026 revenue guidance raised to $8.125B-$8.215B
- Full-year 2026 billings guidance raised to $9.568B-$9.718B
- Q4 2026 revenue guidance of $2.155B-$2.245B, non-GAAP EPS guidance of $0.93-$0.95
Financial Impact
Revenue beat consensus by ~$18M (0.9%), EPS in line; raised full-year guidance; $1.2B buyback authorization increase
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Product | $765.0M | +36.8% |
| Service | $1.3B | +12.7% |
Risk Factors
- Macroeconomic headwinds could slow IT spending and impact future billings growth
- Competition from other cybersecurity vendors may pressure market share
- Supply chain challenges or component shortages could affect product revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3390743 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 28, 2026 1d ago | Press Release | $148.00 | awaiting T+1 | awaiting T+1 | $139.10 (−6.01%) |
Oct 23, 2026 6d ago | Institutional Cluster | $179.99 $183.33 | ▲ +1.86% | ▲ +1.15% | $139.10 (−22.72%) |
Oct 8, 2026 21d ago | ANALYST-UPGRADE | $189.10 $194.75 | ▲ +2.99% | ▲ +2.39% | $139.10 (−26.44%) |
Oct 2, 2026 27d ago | Press Release | $180.95 $184.13 | ▲ +1.76% | ▲ +1.08% | $139.10 (−23.13%) |
Aug 28, 2026 8w ago | Press Release | $166.00 $170.93 | ▲ +2.97% | ▲ +3.27% | $139.10 (−16.20%) |
Aug 17, 2026 10w ago | Press Release | $155.85 $158.01 | ▲ +1.39% | ▲ +2.06% | $139.10 (−10.75%) |
Aug 4, 2026 12w ago | Insider Cluster | $164.13 $160.11 | ▼ −2.45% | ▼ −2.29% | $139.10 (−15.25%) |
Jul 21, 2026 14w ago | ANALYST-UPGRADE | $158.10 $155.05 | ▼ −1.93% | ▼ −1.81% | $139.10 (−12.02%) |
Jul 17, 2026 14w ago | Court Ruling | $160.36 $158.10 | ▼ −1.41% | ▼ −2.24% | $139.10 (−13.26%) |
US Market Status
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