Fortinet (FTNT) Q1 FY2026 earnings: revenue $1.8 billion, up 20.1% on the year

Fortinet, Inc. (FTNT) reported revenue of $1.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 20.1% on the same quarter a year earlier. Net income was $534 million, up 23.3% on the year, and diluted earnings per share $0.72. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$1.8 billion

+20.1% on the year · -2.9% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

31.4%

29.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$534 million

+23.3% on the year · +5.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.72

+28.6% on the year · +5.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 1 lowered, 1 narrowed, 6 new, 2 kept.

Revenue grew 20% to $1.85 billion: Total revenue was $1,849.6 million, against $1,539.7 million a year earlier. The company reported the growth as 20% year over year.
Billings grew 31% to $2.09 billion: Billings were $2,085.3 million, against $1,597.2 million, calculated as revenue plus the change in deferred revenue of $235.7 million.
Non-GAAP EPS rose 41% to $0.82: Non-GAAP diluted EPS was $0.82, against $0.58, on 742.8 million diluted shares. Non-GAAP net income was $605.6 million, against $452.3 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,850	1,905	1,540	-2.9%	+20.1%
Cost of revenue	364	389	293	-6.3%	+24.4%
Gross profit	1,485	1,516	1,247	-2.0%	+19.1%
Gross margin	80.3%	79.6%	81.0%
Research and development	214	205	199	+4.4%	+7.8%
Operating income	580	626	454	-7.3%	+27.8%
Operating margin	31.4%	32.8%	29.5%
Interest expense	4.2	4.4	4.9	-4.5%	-14.3%
Pre-tax income	657	651	519	+0.9%	+26.4%
Income tax	122	145	96.5	-15.7%	+26.4%
Effective tax rate	18.6%	22.2%	18.6%
Net income	534	506	433	+5.6%	+23.3%
Net margin	28.9%	26.6%	28.1%
Diluted EPS	$0.72	$0.68	$0.56	+5.9%	+28.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,077	620	863	+73.7%	+24.8%
Capital expenditure	70.6	42.8	66.5	+65.0%	+6.2%
Free cash flow	1,006	577	797	+74.3%	+26.3%
Free cash flow margin	54.4%	30.3%	51.8%
Cash from investing	-5.7	-46.3	-111
Cash from financing	-1,343	-72.7	-32.7
Depreciation and amortisation	39.8	39.5	35.8	+0.8%	+11.2%
Share-based compensation	72.5	71.7	66.1	+1.1%	+9.7%
Buybacks	823	57.2	0.0	+1,338.8%
Diluted shares, weighted	743m	748m	777m	-0.7%	-4.4%
Shares outstanding at period end	734m	743m	769m	-1.2%	-4.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	990	1,238	1,963	-20.0%	-49.6%
Debt	497	996	995	-50.1%	-50.1%
Operating lease liabilities	n/a	29.4	n/a
Other liabilities	8,397	8,126	7,449	+3.3%	+12.7%
Total liabilities and equity	9,884	10,389	10,407	-4.9%	-5.0%
Fixed assets	1,692	1,619	1,404	+4.5%	+20.5%
Goodwill	257	257	236	0.0%	+9.0%
Intangible assets	87.0	97.3	121	-10.6%	-28.2%
Investments	340	340	35.2	0.0%	+865.1%
Cash and equivalents	2,224	2,495	3,597	-10.9%	-38.2%
Receivables	1,486	1,691	1,174	-12.1%	+26.6%
Inventory	370	400	363	-7.5%	+1.9%
Other assets	3,428	3,490	3,477	-1.8%	-1.4%
Total assets	9,884	10,389	10,407	-4.9%	-5.0%

Questions

What was Fortinet's revenue in Q1 FY2026?

Fortinet (FTNT) reported revenue of $1.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 20.1% on the same quarter a year earlier.

How much did Fortinet earn in Q1 FY2026?

Net income for Q1 FY2026 was $534 million, up 23.3% on the year, and diluted earnings per share $0.72.

When did Fortinet report Q1 FY2026 results?

Fortinet filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	964	955	1,030	1,150	1,283	1,262	1,293	1,335	1,415	1,353	1,434	1,508	1,660	1,540	1,630	1,725	1,905	1,850	2,048	2,078
Cost of revenue	228	254	251	283	297	308	296	318	316	305	275	263	314	293	315	332	389	364	405	438
Gross profit	735	701	779	866	986	954	997	1,017	1,099	1,049	1,159	1,245	1,346	1,247	1,315	1,393	1,516	1,485	1,643	1,641
Gross margin	76%	73%	76%	75%	77%	76%	77%	76%	78%	77%	81%	83%	81%	81%	81%	81%	80%	80%	80%	79%
R&D	113	125	124	134	129	151	153	157	152	173	165	187	191	199	210	202	205	214	225	213
Operating income	215	151	195	266	358	274	279	303	385	321	437	471	574	454	458	547	626	580	689	704
Operating margin	22%	16%	19%	23%	28%	22%	22%	23%	27%	24%	30%	31%	35%	29%	28%	32%	33%	31%	34%	34%
Interest expense	4.5	4.5	4.5	4.5	4.5	5.0	5.2	5.4	5.4	5.1	5.0	5.0	4.9	4.9	4.6	6.2	4.4	4.2	3.2	3.0
Pre-tax income	207	139	184	265	368	291	299	328	416	345	468	626	618	519	517	595	651	657	720	755
Tax rate	2%	-6%	1%	10%	2%	7%	9%	-0%	23%	11%	16%	13%	14%	19%	15%	20%	22%	19%	16%	16%
Net income	199	138	174	232	314	248	266	323	311	299	380	540	526	433	440	474	506	534	606	636
Net margin	21%	14%	17%	20%	24%	20%	21%	24%	22%	22%	26%	36%	32%	28%	27%	27%	27%	29%	30%	31%
Diluted EPS	$0.24	$0.17	$0.21	$0.29	$0.40	$0.31	$0.33	$0.41	$0.40	$0.39	$0.49	$0.70	$0.68	$0.56	$0.57	$0.62	$0.68	$0.72	$0.82	$0.86
Operating cash flow	367	396	323	483	528	678	515	551	192	830	342	608	478	863	452	655	620	1,077	1,044	946
Capital expenditure	151	123	39.9	87.8	30.9	30.3	76.8	70.1	26.9	222	23.1	36.3	97.6	66.5	168	87.7	42.8	70.6	78.0	64.2
Free cash flow	216	274	284	395	497	647	438	481	165	608	319	572	380	797	284	568	577	1,006	966	882
Buybacks	572	691	800	500	0.0	0.0	0.0	604	896	n/a	n/a	0.6	n/a	0.0	401	1,832	57.2	823	150	0.0
Shares outstanding	810m	802m	788m	780m	782m	784m	786m	776m	761m	763m	764m	766m	767m	769m	766m	743m	743m	734m	734m	735m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.