FTNT

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PRESS RELEASE

Document

Press Release

Fortinet Reports Strong Third Quarter 2026 Financial Results

Raises 2026 revenue guidance to 20% year over year growth

Highlights

•Revenue grew 20% year over year to $2.08 billion

•Product revenue grew 37% year over year to $765 million

•Billings grew 29% year over year to $2.34 billion1

•GAAP operating margin of 34%

•Non-GAAP operating margin of 38%1

•GAAP earnings per share of $0.86

•Non-GAAP earnings per share of $0.911

•Operating cash flow of $946 million

•Free cash flow of $865 million1

•Share repurchase authorization increased by $1.2 billion; remaining authorization of $2 billion

SUNNYVALE, Calif. - October 28, 2026 - Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the third quarter ended September 30, 2026.

“We are very pleased with our excellent third quarter results, which reflect strong execution and broad-based demand across our entire portfolio, allowing us to raise our 2026 billings guidance for the third time this year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “Our strong momentum is driven by our continued leadership in the AI era. As AI introduces entirely new attack surfaces, Network Security remains the critical foundation of AI Security. Powered by our single FortiOS operating system and proprietary FortiASIC technology, our unified platform approach secures critical AI infrastructure while delivering industry-leading performance and a significantly lower total cost of ownership.”

Recent Business Highlights

•Announced the new FortiGuard Inline AI Security Service, delivering AI-specific inspection and guardrails to FortiGate customers through a cloud-delivered service, enabling organizations to gain deeper visibility into AI activity and stop AI threats and data exposure through the Fortinet solutions they already use.

•Announced the FortiLink SASE service, giving organizations a simpler way to secure small branch office, remote facilities, and other distributed locations without requiring a dedicated on-site firewall. By connecting local networks to FortiSASE, organizations can protect and manage wired and wireless devices through a simplified, cloud-delivered service while managing networking and security from a single console.

•Selected by NVIDIA as a top OpenShell Reference Architecture Partner to Secure AI.

•Oracle and Fortinet announced a collaboration to help enterprises securely accelerate AI adoption, combining OCI Enterprise AI with FortiAIGate to protect and govern AI applications and agents at scale while maintaining visibility and control.

•Selected by Microsoft to join its Sovereign Partner Ecosystem based on Fortinet’s sovereign solution strength, to together deliver trusted sovereign AI security solutions to highly regulated industries.

•Recognized as a Leader in the 2026 Gartner Magic Quadrant for Hybrid Mesh Firewall and positioned highest for Ability to Execute for the second consecutive year.

Guidance

For the fourth quarter of 2026, Fortinet currently expects:

•Revenue in the range of $2.155 billion to $2.245 billion

•Billings in the range of $2.775 billion to $2.925 billion

•Non-GAAP gross margin in the range of 78.0% to 80.0%

•Non-GAAP operating margin in the range of 35.5% to 37.5%

•Diluted non-GAAP net income per share in the range of $0.93 to $0.95, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 741 million to 745 million.

For the fiscal year 2026, Fortinet currently expects:

•Revenue in the range of $8.125 billion to $8.215 billion

•Service revenue in the range of $5.150 billion to $5.170 billion

•Billings in the range of $9.568 billion to $9.718 billion

•Non-GAAP gross margin in the range of 79.7% to 80.3%

•Non-GAAP operating margin in the range of 36.5% to 37.5%

•Diluted non-GAAP net income per share in the range of $3.54 to $3.58, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 741 million to 743 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters, a gain from an escrow settlement and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of t

EX-99.1

2 ftntq2-2026ex991.htm

PRESS RELEASE

Document

Press Release

Fortinet Reports Strong Second Quarter 2026 Financial Results

Exceeds high end of second quarter guidance on revenue and profitability

Raises 2026 revenue guidance to 19% year over year growth

Highlights

•Revenue grew 26% year over year to $2.05 billion

•Product revenue grew 52% year over year to $773 million

•Billings grew 33% year over year to $2.37 billion1

•GAAP operating margin of 34%

•Non-GAAP operating margin of 38%1

•GAAP earnings per share grew 44% year over year to $0.82

•Non-GAAP earnings per share grew 41% year over year to $0.901

•Operating cash flow of $1.04 billion

•Free cash flow of $966 million1

SUNNYVALE, Calif. - July 29, 2026 - Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the second quarter ended June 30, 2026.

“We are very pleased with our excellent second quarter results, which reflect the differentiated value of our innovation in the AI Era,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “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.”

Recent Business Highlights

•Announced a strategic collaboration with Intel to develop Fortinet Security Processor 6 (SP6), combining Fortinet’s proprietary, purpose-built security processor expertise with Intel’s advanced design, development, packaging, and manufacturing capabilities to accelerate SP6 development while strengthening the resilience and diversity of Fortinet’s global supply chain.

•Launched the FortiGate 1200G series with FortiSASE Outpost, combining local enforcement and cloud-delivered security to address customers’ evolving sovereignty, performance, and AI infrastructure requirements. The convergence of firewall and SASE technologies creates a new “SASE Firewall” market built for the realities of today’s hybrid world.

•Launched FortiSOC, a new cloud-delivered SOC platform that brings together six core security operations functions into a single AI SOC experience designed to simplify and scale modern security operations.

•Expanded FortiEndpoint converging multiple endpoint security innovations into one agent to help security teams safely enable AI adoption, strengthen data security, improve risk visibility, and simplify operations.

•Partnered with Anthropic on Project Glasswing (Mythos), OpenAI on Project Daybreak (GPT 5.5 Cyber), and NVIDIA as a founding member of its recently announced Open Secure AI Alliance for AI Safety and Security.

•Moody’s Ratings upgraded Fortinet’s senior unsecured notes rating to A3 from Baa1 and its senior unsecured shelf rating to (P)A3 from (P)Baa1, the highest rating of any public cybersecurity company.

Guidance

For the third quarter of 2026, Fortinet currently expects:

•Revenue in the range of $2.010 billion to $2.100 billion

•Billings in the range of $2.250 billion to $2.350 billion

•Non-GAAP gross margin in the range of 79.0% to 81.0%

•Non-GAAP operating margin in the range of 35.0% to 37.0%

•Diluted non-GAAP net income per share in the range of $0.83 to $0.87, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 741 million to 745 million.

For the fiscal year 2026, Fortinet currently expects:

•Revenue in the range of $8.020 billion to $8.180 billion

•Service revenue in the range of $5.180 billion to $5.220 billion

•Billings in the range of $9.350 billion to $9.550 billion

•Non-GAAP gross margin in the range of 79.0% to 81.0%

•Non-GAAP operating margin in the range of 35.0% to 37.0%

•Diluted non-GAAP net income per share in the range of $3.41 to $3.47, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 741 million to 745 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without

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