Fortinet (FTNT) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Information Technology· May 6, 2026

Source: earnings call transcript

The convergence-of-networking-and-security thesis is inflecting as AI-infrastructure build-out, sovereign SASE, and OT digitalization revive a hardware-led upgrade cycle that management explicitly likens to the share-gaining post-COVID supply era. Forward stance is confident and raised across top-line metrics, but the services line lags as billings strength converts through the balance sheet over time, and the durability of the appliance surge hinges on whether AI-driven demand — not supply-chain pull-forward — is doing the work.

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FTNT operating KPIs by quarter

FTNT operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Change vs prior quarter
New logos	6,900 In addition, we added a record 6,900 new logos, driven by close alignment with our channel partners. Source: earnings call transcript	6,900+ Over 6,900 new organizations chose our unified single FortiOS platform to power their cybersecurity strategy. Source: earnings call transcript	~6,600 Approximately 6,600 new organizations chose our Unified single FortiOS platform to power their cybersecurity strategy, which exemplifies our continued strong position in all segments of the market. Source: earnings call transcript	7,200 7,200 new organizations selected our Unified FortiOS platform, reinforcing our strong position across all market segments. Source: earnings call transcript	6,600+ Finally, customer demand remained broad-based across segments, demonstrating the durability of our platform strategy with over 6,600 new organizations selecting our FortiOS platform during the quarter, reinforcing the breadth of demand across SMB, mid-market and enterprise customers. Source: earnings call transcript	—
Remaining performance obligation (RPO)	$6.4B RPO grew 12% to $6.4 billion. Source: earnings call transcript	$6.64B Total RPO grew by 12% to $6.64 billion, while current RPO grew by 15% to $3.45 billion. Source: earnings call transcript	—	—	—	+3.8%
FortiSASE penetration rate Large enterprise	—	13% As a result, 13% of large enterprise customers have purchased FortiSASE and increased over 60% year-over-year. Source: earnings call transcript	15% Our strong leadership position is reflected in customer adoption with 15% of large enterprise customers now using FortiSASE, represent 55% growth as shown on Slide 10. Source: earnings call transcript	16% Furthermore, SASE adoption momentum has remained strong, as 16% of our large enterprise customers have purchased FortiSASE, an increase of over 50%, highlighting our continued expansion of FortiSASE in our customer base. Source: earnings call transcript	18% FortiSASE expansion within our customer base also remained strong with 18% of our large enterprise customers now having purchased FortiSASE, an increase of over 45%. Source: earnings call transcript	+2 pt
Capital expenditures Infrastructure	—	$168M Infrastructure investments were $168 million, up $145 million as we continue to build out our infrastructure footprint to support FortiSASE, FortiCloud and other services. Source: earnings call transcript	$88M Infrastructure investments were $88 million, up $51 million as we continue to build out our infrastructure footprint. Source: earnings call transcript	—	—	-47.6%
Annual recurring revenue (ARR) Unified SASE	—	$1.15B With regards to ARR, Unified SASE increased by 22% to $1.15 billion and SecOps increased by 35% to $463 million. Source: earnings call transcript	$1.22B With regards to ARR, Unified SASE increased by 13% to $1.22 billion and SecOps increased by 25% to $472 million. Source: earnings call transcript	$1.28B With regards to ARR, Unified SASE increased by 11% to $1.28 billion, which included an increase of over 90% for FortiSASE ARR, while SecOps ARR increased by 21% to $491 million. Source: earnings call transcript	—	+4.9%
Annual recurring revenue (ARR) SecOps	—	$463M With regards to ARR, Unified SASE increased by 22% to $1.15 billion and SecOps increased by 35% to $463 million. Source: earnings call transcript	$472M With regards to ARR, Unified SASE increased by 13% to $1.22 billion and SecOps increased by 25% to $472 million. Source: earnings call transcript	$491M With regards to ARR, Unified SASE increased by 11% to $1.28 billion, which included an increase of over 90% for FortiSASE ARR, while SecOps ARR increased by 21% to $491 million. Source: earnings call transcript	—	+4%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.