Jun 2026 (Q2 FY26) — Jul 29, 2026
Fortinet Q2 FY26 — Strong Billings and Product Growth Driven by SASE Firewall and AI Demand
Read the full callFortinet (FTNT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Fortinet earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,048 | +25.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 33.7 | +5.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 606 | +37.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
46 of 47 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total billings | $2.09bn to $2.19bn | Mar 2026 | Total billings grew 33% to $2.37 billion | Achieved |
| Full-year total billings | $8.4bn to $8.6bn | Dec 2025 | we expect billings in the range of $9.35 billion to $9.55 billion, which at the midpoint represents growth of 25% | Revised Up |
| Total billings | $2.25bn to $2.35bn | Jun 2026 | For the third quarter, we expect billings in the range of $2.25 billion to $2.35 billion, which at the midpoint represents growth of 27% | New |
1 of Fortinet, Inc.'s 73 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 70 more targets are in the full ledger.
Claimed
- Total billings grew 33% to $2.37 billion, exceeding guidance.
- Total revenue increased 26% to $2.05 billion, propelled by 52% product revenue growth to $773 million.
- Free cash flow more than tripled year-over-year to $966 million.
- Non-GAAP operating margin reached a Q2 record of 38%, up 490 basis points.
- Fortinet's SASE Firewall business grew 34% to over $2 billion, cementing its position as a top player.
Qualified
Price
$171.5 +1.40% · +$2.37
Performance +105.5% 1Y
1Y: $83.44 on 17 Oct 2025 → $171.5. High $194.75 (9 Oct 2026), low $75.23 (24 Feb 2026).
- Previous close
- $169.13
- 52-week range
- $75.23 – $194.75
- One year
- +102.10%
Overview
- Symbol
- FTNT
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
46 of 47 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Total billings | $2.09bn to $2.19bn | Mar 2026 | Total billings grew 33% to $2.37 billion | Achieved |
| Full-year total billings | $8.4bn to $8.6bn | Dec 2025 | we expect billings in the range of $9.35 billion to $9.55 billion, which at the midpoint represents growth of 25% | Revised Up |
| Total billings | $2.25bn to $2.35bn | Jun 2026 | For the third quarter, we expect billings in the range of $2.25 billion to $2.35 billion, which at the midpoint represents growth of 27% | New |
Claimed
- Total billings grew 33% to $2.37 billion, exceeding guidance.
- Total revenue increased 26% to $2.05 billion, propelled by 52% product revenue growth to $773 million.
- Free cash flow more than tripled year-over-year to $966 million.
- Non-GAAP operating margin reached a Q2 record of 38%, up 490 basis points.
- Fortinet's SASE Firewall business grew 34% to over $2 billion, cementing its position as a top player.
Qualified
The full ledger
Open Fortinet, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 73 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Fortinet Q1 FY26 — AI infrastructure and OT demand drive 31% billings growth and record $1B FCF
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Fortinet, Inc. Q4 FY25 — Strong Billings Growth Driven by Unified SASE and Product Revenue
Read the full callEvery analysed call
Fortinet earnings calls (FTNT)
Financials
What the filings say
Net profit, year on year: +38% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,508 | 1,660 | 1,540 | 1,630 | 1,725 | 1,905 | 1,850 | 2,048 |
| Operating profit | 471 | 574 | 454 | 458 | 547 | 626 | 580 | 689 |
| Operating margin | 31.2% | 34.6% | 29.5% | 28.1% | 31.7% | 32.8% | 31.4% | 33.7% |
| Interest | 5 | 5 | 5 | 5 | 6 | 4 | 4 | 3 |
| Profit before tax | 626 | 618 | 519 | 517 | 595 | 651 | 657 | 720 |
| Tax rate | 13.0% | 14.0% | 18.6% | 14.9% | 20.3% | 22.3% | 18.6% | 16.0% |
| Net profit | 540 | 526 | 433 | 440 | 474 | 506 | 535 | 606 |
| EPS ($ per share) | 0.71 | — | 0.56 | 0.57 | 0.63 | — | 0.72 | 0.83 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -57 | 161 | -352 | -468 | -1,546 | -1,862 | -117 | -508 |
| Total liabilities | 2,068 | 2,537 | 3,189 | 5,121 | 6,510 | 7,722 | 8,269 | 9,152 |
| Fixed assets | 271 | 344 | 448 | 688 | 899 | 1,044 | 1,350 | 1,619 |
| Investments | 537 | 843 | 776 | — | — | — | — | — |
| Total assets | 3,078 | 3,879 | 4,045 | 5,919 | 6,228 | 7,259 | 9,763 | 10,389 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 639 | 808 | 1,084 | 1,500 | 1,731 | 1,936 | 2,258 | 2,591 |
| Cash from investing | -135 | -502 | -73 | -1,325 | 764 | -649 | -727 | -599 |
| Cash from financing | -203 | -196 | -1,172 | 83 | -2,130 | -1,570 | -50 | -2,371 |
| Net cash flow | 301 | 110 | -161 | 257 | 364 | -285 | 1,478 | -381 |
| Capital expenditure | -53 | -92 | -126 | -296 | -281 | -204 | -379 | -365 |
| Free cash flow | 586 | 716 | 958 | 1,204 | 1,449 | 1,731 | 1,879 | 2,226 |
FTNT revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +25.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
FTNT operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| New logos | 6,900In 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 | ~6,600Approximately 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 | 7,2007,200 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) | $6.4BRPO grew 12% to $6.4 billion.Source: earnings call transcript | $6.64BTotal 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 | — | $168MInfrastructure 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 | $88MInfrastructure 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 | — | $1.15BWith regards to ARR, Unified SASE increased by 22% to $1.15 billion and SecOps increased by 35% to $463 million.Source: earnings call transcript | $1.22BWith regards to ARR, Unified SASE increased by 13% to $1.22 billion and SecOps increased by 25% to $472 million.Source: earnings call transcript | $1.28BWith 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 | — | $463MWith regards to ARR, Unified SASE increased by 22% to $1.15 billion and SecOps increased by 35% to $463 million.Source: earnings call transcript | $472MWith regards to ARR, Unified SASE increased by 13% to $1.22 billion and SecOps increased by 25% to $472 million.Source: earnings call transcript | $491MWith 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.
Revenue by region
Q2 FY2026 · share of revenue
- EMEA 43% ↑ 3 pt
- Americas 39% ↓ 2 pt
- US 28% ↓ 2 pt
- Asia Pacific 18% ↓ 1 pt
- Other Americas 11%
As FTNT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
175 filings between Nov 1, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$136.24M
58 sales by 4 insiders
90% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 86
- Option exercise — converted options into shares
- 16
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Xie Ken | — | $78.15M | Aug 3, 2026 |
| Xie Michael | — | $29.54M | Aug 3, 2026 |
| Whittle John | — | $28.14M | Sep 15, 2026 |
| Ohlgart Christiane | — | $408.4K | Sep 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Sim Judith Director | Option exercise | 459 | $0 |
| Sep 30, 2026 | Hu Jean X. Director | Option exercise | 459 | $0 |
| Sep 30, 2026 | STAVRIDIS JAMES G. Director | Option exercise | 459 | $0 |
| Sep 30, 2026 | GOLDMAN KENNETH A Director | Option exercise | 459 | $0 |
| Sep 30, 2026 | Napolitano Janet Director | Option exercise | 459 | $0 |
| Sep 30, 2026 | Hsieh Ming Director | Option exercise | 459 | $0 |
| Sep 30, 2026 | Kan Derek T. Director | Option exercise | 459 | $0 |
| Sep 24, 2026 | Ohlgart Christiane Chief Financial Officer | Sale 10b5-1 plan | 48 | $8.6K |
| Sep 15, 2026 | Whittle John CHIEF OPERATING OFFICER | Option exercise 10b5-1 plan | 2,835 | $176.1K |
| Sep 15, 2026 | Whittle John CHIEF OPERATING OFFICER | Sale 10b5-1 plan | 2,835 | $478.4K |
| Sep 14, 2026 | Whittle John CHIEF OPERATING OFFICER | Sale 10b5-1 plan | 1,158 | $192.2K |
| Sep 14, 2026 | Whittle John CHIEF OPERATING OFFICER | Sale 10b5-1 plan | 52,707 | $8.72M |
| Sep 14, 2026 | Whittle John CHIEF OPERATING OFFICER | Option exercise 10b5-1 plan | 53,865 | $3.35M |
| Aug 4, 2026 | Ohlgart Christiane Chief Financial Officer | Sale 10b5-1 plan | 387 | $63.7K |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Sale 10b5-1 plan | 18,409 | $2.95M |
| Aug 3, 2026 | Xie Michael VP, ENGINEERING & CTO | Sale 10b5-1 plan | 1,421 | $231.8K |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Option exercise 10b5-1 plan | 155,000 | $3.55M |
| Aug 3, 2026 | Xie Michael VP, ENGINEERING & CTO | Sale 10b5-1 plan | 200 | $32.4K |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Sale 10b5-1 plan | 19,647 | $3.16M |
| Aug 3, 2026 | Xie Michael VP, ENGINEERING & CTO | Sale 10b5-1 plan | 700 | $112.3K |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Sale 10b5-1 plan | 162 | $26.6K |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Sale 10b5-1 plan | 47,943 | $7.86M |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Sale 10b5-1 plan | 67,971 | $11.08M |
| Aug 3, 2026 | Xie Michael VP, ENGINEERING & CTO | Sale 10b5-1 plan | 800 | $131.2K |
| Aug 3, 2026 | Xie Ken PRESIDENT & CEO | Sale 10b5-1 plan | 7,350 | $1.19M |
| Aug 1, 2026 | Xie Michael VP, ENGINEERING & CTO | Option exercise 10b5-1 plan | 1,300 | $0 |
| Aug 1, 2026 | Xie Michael VP, ENGINEERING & CTO | Option exercise 10b5-1 plan | 2,764 | $0 |
| Aug 1, 2026 | Ohlgart Christiane Chief Financial Officer | Tax withheld 10b5-1 plan | 581 | $94.1K |
| Aug 1, 2026 | Ohlgart Christiane Chief Financial Officer | Option exercise 10b5-1 plan | 300 | $0 |
| Aug 1, 2026 | Ohlgart Christiane Chief Financial Officer | Option exercise 10b5-1 plan | 650 | $0 |
| Aug 1, 2026 | Ohlgart Christiane Chief Financial Officer | Option exercise 10b5-1 plan | 684 | $0 |
| Aug 1, 2026 | Xie Ken PRESIDENT & CEO | Tax withheld 10b5-1 plan | 6,611 | $1.07M |
| Aug 1, 2026 | Whittle John CHIEF OPERATING OFFICER | Tax withheld | 2,310 | $374.1K |
| Aug 1, 2026 | Xie Ken PRESIDENT & CEO | Option exercise 10b5-1 plan | 2,275 | $0 |
| Aug 1, 2026 | Whittle John CHIEF OPERATING OFFICER | Option exercise | 1,138 | $0 |
| Aug 1, 2026 | Whittle John CHIEF OPERATING OFFICER | Option exercise | 1,827 | $0 |
| Aug 1, 2026 | Whittle John CHIEF OPERATING OFFICER | Option exercise | 1,608 | $0 |
| Aug 1, 2026 | Xie Ken PRESIDENT & CEO | Option exercise 10b5-1 plan | 4,558 | $0 |
| Aug 1, 2026 | Xie Ken PRESIDENT & CEO | Option exercise 10b5-1 plan | 6,260 | $0 |
| Aug 1, 2026 | Xie Michael VP, ENGINEERING & CTO | Option exercise 10b5-1 plan | 2,242 | $0 |
| Aug 1, 2026 | Xie Michael VP, ENGINEERING & CTO | Tax withheld 10b5-1 plan | 3,185 | $515.8K |
| Jun 11, 2026 | Hu Jean X. Director | Option exercise | 650 | $0 |
| Jun 11, 2026 | Hsieh Ming Director | Option exercise | 650 | $0 |
| Jun 11, 2026 | GOLDMAN KENNETH A Director | Option exercise | 650 | $0 |
| Jun 11, 2026 | Sim Judith Director | Option exercise | 650 | $0 |
| Jun 11, 2026 | Napolitano Janet Director | Option exercise | 650 | $0 |
| Jun 11, 2026 | STAVRIDIS JAMES G. Director | Option exercise | 650 | $0 |
| Jun 4, 2026 | Xie Michael VP, ENGINEERING & CTO | Gift | 2,500 | $0 |
| Jun 4, 2026 | Xie Michael VP, ENGINEERING & CTO | Gift | 500 | $0 |
| Jun 4, 2026 | Xie Michael VP, ENGINEERING & CTO | Gift | 2,250 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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