Fortinet reported Q1 2026 revenue of $1.85 billion, topping estimates, driven by 41% growth in product revenue and AI-driven demand.
Fortinet (NASDAQ:FTNT) shares climbed over 70% in May after the cybersecurity firm posted Q1 2026 earnings that exceeded Wall Street expectations. Revenue reached $1.85 billion, a 20% year-over-year increase, surpassing the $1.73 billion guidance. Earnings per share hit $0.82, above the $0.62 estimate, with GAAP EPS rising 29% to $0.72.
The company attributed growth to a 41% surge in product revenue, fueled by strong hardware demand and its software business. Billings jumped 31% to $2.09 billion, while operating and free cash flow set records at $1.08 billion and $1.01 billion, respectively. CEO Ken Xie cited broad-based demand and Fortinet’s strategy of converging networking and security, accelerated by AI-driven threats.
Fortinet guided Q2 revenue up to $1.93 billion and billings up to $2.19 billion, signaling continued momentum. The results reflect robust demand in the cybersecurity sector amid evolving digital threats.