Fortinet, Inc. (FTNT) reported first-quarter 2026 results on March 31, exceeding analysts’ expectations. The non-GAAP earnings per share (EPS) reached 82 cents, surpassing the Zacks Consensus Estimate by 34.43% and reflecting a 41% year-over-year increase. Total revenues were $1.85 billion, exceeding expectations by 6.79% and growing 20% compared to the previous year.
The company recorded total billings of $2.09 billion, a 31% year-over-year increase, driven by significant growth in secure networking (32%), operational technology (OT) (over 70%), Unified SASE (31%), and AI-driven security operations (23%). Deferred revenues reached $7.35 billion, with the current portion at $3.73 billion. Fortinet’s cash flow from operations was a record $1.08 billion, while free cash flow also hit a record at $1.01 billion.
Looking ahead, Fortinet guides for second-quarter revenues between $1.83 billion and $1.93 billion, with total billings projected between $2.09 billion and $2.19 billion. For the full year 2026, revenues are anticipated in the range of $7.71 billion to $7.87 billion, up from a previous estimate.
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