Fortinet, Inc. (FTNT) — Stock Price, SEC Filings & AI Briefing

Key statistics

from XBRL data in SEC filings

Market cap ⓘ

$129B

Revenue (TTM) ⓘ

$7.53B

Net income (TTM) ⓘ

$2.12B

EPS (TTM) ⓘ

$2.83

P/E ratio ⓘ

62.2

Dividend yield ⓘ

—

Free cash flow ⓘ

$2.22B

Cash ⓘ

$2.93B

Total assets ⓘ

$10.9B

Gross margin ⓘ

80.2%

52-week range ⓘ

$73.55 – $181.37

AI briefing

from the latest 10-K, 10-Q and 8-K events

Fortinet is a cybersecurity company that converges networking and security through its Fortinet Security Fabric platform, serving customers in over 100 countries.

What they do

Fortinet provides an integrated cybersecurity platform spanning secure networking, unified SASE, and AI-driven security operations. Core technologies include FortiOS operating system, FortiASIC security processing units, FortiCloud, FortiAI, and FortiEndpoint. The company sells over 50 products through channel partners to enterprises, service providers, and government organizations.

Revenue drivers

Secure Networking — Core firewall and SD-WAN products, powered by FortiASIC and FortiOS, drive product revenue. Product revenue grew 52% year-over-year to $773 million in Q2 2026.
Unified SASE — Cloud-delivered security and access solutions, including the new FortiSASE Outpost, are part of the company's growth strategy. Revenue from services (including subscriptions) is expected to be $5.18-$5.22 billion for 2026.
SecOps & AI — AI-driven security operations, including FortiAI and FortiSOC, are newer offerings aimed at modern SOC needs. The company holds 321 AI-related patents.
Service Revenue — Recurring revenue from FortiGuard security subscriptions and FortiCare technical support is a significant and growing portion of total revenue, with full-year 2026 service revenue guidance of $5.18-$5.22 billion.

Recent performance

For Q2 2026, revenue grew 26% year-over-year to $2.05 billion, exceeding the high end of guidance. Product revenue grew 52% to $773 million, billings grew 33% to $2.37 billion, and GAAP operating margin was 34%. GAAP EPS grew 44% to $0.82, and non-GAAP EPS grew 41% to $0.90. Operating cash flow was $1.04 billion and free cash flow was $966 million.

Strategy

Fortinet is converging firewall and SASE into a 'SASE Firewall' with integrated FortiOS and FortiASIC, offering flexible deployment on-prem, sovereign, and in the cloud. The company is investing in AI-driven security, including FortiSOC and FortiEndpoint, and partnering with Intel to develop the next-generation Security Processor SP6. It is also partnering with Anthropic, OpenAI, and NVIDIA on AI safety and security initiatives. Management emphasizes innovation and supply chain resilience, including diversifying manufacturing and supply sources.

Risks

Economic cyclicality — Operating results are unpredictable and can vary due to adverse economic conditions, reduced IT spending, inflation, tariffs, or trade disruptions.
Supply chain constraints — Key components come from limited sources, and shortages (e.g., memory chips) or lead time changes could impact manufacturing and costs.
Channel concentration — Substantially all revenue comes through channel partners, and a small number of distributors represent a large percentage of revenue and receivables.
Product vulnerabilities — Defects or critical vulnerabilities in products could allow unauthorized access to customer networks, harming reputation and results.

Outlook

For Q3 2026, Fortinet expects revenue of $2.010 billion to $2.100 billion and billings of $2.250 billion to $2.350 billion. For fiscal 2026, the company raised revenue guidance to $8.020 billion to $8.180 billion, representing 19% year-over-year growth, with billings of $9.350 billion to $9.550 billion. Non-GAAP operating margin is expected to be 35%-37% for the year, with non-GAAP EPS of $3.41-$3.47.