Fortinet (FTNT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Fortinet published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Fortinet reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Fortinet's non-GAAP net income for Q3 2026 excludes a $17.0 million gain from an escrow settlement related to a prior business combination, as well as stock-based compensation and amortization of acquired intangible assets, and is taxed at a fixed 18% non-GAAP rate.

Source: Fortinet Q3 2026 financial results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Fortinet splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Fortinet's Product revenue was $765 million in Q3 2026, up 37% from $559 million in Q3 2025, 37% of total revenue.
• Fortinet's Service revenue was $1.3 billion in Q3 2026, up 13% from $1.2 billion in Q3 2025, 63% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first three quotes are Fortinet's outlook for Q4 2026; the last is its full-year 2026 revenue range.

In its Q3 2026 release, Fortinet said:

“Revenue in the range of $2.155 billion to $2.245 billion”

“Billings in the range of $2.775 billion to $2.925 billion”

“Diluted non-GAAP net income per share in the range of $0.93 to $0.95, assuming a non-GAAP effective tax rate of 18%.”

“Revenue in the range of $8.125 billion to $8.215 billion”

Source: Fortinet Q3 2026 earnings release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the FTNT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Fortinet's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Fortinet's revenue grew 20% to $2,078.4 million in Q3 2026, from $1,724.9 million. Product revenue rose 37% to $765.0 million and service revenue rose 13% to $1,313.4 million, so product's share of revenue went from 32% to 37%. Within service, security subscription revenue was $753.6 million and technical support and other $559.8 million. (Fortinet Form 10-Q, Q3 2026, Oct 30, 2026)

Fortinet said product revenue grew mainly because of higher hardware average selling prices, from demand for higher performance products and recent pricing actions, and higher unit shipments. It named secure networking hardware and term licenses as the main drivers, including deployments related to AI infrastructure, technology upgrades and upsell. Service revenue came mostly from Fortinet's growing deferred revenue for FortiGuard security subscriptions and FortiCare support, plus SaaS offerings including unified SASE and SecOps; 90% of the quarter's service revenue was already in deferred revenue at June 30, 2026. (Fortinet Form 10-Q, Q3 2026, Oct 30, 2026)

All three regions grew. EMEA was the largest at $880.7 million, up 23%, followed by the Americas at $820.3 million, up 21%, and APAC at $377.4 million, up 14%. EMEA contributed the largest part of the increase in both dollars and percentage. (Fortinet Form 10-Q, Q3 2026, Oct 30, 2026)

Fortinet sells mainly through a two-tier model, to distributors that sell to resellers, service providers and managed security service providers. Three distributors accounted for 27%, 14% and 12% of Q3 2026 revenue. About 87% of Fortinet's hardware is manufactured in Taiwan by contract manufacturers. (Fortinet Form 10-Q, Q3 2026, Oct 30, 2026; Fortinet Form 10-K, 2025, Feb 25, 2026)

Billings, Fortinet's measure of revenue plus the change in deferred revenue, grew to $2,336.3 million from $1,807.7 million. Remaining performance obligations were $7.98 billion at September 30, 2026, of which Fortinet expects to recognize about $3.98 billion over the next 12 months. (Fortinet Q3 2026 earnings release, Oct 28, 2026; Fortinet Form 10-Q, Q3 2026, Oct 30, 2026)

Fortinet's GAAP diluted EPS was $0.86 in Q3 2026, against $0.62, and non-GAAP EPS was $0.91, against $0.74. The non-GAAP figure adds back $82.0 million of stock-based compensation and $8.9 million of amortization of acquired intangibles, removes a $17.0 million escrow settlement gain, and applies an 18% tax rate through a $29.4 million tax adjustment. (Fortinet Q3 2026 earnings release, Oct 28, 2026)

Fortinet's GAAP effective tax rate was 16%, against 20% a year earlier, which it attributed mainly to a larger Foreign-Derived Deduction Eligible Income deduction and higher excess tax benefits from stock-based compensation. GAAP operating margin was 33.9% and non-GAAP operating margin 38.2%. Product gross margin fell 3.3 percentage points, which Fortinet tied mainly to higher memory chip costs and inventory reserve expense, partly offset by pricing actions. (Fortinet Form 10-Q, Q3 2026, Oct 30, 2026; Fortinet Q3 2026 earnings release, Oct 28, 2026)

Diluted shares fell to 742.6 million from 761.2 million. In the first nine months of 2026 Fortinet repurchased 12.5 million shares at a weighted-average price of $77.73 for $972.8 million. In October 2026 its board added $1.23 billion to the buyback authorization, which the release puts at $2 billion remaining. (Fortinet Q3 2026 earnings release, Oct 28, 2026; Fortinet Form 10-Q, Q3 2026, Oct 30, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Fortinet gives quarterly and full-year guidance in its release. For Q4 2026 it expects revenue of $2.155 billion to $2.245 billion, billings of $2.775 billion to $2.925 billion, a non-GAAP operating margin of 35.5% to 37.5% and non-GAAP EPS of $0.93 to $0.95, assuming an 18% non-GAAP tax rate and 741 million to 745 million diluted shares. (Fortinet Q3 2026 earnings release, Oct 28, 2026)

For full year 2026 Fortinet raised its revenue outlook to $8.125 billion to $8.215 billion, which it described as 20% growth, with service revenue of $5.150 billion to $5.170 billion, billings of $9.568 billion to $9.718 billion and non-GAAP EPS of $3.54 to $3.58. The 10-Q adds that Fortinet expects product gross margin may decline for the full year because of higher hardware component costs. (Fortinet Q3 2026 earnings release, Oct 28, 2026; Fortinet Form 10-Q, Q3 2026, Oct 30, 2026)

A consensus figure is the average of the models published by the analysts who cover Fortinet, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Fortinet's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FTNT is on is FTNT a buy or a sell?, what analysts expect next is on the FTNT forecast, and what the company does is on the Fortinet (FTNT) stock page.

Every number on this page can be traced to a document Fortinet published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.