Fortinet Q2 FY2026: revenue up 26%, EPS beats and guidance rises
Fortinet's fiscal Q2 2026 was strong on almost every line: revenue rose 26.0% to $2.05 billion, GAAP EPS reached $0.82 and non-GAAP EPS of $0.90 beat the $0.7611 consensus estimate. Net income was $606.3 million and gross margin held at 80.2%. Growth accelerated and management raised full-year revenue guidance, but margin is below year-ago levels and the buyback pace slowed sharply, so read the growth story first and the margin trend second.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.82 compares with $0.57 a year ago, and non-GAAP EPS of $0.90 beat the $0.7611 estimate. The gap between GAAP and non-GAAP is mostly $80.8 million of stock-based compensation plus $9.9 million of acquired-intangible amortization. Part of the per-share gain also comes from a smaller share count: 739.9 million diluted shares versus 772.7 million a year ago.
Revenue of $2.05 billion rose 26.0% from $1.63 billion a year earlier and landed well above the $1.88 billion midpoint management had guided to for this quarter. Product revenue did the heavy lifting at $773.0 million, while service revenue reached $1.27 billion. Product growth of that size in a mature security vendor usually reflects share gains and large-deal timing, so the repeatability of that number is the thing to watch.
For Q3 fiscal 2026 management guided revenue to $2.010 billion to $2.100 billion, a midpoint of $2.055 billion, with non-GAAP gross margin of 79.0% to 81.0% and non-GAAP EPS of $0.83 to $0.87. For the full fiscal year, revenue is guided to $8.020 billion to $8.180 billion. The Q3 midpoint is essentially flat against the $2.05 billion just reported, so management is not extrapolating the current growth rate forward.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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