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How Fortinet (FTNT) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/29/2026
Fortinet, Inc. is an American cybersecurity company headquartered in Sunnyvale, California. · Wikipedia
More about the company
It develops and sells security products including firewalls, endpoint security and intrusion detection systems. Fortinet has offices in the US, Canada, and UK.
Key growth driver: Product Revenue — the fastest-growing revenue line: $773, +52% y/y. · by the Q2 2026 report
How does Fortinet make money?
Fortinet brought in $2.05 billion of revenue in Q2 2026, up 25.6% year over year. The largest source was Service Revenue: $1.27 billion, or 62% of the total, followed by Product Revenue ($773M, 38%). Net income for the quarter was $606 million, up 37.8% year over year.
Revenue by source, Q2 2026
- Service Revenue$1.27B · 62% · +14%
- Product Revenue$773M · 38% · +52%
Shares of $2.05B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is FTNT’s next earnings date?
Wednesday, November 4, 2026estimated
Fortinet (FTNT) has not confirmed the date yet; Nov 4, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $0.77 (11 analysts), vs $0.65 in the same quarter last year.
What time does FTNT report? Usually after market close: the last 4 results releases reached the SEC at 4:08 pm, 4:10 pm, 4:07 pm, 4:09 pm ET.
Last report: Jul 29, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$2,048
+25.6%
Gross profit
$1,643
+24.9%
80.2% margin
Operating income
$689
+50.5%
33.7% margin
Net income
$606
+37.8%
$0.82 diluted EPS
Verdict: an excellent quarter for Fortinet as product revenue surged 52% y/y driving 26% total revenue growth and 51% operating income growth, with margin expansion across the board and no significant one-off drags.
Operating cash flow $1.04B (6mo: $2.12B); buyback $973M (6mo); billings $2.37B +33% y/y; raised FY2026 revenue guidance to ~19% y/y growth.
Source and notation
* marks non-cash / ≈ estimated. Source: Fortinet press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
FTNT earnings history: past report dates
| Jul 29, 2026 Wed | 4:08 pmafter market close | Jun 30, 2026 | $2.0B+26% y/y | $0.82+44% y/y |
| May 6, 2026 Wed | 4:10 pmafter market close | Mar 31, 2026 | $1.8B+20% y/y | $0.72+29% y/y |
| Feb 5, 2026 Thu | 4:07 pmafter market close | Dec 31, 2025 | ≈$1.9B+15% y/y | ≈$0.67−1% y/y |
| Nov 5, 2025 Wed | 4:09 pmafter market close | Sep 30, 2025 | $1.7B+14% y/y | $0.62−11% y/y |
| Aug 6, 2025 Wed | 4:11 pmafter market close | Jun 30, 2025 | $1.6B+14% y/y | $0.57+16% y/y |
| May 7, 2025 Wed | 4:11 pmafter market close | Mar 31, 2025 | $1.5B+14% y/y | $0.56+44% y/y |
| Feb 6, 2025 Thu | 4:09 pmafter market close | Dec 31, 2024 | ≈$1.7B+17% y/y | ≈$0.68+66% y/y |
| Nov 7, 2024 Thu | 4:10 pmafter market close | Sep 30, 2024 | $1.5B+13% y/y | $0.70+71% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Fortinet: 5-year financials
| 2025 | 6,800 | 2,085 | 1,853 |
| 2024 | 5,956 | 1,803 | 1,745 |
| 2023 | 5,305 | 1,241 | 1,148 |
| 2022 | 4,417 | 970 | 857 |
| 2021 | 3,342 | 650 | 607 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20262025 10-K cover: a single class — Common Stock $0.001 (Nasdaq: FTNT). sec.gov ↗
- Feb 2026Diluted share count −8.8% over 2020–2025; SBC of $280M = 4.1% of $6.8B revenue; buybacks of $2.29B in 2025 (XBRL). data.sec.gov ↗
- Feb 20262025 10-K: the disclosure class actions filed 09/22/2025 and 10/16/2025 (N.D. Cal.) are at an early stage; litigation accruals are immaterial. sec.gov ↗
Scoring: 2.0 with no deductions = 2.0 (single share class, shares −8.8% over 5 years, SBC 4.1% of revenue, 2025 class actions unresolved, no SEC cases)
- Share classes
- Single class of common stock (10-K cover: Common Stock, Nasdaq).
- Dilution
- Diluted shares −8.8% over 2020–2025 on buybacks ($2.0B in 2022, $2.3B in 2025); SBC 4.1% of revenue (<10%).
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- No dividend and no policy — no deduction.
- Lawsuits & regulators
- The Sept.–Oct. 2025 class actions (N.D. Cal., In re Fortinet Securities Litigation) over the FortiGate refresh cycle are unresolved → no deduction; no SEC cases.
- Related parties
- 2026 proxy: the Related-Person Transactions section lists only indemnification agreements; transactions are approved by the audit committee.
How the score works · checked as of Sep 2026
Fortinet (FTNT) earnings: FAQ
How does Fortinet make money?
Fortinet brought in $2.05 billion of revenue in Q2 2026, up 25.6% year over year. The largest source was Service Revenue: $1.27 billion, or 62% of the total, followed by Product Revenue ($773M, 38%). Net income for the quarter was $606 million, up 37.8% year over year.
When is FTNT's next earnings date?
Fortinet (FTNT) has not confirmed the date yet; Nov 4, 2026 is an estimate based on its past reporting schedule.
What time does FTNT report earnings?
Fortinet usually reports after market close: its latest results release was filed with the SEC at 4:08 pm ET on Jul 29, 2026.
When did FTNT last report earnings?
Fortinet reported Q2 2026 results on Jul 29, 2026.
What is the EPS estimate for FTNT's next earnings?
The consensus EPS forecast is $0.77 (11 analysts), vs $0.65 in the same quarter last year.
Where can I find Fortinet's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to FTNT's filings; this page breaks the latest report down in a Sankey chart.
What was FTNT's net income in Q2 2026?
Fortinet reported net income of $606M for Q2 2026 (+37.8% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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