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FTNT · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
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.
Net Income
$606M
up 37.8% y/y
Total Revenue
$2,048M
up 25.6% y/y
Operating Income
$689M
up 50.5% y/y
Gross Profit
$1,643M
up 24.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Product Revenue | $773 · +52% |
| Service Revenue | $1,275 · +14% |
| Total Revenue | $2,048 · +25.6% |
| Cost of Revenue | $405 · +28.6% |
| Gross Profit | $1,643 · +24.9% · 80.2% margin |
| R&D | $225 · +7.4% |
| S&M + G&A (net) | $729 · +12.5% |
| Operating Income | $689 · +50.5% · 33.7% margin |
| Interest & Other Income, net | $31 · -49% |
| Pre-Tax Income | $720 · +39.2% |
| Income Tax | $114 · +47.9% |
| 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).
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<a href="https://whoreportstoday.com/t/ftnt/q2-2026">FTNT Q2 2026 earnings chart (Who Reports Today)</a>
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- Product revenue jumped 52% y/y to $773M, outpacing service revenue's 14% growth to $1,275M, marking a mix shift toward hardware/appliance refresh cycles.
- GAAP operating margin hit 34% vs 28% a year ago; non-GAAP operating margin was even higher at 38%, aided by a small recurring gain on IP matters ($1.3M) excluded from opex.
- Non-GAAP net income of $665M strips out $80.8M stock-based comp, $9.9M intangible amortization, and a $30.7M tax-rate normalization adjustment (18% non-GAAP rate vs ~16% GAAP rate this quarter).
- Other income line includes a $1.1M gain from equity method investments and $0.9M net other income, both smaller than a year ago due to a $18.9M other-income item in Q2 2025 not repeating at the same scale.
- Billings grew faster than revenue (33% vs 26%), and deferred revenue increased $324M in the quarter, signaling strong forward bookings momentum.
- Diluted share count fell to 739.9M from 772.7M y/y on continued buybacks ($973M in H1), amplifying EPS growth (GAAP EPS +44% y/y) relative to net income growth (+38%).
What distorts the picture in this report and what to watch beyond the headlines.
FTNT — Fortinet is a cybersecurity company that develops and sells network security appliances, including firewalls, antivirus, and intrusion prevention systems.
It is headquartered in Sunnyvale, California, and serves enterprise and service provider customers globally.
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