Fortinet
Builds FortiGate firewalls and integrated networking, SASE, and security operations software.
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Profile
Builds FortiGate firewalls and a broader cybersecurity platform spanning secure networking, Unified SASE, and security operations. Revenue comes from appliances and software plus recurring FortiGuard security subscriptions and FortiCare support, with services forming the larger stream and sales routed mainly through channel partners.
Builds cybersecurity products around the Fortinet Security Fabric, spanning Secure Networking, Unified SASE, and AI-Driven Security Operations. FortiGate firewalls, FortiSwitch networking gear, FortiSASE, and FortiAnalyzer share FortiOS; proprietary FortiASIC processors accelerate appliance-based security. The portfolio also covers endpoint, cloud-application, and operational-technology security.
Sells physical and virtual appliances, software licenses, SaaS and cloud-delivered services, FortiGuard security subscriptions, and FortiCare technical support. Subscriptions and support are recognized over contract terms, making services the larger revenue stream.
Serves enterprises, service providers, managed security providers, and governments worldwide, with most revenue generated outside the United States. Sales rely primarily on a two-tier distributor and reseller channel, while security-appliance manufacturing is outsourced and concentrated in Taiwan.
Company facts
Categories
Key statistics
Year to date +113% · Average volume (30d) 4.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 31, 2026 | Susquehanna | Reiterate | Neutral | $115 | $160 |
| Jul 30, 2026 | RBC Capital | Reiterate | Sector Perform | $160 | $185 |
| Jul 30, 2026 | Robert W. Baird | Target | $120 | $165 | |
| Jul 30, 2026 | Evercore ISI | Target | $80 | $165 | |
| Jul 30, 2026 | Morgan Stanley | Reiterate | Positive | $133 | $136 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.75 | $0.90 | +20.6% | $1.89B | $2.05B | +8.4% | +0.67% |
| May 6, 2026Q1 FY26 | $0.62 | $0.82 | +32.5% | $1.73B | $1.85B | +6.7% | +20.03% |
| Feb 5, 2026Q4 FY25 | $0.74 | $0.81 | +9.0% | $1.86B | $1.91B | +2.4% | +4.85% |
| Nov 5, 2025Q3 FY25 | $0.63 | $0.74 | +17.3% | $1.70B | $1.72B | +1.2% | −6.34% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.54B | $1.63B | $1.72B | $1.91B | $1.85B | $2.05B | |
| Gross profit | $1.25B | $1.33B | $1.41B | $1.52B | $1.49B | $1.64B | |
| Operating income | $453.8M | $456.7M | $545.9M | $625.6M | $580.0M | $689.3M | |
| Net income | $433.4M | $440.1M | $473.9M | $506.0M | $534.5M | $606.3M | |
| Diluted EPS | $0.56 | $0.57 | $0.62 | $0.68 | $0.72 | $0.82 | |
| Gross margin | 81.0% | 81.5% | 81.5% | 79.6% | 80.3% | 80.2% | |
| Operating margin | 29.5% | 28.0% | 31.6% | 32.8% | 31.4% | 33.7% |
Fiscal years (4-quarter sums)FY21 $3.34B · FY22 $4.42B · FY23 $5.30B · FY24 $5.96B · FY25 $6.80B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.07B · Total debt $496.9M · Total assets $10.86B · Shareholders' equity $1.55B
Dividends
No dividends on record.
Ownership
Shares outstanding 733.71M · Float 618.55M · 84.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 62.24M | 8.48% | 13F | Aug 7, 2026 |
| Ken Xie · director, officer: PRESIDENT & CEO | 53.45M | 7.28% | Form 4 | Aug 4, 2026 |
| Vanguard Capital Management LLC | 40.66M | 5.54% | 13F | Aug 13, 2026 |
| State Street Corp | 29.63M | 4.04% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 24.84M | 3.39% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 4, 2026 | Christiane Ohlgart | officer: Chief Financial Officer | −387 | $164.59 |
| Aug 3, 2026 | Ken Xie | director, officer: PRESIDENT & CEO | −161,482 | $162.66 |
| Aug 3, 2026 | Michael Xie | director, officer: VP, ENGINEERING & CTO | −3,121 | $162.63 |
| Jun 3, 2026 | Michael Xie | director, officer: VP, ENGINEERING & CTO | −3,907 | $146.44 |
| Jun 2, 2026 | Ken Xie | director, officer: PRESIDENT & CEO | −160,632 | $145.58 |
Peers
- Palo Alto Networks
Largest pure-play cybersecurity rival across NGFW, SASE, CNAPP, and AI SOC.
- Cisco Systems
Network security giant with firewall, SD-WAN, SASE, and post-Splunk SIEM.
- Check Point Software Technologies
Firewall pioneer with Quantum NGFW, Harmony endpoint, and CloudGuard.
- Zscaler
Cloud-native SSE/SASE leader displacing on-prem firewalls with Zero Trust proxy.
- CrowdStrike
Cloud-native endpoint/XDR leader expanding into CNAPP and next-gen SIEM.
- Microsoft
$20B+ security run-rate via Defender, Sentinel, Azure Firewall, and E5 bundling.
- F5
Application delivery and WAF leader in web app firewall and API security.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fortinet | $165.78 | −0.16% | $121.80B | 58.5 | 47.4 | 16.2 | +25.6% |
| Palo Alto Networks | $372.18 | +0.16% | $302.85B | 323.1 | 94.9 | 28.6 | +31.2% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Check Point Software Technologies | $138.15 | −0.17% | $14.12B | 14.2 | 12.8 | 5.1 | +1.3% |
| Zscaler | $184.45 | +0.15% | $29.79B | — | 41.4 | 9.4 | +25.4% |
| CrowdStrike | $217.75 | −0.30% | $222.39B | 6,720.0 | 157.7 | 41.2 | +25.8% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| F5 | $393.00 | −0.36% | $22.24B | 31.4 | 22.7 | 6.7 | +10.9% |
| Median | 32.2 | 26.2 | 9.4 | +17.8% |