Fortinet stock enters November after higher 2026 outlook
Published on 11/02/2026 at 12:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFortinet raises its growth outlook
- Management lifted its 2026 revenue and billings outlook for the third time this year.
- Product demand expanded faster than service revenue in the third quarter.
- Fortinet increased its share repurchase authorization and has investor conferences scheduled for November and December.
Fortinet Inc. raised its 2026 revenue outlook after reporting third-quarter results on October 28. Revenue rose 20 percent year over year to USD 2.08 billion, while billings increased 29 percent to USD 2.34 billion, according to the Fortinet Investor Relations release.
Product demand leads quarterly growth
Product revenue increased 37 percent to USD 765 million. Service revenue rose to USD 1.31 billion, up 13 percent from the prior-year quarter. The mix shows stronger hardware and product momentum than recurring service growth during the period.
Fortinet reported GAAP earnings per diluted share of USD 0.86, compared with USD 0.62 a year earlier. Non-GAAP diluted earnings per share reached USD 0.91, excluding stock-based compensation, amortization of acquired intangible assets, litigation-related matters, a gain on intellectual property matters, an escrow settlement gain and a tax adjustment.
GAAP operating margin was 33.9 percent, while non-GAAP operating margin reached 38.2 percent. Operating cash flow was USD 946.0 million and free cash flow was USD 864.8 million for the quarter.
AI security remains a strategic focus
Chief Executive Officer Ken Xie said broad demand and execution supported the higher outlook. He also positioned network security as a foundation for protecting AI infrastructure as artificial intelligence creates new attack surfaces.
Fortinet announced its FortiGuard Inline AI Security Service during the quarter. The cloud-delivered service is designed to provide AI-specific inspection and guardrails for FortiGate customers. The company also announced FortiLink SASE for distributed locations and cited collaborations involving NVIDIA, Oracle and Microsoft.
Higher outlook and capital returns
For the fourth quarter, Fortinet expects revenue of USD 2.155 billion to USD 2.245 billion and billings of USD 2.775 billion to USD 2.925 billion. The company expects non-GAAP diluted earnings per share of USD 0.93 to USD 0.95.
For the full year, the company forecasts revenue of USD 8.125 billion to USD 8.215 billion, service revenue of USD 5.150 billion to USD 5.170 billion and billings of USD 9.568 billion to USD 9.718 billion. Full-year non-GAAP diluted earnings per share are expected at USD 3.54 to USD 3.58. Fortinet also increased its share repurchase authorization by USD 1.2 billion, leaving USD 2 billion available.
Fortinet stock traded at EUR 123.09 on Lang & Schwarz at 12:29 CET on Monday, November 2, 2026. Investors can follow the real-time quote of Fortinet stock.
Fortinet Inc. at a glance
- Company: Fortinet Inc.
- ISIN: US34959E1091
- Ticker: FTNT
- Primary exchange: Nasdaq
- Lang & Schwarz quote: EUR 123.09 on November 2, 2026 at 12:29 CET
- Sector: Cybersecurity
The broader US equity backdrop can be followed in the S&P 500 market reports.
Further company developments, including the scheduled BMO Technology and Innovation Leaders Conference on November 12, can be found in more news and analyses on Fortinet stock.
