Fortinet stock gains on stronger 2026 outlook after Q3
Published on 11/11/2026 at 14:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFortinet outlook and growth drivers
- Third-quarter revenue increased 20 percent year over year, while billings rose 29 percent.
- Fortinet raised its 2026 revenue and billings outlook after broad-based demand across its portfolio.
- Management expects fourth-quarter revenue of 2.155 billion to 2.245 billion US dollars.
Fortinet stock traded at 113.22 euros on Lang & Schwarz at 14:13 CET on Wednesday, November 11, 2026.
Fortinet reported its third-quarter results on October 28 for the period ended September 30, 2026. In its investor release, the cybersecurity company said revenue grew 20 percent year over year to 2.08 billion US dollars.
Billings lead reported revenue
Billings increased 29 percent to 2.34 billion US dollars, outpacing recognized revenue and pointing to stronger contracted demand. Product revenue climbed 37 percent to 765 million US dollars, while service revenue rose to 1.31 billion US dollars.
Fortinet posted GAAP earnings per diluted share of 0.86 US dollars and non-GAAP earnings per diluted share of 0.91 US dollars. GAAP operating margin was 33.9 percent, compared with 31.7 percent a year earlier, while non-GAAP operating margin reached 38.2 percent.
Operating cash flow was 946 million US dollars. Fortinet reported free cash flow of 864.8 million US dollars, a non-GAAP measure that excludes certain items and should be read alongside the GAAP cash-flow figures. The company also increased its share repurchase authorization by 1.2 billion US dollars, leaving 2 billion US dollars available.
Higher targets for the final quarter
Fortinet now expects fourth-quarter revenue between 2.155 billion and 2.245 billion US dollars. Its billings forecast is 2.775 billion to 2.925 billion US dollars, with non-GAAP diluted earnings per share of 0.93 to 0.95 US dollars.
For the full year, management forecasts revenue of 8.125 billion to 8.215 billion US dollars and billings of 9.568 billion to 9.718 billion US dollars. The outlook includes service revenue of 5.150 billion to 5.170 billion US dollars, a non-GAAP operating margin of 36.5 percent to 37.5 percent and non-GAAP diluted earnings per share of 3.54 to 3.58 US dollars.
Chief Executive Ken Xie said the company had raised its 2026 billings guidance for the third time this year. Management attributed the momentum to broad-based demand and highlighted its FortiOS and FortiASIC platform as the foundation for securing AI infrastructure.
What investors should watch next
The main investor issue is the conversion of strong billings into recognized service revenue. Fortinet's guidance points to continued growth, but the difference between bookings and reported revenue makes service revenue, margins and cash generation important indicators in the next update.
Fortinet is scheduled to participate in the BMO Technology and Innovation Leaders Conference on November 12, 2026. The company also lists appearances at the UBS Global Technology and AI Conference on December 2 and the Barclays Global Technology Conference on December 9.
Fortinet Inc. at a glance
- Company: Fortinet Inc.
- ISIN: US34959E1091
- Ticker: FTNT
- Home exchange: Nasdaq
- Lang & Schwarz price: 113.22 euros, Wednesday, November 11, 2026, 14:13 CET
- Third-quarter revenue: 2.08 billion US dollars, up 20 percent year over year
- Third-quarter billings: 2.34 billion US dollars, up 29 percent year over year
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