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Fortinet (FTNT) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Fortinet (FTNT) Q3 2026 earnings results →
Q3 2026 Revenue up 20% year over year to $2.1B · 31¢ of every $1 of revenue kept as net profit · operating margin 33.9%
Fortinet made $2.1B in Q3 2026 (+20% Y/Y): Service $1.3B, Product $765M. Operating margin 33.9%, net earnings $636M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $2.1B in Q3 2026, up 20% year over year and up 1% from the previous quarter. Product was the largest line at 37% of revenue. Product added $0.21B year over year (up 37%), 58% of the total change.
Gross margin was 79.0%, down 1.8 points from Q3 2025. Operating profit was $0.70B, a 33.9% margin (up 2.2 points year over year). Of the extra revenue versus Q3 2025, 44% reached operating profit, above the 32% margin then. Operating expenses grew 11% against revenue growth of 20%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $0.64B, up 34% year over year. The effective tax rate was 15.8%.
Operating cash flow was $0.95B (up 44% year over year), 149% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.19B. After purchases of property and equipment ($0.06B) and proceeds from escrow settlement ($0.02B), free cash flow as the company reports it was $0.86B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $2.1B | +20% | 33.9% | $636M | $946M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $2.0B | +26% | 33.7% | $606M | $1.0B |
| Q1 2026 | 10-Q | May 8, 2026 | $1.8B | +20% | 31.4% | $534M | $1.1B |
| Q4 2025 | 10-K | Feb 25, 2026 | $1.9B | +15% | 32.8% | $506M | $620M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $1.7B | +14% | 31.7% | $474M | $655M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $1.6B | +14% | 28.1% | $440M | $452M |
| Q1 2025 | 10-Q | May 8, 2025 | $1.5B | +14% | 29.5% | $433M | $863M |
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About Fortinet
Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (“SASE”) and artificial intelligence (“AI”)-driven security operations (“SecOps”). As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology (“OT”) market verticals, communication and security service providers, and government organizations. As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world.
In its own words, from its 10-K, filed Feb 25, 2026.
Fortinet against its Computer Peripheral Equipment, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +13%. Operating margin: 33.9% against the peers' median 5.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FTNT Fortinet | Q3 2026 | $2.1B | +20% | 33.9% |
| PANW Palo Alto Networks | Q4 FY26 | $3.4B | +34% | 5.0% |
| XRX Xerox Holdings | Q3 2026 | $1.9B | -5% | -53.9% |
| LOGI Logitech International S.A. | Q2 FY27 | $1.2B | +3% | 16.5% |
| CRSR Corsair Gaming | Q3 2026 | $367M | +6% | -0.4% |
| IMMR Immersion | Q1 FY27 | $294M | +0.8% | -6.8% |
| MITK Mitek Systems | Q3 FY26 | $54.0M | +18% | 21.4% |
| EVLV Evolv Technologies Holdings | Q2 2026 | $43.8M | +34% | -24.1% |
| WETH Wetouch Technology | Q2 2026 | $14.0M | +13% | 22.6% |
Source: Fortinet 10-Q on SEC EDGAR · CIK 1262039 · Computer Peripheral Equipment, NEC
Guidance and outlook
13F: who owns FTNT and who is buying
More on FTNT
- How Fortinet makes money: revenue by segment
- Fortinet next earnings date and what analysts expect
- Fortinet stock forecast, price target and fair value
- Who owns Fortinet stock: holders, funds and Congress trades
- Fortinet guidance and outlook
- Is Fortinet a takeover target? LBO and rumors
- Fortinet recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Fortinet guidance history: guided vs reported
- Fortinet gross margin by quarter
- Fortinet operating margin by quarter
- Fortinet net income by quarter
- Fortinet free cash flow by quarter
- Fortinet R&D spending by quarter
- Fortinet capital expenditures by quarter
- Fortinet Service revenue by quarter
- Fortinet Product revenue by quarter