Filing Flows › Fortinet (FTNT) › Guidance history
Fortinet (FTNT) guidance history: what it guided and what it reported
Fortinet gave guidance in 12 earnings releases on file since May 2, 2024. Of 9 guided periods since reported, it met or beat its own guidance 9 times (100%). Revenue: 9 of 9, on average +2.7% against the guided midpoint. Its releases raised guidance 7 times and lowered it 0 times.
Revenue
Met or beat 9 of 9 periods (5 above, 4 within, 0 below).
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | $2.2B–$2.2B (Oct 28, 2026) | — | to be reported | — |
| Q3 2026 | $2.0B–$2.1B (Jul 29, 2026) | $2.1B | within the range | +1.1% |
| Q2 2026 | $1.8B–$1.9B (May 6, 2026) | $2.0B | above the range | +8.9% |
| Q1 2026 | $1.7B–$1.8B (Feb 5, 2026) | $1.8B | above the range | +6.9% |
| FY2026 | $7.5B–$7.7B (Feb 5, 2026) → raised $7.7B–$7.9B (May 6, 2026) → raised $8.0B–$8.2B (Jul 29, 2026) → raised $8.1B–$8.2B (Oct 28, 2026) | — | to be reported | — |
| Q4 2025 | $1.8B–$1.9B (Nov 5, 2025) | $1.9B | above the range | +2.7% |
| FY2025 | $6.7B–$6.8B (Feb 6, 2025) → reaffirmed $6.7B–$6.8B (May 7, 2025) → reaffirmed $6.7B–$6.8B (Aug 6, 2025) → reaffirmed $6.7B–$6.8B (Nov 5, 2025) | $6.8B | above the range | +0.7% |
| Q3 2025 | $1.7B–$1.7B (Aug 6, 2025) | $1.7B | within the range | +1.5% |
| Q2 2025 | $1.6B–$1.6B (May 7, 2025) | $1.6B | within the range | +0.6% |
| Q1 2025 | $1.5B–$1.6B (Feb 6, 2025) | $1.5B | within the range | +0.6% |
Adjusted gross margin
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | 78.0%–80.0% (Oct 28, 2026) | — | to be reported | — |
| Q3 2026 | 79.0%–81.0% (Jul 29, 2026) | — | — | — |
| Q2 2026 | 79.5%–80.5% (May 6, 2026) | — | — | — |
| FY2026 | 79.0%–81.0% (Feb 5, 2026) → reaffirmed 79.0%–81.0% (May 6, 2026) → reaffirmed 79.0%–81.0% (Jul 29, 2026) → reaffirmed 79.7%–80.3% (Oct 28, 2026) | — | to be reported | — |
| Q1 2026 | 80.0%–81.0% (Feb 5, 2026) | — | — | — |
| Q4 2025 | 79.0%–80.0% (Nov 5, 2025) | — | — | — |
| Q3 2025 | 80.0%–81.0% (Aug 6, 2025) | — | — | — |
| Q2 2025 | 80.0%–81.0% (May 7, 2025) | — | — | — |
| FY2025 | 79.0%–81.0% (Feb 6, 2025) → reaffirmed 79.0%–81.0% (May 7, 2025) → reaffirmed 79.0%–81.0% (Aug 6, 2025) → raised 80.2%–80.8% (Nov 5, 2025) | — | — | — |
| Q1 2025 | 80.0%–81.0% (Feb 6, 2025) | — | — | — |
Adjusted operating margin
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | 35.5%–37.5% (Oct 28, 2026) | — | to be reported | — |
| Q3 2026 | 35.0%–37.0% (Jul 29, 2026) | — | — | — |
| Q2 2026 | 33.0%–35.0% (May 6, 2026) | — | — | — |
| FY2026 | 33.0%–36.0% (Feb 5, 2026) → reaffirmed 33.0%–36.0% (May 6, 2026) → raised 35.0%–37.0% (Jul 29, 2026) → raised 36.5%–37.5% (Oct 28, 2026) | — | to be reported | — |
| Q1 2026 | 30.0%–32.0% (Feb 5, 2026) | — | — | — |
| Q4 2025 | 34.5%–35.5% (Nov 5, 2025) | — | — | — |
| Q3 2025 | 32.5%–33.5% (Aug 6, 2025) | — | — | — |
| Q2 2025 | 31.5%–32.5% (May 7, 2025) | — | — | — |
| FY2025 | 31.0%–33.0% (Feb 6, 2025) → raised 31.5%–33.5% (May 7, 2025) → raised 32.0%–33.5% (Aug 6, 2025) → raised 34.5%–35.0% (Nov 5, 2025) | — | — | — |
| Q1 2025 | 30.0%–31.0% (Feb 6, 2025) | — | — | — |
Adjusted tax rate
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | 18.0% (Oct 28, 2026) | — | to be reported | — |
| Q3 2026 | 18.0% (Jul 29, 2026) | — | — | — |
| Q2 2026 | 18.0% (May 6, 2026) | — | — | — |
| FY2026 | 18.0% (Feb 5, 2026) → reaffirmed 18.0% (May 6, 2026) → reaffirmed 18.0% (Jul 29, 2026) → reaffirmed 18.0% (Oct 28, 2026) | — | to be reported | — |
| Q1 2026 | 18.0% (Feb 5, 2026) | — | — | — |
| Q4 2025 | 18.0% (Nov 5, 2025) | — | — | — |
| Q3 2025 | 18.0% (Aug 6, 2025) | — | — | — |
| Q2 2025 | 18.0% (May 7, 2025) | — | — | — |
| FY2025 | 18.0% (Feb 6, 2025) → reaffirmed 18.0% (May 7, 2025) → reaffirmed 18.0% (Aug 6, 2025) → reaffirmed 18.0% (Nov 5, 2025) | — | — | — |
| Q1 2025 | 18.0% (Feb 6, 2025) | — | — | — |
Adjusted EPS
The guide is on an adjusted basis that the GAAP statements do not show, so there is no reported figure to hold it to.
| Period | Guided (and how it moved) | Reported | Result | vs midpoint |
|---|---|---|---|---|
| Q4 2026 | $0.93–$0.95 (Oct 28, 2026) | — | to be reported | — |
| Q3 2026 | $0.83–$0.87 (Jul 29, 2026) | — | — | — |
| Q2 2026 | $0.72–$0.76 (May 6, 2026) | — | — | — |
| FY2026 | $2.94–$3.00 (Feb 5, 2026) → raised $3.10–$3.16 (May 6, 2026) → raised $3.41–$3.47 (Jul 29, 2026) → raised $3.54–$3.58 (Oct 28, 2026) | — | to be reported | — |
| Q1 2026 | $0.59–$0.63 (Feb 5, 2026) | — | — | — |
| Q4 2025 | $0.73–$0.75 (Nov 5, 2025) | — | — | — |
| Q3 2025 | $0.62–$0.64 (Aug 6, 2025) | — | — | — |
| Q2 2025 | $0.58–$0.60 (May 7, 2025) | — | — | — |
| FY2025 | $2.41–$2.47 (Feb 6, 2025) → raised $2.43–$2.49 (May 7, 2025) → raised $2.47–$2.53 (Aug 6, 2025) → raised $2.66–$2.70 (Nov 5, 2025) | — | — | — |
| Q1 2025 | $0.52–$0.54 (Feb 6, 2025) | — | — | — |
The latest quarter
Fortinet, Q3 2026: revenue $2.1B (+20% year over year), operating margin 33.9%, net earnings $636M, operating cash flow $946M. The chart follows the revenue to costs, profit and cash.
Questions
Does Fortinet beat its guidance?
Fortinet gave guidance in 12 earnings releases on file since May 2, 2024. Of 9 guided periods since reported, it met or beat its own guidance 9 times (100%). Revenue: 9 of 9, on average +2.7% against the guided midpoint.
How often does Fortinet raise guidance?
Its earnings releases raised guidance 7 times and lowered it 0 times since May 2, 2024.
Each guided period is held to the last guidance given before its figures were reported; a single figure counts as in line within 1% (0.25 pts for a rate). Reported figures are GAAP, from the company's filings; adjusted guidance shows its moves only.