Filing Flows › Fortinet (FTNT) › Q1 2026
Fortinet (FTNT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Fortinet (FTNT) reported revenue of $1.8B for the first quarter 2026 (Q1 2026), +20% from a year earlier and -3% from the quarter before. Operating margin was 31.4%, net earnings $534M (28.9% of revenue).
Fortinet, Q1 2026: revenue $1.8B (+20% year over year), operating margin 31.4%, net earnings $534M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -3% | +20% |
| Gross profit | $1.5B | -2% | +19% |
| Operating profit | $580M | -7% | +28% |
| Net earnings | $534M | +6% | +23% |
| Operating cash flow | $1.1B | +74% | +25% |
| Free cash flow | $1.0B | — | — |
What changed
Revenue was $1.8B in Q1 2026, up 20% year over year and down 3% from the previous quarter. Security subscription was the largest line at 38% of revenue. Product added $0.19B year over year (up 41%), 60% of the total change.
Gross margin was 80.3%, down 0.7 points from Q1 2025. Operating profit was $0.58B, a 31.4% margin (up 1.9 points year over year). Of the extra revenue versus Q1 2025, 41% reached operating profit, above the 29% margin then. Operating expenses grew 14% against revenue growth of 20%. Net earnings were $0.53B, up 23% year over year. The effective tax rate was 18.6%.
Operating cash flow was $1.1B (up 25% year over year), 202% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.43B. After purchases of property and equipment ($0.07B), free cash flow as the company reports it was $1.0B.
Questions
What was Fortinet's revenue in the first quarter 2026?
Fortinet (FTNT) reported revenue of $1.8B for the first quarter 2026 (Q1 2026), +20% from a year earlier and -3% from the quarter before.
Was Fortinet profitable in the first quarter 2026?
Operating profit was $580M (31.4% of revenue) and net earnings $534M.
Source: Fortinet 10-Q on SEC EDGAR.