Filing Flows › Fortinet (FTNT) › Q2 2026 › vs Q1 2026
Fortinet (FTNT) Q2 2026 vs Q1 2026 (quarter over quarter)
Fortinet's revenue rose $198M (+11%) from $1.8B in Q1 2026 to $2.0B in Q2 2026. The biggest changes: Product +$128M (+20%); Service +$70.4M (+6%). Gross margin 80.2% against 80.3% (-0.1 pts).
Fortinet, Q2 2026: revenue $2.0B (+26% year over year), operating margin 33.7%, net earnings $606M, operating cash flow $1.0B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 80.2% | 80.3% | -0.1 pts |
| Operating margin | 33.7% | 31.4% | +2.3 pts |
| Net margin | 29.6% | 28.9% | +0.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Security subscription | $730M | $694M | $35.7M | +5% |
| Technical support and other | $545M | $510M | $34.7M | +7% |
| Service | $1.3B | $1.2B | $70.4M | +6% |
| Product | $773M | $645M | $128M | +20% |
| Revenue | $2.0B | $1.8B | $198M | +11% |
| Gross profit | $1.6B | $1.5B | $158M | +11% |
| Cost of revenue | $405M | $364M | $40.2M | +11% |
| Other income, net | $30.9M | $76.6M | −$45.7M | -60% |
| Operating profit | $689M | $580M | $109M | +19% |
| Operating expenses | $954M | $905M | $48.8M | +5% |
| Pre-tax earnings | $720M | $657M | $63.6M | +10% |
| Research & development | $225M | $214M | $11.0M | +5% |
| Sales & marketing | $669M | $636M | $32.8M | +5% |
| General & admin | $61.1M | $56.2M | $4.9M | +9% |
| Net earnings | $606M | $534M | $71.8M | +13% |
| Income tax | $115M | $122M | −$7.0M | -6% |
| Depreciation & amortization | $41.4M | $39.8M | $1.6M | +4% |
| Share-based compensation | $79.3M | $72.5M | $6.8M | +9% |
| Working capital & other | $317M | $430M | −$114M | -26% |
| Operating cash flow | $1.0B | $1.1B | −$33.5M | -3% |
Questions
How much did Fortinet's revenue grow quarter over quarter in Q2 2026?
Fortinet's revenue rose $198M (+11%) from $1.8B in Q1 2026 to $2.0B in Q2 2026.
What drove Fortinet's revenue change in Q2 2026?
Product +$128M (+20%); Service +$70.4M (+6%).