Filing Flows › Fortinet (FTNT) › Q2 2026 › vs Q2 2025
Fortinet (FTNT) Q2 2026 vs Q2 2025 (year over year)
Fortinet's revenue rose $418M (+26%) from $1.6B in Q2 2025 to $2.0B in Q2 2026. The biggest changes: Product +$264M (+52%); Service +$154M (+14%). Gross margin 80.2% against 80.7% (-0.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 80.2% | 80.7% | -0.4 pts |
| Operating margin | 33.7% | 28.1% | +5.6 pts |
| Net margin | 29.6% | 27.0% | +2.6 pts |
| Free cash flow margin | 47.2% | 17.4% | +29.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Security subscription | $730M | $644M | $85.3M | +13% |
| Technical support and other | $545M | $477M | $68.5M | +14% |
| Service | $1.3B | $1.1B | $154M | +14% |
| Product | $773M | $509M | $264M | +52% |
| Revenue | $2.0B | $1.6B | $418M | +26% |
| Gross profit | $1.6B | $1.3B | $328M | +25% |
| Cost of revenue | $405M | $315M | $89.8M | +29% |
| Other income, net | $30.9M | $59.3M | −$28.4M | -48% |
| Operating profit | $689M | $458M | $231M | +51% |
| Operating expenses | $954M | $857M | $96.8M | +11% |
| Pre-tax earnings | $720M | $517M | $203M | +39% |
| Research & development | $225M | $210M | $15.5M | +7% |
| Sales & marketing | $669M | $592M | $77.1M | +13% |
| General & admin | $61.1M | $56.9M | $4.2M | +7% |
| Net earnings | $606M | $440M | $166M | +38% |
| Income tax | $115M | $77.1M | $37.9M | +49% |
| Depreciation & amortization | $41.4M | $38.3M | $3.1M | +8% |
| Share-based compensation | $79.3M | $69.1M | $10.2M | +15% |
| Working capital & other | $317M | −$95.6M | $412M | — |
| Operating cash flow | $1.0B | $452M | $592M | +131% |
| Free cash flow (company-reported) | $966M | $284M | $682M | +240% |
| Purchases of property and equipment | $78.0M | $168M | −$89.8M | -54% |
Questions
How much did Fortinet's revenue grow year over year in Q2 2026?
Fortinet's revenue rose $418M (+26%) from $1.6B in Q2 2025 to $2.0B in Q2 2026.
What drove Fortinet's revenue change in Q2 2026?
Product +$264M (+52%); Service +$154M (+14%).