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Fortinet vs Xerox Holdings: FTNT and XRX compared
Fortinet is the larger company: $2.1B of revenue in its latest quarter (Q3 2026) against $1.9B for Xerox Holdings (Q3 2026). Fortinet is growing faster (+20% against -5% a year earlier). Fortinet is more profitable, with an operating margin of 33.9% against -53.9%.
Where the money goes: FTNT and XRX
Fortinet (FTNT) · Q3 2026
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.
Xerox Holdings (XRX) · Q3 2026
Xerox Holdings, Q3 2026: revenue $1.9B (-5% year over year), operating margin -53.9%, net loss $1.0B, operating cash flow $30.0M. The chart follows the revenue to costs, profit and cash.
| Fortinet (FTNT) | Xerox Holdings (XRX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.1B | $1.9B |
| Revenue growth, Y/Y | +20% | -5% |
| Gross margin | 79.0% | — |
| Operating margin | 33.9% | -53.9% |
| Net earnings | $636M | −$1.0B |
| Net margin | 30.6% | -54.3% |
| Operating cash flow | $946M | $30.0M |
| Free cash flow | $865M | $17.0M |
| Market value | $89.2B | — |
| P/E | 39.1× | — |
| Analysts’ mean target | $145.03 | — |
Where the revenue comes from
Fortinet
- Service: $1.3B (63%)
- Product: $765M (37%)
Xerox Holdings
- Sales: $954M (51%)
- Service: $914M (49%)
Questions
Which is bigger, Fortinet or Xerox Holdings?
Fortinet is the larger company: $2.1B of revenue in its latest quarter (Q3 2026) against $1.9B for Xerox Holdings (Q3 2026).
Is Fortinet or Xerox Holdings growing faster?
Fortinet is growing faster (+20% against -5% a year earlier).
Which is more profitable, Fortinet or Xerox Holdings?
Fortinet is more profitable, with an operating margin of 33.9% against -53.9%.
More: Fortinet earnings · how Fortinet makes money · Xerox Holdings earnings · how Xerox Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.