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Palo Alto Networks vs Fortinet: PANW and FTNT compared
Palo Alto Networks is the larger company: $3.4B of revenue in its latest quarter (Q4 FY26) against $2.1B for Fortinet (Q3 2026). Palo Alto Networks is growing faster (+34% against +20% a year earlier). Fortinet is more profitable, with an operating margin of 33.9% against 5.0%.
Where the money goes: PANW and FTNT
Palo Alto Networks (PANW) · Q4 FY26
Palo Alto Networks, Q4 FY26: revenue $3.4B (+34% year over year), operating margin 5.0%, net loss $282M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
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.
| Palo Alto Networks (PANW) | Fortinet (FTNT) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q3 2026 |
| Revenue | $3.4B | $2.1B |
| Revenue growth, Y/Y | +34% | +20% |
| Gross margin | — | 79.0% |
| Operating margin | 5.0% | 33.9% |
| Net earnings | −$282M | $636M |
| Net margin | -8.3% | 30.6% |
| Operating cash flow | $1.4B | $946M |
| Free cash flow | $1.3B | $865M |
| Market value | $251.4B | $89.2B |
| P/E | — | 39.1× |
| Analysts’ mean target | $400.00 | $145.03 |
Where the revenue comes from
Palo Alto Networks
- Subscription and support: $2.7B (78%)
- Product: $738M (22%)
Fortinet
- Service: $1.3B (63%)
- Product: $765M (37%)
Questions
Which is bigger, Palo Alto Networks or Fortinet?
Palo Alto Networks is the larger company: $3.4B of revenue in its latest quarter (Q4 FY26) against $2.1B for Fortinet (Q3 2026).
Is Palo Alto Networks or Fortinet growing faster?
Palo Alto Networks is growing faster (+34% against +20% a year earlier).
Which is more profitable, Palo Alto Networks or Fortinet?
Fortinet is more profitable, with an operating margin of 33.9% against 5.0%.
More: Palo Alto Networks earnings · how Palo Alto Networks makes money · Fortinet earnings · how Fortinet makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Sep 10, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.