Fortinet Boosts Buyback by $1B and Sees 13% FY26 Billings Growth
Fortinet reported fourth-quarter revenue of $1.91 billion, up 15% year-on-year, and full-year revenue of $6.8 billion with $2.21 billion in free cash flow. The board approved an additional $1.0 billion share repurchase authorization and management projects FY26 billings growth of 13%, above the 11% consensus.
1. Strong Fourth-Quarter and Full-Year Results
Fortinet delivered $1.91 billion in revenue for the fourth quarter of 2025, representing 15% year-on-year growth, and reported full-year revenue of $6.8 billion alongside $2.21 billion in free cash flow.
2. Expanded Share Repurchase Authorization
The board authorized an additional $1.0 billion for share repurchases, increasing the total buyback program to $10.25 billion as the company seeks to return capital to shareholders and support share price.
3. Robust Billings Growth Outlook
Unified SASE billings rose 40% year-over-year in Q4, and management forecasts FY26 billings growth of 13%, exceeding the 11% street estimate and underscoring accelerating demand for converged networking and security solutions.
4. Analyst Price Target Adjustments
Analysts have raised price targets, with one firm lifting its target to $90 and another to $95, reflecting confidence in Fortinet's earnings beat and stronger billings outlook despite a neutral to market-perform rating.