Fortinet Q4 EPS Beats by 9.5%, Guides $7.5–7.7B for 2026
Fortinet reported Q4 non-GAAP EPS of $0.81, beating estimates by $0.07 and up 9.5% year-over-year, while revenue rose 15% to $1.905 billion. The company guided Q1 2026 revenue of $1.70–1.76 billion and full-year revenue of $7.50–7.70 billion, with operating margins above 30%.
1. Q4 Earnings Beat
Fortinet delivered Q4 non-GAAP EPS of $0.81, topping the $0.74 consensus and up from $0.74 a year earlier. Revenue climbed 15% to $1.905 billion, driven by strong enterprise demand and growth in Unified SASE and Security Operations.
2. Robust Guidance
For Q1 2026, Fortinet expects revenue between $1.70 billion and $1.76 billion with non-GAAP EPS of $0.59–$0.63 and billings of $1.77–$1.87 billion. Full-year 2026 guidance calls for $7.50–$7.70 billion in revenue, $2.94–$3.00 non-GAAP EPS, and a 33%–36% operating margin.
3. Analyst Actions
Rosenblatt raised its price target from $100 to $105, citing confidence in execution and positioning. Mizuho and JP Morgan maintained underperform/underweight ratings with targets of $74, while Wedbush and others reiterated outperform ratings with targets up to $90.
4. Stock Reaction
Fortinet shares jumped over 2.8% in early trading following the release, reflecting investor enthusiasm for both the earnings beat and bullish guidance. Improved billings momentum and margin outlook underpinned the positive market response.