Fortinet stock gains as billings outpace revenue in Q3

Fortinet stock traded at 116.27 euros on Lang & Schwarz at 16:59 CET on Wednesday, November 11, 2026. That was 2.69 percent above the 113.22 euros cited in the latest relevant report published earlier the same day at 14:13 CET.

Fortinet reported the third-quarter results on October 28 for the period ended September 30, 2026. In its investor release, the cybersecurity company said revenue grew 20 percent year over year to 2.08 billion US dollars.

Billings lead reported revenue

Billings increased 29 percent to 2.34 billion US dollars, ahead of revenue growth. Product revenue rose 37 percent to 765 million US dollars, while service revenue increased to 1.31 billion US dollars.

Fortinet posted GAAP diluted earnings per share of 0.86 US dollars and non-GAAP diluted earnings per share of 0.91 US dollars. GAAP operating margin reached 33.9 percent, compared with 31.7 percent a year earlier. The company also generated 946 million US dollars in operating cash flow and reported 864.8 million US dollars in free cash flow, a non-GAAP measure.

Higher targets for the final quarter

Management expects fourth-quarter revenue between 2.155 billion and 2.245 billion US dollars and billings between 2.775 billion and 2.925 billion US dollars. The forecast includes non-GAAP diluted earnings per share of 0.93 to 0.95 US dollars.

For the full year, Fortinet projects revenue of 8.125 billion to 8.215 billion US dollars and billings of 9.568 billion to 9.718 billion US dollars. The outlook calls for service revenue of 5.150 billion to 5.170 billion US dollars, a non-GAAP operating margin of 36.5 percent to 37.5 percent and non-GAAP diluted earnings per share of 3.54 to 3.58 US dollars.

Service growth remains the key test

Chief Executive Ken Xie said Fortinet had raised its 2026 billings guidance for the third time this year. The gap between billings and recognized revenue leaves service revenue, margins and cash generation as important indicators for the next results update.

The company also increased its share repurchase authorization by 1.2 billion US dollars, leaving 2 billion US dollars available. Fortinet is scheduled to participate in the BMO Technology and Innovation Leaders Conference on November 12, followed by the UBS Global Technology and AI Conference on December 2 and the Barclays Global Technology Conference on December 9.

The Euro Stoxx 50 provides a broader backdrop for European investors tracking US technology and cybersecurity shares.

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