Fortinet stock: Higher outlook meets a key service-growth test
Published on 11/09/2026 at 16:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFortinet growth and outlook
- Third-quarter revenue increased 20 percent year over year, while billings rose 29 percent.
- Management raised its 2026 revenue and billings outlook and expects fourth-quarter revenue of USD 2.155 billion to USD 2.245 billion.
- Fortinet expanded its share repurchase authorization by USD 1.2 billion, leaving USD 2 billion available.
Fortinet reported strong third-quarter results on October 28, 2026, and raised its full-year outlook. In its investor release, the cybersecurity company said revenue for the quarter ended September 30 rose 20 percent year over year to USD 2.08 billion.
Growth extends beyond revenue
Billings increased 29 percent to USD 2.34 billion, ahead of revenue growth and supporting management's view of sustained contract activity. Product revenue rose 37 percent to USD 765 million, while service revenue increased 13 percent to USD 1.31 billion.
Fortinet reported GAAP earnings per diluted share of USD 0.86 and non-GAAP earnings per diluted share of USD 0.91. Operating cash flow reached USD 946 million, and free cash flow was USD 864.8 million for the quarter.
Higher targets for 2026
Fortinet now expects full-year revenue of USD 8.125 billion to USD 8.215 billion and billings of USD 9.568 billion to USD 9.718 billion. The company forecasts non-GAAP operating margin of 36.5 percent to 37.5 percent and non-GAAP diluted earnings per share of USD 3.54 to USD 3.58.
For the fourth quarter, management expects revenue of USD 2.155 billion to USD 2.245 billion, billings of USD 2.775 billion to USD 2.925 billion and non-GAAP diluted earnings per share of USD 0.93 to USD 0.95. Service revenue guidance for the full year is USD 5.150 billion to USD 5.170 billion, making recurring revenue an important metric for the next results update.
What has changed since our last report
Fortinet stock traded at 108.56 euros on Lang & Schwarz at 3:42:11 p.m. CET on Monday, November 9, 2026. Compared with 121.29 euros at 4:35:37 p.m. CEST on Friday, October 30, in the previous report, the quote is 10.50 percent lower. This comparison is separate from any Xetra session comparison.
The board also increased the share repurchase authorization by USD 1.2 billion, leaving USD 2 billion available. The combination of faster billings growth, strong product demand and higher guidance supports the operating case, while service growth and execution remain key investor tests.
Fortinet stock facts
- Company: Fortinet, Inc.
- ISIN: US34959E1091
- Ticker: FTNT
- Primary exchange: Nasdaq
- Lang & Schwarz quote: 108.56 euros on November 9, 2026, at 3:42:11 p.m. CET
- Comparison with prior report: 121.29 euros on October 30, 2026; down 10.50 percent
The broader market backdrop remains relevant for technology shares; current S&P 500 market reports provide the wider context.
