Short answer
Fortinet (FTNT) filed its Q1 2026 10-Q quarterly report on May 8, 2026 for the quarter ended Mar 31, 2026. Quarterly revenue was $1.8B (up 20.1% year over year) with net income of $535M.
Q1 2026 key financials · XBRL
- Revenue
- $1.8B
- +20.1% YoY
- Net income
- $535M
- +23.3% YoY
- Operating margin
- 31.4%
- Gross margin
- 80.3%
- EPS (diluted)
- $0.72
- +28.6% YoY
Source: XBRL data from the Fortinet (FTNT) Q1 2026 10-Q on SEC EDGAR. USD.
Fortinet Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.85B, up 20% YoY from $1.54B, led by product revenue up 41% to $645.1M
- Service revenue $1.20B, up 11% YoY from $1.08B, driven by security subscriptions and technical support
- Gross margin 80.3% vs 81.0% YoY; operating margin 31.4% vs 29.5%
- Operating cash flow $1.08B, up $213.8M or 25% YoY; cash and investments $3.63B
- 2026 outlook: revenue growth expected, but operating margin expected to decrease amid strategic investments and memory-chip shortages
Risk Factors
- New concentration risk: one distributor represented 28% of total net accounts receivable as of March 31, 2026
- Macroeconomic risk expanded to include possible stagflation, increased tariffs, changing interest rates, and reduced information technology spending
- Regulatory risk from evolving privacy, cybersecurity, export, environmental, regional component-ban, and local-manufacturing requirements
- Near-term demand risk from customer migration toward cloud and SaaS-based security services
- Financial risk from foreign-currency exposure, with significant expenses incurred in currencies other than U.S. dollars
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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