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# Fortinet Raises 2026 Billings Outlook For The Third Time As Product Revenue Jumps 37%
- URL: https://www.bullished.co/fortinet-raises-2026-billings-outlook-for-the-third-time-as-product-revenue-jumps-37-e7a71555/
- Published: 2026-10-28T20:27:14.000Z
- Updated: 2026-10-28T20:27:14.000Z
- Description: Third-quarter revenue grew 20% to $2.08 billion, and the buyback authorization was increased by $1.2 billion.
- Author: Matteo Parrino
- Tags: Earnings, FTNT, Industry: Technology

Fortinet, which sells cybersecurity products that combine networking and security, [raised its 2026 billings guidance](https://www.globenewswire.com/news-release/2026/10/28/3390743/0/en/fortinet-reports-strong-third-quarter-2026-financial-results.html?ref=bullished.co) for the third time this year after third-quarter revenue grew 20% from a year earlier to $2.08 billion. Product revenue grew 37% to $765 million, the company said in its Wednesday earnings release.

## Billings and profit climb

Billings, which the company defines as revenue plus the change in deferred revenue, grew 29% to [$2.34 billion](https://www.globenewswire.com/news-release/2026/10/28/3390743/0/en/fortinet-reports-strong-third-quarter-2026-financial-results.html?ref=bullished.co). Net income was $635.5 million, or $0.86 per diluted share, against $473.9 million, or $0.62, a year earlier.

On an adjusted basis, earnings were $0.91 per share and the operating margin was 38%. Operating cash flow was $946 million and free cash flow was $865 million.

CEO Ken Xie said results reflect "broad-based demand across our entire portfolio." He added that as AI introduces new attack surfaces, "Network Security remains the critical foundation of AI Security."

## The new forecast

For 2026, Fortinet now expects revenue of $8.125 billion to $8.215 billion and billings of $9.568 billion to $9.718 billion. Adjusted earnings are guided to $3.54 to $3.58 per diluted share.

For the fourth quarter, it expects revenue of $2.155 billion to $2.245 billion and billings of $2.775 billion to $2.925 billion. Adjusted earnings per share are guided to $0.93 to $0.95.

## Cash pile and buyback

The share repurchase authorization was increased by $1.2 billion, leaving $2 billion remaining. Cash and cash equivalents stood at $3.75 billion on September 30, up from $2.50 billion at the end of 2025\. Over the first nine months of 2026 the company spent $972.8 million repurchasing stock and repaid $500.0 million of senior notes.

Fortinet's platform, the Security Fabric, spans secure networking, cloud-delivered security access and AI-driven security operations. Recent announcements include an inline AI security service for FortiGate customers and a collaboration with Oracle on AI security.

Fortinet held its earnings call at 4:30 p.m. Eastern on Wednesday and is scheduled to present at the BMO Technology and Innovation Leaders Conference on November 12.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Fortinet, Inc. (FTNT)](https://www.sec.gov/Archives/edgar/data/0001262039/000126203926000024/ftnt-20261028.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ftntq3-2026ex991.htm — Fortinet, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001262039/000126203926000024/ftntq3-2026ex991.htm?ref=bullished.co) — SEC EDGAR
- [Fortinet Reports Strong Third Quarter 2026 Financial](https://www.globenewswire.com/news-release/2026/10/28/3390743/0/en/fortinet-reports-strong-third-quarter-2026-financial-results.html?ref=bullished.co) — globenewswire.com