Fortinet (NASDAQ:FTNT) Announces Q4 2026 Earnings Guidance

Posted by Francis Steltz on Oct 31st, 2026

Fortinet (NASDAQ:FTNT – Get Free Report) updated its fourth quarter 2026 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 0.930-0.950 for the period, compared to the consensus earnings per share estimate of 0.860. The company issued revenue guidance of $2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Fortinet also updated its FY 2026 guidance to 3.540-3.580 EPS.

Fortinet Stock Down 2.2%

Fortinet stock opened at $136.08 on Friday. The firm has a market cap of $99.84 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.59 and a beta of 1.03. Fortinet has a 52-week low of $73.55 and a 52-week high of $197.13. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.19 and a current ratio of 1.40. The firm has a 50 day moving average price of $171.34 and a two-hundred day moving average price of $128.28.

Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the firm posted $0.74 EPS. The company’s quarterly revenue was up 20.5% on a year-over-year basis. Equities analysts predict that Fortinet will post 3.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $145.00 price target (up from $102.00) on shares of Fortinet in a research report on Thursday, September 17th. Roth Capital lifted their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Arete Research downgraded Fortinet from a “buy” rating to a “sell” rating and set a $117.00 price objective on the stock. in a research note on Wednesday, October 21st. Barclays cut their target price on Fortinet from $210.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company decreased their target price on Fortinet from $160.00 to $115.00 and set an “underweight” rating for the company in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-four have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $147.94.

Read Our Latest Analysis on FTNT

Insider Activity

In related news, CEO Ken Xie sold 161,482 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $8,616,486,029.52. The trade was a 0.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total value of $507,568.23. Following the transaction, the vice president directly owned 9,918,360 shares in the company, valued at approximately $1,613,022,886.80. This trade represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 221,303 shares of company stock worth $36,164,034 in the last three months. Company insiders own 17.60% of the company’s stock.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

Positive Sentiment: Fortinet reported third-quarter revenue of approximately $2.08 billion, up 20.5% year over year, and adjusted EPS of $0.91, exceeding consensus estimates. Billings increased 29%, while operating margins reached a record. Fortinet Q3 Earnings and Revenues Beat Estimates
Positive Sentiment: Management raised full-year 2026 guidance to $8.1 billion-$8.2 billion in revenue and $3.54-$3.58 in EPS. Fourth-quarter EPS guidance of $0.93-$0.95 also exceeds the consensus estimate of $0.86. Fortinet Raises Guidance
Positive Sentiment: The board authorized an additional $1.2 billion in share repurchases, and quarterly free cash flow was approximately $865 million. Analysts at TD Cowen, Rosenblatt and Truist retained bullish ratings despite lowering their price targets. Fortinet Adds to Buyback Program
Neutral Sentiment: Fortinet is technically oversold after a sharp multi-week decline, while rising earnings estimates could support a rebound. However, the technical signal does not resolve concerns about the company’s growth mix. Fortinet May See a Trend Reversal
Negative Sentiment: Service revenue grew only 13%, versus 37% growth in product revenue. Investors are concerned that hardware sales tied to AI infrastructure are not converting into recurring services quickly enough, reducing near-term revenue visibility. The Real Reason Fortinet Dropped
Negative Sentiment: Management lowered its services outlook, while fourth-quarter revenue guidance implies growth deceleration from the third quarter. Normalizing pricing benefits, higher inventory costs and longer component lead times added to investor concerns.
Negative Sentiment: Wells Fargo cut its price target to $115 and assigned an underweight rating; Susquehanna lowered its target to $145 and rated the shares neutral. Other firms, including Bank of America, Citi, Barclays and Scotiabank, also reduced targets or ratings. Analysts Cut Fortinet Forecasts
Negative Sentiment: The broader technology and cybersecurity sell-off is amplifying the reaction, despite a major cryptocurrency hack highlighting demand for digital security. Investors are also questioning whether Fortinet’s premium valuation remains justified as growth slows.

About Fortinet

(Get Free Report)

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.