Fortinet

FTNT · Information Technology · Market cap $112B

Q1 FY26 Mar 31, 2026 reported May 8, 2026

Revenue$1.8B +20% year over year

Gross profit$1.5B

Operating profit$0.6B

Net profit$0.5B 29% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	1.8	100%	+20%
Security Subscription	0.7	39%	+11%
Product	0.6	33%	+41%
Technical Support and Other	0.5	28%	+12%
Cost of revenue	−0.4	22%
Gross profit	1.5	80% margin	−1pp
Research & development	−0.2	12%	−1pp
Sales & marketing	−0.6	34%	−1pp
G&A	−0.1	3%	−1pp
Operating profit	0.6	31% margin	+2pp
Tax	−0.2
Net profit	0.5	29%	+1pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.9	100%	+15%
Security Subscription	0.7	37%	+11%
Product	0.7	37%	+20%
Technical Support and Other	0.5	26%	+13%
Cost of revenue	−0.4	21%
Gross profit	1.5	80% margin	−1pp
Research & development	−0.2	11%	−1pp
Sales & marketing	−0.6	33%	+1pp
G&A	−0.1	3%	+0pp
Operating profit	0.6	33% margin	−2pp
Tax	−0.1
Net profit	0.5	27%	−5pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.6	100%	+14%
Security Subscription	0.6	38%	+15%
Product	0.5	31%	+13%
Technical Support and Other	0.5	31%	+13%
Cost of revenue	−0.3	19%
Gross profit	1.3	81% margin	+0pp
Research & development	−0.2	13%	+1pp
Sales & marketing	−0.6	36%	+1pp
G&A	−0.1	3%	+0pp
Operating profit	0.5	28% margin	−2pp
Tax	−0.2
Net profit	0.4	27%	+1pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.5	100%	+14%
Security Subscription	0.6	40%	+16%
Product	0.5	33%	+12%
Technical Support and Other	0.5	33%	+12%
Cost of revenue	−0.3	20%
Gross profit	1.2	81% margin	+3pp
Research & development	−0.2	13%	+0pp
Sales & marketing	−0.5	35%	−2pp
G&A	−0.1	4%	+0pp
Operating profit	0.5	29% margin	+6pp
Tax	−0.2
Net profit	0.4	28%	+6pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY26	Mar 31, 2026	May 8, 2026	$1.8B	+20%	33%	$0.5B	29%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 25, 2026	$1.9B	+15%	32%	$0.5B	27%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 8, 2025	$1.6B	+14%	31%	$0.4B	27%
Q1 FY25	Jan 1 – Mar 31, 2025	May 8, 2025	$1.5B	+14%	33%	$0.4B	28%