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Fortinet Inc (NASDAQ:FTNT) reported stronger-than-expected results for the first quarter of 2026, sending its shares more than 21% higher to about $109 on Thursday morning.
For Q1, revenue rose 20% year over year to $1.85 billion, compared with analyst expectations of about $1.73 billion.
Adjusted earnings per share came in at $0.82, up 41% from a year earlier and above estimates of $0.62.
Billings grew 31% year over year to $2.09 billion, reflecting continued demand for the company’s security platform offerings.
Following the stronger-than-expected results, Fortinet raised its full-year 2026 outlook. The company now expects revenue between $7.71 billion and $7.87 billion, up from its prior range of $7.5 billion to $7.7 billion. Full-year non-GAAP earnings per share are now projected at $3.10 to $3.16.
For the second quarter of 2026, Fortinet guided for revenue between $1.83 billion and $1.93 billion and adjusted earnings per share of $0.72 to $0.76. Billings are expected to range from $2.09 billion to $2.19 billion.
The company also outlined expectations for continued strong profitability, forecasting a non-GAAP gross margin of 79.5% to 80.5% for the second quarter and 79% to 81% for the full year.
Full-year billings are projected between $8.8 billion and $9.1 billion, with non-GAAP operating margins expected in the range of 33% to 36%.
“We are very pleased with our excellent first quarter results, exceeding the high end of our guidance through strong execution and broad-based demand across our portfolio and geographies,” Fortinet CEO Ken Xie said.
“Billings grew 31% year over year, driven by the continued convergence of networking and security, an approach Fortinet has led for 26 years, and by an increasingly complex threat environment that is being intensified by AI.”