FTNT · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
Fortinet, Inc. · 2026-10-30 · Importance 59 · Surprise 48 · No source text
Total revenue increased 20% to $2.08 billion in the three months ended September 30, 2026, and increased 22% to $5.98 billion in the nine months ended September 30, 2026. Product revenue grew 37% to $765.0 million in the quarter and 43% to $2.18 billion for the nine months, driven by higher average selling prices, pricing actions, higher unit shipments, and demand for higher-performance products. Service revenue grew 13% in both periods, reaching $1.31 billion in the quarter and $3.79 billion for the nine months, supported by security subscriptions, technical support, unified SASE, and SecOps.
Key facts
- Fortinet product revenue grew 37% and 43% in the three and nine months ended September 30, 2026, primarily due to higher average selling prices from demand for higher-performance products and recent pricing actions, and higher unit shipments. source
- Fortinet product revenue increased $205.7 million, or 37%, in the three months ended September 30, 2026, primarily due to higher selling prices, higher unit shipments, and demand for higher-performance products. source
- Fortinet product revenue increased $655.8 million, or 43%, in the nine months ended September 30, 2026 compared with the same period in 2025. source
- Fortinet service revenue increased $147.8 million, or 13%, in the three months ended September 30, 2026; security subscriptions rose $81.6 million, or 12%, and technical support and other services rose $66.2 million, or 13%. source
- Fortinet deferred revenue was $7.93 billion as of September 30, 2026, up $818.6 million, or 12%, from December 31, 2025. source
- Fortinet product revenue was $765.0 million for the three months and $2.18 billion for the nine months ended September 30, 2026, up 37% and 43%, respectively. source
- Fortinet billings were $2.34 billion for the three months ended September 30, 2026, up 29% from $1.81 billion, and $6.79 billion for the nine months, up 31% from $5.18 billion. source
- Fortinet short-term deferred revenue was $3.96 billion as of September 30, 2026, up $325.0 million, or 9%, from December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +31.6% | Fortinet product revenue increased $655.8 million, or 43%, in the nine months ended September 30, 2026 compared with the same period in… |
| revenue | positive | realized | +20.5% | Fortinet service revenue increased $147.8 million, or 13%, for the three months and $425.5 million, or 13%, for the nine months ended… |
| revenue | positive | realized | +17.0% | Fortinet total revenue was $2.08 billion for the three months ended September 30, 2026, up 20% year over year, and $5.98 billion for the… |
| revenue | positive | realized | +11.4% | Fortinet security subscription revenue increased $237.8 million, or 12%, in the nine months ended September 30, 2026 compared with the… |
| revenue | positive | realized | +9.9% | Fortinet product revenue increased $205.7 million, or 37%, in the three months ended September 30, 2026, primarily due to higher selling… |
| revenue | positive | realized | +9.0% | Fortinet technical support and other services revenue increased $187.7 million, or 13%, in the nine months ended September 30, 2026… |
| revenue | positive | realized | +7.1% | Fortinet service revenue increased $147.8 million, or 13%, for the three months and $425.5 million, or 13%, for the nine months ended… |
| liability | negative | realized | -6.8% | Fortinet deferred revenue was $7.93 billion as of September 30, 2026, up $818.6 million, or 12%, from December 31, 2025. |