🔹 Revenue: $1.91B (Est. $1.86B) 🟢; +14.8% YoY
🔹 Adj. EPS: $0.81 (Est. $0.74) 🟢
🔹 Billings: $2.37B; +18% YoY
🔹 Unified SASE Billings: +40% YoY
Q1 Guide:
🔹 Revenue: $1.70B–$1.76B (Est. $1.72B) 🟡
🔹 Adj. EPS: $0.59–$0.63 (Est. $0.65) 🔴
🔹 Billings: $1.77B–$1.87B
🔹 Non-GAAP Gross Margin: 80.0%–81.0%
🔹 Non-GAAP Operating Margin: 30.0%–32.0%
FY Guide:
🔹 Revenue: $7.5B–$7.7B (Est. $7.5B) 🟡
🔹 Adj. EPS: $2.94–$3.00 (Est. $2.94) 🟢
🔹 Service Revenue: $5.050B–$5.150B
🔹 Billings: $8.400B–$8.600B
🔹 Non-GAAP Gross Margin: 79.0%–81.0%
🔹 Non-GAAP Operating argin: 33.0%–36.0%
Other Metrics:
🔹 Non-GAAP Operating Margin: 37%
🔹 Product Revenue: $691M; +20% YoY
🔹 FY25 Revenue: $6.80B; +14% YoY
🔹 FY25 Billings: $7.55B; +16% YoY
🔹 Unified SASE & SecOps Billings: +24% YoY
🔹 Free Cash Flow: $2.21B
Capital Return:
🔹 Authorization: +$1.0B added; up to $10.25B through Feb 28, 2027
🔹 Remaining Authorization: ~$1.38B (as of Feb 4, 2026)
Commentary:
🔸 “...an excellent fourth quarter driven by broad-based demand across our portfolio, which drove billings above the high end of our guidance.”
🔸 “...accelerating our investments in high-growth Unified SASE and Security Operations markets...”
🔸 “As the #1 firewall leader with a 55% unit market share, Fortinet is well-positioned to extend that leadership into SASE...”
