| FTNT |
Report |
Total revenue |
BEAT |
pred ~$1.90B vs. cons $1.88B |
MEDIUM |
| FTNT |
Report |
Billings |
BEAT |
pred ~$2.20B vs. cons $2.13B |
MEDIUM |
| FTNT |
Report |
Non-GAAP EPS |
BEAT |
pred ~$0.79 vs. cons $0.75 |
MEDIUM |
| FTNT |
Guide |
FY26 billings guide (raise) |
BETTER |
guide ~$9.0–9.2B (mid ~$9.1B) vs. cons ~$9.0B (FY26) |
MEDIUM |
| FTNT |
Guide |
FY26 revenue guide (raise) |
BETTER |
guide ~$7.80–7.95B (mid ~$7.87B) vs. cons ~$7.82B (FY26) |
MEDIUM |
| FTNT |
Guide |
FY26 non-GAAP EPS guide (raise) |
BETTER |
guide ~$3.18–3.24 (mid ~$3.21) vs. cons ~$3.16 (FY26) |
MEDIUM |
| FTNT |
Guide |
Q3'26 billings guide (magnitude/decel — the swing factor) |
LOWER |
guide ~$2.28B (implying decel to ~+18–20%) vs. cons ~$2.32B (Q3'26) |
LOW |
| FTNT |
Guide |
Product revenue growth durability commentary |
UNCHANGED |
pred ~+35% y/y vs. cons ~+34% (Q2'26); AI/hardware refresh intact but decelerating from Q1 +41% |
LOW |
| FTNT |
Return |
Day-1 residual (stock − beta × S&P 500) |
-2.0% |
— |
LOW |
| FTNT |
Return |
5-day cumulative residual |
-4.0% (FADE) |
Likely a beat-and-raise, but the bar is extreme after a ~90% YTD run and ~48x forward EPS. Billings decel to ~+20% (from +31% in Q1) and Fortinet's habitually conservative Q3/FY raise mean out-period estimates get revised up only modestly. With the beat already 'priced in' and hardware-air-pocket risk in focus, the reaction skews to 'good-but-not-good-enough / sell-the-news.' Because the implied H2 math caps positive revisions relative to valuation, any initial move fades lower over the week rather than following through. |
LOW |