Fortinet Q1 Earnings Beat, Shares Jump 18%

Fortinet Q1 FY2026 adjusted EPS $0.82 beat consensus $0.62, revenue $1.85 bn up 20% YoY, product revenue +41% to $645 m.
Billings rose 31% YoY to $2.09 bn; operating cash flow hit record $1.08 bn, free cash flow $1.01 bn, GAAP margin 31%, adjusted margin 36%.
Company raised FY2026 revenue guidance to $7.71‑$7.87 bn (15% YoY) and EPS guidance to $3.10‑$3.16, above prior estimates.
Shares jumped 17.8% after results; FY2026 Q2 revenue outlook $1.83‑$1.93 bn, midpoint $1.88 bn beating $1.82 bn consensus.