Fortinet, Inc. Q3 2026 Earnings Recap

Fortinet shares fell 20.1% after earnings. The transcript gives no explicit explanation for the selloff, but it points to a potential concern: product revenue grew 37% while total revenue grew 20%, and the supplied remarks end before management completes its outlook discussion, so the full-year and fourth-quarter guidance cannot be assessed here.

Key Takeaways

• Billings rose 29% to $2.34 billion; total revenue increased 20% to $2.08 billion.
• Product revenue grew 37% to $765 million, despite increasing lead times for certain components.
• SASE firewall billings grew 31%; OT billings grew nearly 40%, and billings from AI-driven security operations rose 15%.
• Deals valued above $1 million increased 51%, with an outsized contribution from U.S. large enterprise customers.
• Management said it raised 2026 billings and revenue guidance, but the transcript provided does not include the guidance figures or the fourth-quarter outlook.