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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Saket Kalia | Barclays | 11 (18%) |
| Gabriela Borges | Goldman Sachs | 10 (30%) |
| Shaul Eyal | TD Cowen | 10 (0%) |
| Tal Liani | Bank of America | 9 (56%) |
| Fatima Boolani | Citigroup | 8 (25%) |
| Junaid Siddiqui | Truist Securities | 8 (25%) |
| Brian Essex | JPMorgan | 8 (13%) |
| Robbie Owens | Piper Sandler | 6 (17%) |
| Patrick Colville | Scotiabank | 5 (60%) |
| Shrenik Kothari | Robert W. Baird | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 11 (18%) |
| Goldman Sachs | 1 | 10 (30%) |
| TD Cowen | 1 | 10 (0%) |
| Bank of America | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.66B | +17.3% | $0.68 | +70.0% | 81.1% | 34.6% | 31.7% | $380M |
| FY2025 Q1 | $1.54B | +13.8% | $0.56 | +43.6% | 81.0% | 29.5% | 28.1% | $797M |
| FY2025 Q2 | $1.63B | +13.6% | $0.57 |
| 9 (56%) |
| Truist Securities | 1 | 8 (25%) |
| Citigroup | 1 | 8 (25%) |
| JPMorgan | 1 | 8 (13%) |
| Piper Sandler | 1 | 6 (17%) |
Fortinet delivered 20% revenue growth with EPS surging 29% as AI-driven security demand accelerated and OT security billings surged over 70%. Unified SASE billings grew 31% while total billings increased 31% to $2.09 billion, the strongest Q1 in company history. Management raised full-year FY2026 guidance across all top-line metrics including billings, revenue, and EPS, from $2.94-$3.00 to $3.10-$3.16.
Revenue Growth | Cloud & AI | Demand | Competitive Dynamics | Product Launch | Guidance Reliability | Innovation & R&D | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 4 | 4 | 4 | 4 | 2 | ||
| 2025Q1 | 4 | 4 | 7 | 3 | 3 | 2 | 1 | |
| 2025Q2 | 6 | 5 | 2 | 5 | 4 | 2 | 1 | 1 |
| 2025Q3 | 8 | 4 | 1 | 1 | 3 | 3 | 1 | 1 |
| 2025Q4 | 4 | 6 | 3 | 2 | 4 | 1 | 3 | 4 |
| 2026Q1 | 6 | 6 | 6 | 4 | 1 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 6 | 4 | 6 | 8 | 4 | 6 |
| Cloud & AI | 4 | 4 | 5 | 4 | 6 | 6 |
| Demand | 4 | 7 | 2 | 1 | 3 | 6 |
| Competitive Dynamics | 4 | 3 | 5 | 1 | 2 | 4 |
| Product Launch | 4 | 3 | 4 | 3 | 4 | |
| Guidance Reliability | 2 | 2 | 2 | 3 | 1 | 1 |
| Innovation & R&D | 1 | 1 | 1 | 3 | 3 | |
| Margin | 1 | 1 | 4 |
| +16.3% |
| 81.5% |
| 28.0% |
| 27.0% |
| $284M |
| FY2025 Q3 | $1.72B | +14.4% | $0.62 | -11.4% | 81.5% | 31.6% | 27.5% | $568M |
| FY2025 Q4 | $1.91B | +14.8% | $0.68 | 0.0% | 79.6% | 32.8% | 26.6% | $577M |
| FY2026 Q1 | $1.85B | +20.1% | $0.72 | +28.6% | 80.3% | 31.4% | 28.9% | $1.01B |
| FY2026 Q2 | $2.05B | +25.6% | $0.82 | +43.9% | 80.2% | 33.7% | 29.6% | $966M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What FTNT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Fortinet talked about the opportunity they are seeing in SOFRAN and SASE.”
An analyst references Fortinet's commentary on the sovereign/SASE opportunity, framing Fortinet as a competitor in the data-localization and SASE market where Cloudflare also plays.
“Check Point said their firewall growth decelerated and that the market is weaker.”
An analyst contrasted Check Point's decelerating firewall growth and weaker-market commentary with Fortinet's 32% secure-networking billings growth, implying Fortinet is taking share.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FTNT Fortinet | 10 | +20.1% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| FFIV F5, Inc. | 8 | +11.0% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| MSFT Microsoft Corporation | 9 | +18.3% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +65.5% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.9% |