Strong Revenue Growth Across the Business
Total revenue grew 20.1% YoY to $1,849.6M in Q1 2026, up from $1,539.7M in Q1 2025, reflecting continued demand for Fortinet's cybersecurity solutions and platform expansion.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Fortinet delivered a strong Q1 2026 with revenue up 20.1% YoY to $1.85B, operating income surging 27.8% to $580M, and operating cash flow reaching $1.08B, while the company returned $823M to shareholders via buybacks.
营收
18.5亿美元
同比 +20.13%
每股收益（稀释）
0.72美元
同比 +28.57%
毛利率
80.3%
同比 -0.7 个百分点
营业利润
5.8亿美元
同比 +27.81%
SEC XBRL 原值
Fortinet (FTNT) Q1 FY2026 营收 18.5亿美元，同比增长 20.1%。 营业利润率 31.4%，较去年同期的 29.5% 扩大 1.9 个百分点。 经营活动现金流 10.77亿美元，同比增长 24.8%。 FTNT 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.90 | 0.76 | 超预期 +18.2% |
| 2026年3月本次财报 | 0.82 | 0.63 | 超预期 +30.2% |
| 2025年12月 | 0.81 | 0.76 | 超预期 +7.2% |
| 2025年9月 | 0.74 | 0.64 | 超预期 +14.8% |
2026年3月 调整后（非 GAAP） EPS 0.82美元，分析师一致预期 0.63美元，超预期 +30.2%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 0.72美元。
由 AI 基于本次 SEC 报告整理
Total revenue grew 20.1% YoY to $1,849.6M in Q1 2026, up from $1,539.7M in Q1 2025, reflecting continued demand for Fortinet's cybersecurity solutions and platform expansion.
来源: 10-Q Income Statement
Operating income rose 27.8% YoY to $580.0M, with operating margin improving approximately 190 basis points to 31.4% from 29.5%, demonstrating operating leverage as revenue growth outpaced expense growth.
来源: 10-Q Income Statement
R&D expenses grew only 7.8% YoY to $214.0M, well below the 20.1% revenue growth rate, suggesting improved efficiency in product development spending while maintaining innovation investment.
来源: 10-Q Income Statement
Operating cash flow increased 24.8% YoY to $1,077.1M, significantly exceeding net income of $534.5M, indicating strong cash conversion and quality of earnings driven by deferred revenue dynamics typical in subscription-based security businesses.
来源: 10-Q Cash Flow Statement
Fortinet deployed $823.0M in share repurchases during Q1 2026 (versus $0 in Q1 2025), contributing to a 49.6% YoY decline in stockholders' equity to $989.7M and a significant reduction in cash balances from $3,596.6M to $2,223.8M.
来源: 10-Q Balance Sheet & Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 1 中 4 低 0
Stockholders' equity fell 49.6% YoY to $989.7M, driven by $823M in share repurchases in a single quarter. This has pushed the Debt-to-Equity ratio to approximately 8.99x, significantly increasing financial leverage and reducing balance sheet flexibility.
来源: 10-Q Balance Sheet
Cash and equivalents declined 38.2% YoY to $2,223.8M from $3,596.6M, largely due to the aggressive buyback program. While operating cash flow remains strong at $1.08B, sustained buybacks at this pace could constrain liquidity for strategic investments or acquisitions.
来源: 10-Q Balance Sheet & Cash Flow Statement
Cost of revenue increased 24.4% YoY, outpacing gross profit growth of 19.1%, resulting in a slight gross margin compression of approximately 67 basis points to 80.3%. Sustained pressure on product or service delivery costs could erode the company's historically high margins.
来源: 10-Q Income Statement
Total liabilities grew 5.3% YoY to $8,893.8M while total assets declined 5.0% to $9,883.5M, leaving a thin equity cushion of $989.7M. This balance sheet structure, while common for subscription-based companies with large deferred revenue, limits financial resilience in adverse scenarios.
来源: 10-Q Balance Sheet
Fortinet operates in the highly competitive cybersecurity sector where technology cycles are short and well-capitalized competitors (including cloud hyperscalers) continuously expand their security offerings. Failure to maintain product differentiation could pressure pricing and revenue growth.
来源: 10-Q Financial Data Analysis
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 18.50 亿美元 | 15.40 亿美元 | +20.13% |
营业成本 亿美元 | 3.65 亿美元 | 2.93 亿美元 | +24.36% |
毛利润 亿美元 | 14.85 亿美元 | 12.47 亿美元 | +19.13% |
营业利润 亿美元 | 5.80 亿美元 | 4.54 亿美元 | +27.81% |
净利润 亿美元 | 5.35 亿美元 | 4.33 亿美元 | +23.33% |
每股收益（基本） 美元 | 0.72 美元 | 0.56 美元 | +28.57% |
每股收益（稀释） 美元 | 0.72 美元 | 0.56 美元 | +28.57% |
研发费用 亿美元 | 2.14 亿美元 | 1.99 亿美元 | +7.75% |
答案基于本次 SEC 报告与本页数据