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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.
营业收入
$1.85B
同比 ++20.13%
每股收益（基本）
$0.72
同比 ++28.57%
毛利率
80.3%
同比 -0.67%
营业利润
$580M
同比 ++27.81%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Fortinet (FTNT) Q1 FY2026 营收 $1.85B，同比增长 20.1%。 净利润 $534.5M，同比增长 23.3%，稀释每股收益 $0.72。 毛利率 80.3%。
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: Source: 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: Source: 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: Source: 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: Source: 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: Source: 10-Q Balance Sheet & Cash Flow Statement
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: Source: 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: Source: 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: Source: 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: Source: 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: Source: 10-Q Financial Data Analysis
Q1 FY2026 实际 EPS $0.82，分析师一致预期 $0.63，超预期 +30.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.85B | $1.54B | +20.13% |
营业成本 | $364.5M | $293.1M | +24.36% |
毛利润 | $1.49B | $1.25B | +19.13% |
营业利润 | $580M | $453.8M | +27.81% |
净利润 | $534.5M | $433.4M | +23.33% |
每股收益（基本） | $0.72 | $0.56 | +28.57% |
每股收益（稀释） | $0.72 | $0.56 | +28.57% |
研发费用 | $214M | $198.6M | +7.75% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $9.88B | $10.41B | -5.03% |
流动资产 | $5.33B | $6.44B | -17.23% |
总负债 | $8.89B | $8.44B | +5.33% |
流动负债 | $4.62B | $4.73B | -2.21% |
股东权益 | $989.7M | $1.96B | -49.58% |
现金及等价物 | $2.22B | $3.6B | -38.17% |
长期债务 | $496.8M | $496.2M | +0.12% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.08B | $863.3M | +24.77% |
投资活动现金流 | $-5.7M | $-110.8M | +94.86% |
筹资活动现金流 | $-1.34B | $-32.7M | -4006.73% |
股票回购 | $823M | $0 | — |
折旧及摊销 | $39.8M | $35.8M | +11.17% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 80.3% | 81.0% | -0.67% |
营业利润率 | 31.4% | 29.5% | +1.88% |
净利率 | 28.9% | — | — |
净资产收益率 | 54.0% | — | — |
总资产收益率 | 5.4% | — | — |
流动比率 | $1.153 | — | — |
资产负债率 | $8.986 | — | — |
Fortinet reported strong Q1 2026 results with revenue of $1,849.6M, up 20.1% YoY, and net income of $534.5M, up 23.3% YoY. Diluted EPS came in at $0.72, a 28.6% improvement over the $0.56 reported in Q1 2025.
The key takeaways from Fortinet's Q1 2026 earnings include strong revenue growth of 20.1%, operating margin expansion to 31.4%, and robust operating cash flow of $1.08B. The company also returned $823M to shareholders through share buybacks, significantly reducing its cash balance and stockholders' equity.
Fortinet's operating margin expanded approximately 190 basis points YoY to 31.4%, while gross margin saw a slight compression of ~67 bps to 80.3% due to cost of revenue growing faster than revenue. Net margin stood at approximately 28.9%, reflecting strong overall profitability.
Fortinet's cash and equivalents declined 38.2% YoY to $2,223.8M from $3,596.6M primarily because the company spent $823M on share buybacks in Q1 2026, compared to zero buybacks in Q1 2025. Despite this, operating cash flow remained strong at $1,077.1M, partially offsetting the outflow.
Fortinet's financial health is generally solid, with $2.22B in cash, a current ratio of 1.15x, and strong operating cash flow of $1.08B. However, the aggressive buyback program has reduced stockholders' equity by 49.6% YoY to $989.7M, pushing the Debt-to-Equity ratio to approximately 9x, which investors should monitor.