What to Expect From Fortinet's Q2 2026 Earnings Report

Fortinet, Inc. (FTNT), headquartered in Sunnyvale, California, provides cybersecurity and convergence of networking and security solutions. Valued at $120.5 billion by market cap, the company offers network security appliances, software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), web filtering, antispam, and traffic shaping. The cybersecurity giant is expected to announce its fiscal second-quarter earnings for 2026 after the market closes on Wednesday, Jul. 29.

Ahead of the event, analysts expect FTNT to report a profit of $0.66 per share on a diluted basis, up 13.8% from $0.58 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. 

For the full year, analysts expect FTNT to report EPS of $2.80, up 15.7% from $2.42 in fiscal 2025. Its EPS is expected to rise 7.5% year over year to $3.01 in fiscal 2027. 

FTNT stock has outperformed the S&P 500 Index’s ($SPX) 20.3% gains over the past 52 weeks, with shares up 55.4% during this period. Similarly, it outperformed the State Street Technology Select Sector SPDR ETF’s (XLK) 37.2% gains over the same time frame.

Fortinet’s outperformance was fueled by the FortiOS 8.0 launch, bringing AI-driven security, next-gen SASE, and quantum-safe protection. Automation via FortiAI is cutting response times, while demand is rising for sovereign SASE amid AI and geopolitical risks. Bundled SD-WAN and SASE offerings are driving upsells, and expanded inventory is supporting the positive outlook.

On May 6, FTNT reported its Q1 results, and its shares skyrocketed 20% in the following trading session. Its adjusted EPS of $0.82 topped Wall Street expectations of $0.61. The company’s revenue was $1.9 billion, topping Wall Street forecasts of $1.7 billion. Fortinet expects full-year adjusted EPS in the range of $3.10 to $3.16, and revenue ranging from $7.7 billion to $7.9 billion.

Analysts’ consensus opinion on FTNT stock is cautious, with a “Hold” rating overall. Out of 43 analysts covering the stock, 10 advise a “Strong Buy” rating, 29 give a “Hold,” one advocates a “Moderate Sell,” and three recommend a “Strong Sell.” While FTNT currently trades above its mean price target of $117.69, the Street-high price target of $215 suggests an upside potential of 33.7%.