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20:30
Jul 29 ◎

FTNT FY2026 Q2 Watch

Fortinet, Inc. (FTNT) FY2026 Q2 Earnings Call

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Ken Xie

Fortinet's long-standing ASIC partnership with Intel is highlighted as a key manufacturing advantage, reinforcing supply chain resilience.

"the partnership with Intel also very very significant because Intel probably the only manufacturer in the U.S. probably do all this kind of chip manufacture and we have great partnership"

INTC WATCH

Christiane Ohlgart

Management raised full-year guidance across all top-line metrics and margins, citing sustained demand, AI-driven upgrades, and operational efficiencies. The tone is confident and bullish on durable growth.

"This quarter's improved services revenue growth along with a strong outlook allows us to raise our service revenue guidance reflecting a positive trajectory in our service revenue growth rates."

FTNT WATCH

Ken Xie

Fortinet's OT billings grew over 55% and management claims to be the only network security vendor focused on OT security, while competitors have not yet entered the space – a white-space opportunity. — Suggests Fortinet is capturing a fast-growing, under-penetrated segment ahead of larger platform rivals, which could widen its lead in critical infrastructure security.

"It's different than whether Palo Alto Crosstrek. One is more endpoint side, the other probably a little bit everything with endpoint, with secure operation, with a lot of acquisition."

PANW WATCH CRWD WATCH

HIGH

20:30
May 06 ◎

FTNT FY2026 Q1 Watch

Fortinet, Inc. (FTNT) FY2026 Q1 Earnings Call

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Ken Zee

Management raised full-year guidance across all top-line metrics, citing durable AI-driven tailwinds, strong product revenue growth, and market share gains. The tone is confidently optimistic, with no signs of demand pull-forward or channel stuffing.

"We are very pleased with our excellent first quarter result, exceeding our guidance through strong execution and broader base demand."

FTNT WATCH

HIGH

21:30
Feb 05 ◎

FTNT FY2025 Q4 Watch

Fortinet, Inc. (FTNT) FY2025 Q4 Earnings Call

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Ken Zee

Fortinet's partnership with Nvidia to use Bluefield 3 DPUs for securing AI infrastructure suggests a deepening technical integration that could expand Nvidia's reach in security workloads.

"We also recently partnered with Nvidia to leverage their Bluefield 3 DPU to secure AI infrastructure."

NVDA WATCH

Ken Zee

Memory price increases are creating a cost headwind, but Fortinet is proactively raising prices on specific appliances by 5-20% and has roughly six months of inventory to buffer supply chain shocks. — Fortinet's ability to raise prices and buffer inventory in a memory shortage could allow it to gain market share at the expense of competitors with thinner supply chains and less pricing power.

"And also, we keep mentioning during the end of the day, we're maintaining a healthy margin supply. So we're adjusting some of the price based on our own margin."

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Ken Zee

The refresh cycle is shifting away from pure end-of-service (EOS) driven replacements to technology upgrades, with customers buying new features like SASE, OT security, and internal segmentation, which expands the attach rate per box. — This validates a durable product refresh cycle fueled by innovation rather than just a one-time upgrade, which could sustain Fortinet's growth and pressure competitors that lack an integrated hardware, software, and ASIC strategy.

"I feel customers definitely more interested in if you have a better function and also kind of they can see the future of a long-term advantage."

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Christiana Olgaard

Management's guidance for 2026 is confident, expecting to achieve the Rule of 45 for the seventh straight year. The growth is driven by strong momentum in Unified SASE, OT security, and new product cycles, despite some cost headwinds.

"For the full year, we expect to achieve the rule of 45 for the seventh consecutive year and expect billings in the range of 8.4 billion to 8.6 billion, which at the midpoint represents growth of 13%."

FTNT WATCH

HIGH

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