Fortinet, Inc. (FTNT) earnings on July 29, 2026

FTNT price around the earnings

154.25

Change: +0.7%

Start of the measured window End of the measured window

151.70 159.17 166.63 174.10 153.22

July 29, 2026 July 30, 2026

Price: green if it ends above the starting price; red if it ends below
Start of the measured window
End of the measured window
Market open
No trading (market closed)
Starting price

Price series around the event

Prior thesis

Prior outlook: Pessimistic Outcome: Missed

Thesis published: 2026-07-29, 19:59 UTC
Results released: 2026-07-29, 20:06 UTC

100% earnings beat history with +16.7% avg surprise contrasts with hold rating, -10.8% analyst downside, and sharp recent selloff.

Context analyzed before publication

Trend: Sharp deterioration from +31.1 to -31.4 in two days; negative trend strength overwhelms historical earnings edge.

Analysts

Evidence

Analyst consensus: Hold
Consensus average (1-5): 2.7
Analysts covering the stock: 37
Average price target: 135.57
Lowest price target: 86
Highest price target: 215
Upside to price target: -10.8%
Quarterly earnings growth: 23.3%
Revenue growth: 20.1%
Forward EPS: 3.43
Trailing EPS: 2.58
Analyst moves in the last 60 days: 10

Strong buy: 1
Buy: 10
Hold: 28
Sell: 3
Strong sell: 2

Strong buy: 1
Buy: 10
Hold: 28
Sell: 3
Strong sell: 2

July 28, 2026 · Evercore ISI Group: Maintains rating (In-Line → In-Line)
July 23, 2026 · Cantor Fitzgerald: Maintains rating (Neutral → Neutral)
July 22, 2026 · Citigroup: Maintains rating (Neutral → Neutral)
July 21, 2026 · Truist Securities: Maintains rating (Buy → Buy)
July 21, 2026 · Morgan Stanley: Upgrades rating (Underweight → Equal-Weight)
July 20, 2026 · Wells Fargo: Maintains rating (Underweight → Underweight)
July 15, 2026 · Mizuho: Maintains rating (Underperform → Underperform)
July 13, 2026 · TD Cowen: Maintains rating (Buy → Buy)
July 13, 2026 · Barclays: Maintains rating (Equal-Weight → Equal-Weight)
July 10, 2026 · BTIG: Maintains rating (Buy → Buy)

News and sentiment

Evidence

Sentiment

Sentiment: Constructive
Mention volume: Low
Normalized volume: 33%

News

Sources (5)

Evercore ISI Group Maintains In-Line on Fortinet, Raises Price Target to $150 (opens in a new tab) — Benzinga
Cantor Fitzgerald Maintains Neutral on Fortinet, Raises Price Target to $165 (opens in a new tab) — Benzinga
Citigroup Maintains Neutral on Fortinet, Raises Price Target to $165 (opens in a new tab) — Benzinga
Truist Securities Maintains Buy on Fortinet, Raises Price Target to $183 (opens in a new tab) — Benzinga
This Fortinet Analyst Is No Longer Bearish; Here Are Top 4 Upgrades For Tuesday (opens in a new tab) — Benzinga

Technicals

Evidence

Price when the context was analyzed: 149.9
Average true range (ATR): 3.7%
Distance to 52-week high: -8.9%
14-day change (14d): -10.2%
30-day change (32d): -0.9%
30-day relative strength: +3.4%
QQQ change (32d): -4.3%
Nearest support: 148.89
Distance to nearest support: 0.7%
Nearest resistance: 150.69
Distance to nearest resistance: 0.5%
Volume accumulation ratio (14d / 46d): 0.69

Minor: 148.89 (0.7% away, 0.18 ATR, 8 touches)
Mid: 146.18 (2.5% away, 0.68 ATR, 10 touches)
Mid: 144.5 (3.6% away, 0.99 ATR, 20 touches)

Minor: 150.69 (0.5% away, 0.15 ATR, 9 touches)
Mid: 152.83 (2% away, 0.54 ATR, 19 touches)
Mid: 154.57 (3.1% away, 0.85 ATR, 25 touches)

Trends

Evidence

Average earnings surprise: +16.7%

May 6, 2026: actual EPS 0.82 vs estimate 0.62 (surprise +32.6%)
February 5, 2026: actual EPS 0.81 vs estimate 0.74 (surprise +8.9%)
November 5, 2025: actual EPS 0.74 vs estimate 0.63 (surprise +16.9%)
August 6, 2025: actual EPS 0.64 vs estimate 0.59 (surprise +8.3%)

Expected move

Implied move: +12.0%
Source: Options chain

Reactions over its last 20 earnings

Median move: 9.1%
75th percentile move: 14.3%
90th percentile move: 22.3%
Up / down moves: 10 / 10
Average up move: +9.0%
Average down move: -11.5%

Monitoring and close

What Fortinet, Inc. reported

Status: Finished

Actual EPS	0.9
EPS estimate	0.75
EPS surprise	+20.0%
Revenue	$2,048 million
Revenue estimate	$1,889 million
Revenue surprise	+8.4%

Fortinet beats Q2 estimates, driven by AI and security demand. Citigroup maintains Neutral, raises price target to $185.

Sources (36)

Citigroup Maintains Neutral on Fortinet, Raises Price Target to $185 (opens in a new tab) — Benzinga
Piper Sandler Maintains Neutral on Fortinet, Raises Price Target to $175 (opens in a new tab) — Benzinga
RBC Capital Maintains Sector Perform on Fortinet, Raises Price Target to $185 (opens in a new tab) — Benzinga
Morgan Stanley Maintains Equal-Weight on Fortinet, Raises Price Target to $136 (opens in a new tab) — Benzinga
Stifel Maintains Hold on Fortinet, Raises Price Target to $175 (opens in a new tab) — Benzinga
Why Is Fortinet Stock Climbing on Thursday? (opens in a new tab) — Benzinga
Wells Fargo Maintains Underweight on Fortinet, Raises Price Target to $135 (opens in a new tab) — Benzinga
Evercore ISI Group Maintains In-Line on Fortinet, Raises Price Target to $165 (opens in a new tab) — Benzinga
Stock Market Today: Dow, Nasdaq Rebound Sharply; Fortinet Up, Meta Slammed After Earnings (Live Coverage) (opens in a new tab) — Investor's Business Daily
FTNT Q2 Earnings Call Highlights SASE Firewall Growth (opens in a new tab) — Zacks
Fortinet Q2 Earnings & Revenues Beat Estimates, Increase Y/Y (opens in a new tab) — Zacks
Cantor Fitzgerald Maintains Neutral on Fortinet, Raises Price Target to $185 (opens in a new tab) — Benzinga
Fortinet Stock Jumps 10% as Product Revenue Grows 52% (opens in a new tab) — GuruFocus.com
Move Over Memory, Fortinet Earnings Show Cybersecurity Stocks Are Red-Hot AI Plays (opens in a new tab) — Barrons.com
Rosenblatt Maintains Buy on Fortinet, Raises Price Target to $195 (opens in a new tab) — Benzinga
These Analysts Boost Their Forecasts On Fortinet Following Upbeat Q2 Earnings (opens in a new tab) — Benzinga
Barclays Maintains Equal-Weight on Fortinet, Raises Price Target to $190 (opens in a new tab) — Benzinga
BTIG Maintains Buy on Fortinet, Raises Price Target to $203 (opens in a new tab) — Benzinga
Fortinet (NASDAQ:FTNT) Emerges as a Top Growth Leader with Strong CAN SLIM Momentum (opens in a new tab) — ChartMill
Fortinet (FTNT) Raises Revenue Outlook After Strong Q2 And New AI Product Push (opens in a new tab) — Simply Wall St.
Fortinet (FTNT) Stock Seems Stretched Following Its 152% Five Year Run (opens in a new tab) — Simply Wall St.
Dow Jones Futures Rise; Microsoft, Meta Lead Big Earnings After Market Tumbles, Oil Prices Soar (opens in a new tab) — Investor's Business Daily
Fortinet Q2 Earnings Call Highlights (opens in a new tab) — MarketBeat
Fortinet, Inc. (FTNT) Q2 2026 Earnings Call Transcript (opens in a new tab) — SeekingAlpha
Dow Jones Futures: Stock Market Tumbles, Oil Prices Soar On Trump's Iran Threats; Microsoft, Meta, Fortinet Earnings Late (opens in a new tab) — Investor's Business Daily
Fortinet (FTNT) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates (opens in a new tab) — Zacks
Fortinet lifts annual revenue forecast on strong cybersecurity demand (opens in a new tab) — Reuters
Fortinet (FTNT) Surpasses Q2 Earnings and Revenue Estimates (opens in a new tab) — Zacks
Fortinet Earnings, Revenue, Billings Top Views. Cybersecurity Stock Pops. (opens in a new tab) — Investor's Business Daily
Fortinet (NASDAQ:FTNT) Surges After Q2 Earnings Beat, Raises Full-Year Guidance (opens in a new tab) — ChartMill
Fortinet Stock Soars on Q2 Results, Guidance: What Investors Need to Know (opens in a new tab) — Benzinga
Fortinet Raises FY2026 Adj EPS Guidance from $3.10-$3.16 to $3.41-$3.47 vs $3.16 Est; Raises FY2026 Sales Guidance from $7.710B-$7.870B to $8.020B-$8.180B vs $7.812B Est (opens in a new tab) — Benzinga
Fortinet Sees Q3 Adj EPS $0.83-$0.87 vs $0.76 Est; Sees Sales $2.010B-$2.100B vs $1.951B Est (opens in a new tab) — Benzinga
Fortinet reported adjusted earnings of $0.90 per share, beating the $0.75 estimate, and revenue of $2.048B, above the $1.889B forecast. — Benzinga
Fortinet Q2 Adj. EPS $0.90 Beats $0.75 Estimate, Sales $2.048B Beat $1.889B Estimate (opens in a new tab) — Benzinga
Fortinet Reports Strong Second Quarter 2026 Financial Results (opens in a new tab) — Yahoo

Pre-market second reading after the results

Verdict: Beat expectations

Heading into the open, results beat expectations on both earnings and revenue and the price is indicating +11.0% pre-market, a move in line with the stock's usual reaction (about 9%). The figures overturn the prior pessimistic scenario. Across our market history, in the 1,421 similar cases the close held that direction 96% of the time.

How the stock reacted

Outcome: Missed
Consolidated: +0.7%
Max favorable move (MFE): 0.7%
Max adverse move (MAE): 14.2%