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Fortinet’s $2.09 Billion Billings Quarter — Can AI Security Keep Driving Growth?

Fortinet demonstrated robust financial performance in the first quarter of 2026, surpassing guidance across various key metrics including billings, total revenue, operating margins, and earnings per share. Billings grew 31% year-over-year to $2.09 billion, driven by strong demand across secure networking, Unified SASE, and AI-driven security operations. Total revenue increased 20% to $1.85 billion, with product revenue notably expanding 41%, reflecting customer shifts toward higher-performance offerings particularly relevant to AI infrastructure deployments. Service revenue grew 11%, supported by a 27% acceleration in service billings and a 15% increase in deferred revenue, signaling solid future service revenue trajectories. Fortinet’s secure networking billing growth of 32% was bolstered by demand for FortiGate products and a significant 70% increase in operational technology (OT) security billings, attributed to heightened threat awareness in critical infrastructure sectors. Unified SASE showed 31% billing growth, underpinned by increased adoption of SD-WAN and FortiSASE solutions.