Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 6, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Information, statements and projections contained in these presentation slides and the related conference call contain forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to futur
Slide 3: Q1'26 Key Financial Highlights
Q1’26 Key Financial Highlights 31% 20% 41% Y/Y Billings Y/Y Total Revenue Y/Y Product Revenue Growth Growth Growth 63% 36% 68% 58% XX% Y/Y Growth in Value Operating Margin Adjusted Free Cash of Deals >$1M FortiSASE Billings (Non-GAAP) Unified FlowSASE MarginBillings Growth Growth © Fortinet Inc. All
Slide 4: Outperforming the Market Across All Three Pillars
Outperforming the Market Across All Three Pillars Secure Unified AI-Driven Security Networking SASE Operations Firewall LAN WLAN SD-WAN SSE Cloud Security SOC Data Security CTEM Unified networking & security The broadest and most Converge security and providing consistent security, integrated securi
Slide 5: Market Leader Across Major Security and Networking Categories
Market Leader Across Major Security Network Security SD-WAN SASE and Networking Categories Operational SecOps Technology Worldwide Scale, Top-Tier Public Security at Scale Built to Last Proven at Scale #1 in Innovation Support Company GAAP 15,000+ $8.0B+ Profitable 900K+ 1,430 Employees NASDAQ 100 E
Slide 6: Strong Long-Term Secular Tailwinds and Fortinet Differentiation
Strong Long-Term Secular Tailwinds and Fortinet Differentiation Durable growth opportunities driven by a heightened threat environment, including increased cyberwarfare Expanding Attack Surfaces Consolidation / Integration / Convergence AI, OT, Edge Reducing Complexity Secure Unified AI-Driven Secur
Slide 7: AI is Accelerating the Convergence of Networking and Security
AI is Accelerating the Convergence of Networking and Security NETWORKING SECURITY Vendor Consolidation Better Integration SASE FIREWALL Router Firewall SSL SD-WAN FWaaS Better Security Posture Fortinet SingleOS Switch Wi-Fi Inline MPS IPS URL DLP Filtering Lower ASIC FortiGuard WAF TCO Anti- Attack
Slide 8: FortiGate 400G & 3500G Firewalls to Secure AI from the Data Center to the Edge
FortiGate 400G & 3500G Firewalls to Secure AI from the Data Center to the Edge Deliver ASIC-accelerated performance, flexible connectivity, and hardware-enforced integrity protections to eliminate tradeoffs between scale and security FortiGate-400G FortiGate-3500G Driving Growth and Platform Expansi
Slide 9: 25 Years of Innovation Using ONE Security OS
25 Years of Innovation Using ONE Security OS FortiOS 8.0 innovations in AI, SD-WAN, SASE, and OT ARTIFICIAL INTELLIGENCE FortiAI- UNIFIED SASE SecureAI FortiAI- SECURE SD-WAN Protect NETWORKING SSE DLP FortiAI- NGFW/UTM Assist IPS CASB FW/VPN APP Control SWG Antivirus Quantum FWaaS Sandbox Safe Wire
Slide 10: Fortinet Leading Network Security Market with Innovations in FortiOS
Fortinet Leading Network Security Market with Innovations in FortiOS Growing faster than the network security market through Three I's-Innovation, Integration, and Improvement TOTAL ADDRESSABLE MARKET Fortinet Advantages Innovation: In-house UTM/ NGFW, Sandbox, WAF, OT Security, SD-WAN, SASE, $45B Q
Slide 11: The Fortinet Journey: A Seamless Security Evolution
The Fortinet Journey: A Seamless Security Evolution FIREWALL >50% Market Global Firewall Units Shipped >70% Large Enterprise SD-WAN Penetration 18% Large Enterprise SASE Penetration 2000 2002 2005 2010 2015 2020 2022 2025 Stateful Firewall UTM, URL Filtering, IPS, NGFW, SSL, Sandbox SD-WAN, Mobile M
Slide 12: The Most Deployed and Most Validated Secure SD-WAN Solution
The Most Deployed and Most Validated Secure SD-WAN Solution More Secure Reduce Simplified and Reliable Cost Operations Only vendor to run NGFW Only vendor with ASIC to Only vendor to provide How Fortinet & SD-WAN integrated natively on Accelerate Secure SD-WAN centralized policy management Delivers
Slide 13: Fastest Growing SASE Leader at Scale
Fastest Growing SASE Leader at Scale Best Value & Easy to Broadest Security Adopt Solution ~200 global cloud locations Single OS across (1) 3 Ways to Deploy How Fortinet with 5M sqft facilities firewall, (2) SD-WAN, and Cloud | On-prem | Sovereign Delivers delivering the best security (3) SASE 3 Cho
Slide 14: New SD-WAN and SASE All-in-One Service Bundles
New SD-WAN and SASE All-in-One Service Bundles at Less Than 1/3 of the Individual Service Pricing Upsell bundle for existing FGT customers New FGT customer bundle Business Outcomes 35% of FGT pricing 50% of FGT pricing • Simplified Operations Consolidates 4 individual services into one Consolidates
Slide 15: Owned Global Cloud Delivers Control, Performance, & Cost Benefits
Owned Global Cloud Delivers Control, Performance, & Cost Benefits Total Infrastructure 5M+ sq ft Lower TCO 1/3 Cost savings for customers High Availability 99.999% FortiSASE SLA Target Scale ~200 global cloud locations. Flexibility to choose cloud provider. © Fortinet Inc. All Rights Reserved. 15
Slide 16: Protecting AI Infrastructure, Applications, Data, and Users
Protecting AI Infrastructure, Applications, Data, and Users FortiAI Protect and FortiGuard Services FortiSASE and FortiEndpoint Apps FortiAI Secure AI FortiAIGate AI Models FortiGate, FortiSwitch Infrastructure Fortinet ASIC – The only cybersecurity company with a custom ASIC - Strategic Partner wit
Slide 17: The Most Integrated – AI Powering 20+ Solutions, with 500+ Patents
The Most Integrated – AI Powering 20+ Solutions, with 500+ Patents* FortiAI-Assist FortiAI-Assist FortiAnalyzer FortiManager FortiSASE* FortiAIOps* FortiADC* FortiWeb* FortiNDR FortiMonitor FortiGate* FortiDLP* FortiCNAPP* FortiSIEM* FortiSOAR* FortiSandbox FortiCASB FortiMail LAN, SD-WAN Threat Aut
Slide 18: Broadest AI-Driven Security Operations
Broadest AI-Driven Security Operations Shrink the Respond at Maximize SOC attacker window machine speed productivity 86% 99% 5x Reduction in cyber Faster Response Improvement in output incidents FortiAI is embedded across the security fabric with 20+ products powering faster, smarter operations © Fo
Slide 19: Broadest AI-Driven Security Operations
Broadest AI-Driven Security Operations Delivers deep integrations for Built on owned infrastructure Improve productivity with faster response to deliver better value faster detection FortiAI Endpoint Data Security Security Network Exposure Detection Management SOC Platform (SIEM, SOAR) Cloud Mail Se
Slide 20: Leading the Market with Quantum-Safe Solutions Since 2021
Leading the Market with Quantum-Safe Solutions Since 2021 Protect Data Today Interoperable Transition Easily “Harvest now, decrypt later” Standards are in transition, but Fortinet expertise and solutions means that quantum strategy is Fortinet has NIST standardized to help you with your quantum impo
Slide 21: Q1'26 OT Security Billings Grew Over 70% Driven by AI-Infrastructure
Q1’26 OT Security Billings Grew Over 70% Driven by AI-Infrastructure Secure Industrial Deep OT True IT/OT Modernization Security Convergence Broadest OT Platform spanning Most OT signatures to protect Common FortiOS across IT and OT How Fortinet secure networking, zero trust, SOC unpatched OT device
Slide 22: Strong Revenue Growth in the First Quarter
Strong Revenue Growth in the First Quarter Total Revenue Product Revenue Service Revenue Americas EMEA APAC Hardware Software +20% +41% +11% $1,850 $1,205 $645 $1,081 $ in Millions $1,540 $459 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 © Fortinet Inc. All Rights Reserved. 22
Slide 23: Strong Operating Margin & Record Adj. Free Cash Flow
Strong Operating Margin & Record Adj. Free Cash Flow Gross Margin Operating Margin Adj. Free Cash Flow Free Cash Flow Real Estate Investments 57.6% 81.9% Margin 81.0% 35.8% 34.2% $1,065 54.5% Margin $839 $ in Millions Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 © Fortinet Inc. All Rights Reserved. 23 Note:
Slide 24: Product Revenue is a Leading Indicator of Future Service Revenue Growth
Product Revenue is a Leading Indicator of Future Service Revenue Growth Product and Service Revenue Y/Y Growth 50% 40% 30% 20% 10% 0% -10% Y/Y Product Revenue Growth Y/Y Service Revenue Growth © Fortinet Inc. All Rights Reserved. 24
Slide 25: Fortinet Gained Market Share During COVID Supply Chain Disruption
Fortinet Gained Market Share During COVID Supply Chain Disruption Product Revenue Y/Y Growth 60% 50% 40% 30% 20% 10% 0% -10% -20% -30% Fortinet Peer Group © Fortinet Inc. All Rights Reserved. 25 Peer Group consists of CSCO, PANW, and CHKP (dollar weighted).
Slide 26: 'Rule of 45' — Exceeded 6 Years in a Row
‘Rule of 45’ — Exceeded 6 Years in a Row GAAP Profitable Every Year Since IPO 60% 55% 54% 48% 48% 50% 49% 47% 47% 43% 45% 43% 40% 2020 2021 2022 2023 2024 2025 2026E Revenue Growth Non-GAAP Operating Margin GAAP Operating Margin © Fortinet Inc. All Rights Reserved. 26 Fortinet defines the Rule of 45
Slide 27: 33% GAAP Earnings Per Share CAGR Over the Last 5 Years
33% GAAP Earnings Per Share CAGR Over the Last 5 Years GAAP Earnings Per Share $2.42 $0.58 2020 2021 2022 2023 2024 2025 © Fortinet Inc. All Rights Reserved. 27
Slide 28: Returned ~$10 Billion to Shareholders via Share Repurchases Since 2009 IPO
Returned ~$10 Billion to Shareholders via Share Repurchases Since 2009 IPO Robust Share Buyback Program Cash Paid for Stock Repurchases $ In millions $2,290 ~$10B $0.8B $1,991 cash returned to buyback authorization $1,501 shareholders since IPO remaining $1,080 $973 $742 300M+ ~40% $446 $209 $111 $1
Slide 29: Disciplined Stock-Based Compensation and Margin Expansion Drives Higher Quality Earnings
Strong Operational Focus, Disciplined Stock-Based Compensation and Margin Expansion Drives Higher Quality Earnings GAAP to Non-GAAP Earnings Ratio - 2025 88% 83% 34% Fortinet Nasdaq 100 Peer Group Fortinet's higher GAAP to Non-GAAP earnings ratio versus Nasdaq 100 and peers reflects our ability to d
Slide 30: Q2'26 and Full Year 2026 Guidance (Non-GAAP)
Q2’26 and Full Year 2026 Guidance (Non-GAAP) (1) Q2'26E 2026E Billings (2) $2.090B – $2.190B $8.800B – $9.100B Y/Y Mid-Pt Growth 20% 18% Revenue (GAAP) $1.830B – $1.930B $7.710B – $7.870B Y/Y Mid-Pt Growth 15% 15% Service Revenue (GAAP) $5.090B – $5.150B Y/Y Mid-Pt Growth 12% Gross Margin (%) (3) 79
Slide 31: Additional Modeling Points
Additional Modeling Points Q2’26E 2026E Cash Paid for Income Taxes $160M - $180M $400M - $450M Infrastructure Investments $50M - $100M $350M - $550M Non-GAAP Tax Rate 18% 18% © Fortinet Inc. All Rights Reserved. 31
Slide 32: Appendix
Appendix
Slide 33: Historical Billings and ARR for Unified SASE and Security Operations
Historical Billings and ARR for Unified SASE and Security Operations ($ in millions) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 2023 2024 2025 Annual Recurring Revenue (ARR) Unified SASE $940 $968 $1,107 $1,151 $1,183 $1,186 $1,224 $1,278 $1,326 Y/Y Growth 27% 22% 32% 28% 26% 23% 11% 11%
Slide 34: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results ($ in millions) Q1’25 Q1’26 Total revenue $1,539.7 1,849.6 Add: Change in deferred revenue 57.5 235.7 Total billings $1,597.2 $ 2,085.3 GAAP Cash Flow from Operations $863.3 $ 1,077.1 Less: Purchases of Property and Equipment (66.5) (70.6) Less: Pro
Slide 35: Reconciliation of Non-GAAP Results to GAAP Results
Reconciliation of Non-GAAP Results to GAAP Results ($ in millions) Q1’25 Q1’26 GAAP net income per share, diluted $0.56 $0.72 Stock-based compensation 0.09 0.10 Amortization of acquired intangible assets 0.01 0.01 Gain on IP matters (0.01) — Gain on bargain purchase (0.05) — Tax adjustment (0.01) (0