Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation July 29, 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: Q2’26 Key Financial Highlights
Q2’26 Key Financial Highlights 33% 26% 52% Y/Y Billings Y/Y Total Revenue Y/Y Product Revenue Growth Growth Growth 56% 38% 68% 49% XX% Operational Technology Operating Margin Adjusted Free Cash Y/Y Billings Growth FortiSASE Billings (Non-GAAP) Unified FlowSASE MarginBillings Growth Growth © Fortinet
Slide 4: SASE Firewall: Convergence of Firewall and SASE
SASE Firewall: Convergence of Firewall and SASE SASE Firewall Secure Unified SASE AI-Driven Networking Unified networking and security Security Operations Convergence of security and providing consistent security, flexible deployment, and lower TCO The broadest and most integrated networking to prot
Slide 5: Outperforming the Market Across SASE Firewall and SecOps
Outperforming the Market Across SASE Firewall and SecOps SASE Unified SASE providing consistent security, flexible deployment, and lower AI-Driven The broadest and most integrated Firewall TCO to protect every edge and device SecOps security operations platform SASE Firewall AI-Driven SecOps Market
Slide 6: SASE Firewall | Large Opportunity for Accelerated Growth
SASE Firewall | Large Opportunity for Accelerated Growth Wired & Wireless $48B TAM 9% OT $25B TAM NGFW 17% $20B TAM 8% SecOps SSE SASE Firewall $167B TAM $18B TAM $148B TAM 10% 19% Sovereign 13% SASE AI Security 2026 2026 $172B TAM Quantum SD-WAN 61% 2027 2027 $11B TAM 17% 2028 2028 2029 2029 © Fort
Slide 7: Market Leader Across Major Security and Networking Categories
Market Leader Across Major Security Network Security SD-WAN SASE and Networking Categories Operational AI / Quantum Technology Worldwide Scale, Top-Tier Public Security at Scale Built to Last Proven at Scale #1 in Innovation Support Company GAAP 15,000+ $8.6B Profitable 900K+ 1,448 Employees NASDAQ
Slide 8: Fortinet AI-Native Security Fabric
Fortinet AI-Native Security Fabric Fortinet AI-Native Security Fabric Shadow AI LLM AI Agentic Autonomous Lockdown Security Factory Framework Threat Detection FortiOS FortiGate FortiDLP FortiAIGate FortiWeb FortiGate FortiWeb FortiDLP FortiManager FortiAnalyzer FortiDLP FortiData FortiMail FortiSand
Slide 9: FortiOS: Innovations in AI, SD-WAN, SASE, and OT
FortiOS: Innovations in AI, SD-WAN, SASE, and OT 26 years of innovation using one security OS. 30+ integrated functions in FortiOS 8.0, including visibility, security, and defense for shadow AI and AI threats. ARTIFICIAL INTELLIGENCE FortiAI-SecureAI FortiAI- FortiAI-Assist UNIFIED SASE SD-WAN Prote
Slide 10: Leading the Network Security Market with Innovations in FortiOS
Fortinet: Leading the Network Security Market with Innovations in FortiOS Growing faster than the network security market through The “Three I Advantage” – Innovation, Integration, and Improvement TOTAL ADDRESSABLE MARKET The Fortinet “Three I Advantage” INNOVATION INTEGRATION IMPROVEMENT $45B In-ho
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 19% 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 SASE and SD-WAN Solution
The Most Deployed and Most Validated Secure SASE and SD-WAN Solution Best Value and Easy Broadest Security to Adopt Solution Cloud Locations Single OS 3 Ways to Deploy ~200 Global locations Firewall | SD-WAN | SASE Cloud | On-prem | Sovereign Lower TCO Turnkey Deployment 3 Choices of Cloud ~5M owned
Slide 13: 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. 13
Slide 14: Protecting AI Infrastructure, Applications, Data, and Users
Protecting AI Infrastructure, Applications, Data, and Users FortiSASE, FortiEndpoint, FortiGuard, and FortiDLP Apps FortiAIGate and FortiWeb AI Models FortiGate, FortiGate VM and FortiCNAPP Infrastructure Fortinet ASIC: The only cybersecurity company with a custom ASIC - Strategic Partner with NVIDI
Slide 15: Broadest AI-Driven Security Operations
Broadest AI-Driven Security Operations Endpoint Security FortiAI Data Security FortiDLP FortiADC FortiSandbox Network Detection Exposure Management FortiNDR FortiWeb SOC Platform FortiMonitor FortiSOAR FortiSIEM FortiSASE FortiGate FortiAnalyzer Cloud Security Mail Security FortiCASB FortiMail Forti
Slide 16: 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 17: Q2’26 OT Security Billings Grew 56% Y/Y Driven by AI-Infrastructure
Q2’26 OT Security Billings Grew 56% Y/Y 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 devices
Slide 18: Strong Revenue Growth in the Second Quarter
Strong Revenue Growth in the Second Quarter Total Revenue Product Revenue Service Revenue Americas EMEA APAC Hardware Software +26% +52% +14% $773 $2,048 $1,275 $1,121 $1,630 $ in Millions $509 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 © Fortinet Inc. All Rights Reserved. 18
Slide 19: Strong Operating Margin & Free Cash Flow
Strong Operating Margin & Free Cash Flow Gross Margin Operating Margin Adj. Free Cash Flow Free Cash Flow Real Estate Investments 48.6% 81.6% 80.9% 38.0% Margin 33.1% $996 $ in Millions 26.3% Margin $428 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 © Fortinet Inc. All Rights Reserved. 19 Note: All numbers ar
Slide 20: ‘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% 55% 48% 48% 50% 47% 47% 43% 45% 43% 40% 2020 2021 2022 2023 2024 2025 2026E Revenue Growth GAAP Operating Margin Non-GAAP Operating Margin Fortinet defines the Rule of 45 as GAAP revenue Y/Y growth plus Non-GAA
Slide 21: 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 22: 33% GAAP Earnings Per Share CAGR Over the Last 5 Years
33% GAAP Earnings Per Share CAGR Over the Last 5 Years Strong Operational Focus, Disciplined Stock-Based Compensation and Margin Expansion Drives Higher Quality Earnings GAAP Earnings Per Share GAAP to Non-GAAP Earnings Ratio - 2025 88% 83% $2.42 34% $0.58 2020 2021 2022 2023 2024 2025 Fortinet Nasd
Slide 23: Q3’26 and Full Year 2026 Guidance (Non-GAAP)
Q3’26 and Full Year 2026 Guidance (Non-GAAP) (1) Q3'26E 2026E Billings (2) $2.250B – $2.350B $9.350B – $9.550B Y/Y Mid-Pt Growth 27% 25% Revenue (GAAP) $2.010B – $2.100B $8.020B – $8.180B Y/Y Mid-Pt Growth 19% 19% Service Revenue (GAAP) $5.180B – $5.220B Y/Y Mid-Pt Growth 14% Gross Margin (%) (3) 79
Slide 24: Additional Modeling Points
Additional Modeling Points Q3’26E 2026E Cash Paid for Income Taxes $100M - $130M $400M - $450M Infrastructure Investments $100M - $150M $350M - $550M Non-GAAP Tax Rate 18% 18% © Fortinet Inc. All Rights Reserved. 24
Slide 25: Appendix
Appendix
Slide 26: Historical Billings and ARR for Unified SASE and Security Operations
Historical Billings and ARR for Unified SASE and Security Operations ($ in millions) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 2024 2025 Annual Recurring Revenue (ARR) Unified SASE $968 $1,107 $1,151 $1,183 $1,186 $1,224 $1,278 $1,326 $1,405 Y/Y Growth 22% 32% 28% 26% 23% 11% 11% 12% 18%
Slide 27: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results ($ in millions, except per share amounts) Q2’25 Q2’26 Total revenue $1,630.0 $2,047.9 Add: Change in deferred revenue 149.2 324.2 Less: Deferred revenue balance acquired in business acquisitions (0.8) - Total billings $1,778.4 $2,372.1 GAAP Cash Flow from O
Slide 28: Reconciliation of GAAP to Non-GAAP Results (Continued)
Reconciliation of GAAP to Non-GAAP Results (Continued) ($ in millions) 2020 2021 2022 2023 2024 2025 GAAP operating income $531.8 $650.4 $969.6 $1,241.1 $1,803.4 $2,084.7 GAAP operating Margin 20.5% 19.5% 21.9% 23.4% 30.3% 30.7% Stock-based compensation 193.8 211.2 219.8 251.6 260.2 282.1 Amortizati