Fortinet (FTNT) Gains More than 70% in May, Here’s What Took the Stock Higher

Fortinet, Inc. (NASDAQ:FTNT) has gained more than 70% during the last month. Most of the gains came after the company posted strong results during fiscal Q1 2026 earnings, which were released on May 6. The stock is also among our Best Performing Stocks in May.

​During the quarter, Fortinet, Inc. (NASDAQ:FTNT) posted $1.85 billion in revenue, reflecting a 20% year-over-year increase and ahead of Wall Street’s guidance of $1.73 billion. The EPS of $0.82 also came in ahead of the expectations of $0.62. Management attributed revenue growth to the Product revenue, which improved 41% year-over-year, reflecting strong hardware demand alongside its software business.

​Profitability was equally solid as GAAP earnings per share grew 29% to $0.72, while non-GAAP EPS climbed 41% to $0.82. The company also generated record operating and free cash flow of $1.08 billion and $1.01 billion, respectively. Notably, the billings surged 31% to $2.09 billion. CEO Ken Xie attributed the results to broad-based demand and Fortinet’s long-standing strategy of converging networking and security. He also highlighted how an increasingly AI-driven threat environment is accelerating that demand.

​Looking ahead, the company has guided revenue of up to $1.93 billion and billings up to $2.19 billion, suggesting continued momentum heading into the rest of the year.

​Fortinet, Inc. (NASDAQ:FTNT) is engaged in offering cybersecurity and the convergence of networking and security solutions.

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