For Q1 2026, analysts expect Fortinet to report consensus revenue of $1.73 billion and adjusted EPS of $0.61, as the stock trades around $86.29 against an average analyst price target of $88.13.
Investors are primarily focused on the growth trajectory of Unified SASE billings, which recently saw a 40% year-over-year surge and now accounts for over 27% of total company billings.
Market participants are looking for signs that proprietary ASIC technology and the newly released FortiOS 8.0 can sustain mid-teens billings growth as hardware refresh cycles stabilize. Despite near-term operating margin pressure from seasonal expenses, the company remains committed to its 'Rule of 45' efficiency target.