NASDAQ$FTNT
Fortinet Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported financial results for the first quarter ended March 31, 2024.
Fortinet reported a 7.2% increase in total revenue, reaching $1.35 billion for Q1 2024. Service revenue increased by 24.0% year over year, while product revenue decreased by 18.3%. The company's GAAP operating margin was 23.7%, and free cash flow was $608.5 million.
- Total revenue reached $1.35 billion, representing a 7% year-over-year increase.
- Service revenue grew by 24% year-over-year, amounting to $944 million.
- GAAP operating margin stood at 23.7%.
- Free cash flow was reported at $609 million.
Headline financials
Revenue & EPS history
Fortinet · Revenue · Quarterly
$1.35B
Revenue by segment
Fortinet · $466M total across 1 segment · Q3 2023
- Product Revenue$466M-0.6%100.0%
Forward guidance
For the second quarter of 2024, Fortinet expects revenue between $1.375 billion and $1.435 billion, billings between $1.490 billion and $1.550 billion, a non-GAAP gross margin between 76.50% and 77.50%, a non-GAAP operating margin between 25.75% and 26.75%, and diluted non-GAAP net income per share between $0.39 and $0.41.
Tailwinds
- Revenue in the range of $1.375 billion to $1.435 billion
- Billings in the range of $1.490 billion to $1.550 billion
- Non-GAAP gross margin in the range of 76.50% to 77.50%
- Non-GAAP operating margin in the range of 25.75% to 26.75%
- Diluted non-GAAP net income per share in the range of $0.39 to $0.41
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.6%
Avg return
Earnings day
+2.3%
Avg return
5 days after
+5.2%
Avg return
30 days after
55%
36 / 66 earnings
Positive
+26.3%
Q2 2024
Best reaction
-23.6%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.2% | +26.2% | +61.0% | |
| Q4 2025 | +4.9% | +11.3% | +6.0% | |
| Q3 2025 | +4.2% | -2.7% | +1.1% | |
| Q2 2025 | -1.2% | +5.4% | +4.7% | |
| Q1 2025 | -8.6% | -1.6% | -1.7% | |
| Q4 2024 | +2.8% | +2.8% | -3.3% | |
| Q3 2024 | +13.8% | +22.6% | +22.7% | |
| Q2 2024 | +26.3% | +25.8% | +36.8% | |
| Q1 2024 | -7.3% | -6.5% | -6.6% | |
| Q4 2023 | +6.0% | +6.6% | +10.6% | |
| Q3 2023 | -11.9% | -13.6% | -8.4% | |
| Q2 2023 | -23.6% | -21.2% | -18.1% | |
| Q1 2023 | +6.8% | +9.8% | +12.6% | |
| Q4 2022 | +14.7% | +14.7% | +15.3% | |
| Q3 2022 | -18.6% | -15.2% | -5.0% | |
| Q2 2022 | -12.9% | -11.7% | -19.5% | |
| Q1 2022 | -0.7% | -14.4% | +3.5% | |
| Q4 2021 | +1.4% | +1.6% | +8.3% | |
| Q3 2021 | +3.4% | +5.8% | -8.2% | |
| Q2 2021 | +0.2% | +9.6% | +16.3% | |
| Q1 2021 | +3.2% | +4.4% | +10.4% | |
| Q4 2020 | +3.0% | +6.0% | +11.0% | |
| Q3 2020 | -7.2% | -5.5% | +4.1% | |
| Q2 2020 | -6.5% | -9.7% | -16.0% | |
| Q1 2020 | +24.5% | +29.4% | +29.4% | |
| Q4 2019 | -2.3% | -2.1% | -16.9% | |
| Q3 2019 | +9.1% | +10.9% | +27.2% | |
| Q2 2019 | +7.2% | +2.2% | -1.4% | |
| Q1 2019 | -6.5% | -11.0% | -21.1% | |
| Q4 2018 | -3.2% | -0.3% | -1.6% | |
| Q3 2018 | -11.7% | -9.0% | -10.1% | |
| Q2 2018 | +17.2% | +17.0% | +33.1% | |
| Q1 2018 | -2.1% | +1.8% | +10.8% | |
| Q4 2017 | +3.6% | +3.6% | +16.8% | |
| Q3 2017 | -2.4% | -0.7% | +5.6% | |
| Q2 2017 | -5.7% | -9.3% | -8.7% | |
| Q1 2017 | -2.3% | -1.3% | -1.0% | |
| Q4 2016 | +13.9% | +14.1% | +9.6% | |
| Q3 2016 | +5.3% | +5.2% | +1.3% | |
| Q2 2016 | -5.3% | -7.2% | -2.6% | |
| Q1 2016 | +6.5% | — | — | |
| Q4 2015 | +8.9% | — | — | |
| Q3 2015 | -16.7% | — | — | |
| Q2 2015 | +9.1% | — | — | |
| Q1 2015 | +13.1% | — | — | |
| Q4 2014 | -10.0% | — | — | |
| Q3 2014 | +0.8% | — | — | |
| Q2 2014 | +6.8% | — | — | |
| Q1 2014 | +4.1% | — | — | |
| Q4 2013 | +0.7% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | +4.4% | — | — | |
| Q1 2013 | +0.0% | — | — | |
| Q4 2012 | +19.8% | — | — | |
| Q3 2012 | -18.6% | — | — | |
| Q2 2012 | +12.6% | — | — | |
| Q1 2011 | -1.6% | — | — | |
| Q1 2012 | +0.2% | — | — | |
| Q4 2011 | +0.7% | — | — | |
| Q4 2009 | +0.7% | — | — | |
| Q3 2010 | -4.2% | — | — | |
| Q3 2011 | -4.2% | — | — | |
| Q2 2010 | -7.1% | — | — | |
| Q4 2010 | -7.1% | — | — | |
| Q2 2011 | -7.1% | — | — | |
| Q1 2010 | -6.4% | — | — |
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