NASDAQ$FTNT
Fortinet Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Announced financial results, demonstrating strong revenue and billings growth driven by large enterprise transactions and vendor consolidation.
Fortinet reported strong Q2 2022 financial results, with revenue reaching $1.03 billion, a 29% year-over-year increase. Billings grew by 36% year-over-year to $1.30 billion, driven by an over 50% increase in transactions larger than one million dollars. The company's market share gains are attributed to the convergence of networking and security, and an accelerating focus on vendor consolidation.
- Total revenue increased by 29% year-over-year to $1.03 billion.
- Product revenue grew by 34% year-over-year to $400.7 million.
- Total billings increased by 36% year-over-year to $1.30 billion.
- GAAP operating margin was 19.0%.
Headline financials
Revenue & EPS history
Fortinet · Revenue · Quarterly
$1.03B
Revenue by segment
Fortinet · $401M total across 1 segment · Q2 2022
- Product Revenue$401M+34.3%100.0%
Forward guidance
For the third quarter of 2022, Fortinet expects revenue in the range of $1.105 billion to $1.135 billion and billings in the range of $1.385 billion to $1.415 billion.
Tailwinds
- Revenue in the range of $1.105 billion to $1.135 billion
- Billings in the range of $1.385 billion to $1.415 billion
- Non-GAAP gross margin in the range of 75.0% to 76.0%
- Non-GAAP operating margin in the range of 25.0% to 26.0%
- Diluted non-GAAP net income per share in the range of $0.26 to $0.28, assuming a non-GAAP effective tax rate of 17%.
Headwinds
- General economic risks, including those caused by the COVID-19 pandemic, the war in Ukraine, economic challenges, fears of a recession, and any actual recession, and the effects of increased inflation in certain geographies
- Significantly heightened supply chain challenges due to the current global environment
- Negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns, component supply and ability to manufacture products to meet demand in a timely fashion, and costs such as possible increased costs for shipping and components
- Global economic conditions, country-specific economic conditions, and foreign currency risks
- Competitiveness in the security market
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 Q2 2022
+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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