Fortinet (FTNT) Q3 2026 earnings — TrendMatrix coverage
Reported
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Full disclosure · Editorial policy
Key numbers
- Adjusted EPS
- $0.91
- Estimate
- $0.86
- Surprise
- +6.0%
- Score at report (before → after)
- 5.8 → 6.0/10
Revenue for this quarter isn’t shown: the reported figure hasn’t cleared TrendMatrix’s freshness and sanity checks yet, and consensus revenue isn’t tracked. EPS above is the available figure.
How the report landed
Fortinet (FTNT) beat the $0.86 estimate with adjusted EPS of $0.91 — a clear 6.0% upside surprise. TrendMatrix's engine moved from Buy (Wait) (5.8/10) to Hold at 6.0/10 after the report.
Coverage in the report window
- Why Is Fortinet Stock Falling Thursday? — benzinga, 2026-10-29
Where TrendMatrix's rating stands now
TrendMatrix currently rates FTNT Hold at 6.0/10.
4 of the last 4 quarters beat the estimate; this quarter's +6.0% surprise compares with a +17.0% four-quarter average.
What supports the rating
- V7 flight-to-quality bonus: +0.5 (Q=8.8 in RISK_OFF)
- Strong earnings beat streak (4/4)
What argues against it
- Concentration risk — Geographic: Taiwan hardware manufacturing (87.0%)
- Concentration risk — Supplier: limited or sole sources of supply
- Analyst target reached - limited upside remaining
This section and the ones below it reflect TrendMatrix’s latest engine read — they update after the report date and are not frozen to it.
The levels TrendMatrix's engine tracks
- Current price
- $174.08
- Stop
- $161.89
The stock trades at 56.9× trailing but 45.9× forward earnings — consensus estimates already build in a substantial earnings recovery.
Risk check: trading volume is running 2.8× its average — elevated turnover around the report window.
Model outputs from TrendMatrix’s engine as of 2026-10-29 — shown for context, not personalized investment advice.
FTNT at TrendMatrix's latest read
Technology names get repriced on forward expectations more than trailing prints — a quarter here is read through next-year growth and multiple, not the EPS line alone.
- Industry
- Software - Infrastructure
- Market cap
- $127.72B
- P/E (fwd)
- 45.9
- P/E (ttm)
- 56.9
- 52-week range
- $73.55–$197.13
- Off 52-week high
- 11.7%
- RSI (14)
- 38
- Volume vs avg
- 2.77×
- Score today
- 6.0/10