---
schema_version: "secwatch.filing_event.v1"
accession: "0001262039-23-000013"
form_type: "8-K"
ticker: "FTNT"
cik: "0001262039"
company_name: "Fortinet, Inc."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T20:47:41.778518+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Fortinet Q1 rev $1.26B (+32% YoY), non-GAAP EPS $0.34; board adds $1B to buyback, FY23 guidance raised

## Summary
- Revenue $1.26B (+32% YoY); product rev $500.7M (+35%), service rev $761.6M (+30%).
- GAAP net income $247.7M, diluted EPS $0.31; non-GAAP net income $269.7M, diluted EPS $0.34.
- Billings $1.50B (+30% YoY); deferred revenue $4.88B (+33%).
- Board authorized $1.0B increase in share repurchase program; $1.53B remaining as of May 4.
- Q2'23 guidance: rev $1.28B-$1.32B, non-GAAP EPS $0.33-$0.35; FY23: rev $5.425B-$5.485B, non-GAAP EPS $1.44-$1.48.

## SEC filing metadata
- accession: 0001262039-23-000013
- form_type: 8-K
- ticker: FTNT
- cik: 0001262039
- company_name: Fortinet, Inc.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000013/0001262039-23-000013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000013/ftnt-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001262039-23-000013
- JSON: https://secwatch.observer/filing/0001262039-23-000013.json
- Plain text: https://secwatch.observer/filing/0001262039-23-000013.txt

## Key facts
- Earnings Releases
  Fortinet, Inc. reported first quarter ended March 31, 2023 results: revenue $1.26 billion, net income $247.7 million, EPS $0.31. Guidance initiated.
  - Period: first quarter ended March 31, 2023
  - Revenue: $1.26 billion
  - Net income: $247.7 million
  - EPS: $0.31
  - Guidance: initiated
  - Result: reported results
  source text: Results First Quarter 2023 Highlights • Product revenue of $500.7 million, up 35% year over year • Service revenue of $761.6 million, up 30% year over year • Total revenue of $1.26 billion, up 32% year over year • Billings of $1.50 billion, up 30% year over year 1 • Deferred revenue of $4.88 billion, up 33% year over year • GAAP operating income of $273.5 million,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262039/000126203923000013/0001262039-23-000013-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.