What Just Happened To Fortinet Stock?

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Fortinet (FTNT) stock fell 5.9% on Wednesday, October 28, 2026, while the S&P 500 gained 0.3%. According to news reports, the company released its third-quarter results after the closing bell that day, meaning the drop occurred before the numbers were out. What did those results show, and how did the shares respond?

Fortinet Beat Estimates On Earnings And Revenue

Adjusted earnings per share were $0.91, beating analysts’ estimate of $0.86. Revenue reached $2,078.4 million, finishing just above the $2,063.7 million estimate.

Revenue grew 20% from a year earlier. Product revenue led the way, up 37%, while service revenue grew 13%. Management said service revenue faced some headwinds from new large customers whose services are switched on in stages.

Billings, the amounts Fortinet invoiced, grew 29%. Management raised its 2026 guidance for billings and revenue. For the fourth quarter, management expects revenue growth of 15% at the midpoint of its range. News reports said the shares fell again after the release, linking that fall to a sharp slowdown in growth in one of Fortinet’s business segments. One report said the shares fell 26% in premarket trading on October 29.

Did Similar Companies Fall As Much As Fortinet?

No. Every company on Fortinet’s peer list fell that session, but each declined by less than 2%. Palo Alto Networks was down 1.8%, and CrowdStrike was down 0.5%. Technology stocks as a group rose, with XLK, the sector fund for information technology, up 0.8%. While Fortinet fell along with its peers, its drop was more than three times Palo Alto’s, the largest of theirs, so most of the move was Fortinet’s own.

Where Does Fortinet Stock Stand Now?

A fall this large is uncommon for Fortinet. The stock fell this much on two other sessions in the prior 365 days, most recently with a 7.0% drop on October 16.

The drop also came after a long climb. Fortinet stock returned 104.1% over the 12 months to October 28, compared with 14.0% for the S&P 500. Nearly all of that gain arrived in the last six months, with a return of 102.2% from April 29. Over the year, the shares rose from a closing low of $75.23 on February 24 to a closing high of $194.75 on October 9. The October 28 close left them about 11% below that high.

Fortinet’s next report, for the fourth quarter, is expected in February 2027. Service revenue growth is the measure to watch in that release.

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