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FTNT Profit Margin

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In Q1'26, Fortinet's (FTNT) Gross Margin stood at 80.3%, Operating Margin at 31.4%, and Net Profit Margin at 28.9%, reflecting a slight uptick in net profitability from the prior quarter's 26.6% while gross and operating margins experienced minor contractions from their Q3'25 peaks. Over the period from Q2'23 to Q1'26, the chart reveals an overall upward trend in profitability metrics, with Gross Margin rising from 77.1% to a high of 82.5% in Q3'24 before stabilizing around 80-81%; Operating Margin improved from 21.6% to 34.6% by Q4'24, then fluctuated between 28-33% amid operational efficiencies; and Net Profit Margin surged from 20.6% to a peak of 35.8% in Q3'24, followed by volatility but ending with a 2.3 percentage point gain quarter-over-quarter, underscoring resilient cost management in a competitive cybersecurity landscape. This analysis highlights key inflection points, such as the post-Q1'24 acceleration in margins, driven by revenue growth and expense controls, positioning FTNT for sustained financial health.