Fortinet Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,853	1,745	1,148	857.3	606.8
Depreciation & Amortization	152	122.8	113.4	104.3	84.4
Other Amortization	336.3	293.7	266.3	223.3	175.9
Loss (Gain) From Sale of Investments	-33.7	-48.8	-27.7	4.4	6.9
Loss (Gain) on Equity Investments	-	29.4	42.1	68.1	7.6
Stock-Based Compensation	279.5	257.9	249	217.3	207.9
Other Operating Activities	-52.7	-121.5	18.5	22.9	7.8
Change in Accounts Receivable	-215.9	-45.4	-146.4	-456.7	-72.5
Change in Inventory	-90.6	131.2	-253.5	-109.1	-19.4
Change in Accounts Payable	27.9	-10.2	-43.1	105.2	-13.1
Change in Unearned Revenue	754.2	577.8	1,095	1,178	839.4
Change in Other Net Operating Assets	-486	-450.8	-224.3	-257.5	-238
Operating Cash Flow	2,591	2,258	1,936	1,731	1,500
Operating Cash Flow Growth	14.72%	16.67%	11.84%	15.40%	38.39%
Capital Expenditures	-364.8	-378.9	-204.1	-281.2	-295.9
Cash Acquisitions	-41.6	-275.5	-	-30.8	-74.9
Investment in Securities	-192.8	-73.1	-445.5	1,076	-954.7
Other Investing Activities	0.1	0.1	0.3	-	0.4
Investing Cash Flow	-599.1	-727.4	-649.3	763.9	-1,325
Long-Term Debt Issued	-	-	-	-	989.4
Long-Term Debt Repaid	-	-	-	-	-19.5
Net Debt Issued (Repaid)	-	-	-	-	969.9
Issuance of Common Stock	44.7	63.1	43.8	26.1	26
Repurchase of Common Stock	-2,416	-101.5	-1,613	-2,152	-909.7
Other Financing Activities	-0.1	-11.7	-1.2	-4.8	-3.4
Financing Cash Flow	-2,372	-50.1	-1,570	-2,130	82.8
Foreign Exchange Rate Adjustments	-0.6	-2.6	-0.8	-0.4	-0.1
Net Cash Flow	-380.6	1,478	-285	363.8	257.3
Free Cash Flow	2,226	1,879	1,731	1,449	1,204
Free Cash Flow Growth	18.44%	8.54%	19.46%	20.40%	25.68%
Free Cash Flow Margin	32.73%	31.55%	32.64%	32.81%	36.02%
Free Cash Flow Per Share	2.91	2.44	2.20	1.80	1.44
Cash Income Tax Paid	-	578.9	426.3	260.2	127.4
Levered Free Cash Flow	1,783	1,835	1,439	1,061	905.51
Unlevered Free Cash Flow	1,796	1,847	1,452	1,072	914.83
Change in Working Capital	55.8	-20.6	126.1	233	402.4

Source: S&P Global Market Intelligence. Standard template. Financial Sources.