Fortinet Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,874	1,745	1,148	857.3	606.8	488.5
Depreciation & Amortization	147.7	122.8	113.4	104.3	84.4	68.8
Other Amortization	321.4	293.7	266.3	223.3	175.9	137.4
Loss (Gain) From Sale of Investments	-38.8	-48.8	-27.7	4.4	6.9	1.3
Loss (Gain) on Equity Investments	29.4	29.4	42.1	68.1	7.6	-
Stock-Based Compensation	272.8	257.9	249	217.3	207.9	191.7
Other Operating Activities	-88.9	-121.5	18.5	22.9	7.8	6
Change in Accounts Receivable	-113.2	-45.4	-146.4	-456.7	-72.5	-176.4
Change in Inventory	-82.8	131.2	-253.5	-109.1	-19.4	-42.2
Change in Accounts Payable	33.3	-10.2	-43.1	105.2	-13.1	37.4
Change in Unearned Revenue	631.5	577.8	1,095	1,178	839.4	495.6
Change in Other Net Operating Assets	-516.1	-450.8	-224.3	-257.5	-238	-113.9
Operating Cash Flow	2,448	2,258	1,936	1,731	1,500	1,084
Operating Cash Flow Growth	24.13%	16.67%	11.84%	15.40%	38.39%	34.12%
Capital Expenditures	-419.6	-378.9	-204.1	-281.2	-295.9	-125.9
Cash Acquisitions	-70.1	-275.5	-	-30.8	-74.9	-40.2
Investment in Securities	-143.1	-73.1	-445.5	1,076	-954.7	92
Other Investing Activities	0.1	0.1	0.3	-	0.4	1.3
Investing Cash Flow	-632.7	-727.4	-649.3	763.9	-1,325	-72.8
Long-Term Debt Issued	-	-	-	-	989.4	-
Long-Term Debt Repaid	-	-	-	-	-19.5	-4.1
Net Debt Issued (Repaid)	-	-	-	-	969.9	-4.1
Issuance of Common Stock	61	63.1	43.8	26.1	26	22.1
Repurchase of Common Stock	-2,358	-101.5	-1,613	-2,152	-909.7	-1,188
Other Financing Activities	-11	-11.7	-1.2	-4.8	-3.4	-1.3
Financing Cash Flow	-2,308	-50.1	-1,570	-2,130	82.8	-1,172
Foreign Exchange Rate Adjustments	-1.3	-2.6	-0.8	-0.4	-0.1	-
Net Cash Flow	-493.6	1,478	-285	363.8	257.3	-160.7
Free Cash Flow	2,028	1,879	1,731	1,449	1,204	957.8
Free Cash Flow Growth	21.90%	8.54%	19.46%	20.40%	25.68%	33.81%
Free Cash Flow Margin	30.95%	31.55%	32.64%	32.81%	36.02%	36.92%
Free Cash Flow Per Share	2.63	2.44	2.20	1.80	1.44	1.14
Cash Income Tax Paid	489.8	578.9	426.3	260.2	127.4	39.7
Levered Free Cash Flow	1,709	1,835	1,439	1,061	905.51	751.75
Unlevered Free Cash Flow	1,722	1,847	1,452	1,072	914.83	751.75
Change in Working Capital	-69.2	-20.6	126.1	233	402.4	190

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.