Fortinet Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,955	1,853	1,745	1,148	856.6	606.7
Depreciation & Amortization	508.5	488.3	416.5	379.7	327.6	260.3
Stock-Based Compensation	285.9	279.5	257.9	249	217.3	207.9
Other Adjustments	-90.3	-86.4	-140.9	32.9	96.1	22.4
Change in Receivables	-314.6	-215.9	-45.4	-146.4	-456.7	-72.5
Changes in Inventories	-32.9	-90.6	131.2	-253.5	-109.1	-19.4
Changes in Accounts Payable	-22.7	27.9	-10.2	-43.1	105.2	-13.1
Changes in Accrued Expenses	4.7	68.3	-106.7	160.8	80.2	93.9
Changes in Unearned Revenue	932.9	754.2	577.8	1,095	1,178	839.4
Changes in Other Operating Activities	-421.6	-488.1	-567.3	-687	-564.1	-425.9
Operating Cash Flow	2,804	2,591	2,258	1,936	1,731	1,500
Operating Cash Flow Growth	22.41%	14.72%	16.67%	11.84%	15.40%	38.39%
Capital Expenditures	-368.9	-364.8	-378.9	-204.1	-281.2	-295.9
Purchases of Investments	-1,844	-1,996	-1,965	-1,864	-389.1	-2,511
Proceeds from Sale of Investments	1,749	1,803	1,892	1,419	1,465	1,556
Payments for Business Acquisitions	-30.4	-41.6	-275.5	-	-30.8	-74.9
Other Investing Activities	-0.1	0.1	0.1	0.3	-	0.4
Investing Cash Flow	-494	-599.1	-727.4	-649.3	763.9	-1,325
Long-Term Debt Issued	-	-	-	-	-	989.4
Long-Term Debt Repaid	-500	-	-	-	-	-19.5
Net Long-Term Debt Issued (Repaid)	-500	-	-	-	-	969.9
Issuance of Common Stock	42.1	44.7	63.1	43.8	26.1	26
Repurchase of Common Stock	-3,113	-2,290	-0.6	-1,501	-1,991	-741.8
Net Common Stock Issued (Repurchased)	-3,071	-2,245	62.5	-1,457	-1,965	-715.8
Other Financing Activities	-111	-126.4	-112.6	-113.7	-165.2	-171.3
Financing Cash Flow	-3,682	-2,372	-50.1	-1,570	-2,130	82.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1.5	-0.6	-2.6	-0.8	-0.4	-0.1
Net Cash Flow	-1,373	-380.6	1,478	-285	363.8	257.3
Free Cash Flow	2,436	2,226	1,879	1,731	1,449	1,204
Free Cash Flow Growth	9.42%	18.44%	8.54%	19.46%	20.40%	25.68%
FCF Margin	34.26%	32.73%	31.55%	32.64%	32.81%	36.02%
Free Cash Flow Per Share	3.22	2.91	2.43	2.20	1.80	1.44
Levered Free Cash Flow	2,055	2,249	1,808	1,596	1,593	2,016
Unlevered Free Cash Flow	2,386	2,079	1,617	1,555	1,674	1,075

SEC Filings: 10-K · 10-Q