Fortinet, Inc. (FTNT)
NASDAQ: FTNT · Real-Time Price · USD
139.10
-34.98 (-20.09%)
At close: Oct 29, 2026, 4:00 PM EDT
137.46
-1.64 (-1.18%)
After-hours: Oct 29, 2026, 7:59 PM EDT
Fortinet Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 | 2,282 | 1,853 | 1,745 | 1,148 | 857.3 | 606.8 |
Depreciation & Amortization | 160.1 | 152 | 122.8 | 113.4 | 104.3 | 84.4 |
Other Amortization | 380.5 | 336.3 | 293.7 | 266.3 | 223.3 | 175.9 |
Loss (Gain) From Sale of Investments | -19.7 | -33.7 | -48.8 | -27.7 | 4.4 | 6.9 |
Loss (Gain) on Equity Investments | - | - | - | - | 68.1 | 7.6 |
Stock-Based Compensation | 304.4 | 279.5 | 257.9 | 249 | 217.3 | 207.9 |
Other Operating Activities | -41.3 | -52.7 | -92.1 | 60.6 | 22.9 | 7.8 |
Change in Accounts Receivable | -293.5 | -215.9 | -45.4 | -146.4 | -456.7 | -72.5 |
Change in Inventory | -190.2 | -90.6 | 131.2 | -253.5 | -109.1 | -19.4 |
Change in Accounts Payable | 218.8 | 27.9 | -10.2 | -43.1 | 105.2 | -13.1 |
Change in Unearned Revenue | 1,284 | 754.2 | 577.8 | 1,095 | 1,178 | 839.4 |
Change in Other Net Operating Assets | -459.8 | -486 | -450.8 | -224.3 | -257.5 | -238 |
Operating Cash Flow | 3,687 | 2,591 | 2,258 | 1,936 | 1,731 | 1,500 |
Operating Cash Flow Growth | 50.61% | 14.72% | 16.67% | 11.84% | 15.40% | 38.39% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Capital Expenditures | -255.6 | -364.8 | -378.9 | -204.1 | -281.2 | -295.9 |
Cash Acquisitions | -9.8 | -41.6 | -275.5 | - | -30.8 | -74.9 |
Investment in Securities | -91.7 | -192.8 | -73.1 | -445.5 | 1,076 | -954.7 |
Other Investing Activities | 8.4 | 0.1 | 0.1 | 0.3 | - | 0.4 |
Investing Cash Flow | -348.7 | -599.1 | -727.4 | -649.3 | 763.9 | -1,325 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Long-Term Debt Issued | - | - | - | - | - | 989.4 |
Long-Term Debt Repaid | - | - | - | - | - | -19.5 |
Net Debt Issued (Repaid) | -500 | - | - | - | - | 969.9 |
Issuance of Common Stock | 92.1 | 44.7 | 63.1 | 43.8 | 26.1 | 26 |
Repurchase of Common Stock | -1,152 | -2,416 | -101.5 | -1,613 | -2,152 | -909.7 |
Other Financing Activities | -22 | -0.1 | -11.7 | -1.2 | -4.8 | -3.4 |
Financing Cash Flow | -1,582 | -2,372 | -50.1 | -1,570 | -2,130 | 82.8 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Foreign Exchange Rate Adjustments | -1.6 | -0.6 | -2.6 | -0.8 | -0.4 | -0.1 |
Net Cash Flow | 1,755 | -380.6 | 1,478 | -285 | 363.8 | 257.3 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Free Cash Flow | 3,431 | 2,226 | 1,879 | 1,731 | 1,449 | 1,204 |
Free Cash Flow Growth | 69.16% | 18.44% | 8.54% | 19.46% | 20.40% | 25.68% |
Free Cash Flow Margin | 43.54% | 32.73% | 31.55% | 32.64% | 32.81% | 36.02% |
Free Cash Flow Per Share | 4.62 | 2.91 | 2.44 | 2.20 | 1.80 | 1.44 |
Levered Free Cash Flow | 2,461 | 1,747 | 1,835 | 1,439 | 1,061 | 905.51 |
Unlevered Free Cash Flow | 2,470 | 1,760 | 1,847 | 1,452 | 1,072 | 914.83 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 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 |
Cash Income Tax Paid | 451.5 | 451.5 | 578.9 | 426.3 | 260.2 | 127.4 |
Change in Working Capital | 620.6 | 55.8 | -20.6 | 126.1 | 233 | 402.4 |