Fortinet, Inc. (FTNT) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.08B | 620.2M | 655.2M | 451.9M | 863.3M | 477.6M | 608.1M | 342M | 830.4M | 191.7M | 551.2M | 515.1M | 677.5M | 528.1M | 483M | 323.4M | 396.1M | 366.8M | 398.8M | 418.2M |
| Operating CF Margin % | 58.23% | 32.56% | 37.98% | 27.72% | 56.07% | 28.77% | 40.32% | 23.84% | 61.36% | 13.55% | 41.3% | 39.84% | 53.67% | 41.16% | 42.02% | 31.39% | 41.49% | 38.07% | 45.99% | 52.2% |
| Operating CF Growth % | 24.77% | 29.86% | 7.75% | 32.13% | 3.96% | 149.14% | 10.32% | -33.61% | 22.57% | -63.7% | 14.12% | 59.28% | 71.04% | 43.97% | 21.11% | -22.67% | 25.39% | 23.71% | 80.62% | 69.31% |
| Net Income | 534.5M | 506M | 473.9M | 440.1M | 433.4M | 526.2M | 539.9M | 379.8M | 299.3M | 310.9M | 322.9M | 266.3M | 247.7M | 313.8M | 231.1M | 173.4M | 138.3M | 198.8M | 163.2M | 137.5M |
| Depreciation & Amortization | 94.2M | 129.8M | 38.4M | 38.3M | 35.8M | 35.2M | 29.8M | 29.2M | 28.6M | 30.2M | 28.3M | 27.4M | 27.5M | 27.3M | 26.4M | 25.1M | 25.5M | 25.3M | 22.9M | 18.9M |
| Stock-Based Compensation | 72.5M | 73.1M | 71.8M | 69.1M | 66.1M | 65.8M | 65.9M | 63.9M | 62.3M | 63.4M | 64.3M | 65M | 56.3M | 54.7M | 54.7M | 54.7M | 53.2M | 53.1M | 52.7M | 52.6M |
| Deferred Taxes | 11M | 52.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -9.9M | -6.6M | 69.8M | 63.6M | 32.2M | 57.5M | -50.1M | 75.7M | 69.7M | 73.1M | 67.9M | 70.1M | 88.1M | 107.9M | 62.2M | 78.2M | 71.1M | 59.4M | 53.9M | 43.7M |
| Working Capital Changes | 374.8M | -134.6M | 1.3M | -159.2M | 295.8M | -207.1M | 22.6M | -206.6M | 370.5M | -285.9M | 67.8M | 86.3M | 257.9M | 24.4M | 108.6M | -8M | 108M | 30.2M | 106.1M | 165.5M |
| Change in Receivables | 205.2M | -524.6M | 46M | -41.2M | 303.9M | -421.9M | 57.6M | -86.7M | 405.6M | -389.8M | 64.4M | 7.9M | 171.1M | -294M | -43.4M | -134.7M | 15.4M | -203.1M | -5M | 53.1M |
| Change in Inventory | 23.6M | 18.5M | -29.5M | -45.5M | -34.1M | 26.3M | 19.7M | 48.7M | 36.5M | -22.5M | -100.8M | -84.9M | -45.3M | -49.4M | -28.5M | -17.7M | -13.5M | 100K | 600K | -5.4M |
| Change in Payables | -26M | 16.4M | -35.3M | 22.2M | 24.6M | 21.8M | 35.2M | -5.6M | -61.6M | -53.5M | 14M | 500K | -4.1M | 26.6M | 25.9M | 17.2M | 35.5M | -1.3M | -2.3M | 2.9M |
| Cash from Investing | -5.7M | -46.3M | -175.8M | -266.2M | -110.8M | -79.9M | -327.1M | -50.1M | -270.3M | -71.6M | -111.2M | -424.1M | -42.4M | 217.4M | 297.8M | 294.1M | -45.4M | -265.9M | -307.5M | -278.2M |
| Capital Expenditures | -70.6M | -42.8M | -87.7M | -167.8M | -66.5M | -97.6M | -36.3M | -23.1M | -221.9M | -26.9M | -70.1M | -76.8M | -30.3M | -30.9M | -87.8M | -39.9M | -122.6M | -151.3M | -69M | -23.5M |
| CapEx % of Revenue | 3.82% | 2.25% | 5.08% | 10.29% | 4.32% | 5.88% | 2.41% | 1.61% | 16.4% | 1.9% | 5.25% | 5.94% | 2.4% | 2.41% | 7.64% | 3.87% | 12.84% | 15.7% | 7.96% | 2.93% |
| Acquisitions | 0 | 0 | 0 | -30.4M | -11.2M | -28.5M | -241.3M | 0 | -5.7M | 0 | -8.5M | 0 | 0 | -30.8M | 0 | 0 | 0 | -1.5M | -148.1M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -100K | 200K | 0 | 100K | 0 | 0 | 200K | 0 | 0 | 100K | 0 | 0 | 0 | 0 | 400K | 0 | 0 |
| Cash from Financing | -1.34B | -72.7M | -1.85B | -414.2M | -32.7M | -8.8M | 3M | -14M | -30.3M | -910.1M | -628.9M | -17.7M | -13.7M | -27.4M | -526.6M | -830.3M | -746M | -633.6M | -118.7M | -120.9M |
| Debt Issued (Net) | -500M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.3M | -2.2M | -500K |
| Equity Issued (Net) | -805.4M | -50.1M | -1.83B | -390M | 20.2M | 23.4M | 19.5M | 6.2M | 13.4M | -888.4M | -597.6M | 8.1M | 21.2M | 4.4M | -494.2M | -795.1M | -680.2M | -566.5M | -73.5M | -85.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -823M | -57.2M | -1.83B | -401.1M | 0 | 0 | -600K | 0 | 0 | -896.2M | -604.3M | 0 | 0 | 0 | -500M | -800M | -691.2M | -571.8M | -78.4M | -91.6M |
| Other Financing | -37.5M | -22.6M | -26.7M | -24.2M | -52.9M | -32.2M | -16.5M | -20.2M | -43.7M | -21.7M | -31.3M | -25.8M | -34.9M | -31.8M | -32.4M | -35.2M | -65.8M | -49.8M | -43M | -35.2M |
| Net Change in Cash | -271.5M | 499.6M | -1.37B | -228.1M | 720.7M | 386.6M | 286.1M | 276.9M | 528.4M | -788.9M | -189.5M | 72.1M | 621.3M | 718.9M | 254M | -213.5M | -395.6M | -533M | -27.2M | 19.1M |
| Free Cash Flow | 1.01B | 577.4M | 567.5M | 284.1M | 796.8M | 380M | 571.8M | 318.9M | 608.5M | 164.8M | 481.1M | 438.3M | 647.2M | 497.2M | 395.2M | 283.5M | 273.5M | 215.5M | 329.8M | 394.7M |
| FCF Margin % | 54.42% | 30.31% | 32.9% | 17.43% | 51.75% | 22.89% | 37.92% | 22.23% | 44.96% | 11.65% | 36.05% | 33.9% | 51.27% | 38.75% | 34.38% | 27.52% | 28.64% | 22.36% | 38.03% | 49.27% |
| FCF Growth % | 26.32% | 51.95% | -0.75% | -10.91% | 30.94% | 130.58% | 18.85% | -27.24% | -5.98% | -66.85% | 21.74% | 54.6% | 136.64% | 130.72% | 19.83% | -28.17% | 3.68% | -18.43% | 77.6% | 82.65% |
| FCF per Share | 1.36 | 0.77 | 0.74 | 0.37 | 1.03 | 0.49 | 0.74 | 0.41 | 0.79 | 0.21 | 0.61 | 0.55 | 0.82 | 0.63 | 0.49 | 0.35 | 0.33 | 0.26 | 0.39 | 0.47 |
| FCF Conversion (FCF/Net Income) | 2.02x | 1.23x | 1.38x | 1.03x | 1.99x | 0.91x | 1.13x | 0.90x | 2.77x | 0.62x | 1.71x | 1.93x | 2.74x | 1.68x | 2.09x | 1.86x | 2.86x | 1.84x | 2.45x | 3.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 69.9M | 237.2M | 26.8M | -423M | 139.8M | 252.1M | 31.1M | 341.4M | 26.3M | 37.9M | 20.7M | 62.6M | 68.5M | 110.3M | 18.8M | 57.5M | 21.6M | 24.7M |