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Fortinet cash flow statement

In fiscal 2025, Fortinet's operations generated $2.59bn of cash; it spent $365m on capital projects, leaving free cash flow of $2.23bn. It returned $2.29bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations621031331841471972833465946398081,0841,5001,7311,9362,2582,5913,687
Depreciation and amortisation66712162232495656626984104113123152141
Stock-based pay791931445995122137163174192208217249258280308
Capital spending54422143237671355392126296281204379365256
Free cash flow571001291621341642452794595867169581,2041,4491,7311,8792,2263,431
Free cash flow after stock pay5090110131901051501563224235427669961,2321,4821,6211,9463,124
Share buybacks30003444601114462121451,0807421,9911,50112,2901,030
Shares issued—2920382655674576875022262644634592

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Fortinet's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Fortinet.