Investing
CapEx
Fortinet CapEx increased by 65.0% to $70.60M in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 6.2%, from $66.50M to $70.60M. Over 4 years (FY 2021 to FY 2025), CapEx shows an upward trend with a 5.4% CAGR.
Analysis
StatementCash Flow Statement
SectionInvesting
CategoryGrowth
SignalContext dependent
VolatilityModerate
First reportedQ1 2013
Last reportedQ1 2026
How to read this metric
An increase signals growth investment or infrastructure modernization; a decrease might suggest cost-cutting or a transition to an asset-light model.
Detailed definition
Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technolog...
Peer comparison
Hardware-focused tech firms typically have higher CapEx relative to revenue than pure software companies due to manufacturing and supply chain needs.
Metric ID:
cf_capital_expendituresHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $23.50M | $69.00M | $151.30M | $122.60M | $39.90M | $87.80M | $30.90M | $30.30M | $76.80M | $70.10M | $26.90M | $221.90M | $23.10M | $36.30M | $97.60M | $66.50M | $167.80M | $87.70M | $42.80M | $70.60M |
| QoQ Change | — | +193.6% | +119.3% | -19.0% | -67.5% | +120.1% | -64.8% | -1.9% | +153.5% | -8.7% | -61.6% | +724.9% | -89.6% | +57.1% | +168.9% | -31.9% | +152.3% | -47.7% | -51.2% | +65.0% |
| YoY Change | — | — | — | — | +69.8% | +27.2% | -79.6% | -75.3% | +92.5% | -20.2% | -12.9% | +632.3% | -69.9% | -48.2% | +262.8% | -70.0% | +626.4% | +141.6% | -56.1% | +6.2% |
Range$23.10M – $221.90M
CAGR+26.1%
Avg YoY Growth+89.2%
Median YoY Growth-3.4%
Geographic Breakdown
| Segment | Q1 '25 |
|---|---|
| Frankfurt, Germany | $54.50M |
| Total | $66.50M |
CapEx at Other Companies
Frequently Asked Questions
- What is Fortinet's capex?
- Fortinet (FTNT) reported capex of $70.60M in Q1 2026.
- How has Fortinet's capex changed year-over-year?
- Fortinet's capex increased by 6.2% year-over-year, from $66.50M to $70.60M.
- What is the long-term trend for Fortinet's capex?
- Over 4 years (2021 to 2025), Fortinet's capex has grown at a 5.4% compound annual growth rate (CAGR), from $295.90M to $364.80M.
- What does capex mean?
- The money spent on long-term physical assets like machinery, data centers, and office buildings.