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Fortinet Cash Flow Statement

Operating, investing, and financing cash movements

Fortinet generated $2.8B in operating cash flow over the trailing twelve months. After $368.9M in capital expenditures, free cash flow was $2.4B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.8BNet Cash From Investing (TTM)-$494.0MNet Cash From Financing (TTM)-$3.7BCapital Expenditures (TTM)$368.9MDepreciation And Amortization Cf (TTM)$156.0MNet Change In Cash (TTM)$1.7B
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$106.28B
P/E Ratio54.38
ROE132.39%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$28.5M$11.2M$30.4M——$0
Capital expenditures$97.6M$66.5M$167.8M$87.7M$42.8M$70.6M
Payment for (Proceeds from) Other Investing Activity$0-$200K———$0
Payments to Acquire Other Investments$463.3M$503M$473.5M$536.1M$483.5M$350.7M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$509M$466.9M$402.7M$448M$475.1M$299.7M
Sale of investments$500K$2.8M$2.9M$0$4.9M$115.9M
Net cash from investing activities-$79.9M-$110.8M-$266.2M-$175.8M-$46.3M-$5.7M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable—$24.6M$22.2M—$16.4M-$26M
Change in accounts receivable$421.9M-$303.9M$41.2M-$46M$524.6M-$205.2M
Change in accrued liabilities-$34.4M$63.7M-$73.4M-$5.8M$28.8M$12.5M
Change in deferred revenue$343.4M$57M$147.8M$83.3M$466.1M$235.7M
Change in inventories-$26.3M$34.1M$45.5M$29.5M—-$23.6M
Depreciation and amortization$35.2M$35.8M$38.3M$38.4M$39.5M$39.8M
Net cash from operating activities$477.6M$863.3M$451.9M$655.2M$620.2M$1.1B
Net income$526.2M$433.4M$440.1M$473.9M$506M$534.5M
Accretion (Amortization) of Discounts and Premiums, Investments$11.5M$10.3M$9.1M$7.9M$6.4M$4.8M
Amortization of costs capitalized to obtain revenue contracts, net$75.4M$78M$82M$86M$90.3M$94.2M
Accrued expenses and other liabilities-$8.8M$5.3M$5M——-$600K
Increase (Decrease) in Deferred Charges$98.9M$91.3M$111.2M$102.8M$143.7M$112.4M
Increase (Decrease) in Deferred Income Taxes$35.6M$30M$45.3M-$89M-$52.5M-$11M
Accrued compensation and employee benefits$7.9M-$8.2M$31.1M—$38.7M-$20.6M
Increase (Decrease) in Other Operating Assets$2.2M-$1.5M$13.2M$1.9M$2.6M$5.4M
Increase (Decrease) in Prepaid Expense and Other Assets$4.7M-$3.4M$35.5M$32.2M$31.6M-$62.8M
Other Noncash Income (Expense)$6.4M$35.5M$9.3M$8.3M$0$44.9M
Stock-based compensation$65.8M$66.1M$69.1M$71.8M$72.5M$72.5M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other, net-$10.9M$0-$100K——-$1.2M
Repayments of Senior Debt—$0———$500M
Net cash from financing activities-$8.8M-$32.7M-$414.2M-$1.9B-$72.7M-$1.3B
Proceeds from issuance of common stock$23.4M$20.2M$11.1M$6.3M$7.1M$17.6M
Repurchases of common stock—$0$401.1M$1.8B$57.2M$823M
Taxes paid for net share settlement$21.3M$52.9M$24.1M$26.7M$22.6M$36.3M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$380M$796.8M$284.1M$567.5M$577.4M$1B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$2.3M$900K$400K-$300K-$1.6M$0
Net increase (decrease) in cash$386.6M$720.7M—-$1.4B—-$271.5M
Accrued payables for capital expenditures—$25.1M—$8.3M—$56M
Liability incurred for repurchase of common stock—$0———$3.9M
Leased assets obtained in exchange for operating lease liabilities$9.9M$6.7M$17.6M$10.2M$16.8M$14M
Stock repurchased, excise tax$0$4.6M$4.6M$4.6M$4.6M—
Transfers of evaluation units and equipment from inventory to property and equipment$9.4M$6.2M$8.5M$7.3M$7.2M$6.4M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid—$26.8M$237.2M$69.9M—$47M