Fortinet, Inc.

NasdaqGS-FTNT

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	473.9	440.1	433.4	526.2	539.9	379.8
Net Income
Depreciation & Amortization	124.4	120.3	113.8	110.6	103.4	101.9
Amortization of Deferred Contract Costs
Depreciation and Amortization
Stock Based Compensation	71.8	69.1	66.1	65.8	65.9	63.9
Stock-Based Compensation
Other Adjustments	-16.2	-18.4	-45.8	-17.9	-162.2	3
Amortization of Investment Discounts
Loss from Equity Method Investments
Gain on Bargain Purchase
Other
Changes in Trade Receivables	46	-41.2	303.9	-421.9	57.6	-86.7
Accounts Receivable-Net
Changes in Inventories	-29.5	-45.5	-34.1	26.3	19.7	48.7
Inventory
Changes in Accounts Payable	-35.3	22.2	24.6	21.8	35.2	-5.6
Accounts Payable
Changes in Accrued Expenses	-12.4	-42.3	55.5	-26.5	-31	-126.8
Accrued Liabilities
Accrued Payroll and Compensation
Changes in Income Taxes Payable	—	—	—	—	—	—
Change in Income Taxes Payable
Changes in Unearned Revenue	83.3	147.8	57	343.4	72.7	106.9
Deferred Revenue
Changes in Other Operating Activities	-50.8	-200.2	-111.1	-150.2	-131.6	-143.1
Prepaid Expenses and Other Current Assets
Deferred Contract Costs
Deferred Tax Assets
Other Assets
Other Liabilities
Cash from Operating Activities	655.2	451.9	863.3	477.6	608.1	342
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-87.7	-167.8	-66.5	-97.6	-36.3	-23.1
Purchases of Property and Equipment
Purchases of Investments	-536.1	-473.5	-503	-471.7	-527.7	-538.2
Purchases of Investments
Purchases of Investments in Privately Held Companies
Purchases of Marketable Equity Securities
Proceeds from Sale of Investments	448	405.6	469.7	509.5	478.4	511.2
Sales of Investments
Maturities of Investments
Payments for Business Acquisitions	—	-30.4	-11.2	-28.5	-241.3	-2.9
Payments Made in Connection with Business Combinations, Net of Cash Acquired
Other Investing Activities	—	-0.1	0.2	-0.1	0.1	—
Other
Cash from Investing Activities	-175.8	-266.2	-110.8	-79.9	-327.1	-50.1
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Long-Term Borrowings, Net of Discount and Underwriting Fees
Repayments of Long-Term Debt	—	—	—	—	—	—
Payments of Debt Assumed in Connection with Business Combination
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	6.3	11.1	20.2	23.4	20.1	6.2
Proceeds from Issuance of Common Stock
Repurchases of Common Shares	-1,831.5	-401.1	—	-0.3	-0.6	—
Repurchase and Retirement of Common Stock
Net Issuance / (Repurchases) of Common Shares	-1,825.2	-390	20.2	23.1	19.5	6.2
Other Financing Activities	-26.7	-24.2	-52.9	-32.2	-22	-20.6
Payments for Debt Issuance Costs
Taxes Paid Related to Net Share Settlement of Equity Awards
Other
Cash from Financing Activities	-1,851.9	-414.2	-32.7	-8.8	3	-14
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	567.5	284.1	796.8	380	571.8	318.9
NOPAT	431.2	384.4	362.1	504.6	374.2	368.2
Levered Free Cash Flow	465.9	274.6	472.6	754	572	338.7
Unlevered Free Cash Flow	423.2	218.9	401.3	732.4	406.3	327.1
Net Change in Cash	-1,372.5	-228.5	719.8	388.9	284	277.9