Fortinet, Inc.

NasdaqGS-FTNT

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	873.5	1,066.1	679.1	633.8	514	544.9
Net Income
Depreciation & Amortization	234.1	214	202.5	196.9	182.8	169.9
Amortization of Deferred Contract Costs
Depreciation and Amortization
Stock Based Compensation	135.2	131.7	126.2	127.7	121.3	109.4
Stock-Based Compensation
Other Adjustments	-64.2	-141.6	0.7	2.6	30.3	53.9
Amortization of Investment Discounts
Loss from Equity Method Investments
Gain on Bargain Purchase
Other
Changes in Trade Receivables	262.7	-364.3	318.9	-325.4	179	-337.4
Accounts Receivable-Net
Changes in Inventories	-79.6	46	85.2	-123.3	-130.2	-77.9
Inventory
Changes in Accounts Payable	46.8	57	-67.2	-39.5	-3.6	52.5
Accounts Payable
Changes in Accrued Expenses	13.2	-57.5	-49.2	-13.5	174.3	55
Accrued Liabilities
Accrued Payroll and Compensation
Changes in Income Taxes Payable	—	—	—	—	—	1.9
Change in Income Taxes Payable
Changes in Unearned Revenue	204.8	416.1	161.7	606	489.3	696.9
Deferred Revenue
Changes in Other Operating Activities	-311.3	-281.8	-285.5	-322.4	-364.6	-258
Prepaid Expenses and Other Current Assets
Deferred Contract Costs
Deferred Tax Assets
Other Assets
Other Liabilities
Cash from Operating Activities	1,315.2	1,085.7	1,172.4	742.9	1,192.6	1,011.1
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-234.3	-133.9	-245	-97	-107.1	-118.7
Purchases of Property and Equipment
Purchases of Investments	-976.5	-991	-974.3	-1,059.7	-804.6	—
Purchases of Investments
Purchases of Investments in Privately Held Companies
Purchases of Marketable Equity Securities
Proceeds from Sale of Investments	875.3	987.6	904.6	973.7	445.1	664.7
Sales of Investments
Maturities of Investments
Payments for Business Acquisitions	-41.6	-269.8	-5.7	—	—	-30.8
Payments Made in Connection with Business Combinations, Net of Cash Acquired
Other Investing Activities	0.1	—	—	0.2	0.1	—
Other
Cash from Investing Activities	-377	-407	-320.4	-182.8	-466.5	515.2
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
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	31.3	43.5	19.6	14.5	29.3	10.2
Proceeds from Issuance of Common Stock
Repurchases of Common Shares	-401.1	-0.6	—	-1,500.5	—	-500
Repurchase and Retirement of Common Stock
Net Issuance / (Repurchases) of Common Shares	-369.8	42.9	19.6	-1,486	29.3	-489.8
Other Financing Activities	-77.1	-48.7	-63.9	-53	-60.7	-64.2
Payments for Debt Issuance Costs
Taxes Paid Related to Net Share Settlement of Equity Awards
Other
Cash from Financing Activities	-446.9	-5.8	-44.3	-1,539	-31.4	-554
Net Cash Provided by Financing Activities