Fortinet, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
FTNT$123.57+0.9%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30,2025 | September 30,2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $1,347.4 | $1,219.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Stock-based compensation | 207.0 | 192.1 |
| Amortization of deferred contract costs | 246.0 | 218.3 |
| Depreciation and amortization | 112.5 | 87.6 |
| Amortization of investment discounts | (27.3) | (37.3) |
| Other | (53.1) | (85.7) |
| Changes in operating assets and liabilities, net of impact of business combinations: | ||
| Accounts receivable—net | 308.7 | 376.5 |
| Inventory | (109.1) | 104.9 |
| Prepaid expenses and other current assets | (64.3) | (9.0) |
| Deferred contract costs | (305.3) | (212.2) |
| Deferred tax assets | 13.7 | (187.6) |
| Other assets | (13.6) | (8.8) |
| Accounts payable | 11.5 | (32.0) |
| Accrued liabilities | (15.5) | (72.3) |
| Accrued payroll and compensation | 16.3 | (7.9) |
| Deferred revenue | 288.1 | 234.4 |
| Other liabilities | 7.4 | 0.5 |
| Net cash provided by operating activities | 1,970.4 | 1,780.5 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchases of investments | (1,512.6) | (1,485.3) |
| Sales of investments | 5.7 | — |
| Maturities of investments | 1,317.6 | 1,382.7 |
| Purchases of property and equipment | (322.0) | (281.3) |
| Payments made in connection with business combinations, net of cash acquired | (41.6) | (247.0) |
| Purchases of marketable equity securities | — | (16.7) |
| Other | 0.1 | 0.1 |
| Net cash used in investing activities | (552.8) | (647.5) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Repurchase and retirement of common stock | (2,232.6) | (0.6) |
| Proceeds from issuance of common stock | 37.6 | 39.7 |
| Taxes paid related to net share settlement of equity awards | (103.7) | (79.6) |
| Other | (0.1) | (0.8) |
| Net cash used in financing activities | (2,298.8) | (41.3) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 1.0 | (0.3) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (880.2) | 1,091.4 |
| CASH AND CASH EQUIVALENTS—Beginning of period | 2,875.9 | 1,397.9 |
| CASH AND CASH EQUIVALENTS—End of period | $1,995.7 | $2,489.3 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash paid for income taxes—net | $333.9 | $423.0 |
| Operating lease liabilities arising from obtaining right-of-use assets | $34.5 | $29.4 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Transfers of evaluation units and equipment from inventory to property and equipment | $22.0 | $26.1 |
| Liability for purchase of property and equipment | $27.7 | $29.1 |
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