Fortinet, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
FTNT$123.57+0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $1,853.4 | $1,745.2 | $1,147.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Stock-based compensation | 279.5 | 257.9 | 249.0 |
| Amortization of deferred contract costs | 336.3 | 293.7 | 266.3 |
| Depreciation and amortization | 152.0 | 122.8 | 113.4 |
| Amortization of investment discounts | (33.7) | (48.8) | (27.7) |
| Other | (52.7) | (92.1) | 60.6 |
| Changes in operating assets and liabilities, net of impact of business combinations: | |||
| Accounts receivable—net | (215.9) | (45.4) | (146.4) |
| Inventory | (90.6) | 131.2 | (253.5) |
| Prepaid expenses and other current assets | (95.9) | (13.7) | (27.6) |
| Deferred contract costs | (449.0) | (311.1) | (353.5) |
| Deferred tax assets | 66.2 | (223.2) | (301.9) |
| Other assets | (16.2) | (11.0) | 17.7 |
| Accounts payable | 27.9 | (10.2) | (43.1) |
| Accrued liabilities | 13.3 | (106.7) | 137.4 |
| Accrued payroll and compensation | 55.0 | — | 23.4 |
| Deferred revenue | 754.2 | 577.8 | 1,095.3 |
| Other liabilities | 6.8 | (8.3) | (21.7) |
| Net cash provided by operating activities | 2,590.6 | 2,258.1 | 1,935.5 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of investments | (1,996.1) | (1,948.6) | (1,855.8) |
| Sales of investments | 10.6 | 0.5 | 4.0 |
| Maturities of investments | 1,792.7 | 1,891.7 | 1,414.8 |
| Purchases of property and equipment | (364.8) | (378.9) | (204.1) |
| Purchases of investments in privately held companies | — | — | (8.5) |
| Payments made in connection with business combinations, net of cash acquired | (41.6) | (275.5) | — |
| Purchases of marketable equity securities | — | (16.7) | — |
| Other | 0.1 | 0.1 | 0.3 |
| Net cash used in investing activities | (599.1) | (727.4) | (649.3) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Repurchase and retirement of common stock | (2,289.8) | (0.6) | (1,500.5) |
| Proceeds from issuance of common stock | 44.7 | 63.1 | 43.8 |
| Taxes paid related to net share settlement of equity awards | (126.3) | (100.9) | (112.5) |
| Other | (0.1) | (11.7) | (1.2) |
| Net cash used in financing activities | (2,371.5) | (50.1) | (1,570.4) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (0.6) | (2.6) | (0.8) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (380.6) | 1,478.0 | (285.0) |
| CASH AND CASH EQUIVALENTS—Beginning of year | 2,875.9 | 1,397.9 | 1,682.9 |
| CASH AND CASH EQUIVALENTS—End of year | $2,495.3 | $2,875.9 | $1,397.9 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Cash paid for income taxes—net | $451.5 | $578.9 | $426.3 |
| Operating lease liabilities arising from obtaining right-of-use assets | $51.3 | $39.3 | $19.2 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
| Transfers of evaluation units and equipment from inventory to property and equipment | $29.2 | $35.5 | $31.8 |
| Liability for purchase of property and equipment | $25.6 | $23.0 | $23.6 |
| Excise tax payable on net stock repurchases | $18.3 | $— | $10.9 |
| Liability incurred in connection with business combinations | $4.6 | $6.2 | $— |
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