For the year ending 2025-12-31, FTNT had -$380,600K decrease in cash & cash equivalents over the period. $2,225,800K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income including non-controlling interests | - | 1,745,200 | 1,147,800 | 856,600 |
| Net income (loss) | 1,853,400 | - | - | - |
| Stock-based compensation | 279,500 | 257,900 | 249,000 | 217,300 |
| Amortization of deferred contract costs | 336,300 | 293,700 | 266,300 | 223,300 |
| Depreciation and amortization | 152,000 | 122,800 | 113,400 | 104,300 |
| Amortization of investment discounts | 33,700 | 48,800 | 27,700 | -4,400 |
| Loss from equity method investments | - | -29,400 | -42,100 | -68,100 |
| Gain on bargain purchase | - | 106,300 | - | - |
| Other | 52,700 | 15,200 | -18,500 | -23,600 |
| Accounts receivablenet | 215,900 | 45,400 | 146,400 | 456,700 |
| Inventory | 90,600 | -131,200 | 253,500 | 109,100 |
| Prepaid expenses and other current assets | 95,900 | 13,700 | 27,600 | 7,700 |
| Deferred contract costs | 449,000 | 311,100 | 353,500 | 318,200 |
| Deferred tax assets | -66,200 | 223,200 | 301,900 | 226,400 |
| Other assets | 16,200 | 11,000 | -17,700 | 35,300 |
| Accounts payable | 27,900 | -10,200 | -43,100 | 105,200 |
| Accrued liabilities | 13,300 | -106,700 | 137,400 | 55,200 |
| Accrued payroll and compensation | 55,000 | 0 | 23,400 | 25,000 |
| Deferred revenue | 754,200 | 577,800 | 1,095,300 | 1,177,500 |
| Other liabilities | 6,800 | -8,300 | -21,700 | 23,500 |
| Net cash provided by operating activities | 2,590,600 | 2,258,100 | 1,935,500 | 1,730,600 |
| Purchases of investments | 1,996,100 | 1,948,600 | 1,855,800 | 389,100 |
| Sales of investments | 10,600 | 500 | 4,000 | 3,000 |
| Maturities of investments | 1,792,700 | 1,891,700 | 1,414,800 | 1,462,000 |
| Purchases of property and equipment | 364,800 | 378,900 | 204,100 | 281,200 |
| Purchases of investments in privately held companies | 0 | 0 | 8,500 | 0 |
| Payments made in connection with business combinations, net of cash acquired | 41,600 | 275,500 | 0 | 30,800 |
| Purchases of marketable equity securities | 0 | 16,700 | 0 | 0 |
| Other | -100 | -100 | -300 | 0 |
| Net cash used in investing activities | -599,100 | -727,400 | -649,300 | 763,900 |
| Proceeds from long-term borrowings, net of discount and underwriting fees | - | - | 0 | 0 |
| Payments for debt issuance costs | - | - | 0 | 0 |
| Payments of debt assumed in connection with business combination | - | - | 0 | 0 |
| Repurchase and retirement of common stock | 2,289,800 | 600 | 1,500,500 | 1,991,200 |
| Proceeds from issuance of common stock | 44,700 | 63,100 | 43,800 | 26,100 |
| Taxes paid related to net share settlement of equity awards | 126,300 | 100,900 | 112,500 | 160,400 |
| Other | -100 | -11,700 | -1,200 | -4,800 |
| Net cash used in financing activities | -2,371,500 | -50,100 | -1,570,400 | -2,130,300 |
| Effect of exchange rate changes on cash and cash equivalents | -600 | -2,600 | -800 | -400 |
| Net increase (decrease) in cash and cash equivalents | -380,600 | 1,478,000 | -285,000 | 363,800 |
| Cash and cash equivalentsbeginning of year | 2,875,900 | 1,397,900 | 1,682,900 | 1,319,100 |
| Cash and cash equivalentsend of year | 2,495,300 | 2,875,900 | 1,397,900 | 1,682,900 |
Fortinet, Inc. (FTNT)
Fortinet, Inc. (FTNT)