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Fortinet cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$882M in Q3 2026 · $3.5B over twelve months

Operating cash flow$946M
Capital spending−$64.2M
Free cash flow+$882M
Cash / net income1.5×
Cash conversion cycle97 days

Analysis

In Q3 2026, Fortinet generated $946M of operating cash flow and spent $64.2M on capital projects, leaving free cash flow of $882M. That is $314M more than in Q3 2025 ($568M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.7B; the largest uses were buybacks ($1.0B), other financing ($522M), other investing ($200M); besides operations, cash came from shares issued ($92.1M); the cash balance rose by $1.8B.

Operating cash flow was $946M against net income of $636M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$258M, inventory −$171M, payables +$153M.

Its cash conversion cycle was 97 days (receivables 65 + inventory 107 − payables 75).

Free cash flow

Fortinet: free cash flow by quarterFortinet: free cash flow by quarter$380MQ4 2024$797MQ1 2025$284MQ2 2025$568MQ3 2025$577MQ4 2025$1.0BQ1 2026$966MQ2 2026$882MQ3 2026
Operating cash flow less capital spending.
Fortinet: operating cash flow against capital spendingFortinet: operating cash flow against capital spendingOperating cash flowCapital spending$478M$97.6MQ4 2024$863M$66.5MQ1 2025$452M$168MQ2 2025$655M$87.7MQ3 2025$620M$42.8MQ4 2025$1.1B$70.6MQ1 2026$1.0B$78.0MQ2 2026$946M$64.2MQ3 2026
Latest (Q3 2026): Operating cash flow $946M, Capital spending $64.2M.

Capital allocation, year by year

Fortinet: where the cash came from (up) and went (down), by fiscal yearFortinet: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.5BFY2021: Net borrowing $989MFY2021: Shares issued $26.0MFY2021: Capital spending −$296MFY2021: Acquisitions −$74.9MFY2021: Buybacks −$742M$2.5BFY2021FY2022: Operating cash flow $1.7BFY2022: Shares issued $26.1MFY2022: Capital spending −$281MFY2022: Acquisitions −$30.8MFY2022: Buybacks −$2.0B$1.8BFY2022FY2023: Operating cash flow $1.9BFY2023: Shares issued $43.8MFY2023: Capital spending −$204MFY2023: Buybacks −$1.5B$2.0BFY2023FY2024: Operating cash flow $2.3BFY2024: Shares issued $63.1MFY2024: Capital spending −$379MFY2024: Acquisitions −$276MFY2024: Buybacks −$600K$2.3BFY2024FY2025: Operating cash flow $2.6BFY2025: Shares issued $44.7MFY2025: Capital spending −$365MFY2025: Acquisitions −$41.6MFY2025: Buybacks −$2.3B$2.6BFY2025
Over these 5 years operating cash flow totalled $10.0B; the largest uses were buybacks ($6.5B) and capital spending ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.8B
Debt$497M
Net cash$3.3B

Fortinet funds itself: free cash flow was $3.5B over the last twelve months, and $3.8B of cash and investments stands against $497M of debt.

Where the cash came from and went

Fortinet: sources (+) and uses (−) of cash, Q3 2026Fortinet: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$946MCash drawn (+) / kept (−)−$816MCapital spending−$64.2MTaxes on employees’ shares−$40.1MOther investing−$38.1MShares issued$22.7MAcquisitions−$9.8MOther financing−$800K
Fortinet: sources (+) and uses (−) of cash, TTM to Q3 2026Fortinet: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.7BCash drawn (+) / kept (−)−$1.8BBuybacks−$1.0BOther financing−$522MOther investing−$200MCapital spending−$139MTaxes on employees’ shares−$122MShares issued$92.1MAcquisitions−$9.8MExchange rates−$1.6M

From profit to cash

Fortinet: net income to operating cash flow, Q3 2026Fortinet: net income to operating cash flow, Q3 2026Net income$636MDepreciation & amortization$39.4MStock-based pay$80.1MOther non-cash$6.0MReceivables−$4.0MInventory−$171MPayables$153MAccrued liabilities−$3.2MEmployee-related liabilities−$7.0MDeferred revenue$258MPrepaid and other assets−$2.5MOperating cash flow$946M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026651077597
Q2 202665895996
Q1 2026779558114
Q4 2025699853113
Q3 20256411565114
Q2 20256711168110
Q1 20257710464117
Q4 2024699854114

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$946M−$64.2M−$9.8M——$22.7M−$816M$882M
Q2 2026$1.0B−$78.0M—−$150M—$44.7M−$711M$966M
Q1 2026$1.1B−$70.6M—−$823M−$500M$17.6M$272M$1.0B
Q4 2025$620M−$42.8M—−$57.2M—$7.1M−$500M$577M
Q3 2025$655M−$87.7M—−$1.8B—$6.3M$1.4B$568M
Q2 2025$452M−$168M−$30.4M−$401M—$11.1M$228M$284M
Q1 2025$863M−$66.5M−$11.2M——$20.2M−$721M$797M
Q4 2024$478M−$97.6M−$28.5M——$23.4M−$387M$380M

Fortinet: income statement and cash flow

Fortinet, Q3 2026: revenue $2.1B (+20% year over year), operating margin 33.9%. The chart follows the revenue to costs, profit and cash.

Fortinet: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.