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FTNT Cash Flow

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In Q4'25, Fortinet's (FTNT) operating cash flow reached $620.2M USD, reflecting a moderate increase from $655.2M in Q3'25 but remaining below the quarterly peak of $863.3M observed in Q1'25. Free cash flow for the same period stood at $577.4M USD, up slightly from $567.5M in Q3'25 and aligning closely with the prior year's Q4 figure of $380M, indicating sustained capital expenditure pressures. Over the period from Q1'23 to Q4'25, operating cash flow exhibited volatility with a general upward trajectory, starting at $677.5M and peaking at $863.3M in Q1'25, though it dipped notably to $191.7M in Q4'23 before recovering; free cash flow followed a similar pattern, rising from $647.2M to a high of $796.8M in Q1'25 amid consistent but fluctuating investments. Key inflection points include sharp declines in Q4'23 for both metrics, followed by robust growth in Q1'24 and Q1'25, suggesting improved operational efficiency and seasonal strengths in the cybersecurity sector, with free cash flow consistently trailing operating cash flow by about 5-15% due to ongoing capex. Overall, the trends point to resilient cash generation despite quarterly fluctuations, supporting FTNT's expansion in a competitive market.