Fortinet (FTNT) Free Cash Flow (2010 - 2026)
Fortinet's Free Cash Flow was $965.6 million in Q2 2026, up 239.9% from $284.1 million a year earlier but down 4.1% from the prior quarter.
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Analysis
Fortinet (FTNT) Free Cash Flow (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fortinet's Free Cash Flow was $3.12 billion through Jun 30, 2026, up 53.3% year-over-year; for FY2025, it came in at $2.23 billion, up 18.4% from FY2024.
- Free Cash Flow has now increased for 12 consecutive years, with a five-year compound annual growth rate of 18.4% (FY2020 to FY2025).
- In earlier years, Free Cash Flow was $1.88 billion in FY2024 (+8.5%), $1.73 billion in FY2023 (+19.5%), $1.45 billion in FY2022 (+20.4%) and $1.2 billion in FY2021 (+25.7%).
- Quarterly Free Cash Flow has moved between $164.8 million (Q4 2023) and $1.01 billion (Q1 2026) over five years.
- Compared with a year earlier, Free Cash Flow has increased for three straight quarters, with growth averaging 60.9% over the last eight quarters.
- The best year-over-year quarter for Free Cash Flow over five years was Q2 2026 (growth of 239.9%); the worst was Q4 2023 (a decline of 66.9%).
- Per Business Quant data, FTNT's Free Cash Flow in the three quarters before Q2 2026 was $1.01 billion (Q1 2026), $577.4 million (Q4 2025) and $567.5 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 305.41 Bn | 290.49 Bn | 2.30 Bn | 1.25 Bn |
| 2 | CrowdStrike Holdings | 258.16 Bn | 238.60 Bn | 1.10 Bn | 405.86 Mn |
| 3 | Fortinet | 127.25 Bn | 113.18 Bn | 1.64 Bn | 965.60 Mn |
| 4 | Snowflake | 118.44 Bn | 105.76 Bn | 1.04 Bn | 83.80 Mn |
| 5 | Datadog | 96.25 Bn | 77.89 Bn | 881.34 Mn | 305.98 Mn |
| 6 | Axon Enterprise | 34.94 Bn | 29.46 Bn | 546.45 Mn | -972,000.00 |
| 7 | MongoDB | 33.06 Bn | 23.53 Bn | 569.77 Mn | 139.41 Mn |
| 8 | Okta | 32.62 Bn | 22.72 Bn | 641.00 Mn | 233.00 Mn |
| 9 | Zscaler | 31.48 Bn | 17.60 Bn | - | - |
| 10 | Baidu | 29.71 Bn | -43.91 Bn | 1.47 Mn | 2.18 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 965.60 Mn |
| Mar 31, 2026 | 1.01 Bn |
| Dec 31, 2025 | 577.40 Mn |
| Sep 30, 2025 | 567.50 Mn |
| Jun 30, 2025 | 284.10 Mn |
| Mar 31, 2025 | 796.80 Mn |
| Dec 31, 2024 | 380.00 Mn |
| Sep 30, 2024 | 571.80 Mn |
| Jun 30, 2024 | 318.90 Mn |
| Mar 31, 2024 | 608.50 Mn |
| Dec 31, 2023 | 164.80 Mn |
| Sep 30, 2023 | 481.10 Mn |
| Jun 30, 2023 | 438.30 Mn |
| Mar 31, 2023 | 647.20 Mn |
| Dec 31, 2022 | 497.20 Mn |
| Sep 30, 2022 | 395.20 Mn |
| Jun 30, 2022 | 283.50 Mn |
| Mar 31, 2022 | 273.50 Mn |
| Dec 31, 2021 | 215.50 Mn |
| Sep 30, 2021 | 329.80 Mn |
API Access
Fortinet Free Cash Flow API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=free-cash-flow&ticker=FTNT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "ticker": "FTNT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=free-cash-flow&ticker=FTNT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();