Palo Alto vs Fortinet — Capital Expenditure Comparison

Palo Alto (PANW) capital expenditure was $246M in FY2025 (+57% YoY); Fortinet (FTNT) capital expenditure was $365M in FY2025 (-4% YoY). The tables below show the complete quarterly and annual capital expenditure history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$246M	$365M
2024	$157M	$379M
2023	$146M	$204M
2022	$193M	$281M
2021	$116M	$296M
2020	$214M	$126M
2019	$131M	$92M
2018	$112M	$53M
2017	$163M	$135M
2016	$72M	$67M
2015	$34M	$37M
2014	$36M	$32M
2013	$22M	$14M
2012	$15M	$22M
2011	$13M	$4M
2010	—	$4M

Palo Alto — Annual Capital Expenditure

Fiscal Year	Capital Expenditure	YoY
2025	$246M	+57%
2024	$157M	+7%
2023	$146M	-24%
2022	$193M	+66%
2021	$116M	-46%
2020	$214M	+63%
2019	$131M	+17%
2018	$112M	-31%
2017	$163M	+125%
2016	$72M	+114%
2015	$34M	-6%
2014	$36M	+61%
2013	$22M	+54%
2012	$15M	+12%
2011	$13M

Fortinet — Annual Capital Expenditure

Fiscal Year	Capital Expenditure	YoY
2025	$365M	-4%
2024	$379M	+86%
2023	$204M	-27%
2022	$281M	-5%
2021	$296M	+135%
2020	$126M	+37%
2019	$92M	+74%
2018	$53M	-61%
2017	$135M	+101%
2016	$67M	+80%
2015	$37M	+16%
2014	$32M	+132%
2013	$14M	-37%
2012	$22M	+509%
2011	$4M	-4%
2010	$4M

Source: PANW on EDGAR · FTNT on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.