Palo Alto vs Fortinet — Free Cash Flow Comparison

Palo Alto (PANW) free cash flow was $3.5B in FY2025 (+12% YoY); Fortinet (FTNT) free cash flow was $2.2B in FY2025 (+18% YoY). The tables below show the complete quarterly and annual free cash flow history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$3.5B	$2.2B
2024	$3.1B	$1.9B
2023	$2.6B	$1.7B
2022	$1.8B	$1.4B
2021	$1.4B	$1.2B
2020	$821M	$958M
2019	$924M	$716M
2018	$926M	$586M
2017	$705M	$459M
2016	$586M	$278M
2015	$319M	$245M
2014	$52M	$164M
2013	$92M	$134M
2012	$63M	$162M
2011	$19M	$129M
2010	—	$100M

Palo Alto — Annual Free Cash Flow

Fiscal Year	Free Cash Flow	YoY
2025	$3.5B	+12%
2024	$3.1B	+18%
2023	$2.6B	+47%
2022	$1.8B	+29%
2021	$1.4B	+69%
2020	$821M	-11%
2019	$924M	-0%
2018	$926M	+31%
2017	$705M	+20%
2016	$586M	+84%
2015	$319M	+510%
2014	$52M	-43%
2013	$92M	+47%
2012	$63M	+229%
2011	$19M

Fortinet — Annual Free Cash Flow

Fiscal Year	Free Cash Flow	YoY
2025	$2.2B	+18%
2024	$1.9B	+9%
2023	$1.7B	+19%
2022	$1.4B	+20%
2021	$1.2B	+26%
2020	$958M	+34%
2019	$716M	+22%
2018	$586M	+28%
2017	$459M	+65%
2016	$278M	+14%
2015	$245M	+49%
2014	$164M	+23%
2013	$134M	-17%
2012	$162M	+25%
2011	$129M	+30%
2010	$100M

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