Palo Alto vs Fortinet — Operating Cash Flow Comparison

Palo Alto (PANW) operating cash flow was $3.7B in FY2025 (+14% YoY); Fortinet (FTNT) operating cash flow was $2.6B in FY2025 (+15% YoY). The tables below show the complete quarterly and annual operating cash flow history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Palo Alto	Fortinet
2025	$3.7B	$2.6B
2024	$3.3B	$2.3B
2023	$2.8B	$1.9B
2022	$2.0B	$1.7B
2021	$1.5B	$1.5B
2020	$1.0B	$1.1B
2019	$1.1B	$808M
2018	$1.0B	$639M
2017	$869M	$594M
2016	$659M	$346M
2015	$353M	$283M
2014	$88M	$197M
2013	$115M	$147M
2012	$77M	$184M
2011	$32M	$133M
2010	—	$103M

Palo Alto — Annual Operating Cash Flow

Fiscal Year	Operating Cash Flow	YoY
2025	$3.7B	+14%
2024	$3.3B	+17%
2023	$2.8B	+40%
2022	$2.0B	+32%
2021	$1.5B	+45%
2020	$1.0B	-2%
2019	$1.1B	+2%
2018	$1.0B	+19%
2017	$869M	+32%
2016	$659M	+87%
2015	$353M	+299%
2014	$88M	-23%
2013	$115M	+48%
2012	$77M	+141%
2011	$32M

Fortinet — Annual Operating Cash Flow

Fiscal Year	Operating Cash Flow	YoY
2025	$2.6B	+15%
2024	$2.3B	+17%
2023	$1.9B	+12%
2022	$1.7B	+15%
2021	$1.5B	+38%
2020	$1.1B	+34%
2019	$808M	+26%
2018	$639M	+7%
2017	$594M	+72%
2016	$346M	+22%
2015	$283M	+44%
2014	$197M	+33%
2013	$147M	-20%
2012	$184M	+38%
2011	$133M	+28%
2010	$103M

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