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F5, INC.FFIV

Sector
Technology
Industry
Computer Communications Equipment
Exchange
Nasdaq

Stock Price $FFIV

Latest filings

You are here#64 of 67 in Technology by market cap

Filing record · 2016–202610-K1010-Q338-K108

FFIV filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Nov ’17Nov ’17
  2. Deal closed8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $3.09B
YoY changeLargest recent move+10.7%in FY21Latest +9.7%

2 older moves run past ±20% (largest +35.0%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All FFIV Financial Metrics58 metrics

Income Statement16

Balance Sheet25

Cash Flow13

Per Share4

02—Overview

F5, INC. Financial Overview 2021–2025

Updated Aug 8, 2026

Driven by an unexpected 18.5% surge in core product revenues, F5, Inc. closed FY2025 with accelerating momentum across its multicloud security portfolio. The company has successfully executed a multi-year pivot toward higher-margin software and services, cementing its status as an indispensable application delivery layer for enterprise IT.

Total net revenues grew steadily from $2.60 billion in FY2021 to $3.088 billiona in FY2025. This transition to recurring maintenance and SaaS subscriptions unlocked intense operational leverage. Operating income jumped 37.3% to $658.6 million in FY2024, while gross margins routinely hovered above the 80% mark, reaching 81.0% in Q3 2025. F5 is heavily converting this efficiency into shareholder returns by consistently retiring stock, including $500.6 million in share buybacks during FY2024 alone.

Investors rewarded this profitability, valuing the company at a $18.6 billionb market cap at the close of FY2025. The stock traded at 27.4x earnings, ending the fiscal year at $323.19. However, the discovery of a major cyber incident involving exfiltrated BIG-IP source code in October 2025 introduces immediate friction. While F5 continues to integrate strategic acquisitions like the $145.2 million purchase of CalypsoAI to bolster its AI defenses, management anticipates near-term disruptions to sales cycles that will test operating margins throughout FY2026.

Recent Developments (Q2 and Q3 2026)

During the first nine months of FY2026, total revenue grew 9.7% year-over-year to $2.5 billionc. Core systems hardware drove a 31.6% surge in product revenues, while gross margins expanded to 81.7%. F5 acquired SurePath AI for $50.1 million to expand its artificial intelligence security platform. The company also added Anand Eswaran and Gavin Munroe to the Board of Directors during Q2 2026 and Q3 2026.

Bulls will emphasize the $841.4 milliond in operating cash flow, which funded $501.1 million in stock repurchases over the nine-month period. Bears will argue that systems revenue growth may normalize, exposing the stock at 34.9x earnings as of the Q3 2026 reporting date.

What to watch: sustainability of hardware systems demand; integration of SurePath AI capabilities.

03—Filings

Recent SEC Filings

  1. 8-KF5, INC. 8-K Report, Financial Results (Jul 27, 2026)F5, Inc. (NASDAQ: FFIV) reported fiscal third-quarter 2026 results (quarter ended June 30, 2026) that were strong on the top line and raised its full-year outlook. Total revenue rose 11% year over year to $865 million (from $780 million), led by Systems revenue of $240 million (up 32%) and Software revenue of $223 million (up 7%), while Services grew 3% to $402 million. Management highlighted 19% product revenue growth and eight consecutive quarters of double-digit product growth, attributing demand to F5's application delivery and security platform as AI-driven threats and hybrid multicloud environments expand. Note that the press release's headline product growth and the segment breakdown in the narrative (Systems plus Software) reconcile to the reported product line of $463 million, up roughly 19% from $389 million. Profitability was solid on a non-GAAP basis: non-GAAP gross margin expanded to 84.2% from 83.1%, non-GAAP operating margin rose to 35.0% from 34.3%, and non-GAAP diluted EPS grew 14% to $4.73 from $4.16. On a GAAP basis, operating margin contracted to 24.7% from 25.2%, and diluted EPS rose to $3.62 from $3.25, with the gap driven largely by higher stock-based compensation ($65.5 million vs. $57.5 million), acquisition-related charges ($10.1 million vs. $2.0 million), and cyber incident costs ($3.0 million, partly offset by $5.3 million of insurance recoveries). Cash generation remained strong, with nine-month operating cash flow of $841 million (up from $742 million) and $501 million in share repurchases, while cash and equivalents reached $1.61 billion. Inventory rose sharply to $127 million from $77 million, consistent with the Systems growth. Management raised FY2026 guidance to 9%-10% revenue growth (from 7%-8%) and non-GAAP EPS of $17.21-$17.33 (from $16.25-$16.55). Q4 guidance calls for revenue of $870-$890 million and non-GAAP diluted EPS of $4.14-$4.26. Investors should note that the company discloses a cyber incident in its non-GAAP adjustments, which remains a monitored item, and that the guidance excludes future acquisition-related charges, cyber costs, and restructuring, which the company cautions can be material and hard to forecast.
  2. 8-KF5, INC. 8-K Report, Executive Changes (Jun 23, 2026)F5, Inc. (NASDAQ: FFIV) filed a Form 8-K on June 23, 2026 to disclose the appointment of Gavin Munroe to its Board of Directors. Munroe was appointed effective June 17, 2026, and will serve on the Board's Audit and Risk Committees. The filing is a governance and board-composition update rather than a financial disclosure, and it contains no earnings, guidance, or financial results. Munroe brings substantial experience from the financial services sector. He most recently served as Chief Information Officer and Transformation Head at Commonwealth Bank of Australia, and previously as Global Chief Information Officer at HSBC's Wealth, Private and Retail Banking division. He also held technology leadership roles at Bank of America/Merrill Lynch, Synechron, and Saxon (a Morgan Stanley division). CEO François Locoh-Donou framed the appointment around expertise in technology modernization, operational resilience, AI enablement at enterprise scale, and risk management in regulated environments. Following the appointment, the board expands to 10 members, 9 of whom are independent. For investors, the key quantifiable items are director compensation: a $60,000 annual retainer, a $20,000 annual payment for each of the two committee memberships, and a restricted stock unit grant with an annual value of $275,000 effective July 1, 2026, under the 2026 Incentive Award Plan. These amounts are modest relative to F5's scale and are consistent with standard non-employee director programs. The appointment is best viewed as a incremental addition of financial-services and AI-oriented technology oversight, with no direct impact on near-term financial performance.
  3. 8-KF5, INC. 8-K Report, Financial Results (Apr 28, 2026)F5, Inc. (FFIV) reported fiscal Q2 2026 results for the quarter ended March 31, 2026, with revenue of $812 million, up 11% year over year from $731 million. Growth was led by products, which rose 22% to $410.5 million, marking the seventh straight quarter of double-digit product growth. Systems revenue grew 26% to $226 million and software revenue grew 17% to $184 million, while services grew a more modest 2% to $401 million. Management credited hybrid multicloud adoption, an expanding cybersecurity threat landscape, and AI inference demand as structural drivers. Profitability improved on both a GAAP and non-GAAP basis. GAAP operating margin rose to 22.1% from 21.7%, and GAAP diluted EPS was $2.58 versus $2.48. Non-GAAP operating margin expanded to 33.8% from 31.9%, and non-GAAP diluted EPS was $3.90 versus $3.42. Cash generation remained strong, with six-month operating cash flow of $525 million, up from $459 million, and cash and equivalents of $1.44 billion at quarter end. The company repurchased $401 million of stock in the six months, an increase from $252 million a year earlier. F5 raised its fiscal 2026 outlook, now guiding revenue growth of 7% to 8% (up from 5% to 6%) and non-GAAP EPS of $16.25 to $16.55 (up from $15.65 to $16.05). For fiscal Q3 2026, it guided revenue of $820 million to $840 million and non-GAAP EPS of $3.91 to $4.03. Investors should note that non-GAAP results exclude stock-based compensation, which was $68 million in the quarter, and cyber incident costs, which totaled $6 million in the quarter and $23.5 million year to date, and that services growth remains slow relative to product growth.
  4. 8-KF5, INC. 8-K Report, Executive Changes (Apr 28, 2026)F5, Inc. (NASDAQ: FFIV) filed an 8-K on April 28, 2026 to disclose the appointment of Anand Eswaran to its Board of Directors. Mr. Eswaran joined the Board effective April 24, 2026, and will serve on the Audit Committee and the Talent and Compensation Committee. He currently serves as CEO of Veeam Software and previously held the role of President and COO at RingCentral, with prior leadership roles at Microsoft, SAP, and Hewlett-Packard. The filing is a governance event rather than a financial disclosure. No financial results, guidance, or material transactions are reported. With this appointment, the Board expands to nine members, eight of whom are independent, which preserves a strong independence profile. Adding a sitting software CEO with deep experience in data security, resilience, and AI-driven growth may be viewed positively by investors, particularly given F5's stated focus on AI-driven application delivery and security. Compensation for Mr. Eswaran follows the standard Non-Employee Director Program: a $60,000 annual cash retainer, plus $20,000 for Audit Committee service and $12,500 for Talent and Compensation Committee service, and a restricted stock unit grant with an annual value of $275,000 under the 2026 Incentive Award Plan, effective May 1, 2026. These amounts are modest relative to F5's scale and do not indicate any change in director pay structure.
  5. 8-KF5, INC. 8-K Report, Executive Changes (Mar 13, 2026)F5, Inc. (FFIV) filed an 8-K on March 13, 2026, detailing key outcomes from its Annual Shareholder Meeting held on March 12, 2026. The primary focus for investors is the shareholder approval of the F5, Inc. 2026 Incentive Award Plan, which allows for the issuance of 3,500,000 new shares of common stock, in addition to previously available shares. This plan is a critical component for future executive and employee compensation, potentially impacting shareholder dilution and long-term alignment of interests. Additionally, the Board of Directors adopted a new Non-Employee Director Compensation Program. The meeting also saw the election of eight directors, an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2026. Investors should note the overwhelming support for director elections and executive compensation, alongside strong approval for the auditor, while the Incentive Plan, though approved, received a lower, albeit still favorable, percentage of 'For' votes.
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04—See also

Related Companies

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