01—Abstract
Summary
Summary of the 10-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.
F5, Inc. (FFIV) demonstrated robust revenue growth in its fiscal year 2025, with total net revenues reaching $3.088 billiona, a 9.7% increase year-over-year.
This growth was primarily driven by a significant 18.5%b surge in product revenues, particularly from systems, alongside a more modest 2.3% increase in services revenue. The company's strategic focus on multicloud application delivery and security solutions, including its F5 BIG-IP, F5 NGINX, and F5 Distributed Cloud Services portfolios, appears to be resonating with customers. Despite strong financial performance, F5 disclosed a significant cyber incident on October 15, 2025, where a threat actor gained persistent access and exfiltrated files, including portions of its BIG-IP source code.
While the company stated this incident has not materially impacted operations to date, it anticipates near-term disruptions to sales cycles and potential impacts on operating margins in fiscal year 2026. Management is actively investigating, containing the threat, and implementing enhanced security measures, but the long-term implications for customer trust and financial performance remain a key area to monitor.
02—Key points
Key Highlights
- F5 reported a 9.7% year-over-year increase in total net revenues for fiscal year 2025, reaching $3.088 billion.
- Product revenues saw a substantial 18.5% increase, driven by strong performance in systems revenue, indicating successful market adoption of core offerings.
- The company disclosed a significant cyber incident on October 15, 2025, involving unauthorized access and exfiltration of sensitive data, including BIG-IP source code.
- F5 anticipates potential near-term disruptions to sales cycles and impacts on operating margins in fiscal year 2026 due to the cyber incident.
- Despite the cyber incident, the company continues to invest in Research and Development, with an 10.1% increase in R&D expenses, underscoring its commitment to innovation in application delivery and security.
- F5 acquired CalypsoAI Corp. in September 2025 for $145.2 million to enhance its AI inference security capabilities, signaling strategic investment in emerging technologies.
- The company maintained effective internal controls over financial reporting, as attested by their independent registered public accounting firm.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, F5, Inc. kept $0.22.
- Revenue$3.09B100.0%
- Cost of revenue−$574.0M18.6%
- Gross profit$2.51B81.4%
- Operating costs−$1.75B56.6%
- Operating income$765.9M24.8%
- Interest, other & tax−$73.6M2.4%
- Net income$692.4M22.4%
Where FY2025 revenue went
$3.09B- Other operating costs: $1.21B, 39% of revenue
- Net income: $692.4M, 22% of revenue
- Cost of revenue: $574.0M, 19% of revenue
- R&D: $539.8M, 17% of revenue
- Interest, other & tax: $73.6M, 2.4% of revenue
Kept 22% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 25, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $3.09B$2.82B | +9.7% |
| Cost of Revenue | $573.98M$557.65M | +2.9% |
| Gross Profit | $2.51B$2.26B | +11.3% |
| R&D Expenses | $539.82M$490.12M | +10.1% |
| Operating Expenses | $1.75B$1.60B | +9.3% |
| Operating Income | $765.95M$658.59M | +16.3% |
| Net Income | $692.38M$566.78M | +22.2% |
| EPS (Basic) | $11.96$9.65 | +23.9% |
| EPS (Diluted) | $11.80$9.55 | +23.6% |
| Shares Outstanding (Basic) | 57.90M58.72M | −1.4% |
| Shares Outstanding (Diluted) | 58.68M59.36M | −1.1% |
05—Questions
Frequently Asked Questions
What is the primary impact of the cyber incident on F5's operations and financial outlook?
F5 disclosed a cyber incident on October 15, 2025, involving unauthorized access and exfiltration of sensitive files, including BIG-IP source code. While the company states it has not materially impacted operations to date, it anticipates near-term disruptions to sales cycles and potential impacts on operating margins in fiscal year 2026. Ongoing investigations and security enhancements are being implemented.
How did F5's revenue performance in fiscal year 2025 compare to the previous year?
F5 experienced a 9.7% increase in total net revenues for fiscal year 2025, reaching $3.088 billion. This growth was primarily fueled by an 18.5% increase in product revenues, particularly from systems, while services revenue saw a more modest 2.3% rise.
What strategic acquisitions did F5 make in fiscal year 2025?
In September 2025, F5 acquired CalypsoAI Corp. for $145.2 million to bolster its enterprise AI security offerings, integrating its capabilities into F5's Application Delivery and Security Platform (ADSP). Several other immaterial acquisitions were also completed.
What is F5's approach to cloud and SaaS offerings, and how are they contributing to revenue?
F5 is actively investing in and expanding its SaaS-based F5 Distributed Cloud Services, which aim to optimize application deployment across various clouds and reduce operational complexity. While the filing highlights investment in this area, specific revenue contributions from SaaS are not explicitly broken out in detail for the period presented, though software revenue, which includes SaaS, saw an increase.
06—Continue