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F5, INC. 8-K Report, Financial Results (Apr 28, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 28, 2026
Period End
April 28, 2026
Security
FFIV
In the 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. Material agreement8-K · May ’17May ’17
  2. Deal closed8-K · May ’19May ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed April 28, 2026. Cited figures are marked; the original filing is the authoritative source.

F5, Inc. (FFIV) reported fiscal Q2 2026 results for the quarter ended March 31, 2026, with revenue of $812 milliona, up 11% year over year from $731 million.

Growth was led by products, which rose 22% to $410.5 millionb, 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 $2.58c 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 milliond, 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.

02—Key points

Key Highlights

  1. Revenue of $812 million grew 11% year over year; products grew 22% and services grew 2%.
  2. Product mix was led by systems revenue (+26% to $226 million) and software revenue (+17% to $184 million).
  3. GAAP diluted EPS was $2.58 (vs. $2.48); non-GAAP diluted EPS was $3.90 (vs. $3.42), a 14% increase.
  4. Non-GAAP operating margin expanded to 33.8% from 31.9%, while GAAP operating margin rose to 22.1% from 21.7%.
  5. Fiscal 2026 revenue growth guidance was raised to 7%-8% (from 5%-6%), and non-GAAP EPS guidance was raised to $16.25-$16.55 (from $15.65-$16.05).
  6. Fiscal Q3 2026 guidance calls for revenue of $820-$840 million and non-GAAP EPS of $3.91-$4.03.
  7. Cash and equivalents reached $1.44 billion, and the company returned $401 million via share repurchases in the first half of fiscal 2026.

03—Questions

Frequently Asked Questions

  1. What drove F5's revenue growth in the second quarter?

    Product revenue grew 22% to $410.5 million, led by systems (+26%) and software (+17%). Services revenue grew only 2% to $401 million, so growth was concentrated in products. Management attributed demand to hybrid multicloud adoption, cybersecurity threats, and AI inference.

  2. Why did F5 raise its guidance, and what is the new outlook?

    The release does not explicitly state the drivers of the raise, but the strong Q2 results and product momentum were the context. The updated fiscal 2026 outlook is 7%-8% revenue growth and non-GAAP EPS of $16.25-$16.55, up from prior ranges. Q3 guidance is $820-$840 million in revenue and $3.91-$4.03 in non-GAAP EPS.

  3. How much of the gap between GAAP and non-GAAP earnings is due to stock-based compensation?

    Stock-based compensation was $68.0 million in Q2 2026, or about $1.19 per diluted share, the largest single adjustment. Other adjustments included amortization of intangibles ($0.20 per share), acquisition-related charges ($0.16), and cyber incident costs ($0.11), partly offset by tax effects of -$0.34 per share.

  4. Is F5's cash position and capital return healthy?

    Yes. Six-month operating cash flow was $525 million (up from $459 million), and cash and equivalents were $1.44 billion at March 31, 2026. The company repurchased $401 million of stock in the first half, up from $252 million a year earlier, while deferred revenue grew to about $2.1 billion in total.

  5. Are there any ongoing risks or one-time costs investors should watch?

    Cyber incident costs were $6.0 million in Q2 and $23.5 million year to date, excluded from non-GAAP results. Acquisition-related charges were $18.8 million year to date, and facility-exit and restructuring items also appear in the reconciliation. Investors should also watch services growth, which lags product growth at 2%.

04—Continue

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