10-Q · August 6, 2025
F5 reported quarter revenue of $780,370,000 (up from $695,495,000 a year ago) with gross profit of $631,742,000 (gross margin 81.0%) and operating income of $196,317,000 (operating margin 25.2%). Diluted EPS was $3.25,…
Earnings analysis · 10-Q
FFIV earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
F5 reported strong Q2 FY26 results with revenue of $811.7 million, exceeding consensus estimates by 3.7%, marking an 11% increase year-over-year. The non-GAAP EPS of $3.90 surpassed expectations of $3.27, showing robust…
Read full summary
F5 reported strong Q2 FY26 results with revenue of $811.7 million, exceeding consensus estimates by 3.7%, marking an 11% increase year-over-year. The non-GAAP EPS of $3.90 surpassed expectations of $3.27, showing robust profitability and management's strategic focus on product demand despite some operating challenges like rising costs from an ongoing cyber incident.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.9
- Segment
- Products
- Segment
- Services
What stood out
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Revenue Growth Surpassed Expectations
Actual revenue was $811.7 million, beating estimates by 3.7% and increasing 11% YoY.
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Strong EPS Performance
Non-GAAP EPS was $3.90, exceeding expectations of $3.27 and showing significant profitability.
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Increased Product Revenues
Net product revenues rose 21.7% YoY for the quarter, reflecting strong demand for systems and software.
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Margin Improvements
Gross margin was 81.4%, up from 80.7% in the prior year, indicating operational efficiency.
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Improved Guidance
Management raised FY26 revenue growth outlook to 7%-8%, up from 5%-6%.
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Strong Cash Flow Generation
Operating cash flow for the six months was $525.1 million, supporting liquidity.
What to watch
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Cyber Incident Costs
Increased expenses related to the Cyber Incident, impacting overall spending and margins.
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Rising Restructuring Costs
Restructuring charges were recorded in prior quarters, indicating ongoing operational adjustments.
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Dependence on Key Customers
Major distributors accounted for significant revenue, heightening risk if relationships weaken.
Management's outlook
Management anticipates revenue for Q3 FY26 to be in the range of $820 million to $840 million, with non-GAAP EPS forecasted between $3.91 and $4.03.
Earlier filings 4
10-Q · May 6, 2025
F5 reported Q2 revenue of $731,123,000 (up $49,769,000 vs. the year-ago quarter) and diluted EPS of $2.48 (up $0.48 vs. prior year). Gross profit was $590,164,000 (80.7% margin) and operating income was $158,897,000…
10-Q · February 7, 2025
F5 reported quarter revenue of $766,489,000, up from $692,597,000 a year ago, with gross profit of $625,979,000 and income from operations of $205,082,000. Net income rose to $166,445,000 (diluted EPS $2.82) and…
10-Q · May 6, 2024
F5 reported Q2 net revenues of $681,354 (in thousands), down versus $703,175 in the prior-year quarter, while operating income improved to $139,960 (in thousands) from $106,046 and diluted EPS rose to $2.00 from $1.34.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.