FFIV earnings analysis
What we found in FFIV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Surpassed Expectations
- Actual revenue was $811.7 million, beating estimates by 3.7% and increasing 11% YoY.
- Strong EPS Performance
- Non-GAAP EPS was $3.90, exceeding expectations of $3.27 and showing significant profitability.
- Increased Product Revenues
- Net product revenues rose 21.7% YoY for the quarter, reflecting strong demand for systems and software.
- Margin Improvements
- Gross margin was 81.4%, up from 80.7% in the prior year, indicating operational efficiency.
- Improved Guidance
- Management raised FY26 revenue growth outlook to 7%-8%, up from 5%-6%.
- Strong Cash Flow Generation
- Operating cash flow for the six months was $525.1 million, supporting liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cyber Incident Costs
- Increased expenses related to the Cyber Incident, impacting overall spending and margins.
- Rising Restructuring Costs
- Restructuring charges were recorded in prior quarters, indicating ongoing operational adjustments.
- Dependence on Key Customers
- Major distributors accounted for significant revenue, heightening risk if relationships weaken.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.9
- Gross margin
- 81.4%
- Operating margin
- 22.1%
- Segment
- Products
- Segment
- Services
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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