ATEN

MKT CAP:$2B

A10 Networks, Inc.

Market Cap

$2B

Technology·Software - Infrastructure·🇺🇸 United States·NYSE

Technology·Software Infra·🇺🇸·NYSE

Stock Price

$27.22+$9.87 (+56.89%)

Apr 20, 2026

Company Details

A10 Networks, Inc. provides networking solutions in the Americas, Japan, other Asia Pacific, and EMEA countries. The company offers Thunder Application Delivery Controller (ADC) that provides advanced server load balancing; Lightning ADC, a...

CEO

Dhrupad Trivedi

IPO Date

Mar 21, 2014

Website

www.a10networks.com

Key Metrics TTM

Revenue

$291M

+11.0% YoY

Net Income

$42M

EPS (Diluted)

$0.58

Free Cash Flow

$65M

Revenue / Share

$4.00

Gross Margin

79.3%

Operating Margin

16.2%

Net Margin

14.5%

FCF Margin

22.3%

P/S

6.8x

P/E

46.7x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 25, 2026

$291M+11.0%EPS $0.57

Q4 2025

Feb 25, 2026

$80M+8.3%EPS $0.14

Q3 2025

Nov 4, 2025

$75M+11.9%EPS $0.17

Q2 2025

Aug 5, 2025

$69M+15.5%EPS $0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$63M	$50M	$8M
Q2 22	$68M	$54M	$13M
Q3 22	$72M	$57M	$16M
Q4 22	$78M	$62M	$16M
Q1 23	$58M	$47M	$6M
Q2 23	$66M	$52M	$12M
Q3 23	$58M	$47M	$2M
Q4 23	$70M	$57M	$18M
Q1 24	$61M	$49M	$7M
Q2 24	$60M	$48M	$8M
Q3 24	$67M	$54M	$10M
Q4 24	$74M	$59M	$18M
Q1 25	$66M	$53M	$9M
Q2 25	$69M	$55M	$10M
Q3 25	$75M	$60M	$13M
Q4 25	$80M	$63M	$15M

Valuation

Quarter	P/S	P/E
Q1 22	7.6x	20.0x
Q2 22	7.4x	19.2x
Q3 22	7.2x	49.7x
Q4 22	7.0x	41.9x
Q1 23	7.1x	44.2x
Q2 23	7.2x	43.0x
Q3 23	7.6x	49.1x
Q4 23	7.8x	49.2x
Q1 24	7.7x	43.0x
Q2 24	7.9x	45.1x
Q3 24	7.6x	39.5x
Q4 24	7.5x	39.2x
Q1 25	7.4x	39.4x
Q2 25	7.1x	38.5x
Q3 25	6.9x	38.9x
Q4 25	6.8x	46.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$16M	$13M
Q2 22	$9M	$7M
Q3 22	$14M	$11M
Q4 22	$27M	$25M
Q1 23	-$846.0K	-$4M
Q2 23	$20M	$17M
Q3 23	$23M	$20M
Q4 23	$3M	-$413.0K
Q1 24	$32M	$30M
Q2 24	$12M	$9M
Q3 24	$20M	$17M
Q4 24	$26M	$23M
Q1 25	$17M	$13M
Q2 25	$22M	$18M
Q3 25	$23M	$18M
Q4 25	$23M	$16M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$3M
Q4 22	$3M
Q1 23	$3M
Q2 23	$2M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$3M
Q3 24	$3M
Q4 24	$2M
Q1 25	$4M
Q2 25	$4M
Q3 25	$5M
Q4 25	$7M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+14.3%	+7.6%
Q2 22	+14.9%	+5.5%
Q3 22	+10.2%	+2.4%
Q4 22	+9.9%	+4.3%
Q1 23	-7.9%	-5.8%
Q2 23	-3.2%	-2.3%
Q3 23	-19.8%	-1.5%
Q4 23	-9.3%	-14.6%
Q1 24	+5.2%	+3.8%
Q2 24	-8.7%	-2.6%
Q3 24	+15.5%	+1.3%
Q4 24	+5.4%	+6.5%
Q1 25	+9.0%	+7.3%
Q2 25	+15.5%	+13.2%
Q3 25	+11.9%	+9.6%
Q4 25	+8.3%	+17.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	5.5%
Q2 22	$3M	4.2%
Q3 22	$4M	4.9%
Q4 22	$4M	4.5%
Q1 23	$4M	6.5%
Q2 23	$3M	5.3%
Q3 23	$4M	6.9%
Q4 23	$3M	4.1%
Q1 24	$4M	6.3%
Q2 24	$4M	7.1%
Q3 24	$4M	6.3%
Q4 24	$5M	6.4%
Q1 25	$6M	9.1%
Q2 25	$4M	6.4%
Q3 25	$5M	6.4%
Q4 25	$5M	6.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$13M	$6M	$23M
Q2 22	$14M	$5M	$22M
Q3 22	$14M	$6M	$22M
Q4 22	$17M	$6M	$22M
Q1 23	$12M	$7M	$22M
Q2 23	$14M	$5M	$21M
Q3 23	$18M	$6M	$21M
Q4 23	$12M	$6M	$21M
Q1 24	$14M	$7M	$21M
Q2 24	$15M	$6M	$19M
Q3 24	$16M	$6M	$21M
Q4 24	$13M	$6M	$22M
Q1 25	$16M	$8M	$20M
Q2 25	$16M	$7M	$21M
Q3 25	$18M	$7M	$22M
Q4 25	$19M	$7M	$22M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	14.3%	15.7%	30.0
Q2 22	14.9%	22.1%	37.0
Q3 22	10.2%	24.3%	34.5
Q4 22	9.9%	25.0%	34.9
Q1 23	-7.9%	14.3%	6.4
Q2 23	-3.2%	22.0%	18.8
Q3 23	-19.8%	8.2%	-11.6
Q4 23	-9.3%	29.1%	19.8
Q1 24	5.2%	16.3%	21.5
Q2 24	-8.7%	17.9%	9.2
Q3 24	15.5%	19.8%	35.2
Q4 24	5.4%	28.9%	34.3
Q1 25	9.0%	21.1%	30.1
Q2 25	15.5%	24.5%	39.9
Q3 25	11.9%	23.7%	35.6
Q4 25	8.3%	25.0%	33.3

Rule of 40

Revenue Segments

Quarter	Product	Service
Q1 22	$37M	$26M
Q2 22	$41M	$26M
Q3 22	$45M	$27M
Q4 22	$50M	$28M
Q1 23	$31M	$27M
Q2 23	$39M	$27M
Q3 23	$30M	$28M
Q4 23	$41M	$30M
Q1 24	$30M	$31M
Q2 24	$30M	$31M
Q3 24	$37M	$30M
Q4 24	$43M	$31M
Q1 25	$36M	$30M
Q2 25	$39M	$30M
Q3 25	$43M	$32M
Q4 25	$49M	$32M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea	Apj
Q1 22	$33M	$18M	$12M	—
Q2 22	$39M	$22M	$8M	—
Q3 22	$36M	—	$11M	$25M
Q4 22	$41M	—	$11M	$25M
Q1 23	$30M	—	$12M	$16M
Q2 23	$37M	—	$7M	$22M
Q3 23	$26M	—	$11M	$21M
Q4 23	$40M	—	$12M	$19M
Q1 24	$27M	—	$8M	$25M
Q2 24	$31M	—	$10M	$19M
Q3 24	$34M	—	$9M	$23M
Q4 24	$42M	—	$13M	$20M
Q1 25	$33M	—	$14M	$19M
Q2 25	$41M	—	$10M	$18M
Q3 25	$49M	—	$9M	$17M
Q4 25	$52M	—	$11M	$17M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$68M	$97M	$165M
Q2 22	$84M	$83M	$167M
Q3 22	$32M	$96M	$128M
Q4 22	$68M	$83M	$151M
Q1 23	$69M	$76M	$145M
Q2 23	$111M	$43M	$154M
Q3 23	$104M	$65M	$169M
Q4 23	$97M	$62M	$159M
Q1 24	$123M	$59M	$182M
Q2 24	$77M	$100M	$177M
Q3 24	$78M	$104M	$182M
Q4 24	$95M	$100M	$196M
Q1 25	$244M	$112M	$356M
Q2 25	$253M	$114M	$367M
Q3 25	$87M	$284M	$371M
Q4 25	$71M	$307M	$378M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	79M	-1.3%	-0.4%
Q2 22	78M	-1.2%	-1.3%
Q3 22	78M	-0.8%	-2.8%
Q4 22	75M	-2.9%	-6.1%
Q1 23	76M	+0.2%	-4.7%
Q2 23	75M	-0.1%	-3.7%
Q3 23	76M	+0.5%	-2.4%
Q4 23	75M	-1.1%	-0.6%
Q1 24	75M	+0.5%	-0.3%
Q2 24	75M	+0.2%	+0.1%
Q3 24	75M	-0.9%	-1.4%
Q4 24	75M	+0.3%	+0.0%
Q1 25	75M	+0.1%	-0.4%
Q2 25	73M	-2.6%	-3.2%
Q3 25	73M	-0.1%	-2.3%
Q4 25	73M	-0.5%	-3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$106.2K	590
Q2 22	$115.2K	590
Q3 22	$122.1K	590
Q4 22	$135.0K	575
Q1 23	$100.3K	575
Q2 23	$114.5K	575
Q3 23	$100.5K	575
Q4 23	$134.1K	525
Q1 24	$115.6K	525
Q2 24	$114.5K	525
Q3 24	$127.1K	525
Q4 24	$154.3K	481
Q1 25	$137.5K	481
Q2 25	$144.2K	481
Q3 25	$155.3K	481
Q4 25	$162.7K	494

Revenue / Employee