FFIV

MKT CAP:$17B

F5, Inc.

Market Cap

$17B

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

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$299.89+$43.26 (+16.86%)

Apr 23, 2026

Company Details

F5, Inc. provides multi-cloud application security and delivery solutions for the security, performance, and availability of network applications, servers, and storage systems. The company's multi-cloud application security and delivery sol...

CEO

Edward Cooper Werner

IPO Date

Jun 4, 1999

Website

www.f5.com

Key Metrics TTM

Revenue

$3.1B

+8.8% YoY

Net Income

$706M

EPS (Diluted)

$12.09

Free Cash Flow

$861M

Revenue / Share

$54.05

Gross Margin

81.4%

Operating Margin

24.7%

Net Margin

22.5%

FCF Margin

27.4%

P/S

5.4x

P/E

24.2x

Earnings Reports

Q2 2026

Apr 28, 2026

PENDING

Q1 2026

Feb 5, 2026

$822M+7.3%EPS $3.10

FY 2025

Nov 25, 2025

$3.1B+9.7%EPS $11.80

Q4 2025

Nov 25, 2025

$810M+8.5%EPS $3.26

Q3 2025

Aug 6, 2025

$780M+12.2%EPS $3.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$634M	$508M	$75M
Q3 22	$674M	$544M	$107M
Q4 22	$700M	$553M	$108M
Q1 23	$700M	$545M	$91M
Q2 23	$703M	$548M	$106M
Q3 23	$703M	$561M	$104M
Q4 23	$707M	$566M	$172M
Q1 24	$693M	$556M	$165M
Q2 24	$681M	$540M	$140M
Q3 24	$695M	$559M	$163M
Q4 24	$747M	$603M	$191M
Q1 25	$766M	$626M	$205M
Q2 25	$731M	$590M	$159M
Q3 25	$780M	$632M	$196M
Q4 25	$810M	$666M	$206M
Q1 26	$822M	$671M	$214M

Valuation

Quarter	P/S	P/E
Q2 22	6.4x	48.8x
Q3 22	6.4x	49.7x
Q4 22	6.3x	53.0x
Q1 23	6.3x	56.7x
Q2 23	6.1x	52.3x
Q3 23	6.1x	51.4x
Q4 23	6.1x	43.2x
Q1 24	6.1x	37.0x
Q2 24	6.1x	34.3x
Q3 24	6.2x	30.8x
Q4 24	6.1x	30.1x
Q1 25	5.9x	28.7x
Q2 25	5.8x	27.5x
Q3 25	5.6x	25.6x
Q4 25	5.5x	24.7x
Q1 26	5.4x	24.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$127M	$121M
Q3 22	$71M	$62M
Q4 22	$154M	$146M
Q1 23	$158M	$145M
Q2 23	$141M	$130M
Q3 23	$165M	$150M
Q4 23	$190M	$174M
Q1 24	$165M	$156M
Q2 24	$222M	$212M
Q3 24	$159M	$153M
Q4 24	$247M	$240M
Q1 25	$203M	$195M
Q2 25	$257M	$246M
Q3 25	$282M	$274M
Q4 25	$208M	$192M
Q1 26	$159M	$149M

Capital Expenditures

Quarter	CapEx
Q2 22	$5M
Q3 22	$9M
Q4 22	$9M
Q1 23	$13M
Q2 23	$11M
Q3 23	$15M
Q4 23	$15M
Q1 24	$9M
Q2 24	$9M
Q3 24	$6M
Q4 24	$6M
Q1 25	$8M
Q2 25	$11M
Q3 25	$9M
Q4 25	$16M
Q1 26	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-1.7%	-5.4%
Q3 22	+3.5%	+2.1%
Q4 22	+2.6%	+6.6%
Q1 23	+1.9%	+6.3%
Q2 23	+10.9%	+6.7%
Q3 23	+4.2%	+5.7%
Q4 23	+1.0%	-9.7%
Q1 24	-1.1%	-13.3%
Q2 24	-3.1%	-9.3%
Q3 24	-1.0%	-11.1%
Q4 24	+5.6%	+3.8%
Q1 25	+10.7%	+6.3%
Q2 25	+7.3%	+5.7%
Q3 25	+12.2%	+9.7%
Q4 25	+8.5%	+8.8%
Q1 26	+7.3%	+8.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$64M	10.1%
Q3 22	$62M	9.2%
Q4 22	$59M	8.5%
Q1 23	$63M	9.0%
Q2 23	$64M	9.1%
Q3 23	$56M	8.0%
Q4 23	$53M	7.5%
Q1 24	$56M	8.1%
Q2 24	$55M	8.1%
Q3 24	$56M	8.1%
Q4 24	$54M	7.2%
Q1 25	$58M	7.6%
Q2 25	$59M	8.1%
Q3 25	$57M	7.4%
Q4 25	$57M	7.1%
Q1 26	$60M	7.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$136M	$69M	$229M
Q3 22	$139M	$71M	$227M
Q4 22	$139M	$70M	$237M
Q1 23	$142M	$70M	$233M
Q2 23	$141M	$67M	$233M
Q3 23	$129M	$65M	$207M
Q4 23	$128M	$62M	$205M
Q1 24	$120M	$65M	$199M
Q2 24	$122M	$67M	$211M
Q3 24	$124M	$66M	$206M
Q4 24	$124M	$71M	$217M
Q1 25	$131M	$73M	$206M
Q2 25	$137M	$77M	$218M
Q3 25	$136M	$79M	$220M
Q4 25	$136M	$94M	$216M
Q1 26	$141M	$91M	$225M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	-1.7%	16.4%	14.7
Q3 22	3.5%	20.2%	23.7
Q4 22	2.6%	19.2%	21.9
Q1 23	1.9%	18.2%	20.1
Q2 23	10.9%	19.0%	29.8
Q3 23	4.2%	26.8%	31.0
Q4 23	1.0%	28.5%	29.5
Q1 24	-1.1%	29.2%	28.1
Q2 24	-3.1%	24.7%	21.6
Q3 24	-1.0%	27.3%	26.3
Q4 24	5.6%	28.7%	34.3
Q1 25	10.7%	31.2%	41.9
Q2 25	7.3%	24.8%	32.1
Q3 25	12.2%	28.0%	40.2
Q4 25	8.5%	30.2%	38.7
Q1 26	7.3%	30.1%	37.4

Rule of 40

Revenue Segments

Quarter	Product	Service
Q2 22	$298M	$337M
Q3 22	$326M	$348M
Q4 22	$350M	$350M
Q1 23	$341M	$360M
Q2 23	$341M	$363M
Q3 23	$328M	$374M
Q4 23	$325M	$382M
Q1 24	$306M	$387M
Q2 24	$300M	$381M
Q3 24	$308M	$387M
Q4 24	$358M	$388M
Q1 25	$368M	$398M
Q2 25	$337M	$394M
Q3 25	$389M	$392M
Q4 25	$414M	$396M
Q1 26	$410M	$412M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q2 22	$359M	$119M	$156M
Q3 22	$387M	$131M	$156M
Q4 22	$424M	$116M	$160M
Q1 23	$402M	$114M	$184M
Q2 23	$383M	$130M	$190M
Q3 23	$398M	$123M	$181M
Q4 23	$401M	$120M	$186M
Q1 24	$376M	$123M	$193M
Q2 24	$386M	$117M	$178M
Q3 24	$383M	$122M	$191M
Q4 24	$436M	$117M	$194M
Q1 25	$432M	$130M	$204M
Q2 25	$396M	$121M	$214M
Q3 25	$431M	$147M	$202M
Q4 25	$465M	$138M	$207M
Q1 26	$440M	$129M	$254M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$587M	$301M	$887M
Q3 22	$542M	$196M	$738M
Q4 22	$758M	$127M	$885M
Q1 23	$606M	$54M	$660M
Q2 23	$735M	$21M	$755M
Q3 23	$677M	$13M	$691M
Q4 23	$797M	$6M	$803M
Q1 24	$823M	$3M	$826M
Q2 24	$903M	$802.0K	$903M
Q3 24	$935M	$812.0K	$936M
Q4 24	$1.1B	$0	$1.1B
Q1 25	$1.2B	$0	$1.2B
Q2 25	$1.3B	$0	$1.3B
Q3 25	$1.4B	$0	$1.4B
Q4 25	$1.3B	$0	$1.3B
Q1 26	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	61M	-0.8%	-1.2%
Q3 22	60M	-1.5%	-1.5%
Q4 22	60M	-0.6%	-2.4%
Q1 23	60M	+0.4%	-2.4%
Q2 23	61M	+0.5%	-1.2%
Q3 23	60M	-0.6%	-0.2%
Q4 23	60M	-1.0%	-0.7%
Q1 24	60M	-0.1%	-1.2%
Q2 24	60M	-0.1%	-1.8%
Q3 24	59M	-0.7%	-1.9%
Q4 24	59M	-0.2%	-1.1%
Q1 25	59M	+0.0%	-1.0%
Q2 25	59M	-0.5%	-1.4%
Q3 25	58M	-0.5%	-1.1%
Q4 25	58M	-0.1%	-1.1%
Q1 26	58M	-0.4%	-1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$98.2K	6K
Q3 22	$104.4K	6K
Q4 22	$98.7K	7K
Q1 23	$98.8K	7K
Q2 23	$99.2K	7K
Q3 23	$99.1K	7K
Q4 23	$108.4K	7K
Q1 24	$106.2K	7K
Q2 24	$104.4K	7K
Q3 24	$106.6K	7K
Q4 24	$113.9K	7K
Q1 25	$116.9K	7K
Q2 25	$111.5K	7K
Q3 25	$119.0K	7K
Q4 25	$123.2K	7K
Q1 26	$125.0K	7K

Revenue / Employee