FFIV
F5, Inc.
Price as of Jul 17, 2026
FFIV earnings
F5, Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $3.47 | $3.90 | +12.4% | $812M | +3.6% |
| Jan 27, 2026 | $3.64 | $4.45 | +22.3% | $822M | +5.0% |
| Jul 30, 2025 | $3.51 | $4.16 | +18.5% | $780M | +3.5% |
| Jan 28, 2025 | $3.36 | $3.84 | +14.3% | $766M | +7.1% |
| Jan 29, 2024 | $3.03 | $3.43 | +13.2% | $693M | +1.1% |
| Jul 24, 2023 | $2.86 | $3.21 | +12.2% | $703M | +0.5% |
| Apr 19, 2023 | $2.42 | $2.53 | +4.5% | $703M | +0.6% |
| Jan 24, 2023 | $2.34 | $2.47 | +5.6% | $700M | -0.1% |
| Jul 25, 2022 | $2.23 | $2.57 | +15.2% | $674M | +1.1% |
| Jan 25, 2022 | $2.79 | $2.89 | +3.6% | $687M | +1.4% |
| Jan 26, 2021 | $2.50 | $2.59 | +3.6% | $625M | +5.1% |
| Jul 27, 2020 | $2.05 | $2.18 | +6.3% | $583M | +6.9% |
Earnings call summary
Q2 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Francois mentioned 11% revenue growth, 22% product revenue growth (7 consecutive quarters of double-digit product growth). Hybrid multicloud, threat landscape expansion, and AI inference inflection are key market forces driving demand. Customer examples include a healthcare services organization expanding AI-driven platform with F5, and a Fortune 100 energy company displaced by F5. Innovation in Q2 included AI-powered capabilities in distributed cloud WAFs, agentic bot defense, F5 AI Remediate, and F5 Insight for ADSP
Guidance
Expect Q3 revenue $820M - $840M (6.5% midpoint growth). FY26 revenue outlook raised to 7%-8% from 5%-6%. Q3 non-GAAP gross margin 82.5%-83.5%, non-GAAP EPS $3.91-$4.03. FY26 non-GAAP EPS $16.25-$16.55, non-GAAP gross margin 82.5-83.5%, non-GAAP operating margin 34-35%
Segment performance
F5 delivered 11% revenue growth in Q2, reaching $812 million. Product revenue was $411 million, up 22%, with systems revenue at $226 million (+26%) and software revenue at $184 million (+17%). Recurring revenue contributed 70% of Q2 revenue. Revenue from the Americas was 50% of total, EMEA grew 22% (32% of revenue), APAC grew 19% (18% of revenue). Major verticals: enterprise 66%, government 24% (including 8% U.S. Federal), service providers 9%
Risks & headwinds
Factors affecting results include uncertainties in forward-looking statements, market trends changing, and higher memory costs impacting gross margins
Analyst Q&A
Q: On software growth, why mid-single digit and acceleration next year?
A: Cooper said software growth this year is due to renewal base, with stronger growth expected next year as larger renewal base and expansion.
Q: On AI traction, data points?
A: Francois said over $50M sales in first half of year on AI use cases, ~100 customers using F5 for AI use cases.
Q: On sustainability of growth, secular trends?
A: Francois said hybrid multi-cloud, threat landscape expansion, and AI inference inflection are durable secular trends.
Q: On security with AI, step change?
A: Francois said more reliance on runtime security and AI-powered security, with new solutions like AI-powered WAF.
Q: On hardware vs software shift?
A: Francois said customers recommitting to hardware, but hybrid multi-cloud drives both hardware and software investment.
Q: On NVIDIA integration, updates?
A: Francois said F5 integrated with NVIDIA, tests validate efficiency gains, involved in projects.
Q: On pricing and share gain?
A: Cooper said annual pricing review, competitive takeout rate up due to hybrid multi-cloud.
Q: On memory impact and backlog?
A: Cooper said memory pricing impact on gross margin, backlog not tied to deferred revenue.
Q: On EMEA data sovereignty and security competition?
A: Francois said durable trend in EMEA, F5 unique in hybrid multi-cloud security.
Q: On memory gross margin step down?
A: Cooper said memory price increases flowing through, relief in several quarters.
Q: On U.S. federal and services growth?
A: Francois said strong U.S. federal and global government spending, services growth impacted by refresh transition.
Q: On AI growth and U.S. vs outside?
A: Francois said secular trends global, software growth tied to renewal.
Q: On systems growth FY27 and new ADC products?
A: Cooper said systems growth expected, planning for new products including PQC
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-07-27.