F5, Inc. (FFIV) Earnings
F5, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $3.98. FFIV has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +16.9% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
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