FY26 revenue was $3,417M, up 11% YoY; Q4 revenue was $917M, up 13%, with product revenue up 23% for a ninth consecutive quarter of double-digit growth.
FY27 revenue growth is guided at 8%-9%, with double-digit product growth expected.
Hybrid multicloud adoption, security threats, and AI inference are driving demand across application delivery, security, and AI use cases.
Q4 GAAP net income was $186M, or $3.23 diluted EPS; non-GAAP net income was $255M, or $4.42 diluted EPS.
FY26 GAAP net income was $722M and diluted EPS was $12.52; non-GAAP net income was $1,009M and diluted EPS was $17.49.
FY26 total security revenue was $1.3B, up 16%; product security revenue was $746M, up 15%, and standalone security revenue was $527M.
FY27 revenue growth guidance is 8%-9%; non-GAAP EPS is $18.00-$18.30, gross margin 80.5%-82.5%, operating margin 33%-35%, and tax rate 19%-21%.
FY27 product revenue is expected to grow at a double-digit rate; software growth is guided to double digits, systems to upper-single digits, and services to low-to-mid single digits.
Q1 FY27 revenue guidance is $875M-$895M, non-GAAP gross margin 81.5%-82.5%, operating expenses $420M-$432M, and diluted EPS $4.25-$4.37.
Systems growth is expected to be stronger in H1 as refresh demand supports results; software growth is expected to be stronger in H2 as term renewals occur.
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F5, Inc. is an American company with multinational operations that specializes in multi-cloud application services and security. The company is well-known for its Application Delivery Controller (ADC) technology, which optimizes the delivery and security of network-based applications and the traffic that flows through them. F5's product portfolio includes software and hardware focused on access control, application security, load balancing, and DDoS protection, catering to a diverse clientele that spans various sectors. It is headquartered in Seattle, Washington, and its shares are listed on the Nasdaq.
F5 was founded in 1996 and initially focused on developing and providing load-balancing technology, crucial for ensuring the reliable distribution of internet traffic across servers.
F5 went public in 1999 and in the early 2000s, the company expanded its product line to include traffic management, application security, and optimization technologies. The company continued to grow during the 2010s both organically and through strategic acquisitions. More recently, F5 has focused on expanding its offerings in multi-cloud environments and application security. Today, F5 competes with the likes of Cisco, Juniper Networks, Fortinet, and many others.
F5's flagship product line, and what the company is most known for, includes its Application Delivery Controllers and associated services, which are designed to ensure the smooth and efficient delivery of web applications. ADCs play a crucial role in load balancing, optimizing performance, and managing the flow of traffic to and from web applications. This ensures that user experiences are consistently high-quality, regardless of traffic volume or application complexity.
A significant part of F5's extended offerings is in Application Security. They provide Web Application Firewalls (WAFs), which are designed to protect applications against internet-based threats. These WAFs are engineered to adapt to the specific security needs of different applications, aiming to defend against a range of cyber threats including SQL injection, cross-site scripting, and session hijacking.
In Access Management, F5 develops solutions that aim to secure and streamline access to applications and data. Its offerings in this space are focused on enabling controlled access to network resources, crucial for businesses with remote or mobile workforces. Key features of these solutions include identity federation, Single Sign-On (SSO), and multi-factor authentication. In Cloud Solutions, F5 has introduced products to aid in the optimization of application performance and security across various cloud environments.
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