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Dec 31, 2025
F5 Q1 2026 Earnings Report
F5 reported strong first quarter results with 7% revenue growth, including 11% product growth.
Key Takeaways
F5, Inc. announced strong financial results for its first fiscal quarter of 2026, with total revenue reaching $822 million, a 7% increase year-over-year. This growth was primarily driven by an 11% increase in product revenue, including a significant 37% growth in systems revenue. The company also reported strong GAAP and non-GAAP net income and earnings per share, exceeding previous year's figures.
Total revenue for Q1 FY26 was $822 million, up 7% from $766 million in Q1 FY25.
Product revenue grew by 11%, with systems revenue increasing by 37% year-over-year.
GAAP net income for the quarter was $180 million, or $3.10 per diluted share.
Non-GAAP net income was $259 million, or $4.45 per diluted share.
Revenue by Segment
Forward Guidance
F5 raised its fiscal year 2026 outlook, now expecting revenue growth between 5% and 6%, up from the previous guidance of 0% to 4%. The company also increased its non-GAAP operating margin guidance to 34%-35% and non-GAAP earnings per share to $15.65-$16.05.
Positive Outlook
- Raised fiscal year 2026 revenue growth outlook to 5%-6% (previously 0%-4%).
- Increased non-GAAP operating margin guidance to 34%-35% (previously 33.5%-34.5%).
- Raised non-GAAP earnings per share guidance to $15.65-$16.05 (previously $14.50-$15.50).
- Strong alignment with durable market demand drivers like hybrid multicloud architectures and AI adoption.
- Sixth consecutive quarter of double-digit product revenue growth.
Challenges Ahead
- Software revenue was down 8% against strong results in the year-ago period.
- Guidance for Q2 FY26 revenue ($770 million to $790 million) is lower than Q1 FY26 actual revenue.
- Non-GAAP earnings guidance for Q2 FY26 ($3.34 to $3.46 per diluted share) is lower than Q1 FY26 actual non-GAAP EPS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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