A10 Networks
Protects and accelerates application traffic across enterprise, service-provider, cloud, and AI infrastructure.
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Profile
Sells application delivery, carrier-grade networking, DDoS defense, web and API protection, and AI-security tools to service providers and enterprises worldwide. Hardware and software sales are paired with renewable support and subscription revenue, while most revenue comes from service providers and nearly all orders flow through resellers.
Secures and accelerates applications and network traffic for service providers, cloud platforms, governments, and enterprises worldwide. Thunder ADC handles application delivery and load balancing; Thunder CGN manages carrier-grade address translation; Thunder CFW and SSL Insight provide encrypted-traffic visibility. A10 Defend covers DDoS, web, API, bot, and threat-intelligence defenses, while A10 Control centralizes policy and analytics.
Runs these products on ACOS across hardware appliances, software-only, virtual, containerized, cloud-native, and SaaS deployments. The architecture combines high-volume traffic processing, low latency, availability, and embedded security. Product sales are paired with maintenance, support, subscriptions, and renewals. Recent acquisitions of ThreatX Protect and TrojAI extended protection to web applications, APIs, AI models, and agents.
Serves the Americas, Asia-Pacific, Europe, the Middle East, and Africa. Service providers account for most revenue; nearly all orders are fulfilled through resellers, and third parties manufacture the hardware.
Company facts
Categories
Key statistics
Year to date +48.2% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 15, 2026 | Mizuho Securities | Target | $30 | $34 | ||
| Jun 18, 2026 | BTIG | Target | $37 | |||
| Jun 16, 2026 | Piper Sandler | Target | $45 | |||
| Jun 11, 2026 | Mizuho Securities | Target | $27 | $30 | ||
| Apr 20, 2026 | Sidoti & Co. | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.24 | $0.25 | +3.7% | $77.3M | $80.1M | +3.7% | −10.51% |
| Apr 28, 2026Q1 FY26 | $0.22 | $0.24 | +9.1% | $72.6M | $75.0M | +3.3% | −5.33% |
| Feb 4, 2026Q4 FY25 | $0.24 | $0.26 | +9.4% | $78.1M | $80.4M | +2.9% | +10.33% |
| Nov 4, 2025Q3 FY25 | $0.21 | $0.23 | +9.5% | $78.8M | $74.7M | −5.2% | +3.48% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $66.1M | $69.4M | $74.7M | $80.4M | $75.0M | $80.1M | |
| Gross profit | $52.7M | $54.7M | $59.9M | $63.3M | $60.2M | $63.4M | |
| Operating income | $8.8M | $10.3M | $13.0M | $15.1M | $13.5M | $9.0M | |
| Net income | $9.5M | $10.5M | $12.2M | $9.9M | $12.0M | $8.9M | |
| Diluted EPS | $0.13 | $0.14 | $0.17 | $0.14 | $0.17 | $0.12 | |
| Gross margin | 79.7% | 78.9% | 80.1% | 78.7% | 80.3% | 79.1% | |
| Operating margin | 13.3% | 14.9% | 17.4% | 18.7% | 18.0% | 11.3% |
Fiscal years (4-quarter sums)FY21 $250.0M · FY22 $280.3M · FY23 $251.7M · FY24 $261.7M · FY25 $290.6M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $357.3M · Total debt $219.5M · Total assets $677.7M · Shareholders' equity $238.0M
Dividends
Raised for 3 straight years — most recently to $0.06 from $0.05 in Nov 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 1 | $0.06 | |
| May 15, 2026 | May 15 | Jun 1 | $0.06 | |
| Feb 13, 2026 | Feb 16 | Mar 2 | $0.06 | |
| Nov 17, 2025 | Nov 17 | Dec 1 | $0.06 | |
| Aug 15, 2025 | Aug 15 | Sep 2 | $0.06 | |
| May 15, 2025 | May 15 | Jun 2 | $0.06 | |
| Feb 14, 2025 | Feb 14 | Mar 3 | $0.06 | |
| Nov 18, 2024 | Nov 18 | Dec 2 | $0.06 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 72.00M · Float 70.69M · 98.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 13.57M | 18.85% | 13F | Aug 7, 2026 |
| First Trust Portfolios L.P. | 4.81M | 6.68% | 13G | Jul 30, 2026 |
| Vanguard Portfolio Management LLC | 3.46M | 4.81% | 13F | Aug 13, 2026 |
| First Trust Advisors LP | 3.24M | 4.51% | 13F | Aug 11, 2026 |
| State Street Corp | 3.08M | 4.28% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Dana Elizabeth Wolf | director | −2,652 | $25.65 |
| Aug 11, 2026 | Robert Scott Weber | officer: General Counsel | −14,086 | $27.86 |
| May 5, 2026 | Eric Singer | director | −24,698 | $27.21 |
| Feb 12, 2026 | Dhrupad Trivedi | director, officer: Chief Executive Officer | −33,333 | $20.56 |
| Feb 11, 2026 | Dhrupad Trivedi | director, officer: Chief Executive Officer | −33,333 | $20.69 |
Peers
- F5
ADC, DDoS, SSL, and WAAP peer across hybrid app delivery
- Radware
Direct DDoS, ADC, and WAAP overlap with secure delivery
- Cloudflare
Cloud WAAP, DDoS, API security, and bot-management overlap
- Akamai Technologies
Cloud-delivered DDoS, WAAP, API, and bot protection overlap
- Fortinet
Broad overlap in CGN, firewalls, ADC, DDoS, and app security
- NETSCOUT Systems
Arbor DDoS overlap for service-provider and enterprise networks
- Cisco Systems
Carrier routing, firewall, and DDoS edge substitute
- Hewlett Packard Enterprise
Carrier networking and firewall overlap through Juniper assets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| A10 Networks | $25.70 | −0.02% | $1.85B | 42.8 | 23.7 | 6.0 | +15.5% |
| F5 | $393.00 | −0.36% | $22.24B | 31.4 | 22.7 | 6.7 | +10.9% |
| Radware | $28.60 | −0.10% | $1.23B | 75.3 | 22.6 | 3.9 | +10.9% |
| Cloudflare | $301.61 | +0.66% | $106.39B | — | 203.4 | 42.3 | +35.9% |
| Akamai Technologies | $107.02 | −0.39% | $15.62B | 38.7 | 15.6 | 3.6 | +5.4% |
| Fortinet | $165.78 | −0.16% | $121.80B | 58.5 | 47.4 | 16.2 | +25.6% |
| NETSCOUT Systems | $39.06 | −0.05% | $2.84B | 23.7 | 14.3 | 3.2 | +12.7% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Hewlett Packard Enterprise | $52.56 | +0.50% | $69.26B | 49.8 | 13.4 | 1.8 | +40.0% |
| Median | 38.7 | 22.0 | 5.3 | +15.1% |