F5
Secures and delivers applications and APIs across on-premises, cloud, and edge infrastructure.
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Profile
Sells application delivery and security hardware, software, SaaS, and services through BIG-IP, NGINX, Distributed Cloud Services, and the broader ADSP. Global Services supplies maintenance and support across on-premises, cloud, and edge deployments, while a concentrated distributor channel handles a meaningful share of revenue.
Delivers and secures applications and APIs across data centers, public clouds, and edge environments through the F5 Application Delivery and Security Platform. BIG-IP provides traffic management and application security in software and purpose-built systems; NGINX handles web serving, load balancing, API connectivity, and Kubernetes traffic; Distributed Cloud Services supplies SaaS-based web application and API protection and multicloud networking. The newer AI Security Platform adds AI discovery, testing, guardrails, and runtime protection.
Global Services supports deployed infrastructure through maintenance, technical support, consulting, and training, making services a large recurring part of the revenue mix. The portfolio spans the Americas, EMEA, and Asia-Pacific, with the United States the largest market. Results also depend on a concentrated distributor channel, while the disclosed cyber incident continues to generate response costs and government inquiries.
Company facts
Categories
Key statistics
Year to date +53.7% · Average volume (30d) 642.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Piper Sandler | Reiterate | Overweight | $295 | $461 | |
| Jul 28, 2026 | Barclays | Reiterate | Equal Weight | $292 | $397 | |
| Jul 28, 2026 | BOCOM International Holdings Company | Target | $300 | |||
| Jun 9, 2026 | RBC Capital | Reiterate | Outperform | $345 | $450 | |
| May 18, 2026 | Evercore ISI | Target | $240 | $475 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q3 FY26 | $4.00 | $4.73 | +18.3% | $834.6M | $865.1M | +3.7% | −1.10% |
| Apr 28, 2026Q2 FY26 | $3.47 | $3.90 | +12.4% | $783.8M | $811.7M | +3.6% | +8.02% |
| Jan 27, 2026Q1 FY26 | $3.64 | $4.45 | +22.3% | $764.2M | $822.5M | +7.6% | +8.09% |
| Oct 27, 2025Q4 FY25 | $3.97 | $4.39 | +10.6% | $794.9M | $810.1M | +1.9% | −7.86% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $731.1M | $780.4M | $810.1M | $822.5M | $811.7M | $865.1M | |
| Gross profit | $590.2M | $631.7M | $666.2M | $670.7M | $672.3M | $711.5M | |
| Operating income | $158.9M | $196.3M | $205.7M | $214.1M | $178.7M | $213.3M | |
| Net income | $145.5M | $189.9M | $190.5M | $180.1M | $147.8M | $208.2M | |
| Diluted EPS | $2.48 | $3.25 | $3.26 | $3.10 | $2.58 | $3.61 | |
| Gross margin | 80.7% | 81.0% | 82.2% | 81.5% | 82.8% | 82.2% | |
| Operating margin | 21.7% | 25.2% | 25.4% | 26.0% | 22.0% | 24.7% |
Fiscal years (4-quarter sums)FY21 $2.60B · FY22 $2.70B · FY23 $2.81B · FY24 $2.82B · FY25 $3.09B
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.61B · Total debt $252.4M · Total assets $6.83B · Shareholders' equity $3.86B
Dividends
No dividends on record.
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 56.42M · Float 56.06M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.28M | 11.13% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 3.69M | 6.54% | 13F | Aug 13, 2026 |
| State Street Corp | 3.10M | 5.49% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.81M | 4.98% | 13F | Aug 13, 2026 |
| Jericho Capital Asset Management L.P. | 2.12M | 3.76% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | Francois Locoh-Donou | director, officer: President, CEO & Director | −3,782 | $412.44 |
| Aug 5, 2026 | Thomas Dean Fountain | officer: EVP Global Services & Strategy | −1,208 | $414.63 |
| Aug 3, 2026 | Kunal Anand | officer: Chief Technology Officer | −392 | $404.63 |
| Aug 3, 2026 | John Anthony Maddison | officer: Chief Product Mkting Officer | −1,000 | $405.85 |
| Aug 3, 2026 | Angelique M. Okeke | officer: EVP, General Counsel | −515 | $404.49 |
Peers
- Cloudflare
Contests app security, DDoS, load balancing, and edge services
- Akamai Technologies
Overlaps in WAAP, DDoS, bot defense, and edge delivery
- Broadcom
VMware Avi pressure on BIG-IP and modern load balancing
- Fortinet
Challenges app security and ADC use cases with FortiWeb and FortiADC
- Radware
Directly overlaps in ADC, WAAP, bot defense, and DDoS protection
- A10 Networks
Pure-play ADC and DDoS rival for BIG-IP-class deployments
- Palo Alto Networks
Overlaps in cloud-native web app and API security
- Cisco Systems
Broad overlap in secure networking, cloud protection, and access policy
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| F5 | $393.00 | −0.36% | $22.24B | 31.4 | 22.7 | 6.7 | +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% |
| Broadcom | $369.12 | +0.12% | $1.75T | 61.5 | 23.5 | 23.2 | +47.9% |
| Fortinet | $165.78 | −0.16% | $121.80B | 58.5 | 47.4 | 16.2 | +25.6% |
| Radware | $28.60 | −0.10% | $1.23B | 75.3 | 22.6 | 3.9 | +10.9% |
| A10 Networks | $25.70 | −0.02% | $1.85B | 42.8 | 23.7 | 6.0 | +15.5% |
| Palo Alto Networks | $372.18 | +0.16% | $302.85B | 323.1 | 94.9 | 28.6 | +31.2% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Median | 58.5 | 23.6 | 11.5 | +21.6% |