Loading
Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Ng | Goldman Sachs | 14 (21%) |
| Tim Long | Barclays | 14 (21%) |
| Samik Chatterjee | JPMorgan | 12 (25%) |
| Jim Fish | Piper Sandler | 12 (17%) |
| Meta Marshall | Morgan Stanley | 9 (0%) |
| Amit Daryanani | Evercore ISI | 9 (44%) |
| Simon Leopold | Raymond James | 9 (0%) |
| Tal Liani | Bank of America | 8 (88%) |
| Matt Hedberg | RBC Capital Markets | 7 (0%) |
| Tomer Zilberman | Bank of America | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 3 | 16 (19%) |
| Barclays | 1 | 14 (21%) |
| Goldman Sachs | 1 | 14 (21%) |
| Bank of America | 2 |
| 13 (69%) |
| Needham | 3 | 12 (0%) |
| Piper Sandler | 1 | 12 (17%) |
| Raymond James | 2 | 11 (0%) |
| Evercore ISI | 1 | 9 (44%) |
F5 grew revenue 11% to $812 million, led by 22% product growth, its seventh consecutive quarter of double-digit product growth, with systems revenue up 26% to $226 million and software up 17% to $184 million. Demand reflected hybrid multicloud adoption, an expanding threat landscape, and AI inference moving into production; AI-specific use cases contributed approximately $50 million of first-half sales, up more than 200% year-on-year across roughly 100 customers. International strength stood out, with EMEA up 22% and APAC up 19% against 3% growth in the Americas, as digital sovereignty requirements pushed customers toward hybrid and on-premises architectures. Non-GAAP EPS of $3.90 rose 14% and free cash flow reached a record $348 million, while GAAP EPS of $2.58 grew more slowly than revenue. Management raised the FY 2026 revenue outlook to 7% to 8% growth from 5% to 6% and lifted non-GAAP EPS guidance to $16.25 to $16.55, while flagging higher memory costs that will step gross margin down sequentially from Q3 into Q4.
Demand | Revenue Growth | Cloud & AI | Competitive Dynamics | Subscriber Growth | Pricing | Guidance Reliability | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 7 | 4 | 5 | 4 | 1 | 1 | |
| 2025Q1 | 10 | 6 | 5 | 4 | 2 | 1 | 2 | |
| 2025Q2 | 7 | 6 | 3 | 3 | 3 | 1 | 1 | 1 |
| 2025Q3 | 8 | 4 | 3 | 3 | 4 | 1 | 1 | |
| 2025Q4 | 8 | 4 | 2 | 2 | 1 | 3 | 1 | |
| 2026Q1 | 7 | 2 | 3 | 2 | 1 | 2 | 1 | 2 |
| 2026Q2 | 5 | 3 | 5 | 4 | 2 | 3 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 2 | 10 | 7 | 8 | 8 | 7 | 5 |
| Revenue Growth | 7 | 6 | 6 | 4 | 4 | 2 | 3 |
| Cloud & AI | 4 | 5 | 3 | 3 | 3 | 5 | |
| Competitive Dynamics | 5 | 4 | 3 | 3 | 2 | 2 | 4 |
| Subscriber Growth | 4 | 2 | 3 | 4 | 2 | 1 | 2 |
| Pricing | 1 | 1 | 1 | 1 | 1 | 2 | 3 |
| Guidance Reliability | 1 | 2 | 1 | 3 | 1 | 1 | |
| Regulation Policy | 1 | 1 | 1 | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $747M | +5.6% | $2.80 | +9.8% | 80.8% | 25.6% | 22.1% | $240M |
| FY2025 Q1 | $766M | +10.7% | $2.82 | +21.6% | 81.7% | 26.8% | 21.7% | $195M |
| FY2025 Q2 | $731M | +7.3% | $2.48 | +24.0% | 80.7% | 21.7% | 19.9% | $246M |
| FY2025 Q3 | $780M | +12.2% | $3.25 | +33.2% | 81.0% | 25.2% | 24.3% | $274M |
| FY2025 Q4 | $810M | +8.5% | $3.26 | +16.4% | 82.2% | 25.4% | 23.5% | $192M |
| FY2026 Q1 | $822M | +7.3% | $3.10 | +9.9% | 81.5% | 26.0% | 21.9% | $149M |
| FY2026 Q2 | $812M | +11.0% | $2.58 | +4.0% | 82.8% | 22.0% | 18.2% | $348M |
| FY2026 Q3 | $865M | +10.9% | $3.61 | +11.1% | 82.2% | 24.7% | 24.1% | $281M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What FFIV and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have also secured design wins with key network infrastructure providers, including F5 and SK Telecom.”
Arm secured a design win with F5 among network-infrastructure providers, a positive read-through on F5 adopting Arm-based silicon.
“we have developed an integration with NVIDIA where we have been able to basically refactor our software to work in ARM architectures and specifically work on NVIDIA BlueField technology.”
F5 has integrated its software onto NVIDIA BlueField DPUs and joined NVIDIA's reference architecture, with tests showing 30-40% more AI-factory tokens per GPU, tying F5 to NVIDIA's AI-infrastructure ecosystem.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FFIV F5, Inc. | 8 | +11.0% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| FTNT Fortinet | 10 | +20.1% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| MSFT Microsoft Corporation | 9 | +18.3% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +65.5% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.9% |