$FFIV · F5, INC.
F5, Inc. reported Q4 FY2026 results with revenue of $917M (+13% YoY), driven by 23% product revenue growth to $510M. GAAP diluted EPS was $3.23 vs $3.26 YoY; non-GAAP diluted EPS was $4.42 vs $4.39. Full-year FY2026 revenue reached $3.417B (+11% YoY) with non-GAAP EPS of $17.49. The Board authorized an additional $1.5B for share repurchases, incremental to $322.4M remaining. FY2027 guidance calls for 8-9% revenue growth and non-GAAP EPS of $18.00-$18.30, with Q1 FY2027 revenue guided to $875M-$895M.
- Q4 revenue of $917M grew 13% YoY, with product revenue surging 23% to $510M (systems +29%, software +19%).
- GAAP diluted EPS of $3.23 vs $3.26 YoY; non-GAAP EPS of $4.42 vs $4.39 YoY.
- FY2026 revenue totaled $3.417B (+11% YoY); non-GAAP EPS of $17.49 vs $15.81 in FY2025.
- Board authorized an additional $1.5B for share repurchases, incremental to $322.4M remaining in the existing program.
- FY2027 guidance: revenue growth of 8-9%, non-GAAP EPS of $18.00-$18.30; Q1 FY2027 revenue guided to $875M-$895M.
Extended-hours trading shows FFIV at $445.55, down 3.01% from the $459.36 regular close. The decline likely reflects FY2027 guidance implying a deceleration from FY2026's 11% revenue growth to 8-9%, with Q1 FY2027 revenue midpoint of $885M below the $917M Q4 run rate.
F5's $1.5B buyback signals confidence, but FY2027 guidance implies the steepest growth deceleration in two years — a tension the market is punishing after hours.
F5's 23% product revenue growth and nine consecutive quarters of double-digit product growth underscore its expanding role in hybrid multicloud and API security — a space where AI-driven threats are accelerating demand for runtime protection across environments.
FY2027 guidance of 8-9% revenue growth marks a deceleration from FY2026's 11% pace. Non-GAAP operating margin compressed to 33.7% in Q4 from 37.0% YoY, driven by a 27% jump in sales and marketing spend. Supply chain disruptions and geopolitical uncertainties flagged as ongoing risks.