Slide 1: Q3FY26 Results
Q3FY26 Results PE RIO D EN DI NG June 30, 2026 Published July 27, 2026 We deliver and secure every app. F5 specializes in application delivery and security. Our solutions are backed by three decades of expertise to ensure that every app is fast, available, secure, and ready for the AI-era.
Slide 2: Today's speakers
Today’s speakers François Locoh-Donou Cooper Werner Chairman, President, & CEO EVP & Chief Financial Officer Business Overview Results & Business Outlook 2 © 2026 F5
Slide 3: Forward-looking statements
Forward-looking statements This presentation and the remarks that accompany it contain forward-looking statements including, among other things, that F5’s eight consecutive quarters of double-digit product growth reflect the mission-critical role F5 plays at the application delivery and security lay
Slide 4: GAAP to non-GAAP presentation
GAAP to non-GAAP presentation In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financia l measures that we believe provide investors and management with supplemental information relating to operating performance and trends that faci
Slide 5: Business overview
Business overview François Locoh-Donou 5 © 2026 F5
Slide 6: GAAP & non-GAAP results
GAAP & non-GAAP results GAAP results Non-GAAP results Q3FY26 Q3FY25 Q3FY26 Q3FY25 Revenue $865M $780M Revenue $865M $780M Gross profit $712M $632M Gross profit $728M $649M Gross margin 82.2% 81.0% Gross margin 84.2% 83.1% Operating profit $213M $196M Operating profit $303M $267M Operating margin 24.
Slide 7: Q3FY26 performance highlights
Q3FY26 performance highlights 11% Total revenue growth Y/Y 32% Systems revenue growth Y/Y 19% Product revenue growth Y/Y 7% Software revenue growth Y/Y Consecutive quarters 8 of double-digit product revenue growth 14% Non-GAAP EPS growth Y/Y See appendix for GAA P to non-GAAP reconciliation. 7 © 202
Slide 8: F5 sits at the front door of the world's most critical applications
F5 sits at the front door of the world’s most critical applications AI is accelerating everything. More traffic. More APIs. More distributed architectures. And a dramatically larger attack surface. The complexity our customers are navigating has never been greater. F5 targets this complexity, simpli
Slide 9: F5 is at the intersection of three secular megatrends
F5 is at the intersection of three secular megatrends Hybrid multicloud AI inference accelerates workload distribution accelerates demand for app security and delivery Expanding threat landscape accelerates demand for AI-powered security 9 © 2026 F5
Slide 10: Our Q3FY26 results demonstrate F5 is delivering revenue growth while operating with discipline
Our Q3FY26 results demonstrate F5 is delivering revenue growth while operating with discipline Driving revenue growth Operating with discipline 11% Revenue growth We are converting hybrid multicloud adoption into expansion opportunities, competitive displacements, digital sovereignty wins, and 35% N
Slide 11: We are raising our FY26 outlook
We are raising our FY26 outlook Previous outlook Updated outlook Approximately +7% to 8% 9% to 10% FY26 revenue growth Y/Y FY26 revenue growth Y/Y 11 © 2026 F5
Slide 12: F5 is at the intersection of three secular megatrends
F5 is at the intersection of three secular megatrends Hybrid multicloud Threat landscape AI inference adoption expansion inflection Enterprises are building for Attacks are increasingly Organizations are connecting flexibility across every AI- and agentic-powered apps and APIs to AI models and envir
Slide 13: Hybrid multicloud adoption is fueling multiple growth drivers for F5
Hybrid multicloud adoption is fueling multiple growth drivers for F5 We are converting hybrid multicloud adoption into expansion opportunities, digital sovereignty wins, competitive displacements, and platform consolidation wins. Data center buildout & sovereignty Competitive displacement Platform c
Slide 14: Hybrid multicloud adoption is fueling multiple growth drivers for F5
Hybrid multicloud adoption is fueling multiple growth drivers for F5 We are converting hybrid multicloud adoption into expansion opportunities, digital sovereignty wins, competitive displacements, and platform consolidation wins. Data center buildout Digital sovereignty Competitive Displacement Ener
Slide 15: F5 is at the intersection of three secular megatrends
F5 is at the intersection of three secular megatrends Hybrid multicloud Threat landscape AI inference adoption expansion inflection Enterprises are building for Attacks are increasingly Organizations are connecting flexibility across every AI- and agentic-powered apps and APIs to AI models and envir
Slide 16: Threat landscape expansion is creating tailwinds for F5
Threat landscape expansion is creating tailwinds for F5 As the front lines of cyber defense shift to the application layer — with app attacks surging 140% from 2022 to 2025 — the need for F5's advanced application and API security has never been greater Telecommunications provider Multinational heal
Slide 17: Frontier AI models have escalated the threat level and early movers are already strengthening defenses
Frontier AI models have escalated the threat level and early movers are already strengthening defenses Frontier AI models are creating a new level of urgency that we are capitalizing on with F5's advanced application and API security Retail banking institution Financial institution • A major Europea
Slide 18: F5 is at the intersection of three secular megatrends
F5 is at the intersection of three secular megatrends Hybrid multicloud Threat landscape AI inference adoption expansion inflection Enterprises are building for Attacks are increasingly Organizations are connecting flexibility across every AI- and agentic-powered apps and APIs to AI models and envir
Slide 19: AI inference inflection is accelerating demand for application delivery and security across AI use cases
AI inference inflection is accelerating demand for application delivery and security across AI use cases The AI inference inflection is driving demand for F5, both indirectly, as customers expand hybrid multicloud deployments, and directly, through our three AI use cases: AI data delivery, AI runtim
Slide 20: Innovation at F5
Innovation at F5 20 © 2026 F5
Slide 21: Frontier AI has fundamentally altered both sides of the security equation
Frontier AI has fundamentally altered both sides of the security equation Attackers can use AI to discover Customers increasingly need runtime vulnerabilities, develop exploits, and vary protection: the ability to detect attacks at a speed and scale that was malicious behavior and stop attacks previ
Slide 22: We are innovating to lead the next generation of capabilities for customers
We are innovating AI-powered capabilities in Distributed Cloud WAF to lead the next • Uses a layered detection engine to assess the intent and risk of each request generation of • Moving customers beyond static signatures and manual policy tuning capabilities for customers Hardened software releases
Slide 23: Q3FY26 results
Q3FY26 results Cooper Werner 23 © 2026 F5
Slide 24: Revenue mix
Revenue mix Year/Year change $900 $865 $810 $822 $812 $800 $700 $780 11% +22% +19% Total revenue growth +11% $463 Revenue $ in millions +26% +16% Y/Y $410 Y/Y Y/Y $600 Y/Y Y/Y $414 $411 $389 $500 19% $400 Product revenue growth 8 $300 +1% +2% +4% +2% +3% $200 Y/Y $392 Y/Y $396 Y/Y $412 Y/Y $401 Y/Y
Slide 25: Product revenue mix
Product revenue mix Year/Year change $500 $463 $414 $410 $411 $400 $389 +7% Revenue $ in millions $223 $184 Software $192 $300 $229 $208 +32% $200 $226 $240 Systems $100 $218 $181 $186 $0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Totals may not add due to rounding. Systems Software 25 © 2026 F5
Slide 26: Software revenue mix
Software revenue mix $250 $229 $223 $208 $30 $22 $192 9% $200 $23 $184 $27 $19 Software subscription Revenue $ in millions $150 revenue growth Y/Y 90% $100 $198 $201 $185 $164 $165 of Q3FY26 total software $50 revenue from subscriptions $0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Subscription software rev
Slide 27: Recurring revenue (subscriptions, SaaS & managed services, and maintenance)
Recurring revenue (subscriptions, SaaS & managed services, and maintenance) Recurring Non-recurring 31% $594M Recurring revenue 69% Q3FY26 Recurring revenue includes term subscriptions, SaaS & managed services, utility -based revenue and the maintenance portion of our global services revenue. 27 © 2
Slide 28: Revenue contribution by geography
Revenue contribution by geography Y/Y growth by region Q3FY26 19% 17% 16% 18% 15% -11% Growth APAC 26% 26% 31% 30% +27% 32% Growth EMEA +11% 55% 57% 53% 55% 50% Growth Americas Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Totals may not add to 100% due to rounding. Americas EMEA APAC 28 © 2026 F5
Slide 29: Customer verticals as a % of product bookings
Customer verticals as a % of product bookings 15% 8% 13% 9% 11% 7% 19% 15% 23% 24% 19% from U.S. Federal included 70% 73% 71% 64% 66% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Totals may not add to 100% due to rounding. Enterprise Government Service provider 29 © 2026 F5
Slide 30: Non-GAAP gross and operating margins
Non-GAAP gross and operating margins Non-GAAP gross margin Non-GAAP operating margin 90.0% 40.0% 38.2% 37.0% 84.3% 84.2% 34.3% 35.0% 83.1% 83.8% 83.7% 33.8% 80.0% 30.0% % of revenue % of revenue 70.0% 20.0% 60.0% 10.0% Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 See appendi
Slide 31: Non-GAAP net income and EPS
Non-GAAP net income and EPS EPS reflects 12.4% Q3FY26 and 14.4% Q3FY25 non-GAAP effective tax rate Non-GAAP net income Non-GAAP EPS +14% +12% Y/Y Y/Y $5.00 $4.73 $300 $4.45 $272 $4.39 $257 $259 $4.16 $243 $4.00 $3.90 $223 $200 $ in millions $3.00 $2.00 $100 $1.00 $0 $0.00 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Slide 32: Cash flow from operations and free cash flow
Cash flow from operations and free cash flow Cash flow from operations Free cash flow $400 $400 $366 $348 $316 $300 $282 $300 $274 $281 $208 $ in millions $200 $200 $192 $159 $149 $100 $100 $0 $0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 See appendix for GAA P to non-GAAP
Slide 33: Cash and investments
Cash and investments $1,750 $1,628 $1,500 $1,442 $1,464 $1,360 $1,250 $1,218 $1,000 $ in millions $750 $500 $250 $0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 33 © 2026 F5
Slide 34: Deferred revenue
Deferred revenue $2,500 +12% Y/Y Key insights $2,193 $2,118 Deferred revenue consists $2,062 $1,957 $1,999 $2,000 predominantly of global services maintenance renewals and also includes term-based software subscriptions. $1,500 $ in millions $1,000 $500 $0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 34 © 202
Slide 35: We are consistently returning cash to shareholders via share repurchases
We are consistently returning cash to shareholders via share repurchases Share repurchases ($ in millions) 64% Key insights of FY26 YTD free cash $600 flow* used toward repurchases • We repurchased $100 million $500 $500 $500 $500 in FFIV shares during Q3FY26. $500 • We have used 64% of our $778 mil
Slide 36: Business outlook
Business outlook Cooper Werner 36 © 2026 F5
Slide 37: Three forces are reshaping how our customers operate
Three forces are reshaping how our customers operate Hybrid multicloud Threat landscape AI inference adoption expansion inflection Enterprises are building for Attacks are increasingly Organizations are connecting flexibility across every AI- and agentic-powered apps and APIs to AI models and enviro
Slide 38: Our Q4FY26 outlook
Our Q4FY26 outlook Q4FY26 outlook Total revenue $870 to $890M Non-GAAP gross margin 83% to 84% Non-GAAP operating expenses $430 to $442M Share-based compensation $68 to $70M Non-GAAP EPS $4.14 to $4.26 38 © 2026 F5
Slide 39: Our updated FY26 outlook
Our updated FY26 outlook FY25A FY26 outlook $3.1B ~9% to 10% growth Total revenue 10% growth (from 7% to 8% growth previously) Non-GAAP gross margin 83.6% 83.5% to 84.0% Non-GAAP operating margin 35.2% 34.5% to 35.5% Effective non-GAAP tax rate 17.8% 18% to 19% (from 20% to 21% previously) $15.81 $1
Slide 40: Conclusion
Conclusion François Locoh-Donou 40 © 2026 F5
Slide 41: F5 ADSP delivers and secures every app and every API across on-premises, cloud and edge environments
F5 ADSP delivers and secures every app and every API across on-premises, cloud and edge environments Complete delivery and security for every app Deployable anywhere and in any form factor AI-enhanced operations with unified console cross NetOps, SecOps, DevOps and PlatOps ADSP open partner ecosyste
Slide 42: Appendix
Appendix 42 © 2026 F5
Slide 43: GAAP to non-GAAP reconciliation
GAAP to non-GAAP F5, Inc. reconciliation GAAP to Non-GAAP Reconciliation (unaudited, in thousands, except percentages and per share amounts) Three Months Ended Nine Months Ended June 30, June 30, 2026 2025 2026 2025 $ 865,077 $ Net revenues…………………………………………….…………………………………………………………………………………………… 780,37
Slide 44: GAAP to non-GAAP reconciliation (continued)
GAAP to non-GAAP reconciliation (continued) The non-GAAP adjustments, and F5's basis for excluding them from non-GAAP financial measures, are Insurance recoveries from cyber incident. F5 has received insurance recoveries in connection outlined below: with the cyber incident costs described above. Ma
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