Slide 1: Q4 & FY25 Results
Q4 & FY25 Results PERIOD ENDING September 30, 2025 Published October 27, 2025 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: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements including, among other things, that F5 is raising the bar on security across all aspects of the business, the Company’s commitment to learning from the recent security incident, sharing insights with customers and peers
Slide 3: 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 financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facil
Slide 4: Today's speakers
Today’s speakers François Locoh-Donou Cooper Werner CEO, President Chief Financial Officer, EVP Intro & Business Overview Results & Business Outlook 4 © 2025 F5
Slide 5: Introduction
Introduction François Locoh-Donou, CEO & President 5 © 2025 F5
Slide 6: GAAP & non-GAAP results
GAAP & non-GAAP results GAAP results Non-GAAP results Q4FY25 Q4FY24 FY25 FY24 Q4FY25 Q4FY24 FY25 FY24 Revenue $810M $747M $3,088M $2,816M Revenue $810M $747M $3,088M $2,816M Gross profit $666M $603M $2,514M $2,258M Gross profit $683M $619M $2,582M $2,332M Gross margin 82.2% 80.8% 81.4% 80.2% Gross m
Slide 7: FY25 performance highlights
FY25 performance highlights +10% 18% +19% Total revenue growth Y/Y Non-GAAP EPS growth Y/Y Product revenue growth Y/Y +31% +9% +80 bps Systems revenue growth Y/Y Software revenue growth Y/Y Non-GAAP gross margin improvement Y/Y +160 bps $906M 19% Non-GAAP operating Record free cash flow Free cash fl
Slide 8: Our recent security incident response priorities
Our recent security incident response priorities 1 Contain the threat actor, initiate a thorough investigation, and take immediate and urgent action to strengthen F5’s security posture. We are committed to learning from this incident, sharing our insights 2 with customers and peers, and Deliver reli
Slide 9: Q4FY25 results
Q4FY25 results Cooper Werner, CFO & EVP 9 © 2025 F5
Slide 10: Revenue mix and year-over-year change
Revenue mix and year-over-year change Revenue mix Year/Year change $900 $810 +8% $800 $766 $780 Total revenue $747 $731 +0% $700 $229 Revenue $ in millions $209 $208 $228 $158 $600 Software $500 $186 $160 $179 $181 $130 $400 $300 +42% Systems $200 $388 $398 $394 $392 $396 $100 +2% $0 Global services
Slide 11: Software revenue mix
Software revenue mix $250 $228 $229 $24 $209 $208 $30 87% $200 $23 $46 $158 of Q4FY25 total software Revenue $ in millions $150 $20 revenue from subscriptions $100 $204 $198 $185 $162 $138 $50 $0 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Subscription software revenue includes term subscriptions, both multi
Slide 12: Recurring revenue
Recurring revenue (subscriptions, SaaS & managed services, and maintenance) 28% Recurring Non-recurring $586M Recurring revenue 72% Q4FY25 Recurring revenue includes term subscriptions, SaaS & managed services, utility-based revenue and the maintenance portion of our global services revenue. 12 © 20
Slide 13: Revenue contribution by geography
Revenue contribution by geography % of revenue by geo Y/Y growth by region Q4FY25 16% 17% 17% 19% 17% 19% Growth APAC 26% 27% 29% 26% 26% 7% Growth EMEA 58% 7% 56% 54% 55% 57% Growth AMER Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Totals may not add to 100% due to rounding. Americas EMEA APAC 13 © 2025 F5
Slide 14: Customer verticals as a % of product bookings
Customer verticals as a % of product bookings % of total product bookings 10% 13% 11% 8% 15% Including 6% 18% 19% from U.S. 16% 20% 15% Federal 72% 71% 69% 70% 73% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Totals may not add to 100% due to rounding. Enterprise Government Service Provider 14 © 2025 F5
Slide 15: Non-GAAP gross and operating margins
Non-GAAP gross and operating margins Non-GAAP gross margin Non-GAAP operating margin +255 90.0% +138 40.0% 37.4% BPS Y/Y 37.0% BPS Y/Y 83.9% 84.3% 34.4% 34.3% 83.0% 83.1% 83.1% 31.9% % of non-GAAP revenue % of non-GAAP revenue 80.0% 30.0% 70.0% 20.0% 60.0% 10.0% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q4
Slide 16: Non-GAAP net income and EPS
Non-GAAP net income and EPS EPS reflects 16.9% Q4FY25 and 19.5% Q4FY24 non-GAAP effective tax rate Non-GAAP net income Non-GAAP EPS $5.00 +20% Y/Y $4.39 $300 $4.16 $4.00 $3.84 $257 $3.67 $243 $3.42 $227 $217 $201 $3.00 $200 $ in millions $2.00 $100 $1.00 $0 $0.00 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q
Slide 17: Cash flow from operations
Cash flow from operations $300 $282 $257 $247 $203 $208 $200 $ in millions $100 $0 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 17 © 2025 F5
Slide 18: Cash and investments
Cash and investments Key insights $1,750 Q4FY25 balance reflects the cash $1,442 used for the acquisition of $1,500 $1,360 Calypso AI $1,272 $1,250 $1,162 $1,083 $1,000 $ in millions $750 $500 $250 $0 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 18 © 2025 F5
Slide 19: Deferred revenue
Deferred revenue $2,500 +11% Key insights Y/Y Deferred revenue consists $1,957 $1,999 $2,000 $1,946 $1,923 predominantly of global services $1,798 maintenance renewals and also includes term-based software subscriptions $1,500 $ in millions $1,000 $500 $0 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 19 © 2025
Slide 20: Our robust free cash flow margin highlights the strength of our business fundamentals
Our robust free cash flow margin highlights the strength of our business fundamentals $1,000 29% 30% 27% $906 24% $762 $750 21% Free cash flow ($ in millions) $615 20% Free cash flow margin $599 15% $500 $409 10% $250 $0 0% FY21 FY22 FY23 FY24 FY25 *Free cash flow defined as cash flow from operation
Slide 21: We are committed to returning cash to shareholders via share repurchases
We are committed to returning cash to shareholders via share repurchases Key insights Share repurchases ($ in millions) 55% of FY25 $600 free cash flow* • We repurchased $125 million used toward repurchases in FFIV shares during Q4FY25 $500 $500 $500 $500 $500 • We used 55% of our $906M free cash fl
Slide 22: FY25 software and security performance
FY25 software and security performance Cooper Werner, CFO & EVP 22 © 2025 F5
Slide 23: Revenue mix and year-over-year change
Revenue mix and year-over-year change Revenue mix Year/Year change $3,088 +10% $3,000 $2,813 $2,816 Total revenue $2,696 $2,605 $803 $500 $665 $664 $735 +9% Revenue $ in millions $2,000 $706 Software $671 $537 $748 $652 +31% $1,000 Systems $1,479 $1,543 $1,579 $1,356 $1,379 +2% $0 Global services FY
Slide 24: Term-based subscriptions underpin overall software growth
Term-based subscriptions underpin overall software growth; legacy SaaS & Managed Services transitions complete in FY26 Year/Year change $803 -9% $800 $735 SaaS & Managed Services $176 F5 Distributed Cloud Services $665 $664 growth offset by legacy transitions Revenue $ in millions $193 $600 which wi
Slide 25: SaaS & Managed Services ARR reflects strong F5 Distributed Cloud growth
SaaS & Managed Services ARR reflects strong F5 Distributed Cloud growth offset by planned legacy transitions SaaS & Managed Services Planned legacy SaaS & Managed $15 Services transition which we expect to $65 $42 complete in the first half of FY26. ARR $ in millions Core SaaS & Managed Services ARR
Slide 26: Security-related revenue growing
Security-related revenue growing FY25 total security* FY25 standalone security $1.2B +6% Y/Y $463M 39% of total 31% of product revenue revenue *Comprised of standalone security offerings, bundled security offerings, and related maintenance. 26 © 2025 F5
Slide 27: Business outlook
Business outlook Cooper Werner, CFO & EVP 27 © 2025 F5
Slide 28: We see persistent secular and F5-specific demand drivers in FY26
We see persistent secular and F5-specific demand drivers in FY26 Secular Demand Drivers F5-Specific Demand Drivers Hybrid multicloud adoption Systems refresh Accelerating systems demand Data center reinvestment beyond tech refresh Enterprise AI infrastructure growth SaaS and Managed Services growth
Slide 29: Our FY26 outlook
Our FY26 outlook FY25A FY26 outlook $3.1B Total revenue 10% growth 0% to 4% growth Non-GAAP gross margin 83.6% 83% to 83.5% Non-GAAP operating margin 35.2% 33.5 % to 34.5% Effective non-GAAP tax rate 17.8% 21% to 22% $15.81 Non-GAAP EPS $14.50 to $15.50 18% growth Capital return as % of annual free
Slide 30: Our Q1FY26 outlook
Our Q1FY26 outlook Q1FY26 outlook Total revenue $730 to $780M Non-GAAP gross margin 82.5% to 83.5% Non-GAAP operating expenses $360 to $376M Share-based compensation $61 to $63M Non-GAAP EPS $3.35 to $3.85 30 © 2025 F5
Slide 31: Business trends & customer highlights
Business trends & customer highlights François Locoh-Donou, CEO & President 31 © 2025 F5
Slide 32: F5 created the first Application Delivery and Security Platform
F5 created the first Application Delivery and Security Platform Endpoints Networks Workloads Applications Endpoint Secure Access Cloud Native App F5’s Application Protection Platform Service Edge Protection Platform Delivery and Security Platform 32 © 2025 F5
Slide 33: The F5 Application Delivery and Security Platform
The F5 Application Delivery and Security Platform Complete delivery and security for every app Deployable anywhere and in any form factor X Operations across NetOps, SecOps, DevOps and PlatOps 33 © 2025 F5
Slide 34: Q4 wins underscore the value F5's ADSP delivers to customers
Q4 wins underscore the value F5’s ADSP delivers to customers Security Deployment Security Security Delivery Deployment Delivery Banking Investment Manager Energy • Customer modernizing critical infrastructure • Customer partnered with F5 to migrate • Customer partnered with F5 to modernize with F5's
Slide 35: F5 is delivering, scaling, securing and connecting AI applications
F5 is delivering, scaling, securing and connecting AI applications 1 F5 deployed in front of data stores to ensure secure, high-throughput data ingestion AI data for AI model training and inferencing. delivery F5 enforcing policy-based controls, and eliminating bottlenecks, enabling performant deliv
Slide 36: Our Q4 AI wins showcase how customers unlock the potential of AI
Our Q4 AI wins showcase how customers unlock the potential of AI with F5’s intelligent, adaptive solutions AI Data Delivery AI Runtime Security AI Factory Load Balancing Investment Services Public Sector Technology Services • Customer’s existing server could not handle • Expanded within the account
Slide 37: F5's acquisition of CalypsoAI enhances our AI runtime security offering
F5’s acquisition of CalypsoAI enhances our AI runtime Top-tier Investment Bank security offering Differentiator: Scalability and seamless deployment of consistent security policies through a single, flexible platform. Why We Won: Competitor couldn’t deploy F5 AI Guardrails successfully, highlighting
Slide 38: The F5 Application Delivery and Security Platform
The F5 Application Delivery and Security Platform Complete app delivery and security Deployable anywhere and in any form factor XOps across NetOps, SecOps, and DevOps Providing customers the industry’s premier platform Built to put control without compromise into customers’ hands, with fewer blind s
Slide 39: Appendix
Appendix 39 © 2025 F5
Slide 40: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation F5, Inc. GAAP to Non-GAAP Reconciliation (unaudited, in thousands, except percentages and per share amounts) Three Months Ended Years Ended September 30, September 30, 2025 2024 2025 2024 $ 810,090 $ Net revenues…………………………………………….…………………………………………………………………………………………… 74
Slide 41: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation F5, Inc. GAAP to Non-GAAP Reconciliation (unaudited, in thousands, except percentages and per share amounts) Years Ended September 30, 2025 2024 2023 2022 2021 Net revenues GAAP net revenues…………………………………………….…………………………………………………………………………………………… $ 3,088,072 $ 2,816,120
Slide 42: 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 Cyber incident costs. F5 has incurred certain non-recurring expenses in connection with the outlined below: investigation and remediation of the Cyber Inciden
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