Slide 1: Q3FY25 Results
Q3FY25 Results PERIOD ENDING June 30, 2025 Published July 30, 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’s strong topline performance along with continued operating leverage, is testament to the team’s execution, continued innovation, and the enormous trust the largest enterprises and
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 Q3FY25 Results & Business Outlook 4 © 2025 F5
Slide 5: Business Overview
Business Overview François Locoh-Donou, President & CEO 5 © 2025 F5
Slide 6: GAAP & non-GAAP results
GAAP & non-GAAP results GAAP results Non-GAAP results Q3FY25 Q3FY24 Q3FY25 Q3FY24 Revenue $780M $695M Revenue $780M $695M Gross profit $632M $559M Gross profit $649M $578M Gross margin 81.0% 80.4% Gross margin 83.1% 83.1% Income from operations $196M $163M Income from operations $267M $233M Operatin
Slide 7: Q3FY25 performance highlights
Q3FY25 performance highlights +12% +26% +16% Total revenue growth Y/Y Product revenue growth Y/Y Software revenue growth Y/Y +39% +80bps 24% Systems revenue growth Y/Y Non-GAAP operating Non-GAAP EPS growth Y/Y margin improvement Y/Y See appendix for GAAP to non-GAAP reconciliation 7 © 2025 F5
Slide 8: Our Q4FY25 guidance implies strong FY25 revenue and earnings growth
Our Q4FY25 guidance implies strong FY25 revenue and earnings growth driven by sustainable demand drivers Demand Drivers Q4FY25 Outlook Future-forward architectures $780 to $800M Q4FY25 total revenue Data center modernization FY25 Outlook Capacity expansion ~9% 14% to 15% Increasing range of applicat
Slide 9: Ball of Fire
What many CIOs Where most AWS SaaS thought would happen have ended up Azure Colocation Ball of Fire Data Centers Data Center Public Cloud Google Traditional and Cloud Private Cloud Edge 9 © 2025 F5
Slide 10: A platform for application delivery and security did not exist… Until…
A platform for application delivery and security did not exist… Endpoints Networks Workloads Until… Endpoints Network access Cloud workloads (EPP) (SASE) (CNAPP) 10 © 2025 F5
Slide 11: …until the F5 Application Delivery and Security Platform
…until 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 11 © 2025 F5
Slide 12: Q3 customer examples that underscore the significant value F5 delivers
Q3 customer examples that underscore the significant value F5 delivers to customers through our ADSP Health insurer Airline Service provider • Customer consolidated multiple • Existing F5 customer facing escalating • Sales discovery expanded initial security and delivery vendors across app growth, c
Slide 13: We are leveraging AI technologies to enhance customer experiences and drive business growth
We are leveraging AI technologies to enhance customer experiences and drive business growth AI for ADC ADC for AI Innovations that leverage AI to Innovations that highlight how F5 is reduce the operational complexity applying its delivery and security of delivering and securing apps in a strengths t
Slide 14: AI for ADC innovations
AI for ADC innovations F5 AI Assistant Enables customers to leverage F5’s unmatched programmable capabilities with greater ease and sophistication • Goal to make F5 AI Assistant an indispensable member of every NetOps, SecOps team • Systematically building around a powerful loop: − Understand what’s
Slide 15: ADC for AI innovations
ADC for AI innovations F5 AI Gateway Technology Partnerships Purpose built to secure and manage the new frontier Enabling integrated, secure, and streamlined solutions to support complex of enterprise AI emerging AI ecosystems • Introduced expanded capabilities to prevent data Expanding F5’s perform
Slide 16: F5 is delivering, scaling, securing and connecting AI applications
F5 is delivering, scaling, securing and connecting AI applications 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 deliver
Slide 17: Two examples of the several new AI wins secured in Q3
Two examples of the several new AI wins secured in Q3 AI data delivery AI factory load balancing Government E-commerce • The customer needed to accelerate data ingestion for its AI • The customer strategically deployed F5 BIG-IP and NGINX in platform. key layers of their GPU-as-a-Service cloud platf
Slide 18: Q3FY25 Results
Q3FY25 Results Cooper Werner, CFO & EVP 18 © 2025 F5
Slide 19: Revenue mix and year-over-year change
Revenue mix and year-over-year change Revenue mix Year/Year change $800 $747 $766 $780 +12% $731 Total revenue $695 $208 +16% $209 $158 Revenue $ in millions $228 $600 $179 Software $160 $179 $181 $130 $130 +39% $400 Systems $200 $387 $388 $398 $394 $392 +1% $0 Global services Q3FY24 Q4FY24 Q1FY25 Q
Slide 20: Software revenue mix
Software revenue mix $250 Q3FY25 $228 $200 $24 $209 $208 $23 +16% Total software $179 $46 revenue growth Y/Y $24 $158 Revenue $ in millions $150 $20 89% of Q3FY25 total software revenue from subscriptions $100 $204 $185 +19% $155 $162 $138 $50 Subscription software revenue growth Y/Y $0 Q3FY24 Q4FY2
Slide 21: Recurring revenue (subscription, SaaS & managed services, and maintenance)
Recurring revenue (subscription, SaaS & managed services, and maintenance) 27% Recurring Non-recurring $572M Recurring revenue 73% Q3FY25 Recurring revenue includes term subscriptions, SaaS & managed services, utility-based revenue and the maintenance portion of our global services revenue. 21 © 202
Slide 22: Revenue contribution by geography
Revenue contribution by geography % of revenue by geo Y/Y growth by region Q3FY25 18% 16% 17% 17% 19% 21% Growth APAC 26% 6% 27% 27% 29% 26% Growth EMEA 55% 58% 56% 54% 55% 13% Growth AMER Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Totals may not add to 100% due to rounding. Americas EMEA APAC 22 © 2025 F5
Slide 23: Customer verticals as a % of product bookings
Customer verticals as a % of product bookings % of total product bookings 12% 10% 13% 11% 15% 18% 16% 20% 21% 15% 67% 72% 71% 69% 70% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Totals may not add to 100% due to rounding. Enterprise Government Service Provider 23 © 2025 F5
Slide 24: Non-GAAP gross and operating margins
Non-GAAP gross and operating margins Non-GAAP gross margin Non-GAAP operating margin 90.0% 40.0% 37.4% +80 BPS Y/Y 83.9% 34.4% 34.3% 83.1% 83.0% 83.1% 83.1% 33.4% 31.9% % of non-GAAP revenue % of non-GAAP revenue 80.0% 30.0% 70.0% 20.0% 60.0% 10.0% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q3FY24 Q4FY24 Q1
Slide 25: Non-GAAP net income and EPS
Non-GAAP net income and EPS EPS reflects 14.4% Q3FY25 and 17.5% Q3FY24 non-GAAP effective tax rate Non-GAAP net income Non-GAAP EPS $300 $5.00 +24% Y/Y $243 $4.16 $250 $227 $4.00 $3.84 $217 $3.67 $199 $201 $3.36 $3.42 $200 $3.00 $ in millions $150 $2.00 $100 $1.00 $50 $0 $0.00 Q3FY24 Q4FY24 Q1FY25 Q
Slide 26: Cash flow from operations
Cash flow from operations $320 $282 $280 $257 $247 $240 $203 $200 $ in millions $159 $160 $120 $80 $40 $0 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 26 © 2025 F5
Slide 27: Cash and investments
Cash and investments $1,750 $1,500 $1,442 $1,272 $1,250 $1,162 $1,083 $1,000 $943 $ in millions $750 $500 $250 $0 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 27 © 2025 F5
Slide 28: Deferred revenue
Deferred revenue $2,500 +10% Key insights Y/Y Deferred revenue consists $2,000 $1,946 $1,923 $1,957 predominantly of global services $1,773 $1,798 maintenance renewals and also includes term-based software subscriptions $1,500 $ in millions $1,000 $500 $0 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 28 © 2025
Slide 29: We are committed to returning cash to shareholders via share repurchases
We are committed to returning cash to shareholders via share repurchases Key insights Share repurchases ($ in millions) $600 • We repurchased $125 million in FFIV shares during Q3FY25 52% $500 $500 $500 of FY25 YTD • We have used 52% of our $714M $500 free cash flow* used toward free cash flow* YTD
Slide 30: Business Outlook
Business Outlook 30 © 2025 F5
Slide 31: Our Q4FY25 outlook
Our Q4FY25 outlook Q4FY25 outlook Total revenue $780 to $800M Non-GAAP gross margin 84% to 84.5% Non-GAAP operating expenses $376 to $388M Share-based compensation $57 to $59M Non-GAAP EPS $3.87 to $3.99 31 © 2025 F5
Slide 32: Our FY25 outlook
Our FY25 outlook FY24A FY25 outlook Total revenue $2.82B ~9% growth (from 6.5% to 7.5% previously) Software revenue growth 11% ~10% Non-GAAP gross margin 82.8% 83% to 84% Non-GAAP operating margin 33.6% ~35% Effective non-GAAP tax rate 19.2% 18.5% to 19.5% (from 20% to 22% previously) Non-GAAP EPS 1
Slide 33: Conclusion
Conclusion François Locoh-Donou, President & CEO 33 © 2025 F5
Slide 34: 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 35: Appendix
Appendix 35 © 2025 F5
Slide 36: 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 Nine Months Ended June 30, June 30, 2025 2024 2025 2024 $ 780,370 $ Net revenues…………………………………………….…………………………………………………………………………………………… 695,49
Slide 37: 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 Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP outlined below: financial statements, primarily related to workforc
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