Slide 1: Q1FY26 Results
Q1FY26 Results PERIOD ENDING December 31, 2025 Published January 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: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements including, among other things, F5’s strong performance underscores its alignment with durable market demand drivers including the shift to hybrid multicloud architectures, enterprise adoption of AI, and the growing need
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 President and CEO EVP & Chief Financial Officer Intro & Business Overview Results & Business Outlook 4 © 2026 F5
Slide 5: Introduction
Introduction François Locoh-Donou President and CEO 5 © 2026 F5
Slide 6: GAAP & non-GAAP results
GAAP & non-GAAP results GAAP results Non-GAAP results Q1FY26 Q1FY25 Q1FY26 Q1FY25 Revenue $822M $766M Revenue $822M $766M Gross profit $671M $626M Gross profit $689M $643M Gross margin 81.5% 81.7% Gross margin 83.8% 83.9% Operating profit $214M $205M Operating profit $314M $286M Operating margin 26.
Slide 7: Q1FY26 performance highlights
Q1FY26 performance highlights +7% +11% 6 Total revenue growth Y/Y Product revenue growth Y/Y Consecutive quarters of double- -digit product revenue growth +37% +80bps +16% 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 r
Slide 8: Our growth is fueled by durable demand drivers
Our growth is fueled by durable demand drivers Global demand drivers EMEA strength in Q1 Regulations Mandates for resiliency Mandates for digital sovereignty Hybrid multicloud Enterprise AI Converged adoption investment platforms Accelerated hybrid multicloud adoption 8 © 2026 F5
Slide 9: We received positive customer feedback on our security response
We received positive customer feedback on our security response We remain focused on protecting customers and earning their trust, recognizing the responsibilities that come with our critical role. Our global sales and support teams mobilized rapidly, enabling customers to take action and get We are
Slide 10: Business trends & customer highlights
Business trends & customer highlights François Locoh-Donou President and CEO 10 © 2026 F5
Slide 11: Three forces are reshaping customer infrastructure decisions
Three forces are reshaping customer infrastructure decisions Hybrid Converged Enterprise AI multicloud platforms Workloads now span on- Shifting from general-purpose Consolidating fragmented point premises, private cloud, and systems to AI-centric data products to improve performance, multiple publi
Slide 12: Hybrid multicloud adoption has been driven by enterprises' need for flexibility
Hybrid multicloud adoption has been driven by enterprises’ need for flexibility, cost efficiency, vendor lock-in prevention, and data gravity Today, drivers like regulations (NIS2, Organizations are modernizing F5’s unmatched ability to GDPR, DORA, etc.) are accelerating infrastructures to enhance p
Slide 13: Examples of our Q1 hybrid multicloud customer wins
Examples of our Q1 hybrid multicloud customer wins Regional banking leader Media and internet provider Veterinary services • F5 is powering a regional banking leader’s • A media and internet provider selected F5 to • A large operator of veterinary clinics is hybrid multicloud strategy. standardize a
Slide 14: AI is transforming app behavior and accelerating demand
AI is transforming app behavior and accelerating demand for application delivery and security F5 demand drivers F5’s solutions Multimodal data growth is pushing terabit- BIG-IP solves AI training and inference throughput scale ingestion. bottlenecks traditional infrastructure cannot handle. AI data
Slide 15: Our Q1 AI wins showcase how customers unlock AI
Our Q1 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 Technology OEM Financial services Energy and chemicals • A large global technology OEM is expanding • A global financial services
Slide 16: Growing complexity is driving demand for converged networking and security platforms
Growing complexity is driving demand for converged networking and security platforms 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 ecosystem 16 © 2026 F5
Slide 17: Our Q1 ADSP wins highlight the benefits of a converged platform
Our Q1 ADSP wins highlight the benefits of a converged platform Banking Consumer products Law enforcement • A longstanding BIG-IP customer is modernizing • A global consumer products company • A foreign national law enforcement agency its infrastructure, consolidating networking, standardized on a c
Slide 18: We continue to innovate, to create even greater value for customers
We continue to innovate, to create even greater value for customers Scaling the core for the most demanding AI workloads • Launched BIG-IP version 21.0 in November 2025. • Significant control plane enhancements. • Native support for MCP and S3 for AI Data Delivery. • Ensures that BIG-IP is optimized
Slide 19: Q1FY26 results
Q1FY26 results Cooper Werner EVP & Chief Financial Officer 19 © 2026 F5
Slide 20: Revenue mix
Revenue mix Year/Year change $900 $810 $822 +7% $800 $766 $780 $731 $700 Total revenue growth +11% Revenue $ in millions $600 +20% +16% $414 $410 $368 +26% $389 Y/Y Y/Y Y/Y +12% $337 Y/Y +11% Y/Y $500 $400 product growth 6 $300 $200 +3% +3% +1% +2% +4% $412 $398 $394 $392 $396 Y/Y Y/Y Y/Y Y/Y Y/Y co
Slide 21: Product revenue mix
Product revenue mix Year/Year change $414 $410 $400 $389 $368 $337 $300 $229 $192 -8% Revenue $ in millions $208 $209 $158 Software $200 $100 $218 +37% $160 $179 $181 $186 Systems $0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Totals may not add due to rounding. Systems Software 21 © 2026 F5
Slide 22: Software revenue mix
Software revenue mix $250 $229 $209 $208 $30 $192 86% $200 $23 $46 $27 $158 of Q1FY26 total software Revenue $ in millions $150 $20 revenue from subscriptions $100 $198 $185 $162 $164 $138 $50 $0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Subscription software revenue includes term Totals may not add due to
Slide 23: Recurring revenue
Recurring revenue (subscriptions, SaaS & managed services, and maintenance) Recurring Non-recurring 31% $570M Recurring revenue 69% Q1FY26 Recurring revenue includes term subscriptions, SaaS & managed services, utility-based revenue and the maintenance portion of our global services revenue. 23 © 20
Slide 24: Revenue contribution by geography
Revenue contribution by geography Y/Y growth by region Q1FY26 17% 17% 19% 17% 16% -1% Growth APAC 27% 29% 26% 26% 31% +24% Growth EMEA +2% 56% 54% 55% 57% 53% Growth AMER Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Totals may not add to 100% due to rounding. Americas EMEA APAC 24 © 2026 F5
Slide 25: Customer verticals as a % of product bookings
Customer verticals as a % of product bookings 8% 8% 13% 11% 15% 13% 19% 16% 20% 15% 23% from U.S. Federal included 71% 69% 70% 73% 64% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Totals may not add to 100% due to rounding. Enterprise Government Service Provider 25 © 2026 F5
Slide 26: Non-GAAP gross and operating margins
Non-GAAP gross and operating margins Non-GAAP gross margin Non-GAAP operating margin +80 BPS Y/Y 90.0% 40.0% 38.2% 37.4% 37.0% 83.9% 84.3% 83.8% 34.3% 83.1% 83.1% 31.9% 80.0% 30.0% % of revenue % of revenue 70.0% 20.0% 60.0% 10.0% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
Slide 27: Non-GAAP net income and EPS
Non-GAAP net income and EPS EPS reflects 19.8% Q1FY26 and 21.8% Q1FY25 non-GAAP effective tax rate Non-GAAP net income Non-GAAP EPS $5.00 +16% Y/Y $4.39 $4.45 $300 $4.16 $259 $4.00 $3.84 $257 $243 $3.42 $227 $201 $3.00 $200 $ in millions $2.00 $100 $1.00 $0 $0.00 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q
Slide 28: Cash flow from operations
Cash flow from operations $300 $282 $257 $203 $208 $200 $159 $ in millions $100 $0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 28 © 2026 F5
Slide 29: Cash and investments
Cash and investments Key insights $1,750 Q1FY26 cash and investments $1,442 balance reflects $300M in share $1,500 $1,360 repurchases in the quarter. $1,272 $1,218 $1,250 $1,162 $1,000 $ in millions $750 $500 $250 $0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 29 © 2026 F5
Slide 30: Deferred revenue
Deferred revenue $2,500 +6% Key insights Y/Y $2,062 Deferred revenue consists $1,957 $1,999 $2,000 $1,946 $1,923 predominantly of global services maintenance renewals and also includes term-based software subscriptions. $1,500 $ in millions $1,000 $500 $0 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 30 © 2026
Slide 31: We are committed to returning cash to shareholders via share repurchases
We are committed to returning cash to shareholders via share repurchases Share repurchases ($ in millions) 201% Key insights $600 of Q1FY26 free cash flow* used toward • We repurchased $300 million $500 $500 $500 repurchases in FFIV shares during Q1FY26. $500 • We used 201% of our $149 million free
Slide 32: Business outlook
Business outlook Cooper Werner EVP & Chief Financial Officer 32 © 2026 F5
Slide 33: Our updated FY26 outlook
Our updated FY26 outlook FY25A FY26 outlook $3.1B 5% to 6% growth Total revenue 10% growth (from 0% to 4% growth previously) Non-GAAP gross margin 83.6% 82.5% to 83.5% (from 83.0% to 83.5% previously) Non-GAAP operating margin 35.2% 34% to 35% (from 33.5 % to 34.5% previously) Effective non-GAAP tax
Slide 34: Our Q2FY26 outlook
Our Q2FY26 outlook Q2FY26 outlook Total revenue $770 to $790M Non-GAAP gross margin 82.5% to 83.0% Non-GAAP operating expenses $396 to $408M Share-based compensation $70 to $72M Non-GAAP EPS $3.34 to $3.46 34 © 2026 F5
Slide 35: Appendix
Appendix 35 © 2026 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 December 31, 2025 2024 $ 822,465 $ Net revenues…………………………………………….…………………………………………………………………………………………… 766,489 Gross profit and gross margin:
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, Cyber incident costs. F5 has incurred certain non-recurring expenses in connection with the are outlined below: investigation and remediation of the Cyber Inciden
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