F5, Inc. · NASDAQ:FFIV

F5 — Q4 FY2026 Earnings Presentation

54 slides from F5's earnings presentation, Oct 27, 2026

  1. Slide 1: Q4FY26 Results

    Q4FY26 Results PE RIO D EN DI NG September 30, 2026 Published October 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.

  2. 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

  3. 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 frontier AI is rewriting the rules of enterprise security, accelerating vulnerability discovery to machine speed, expanding the attack surface through

  4. 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

  5. Slide 5: Business overview

    Business overview François Locoh-Donou 5 © 2026 F5

  6. Slide 6: GAAP & non-GAAP results

    GAAP & non-GAAP results GAAP results Non-GAAP results Q4FY26 Q4FY25 FY26 FY25 Q4FY26 Q4FY25 FY26 FY25 Revenue $917M $810M $3,417M $3,088M Revenue $917M $810M $3,417M $3,088M Gross profit $754M $666M $2,797M $2,514M Gross profit $771M $683M $2,868M $2,582M Gross margin 82.2% 82.2% 81.9% 81.4% Gross m

  7. Slide 7: Q4FY26 performance highlights

    Q4FY26 performance highlights $917 Total revenue 29% Systems revenue growth Y/Y 13% Total revenue growth Y/Y 19% Software revenue growth Y/Y Consecutive quarters 23% Product revenue growth Y/Y 9 of double-digit product revenue growth See appendix for GAA P to non-GAAP reconciliation. 7 © 2026 F5

  8. Slide 8: FY26 performance highlights

    FY26 performance highlights $3.4B Total FY26 revenue 31% Systems revenue growth Y/Y 11% Total revenue growth Y/Y 8% Software revenue growth Y/Y Consecutive years 19% Product revenue growth Y/Y 2 of double-digit product revenue growth See appendix for GAA P to non-GAAP reconciliation. 8 © 2026 F5

  9. Slide 9: F5 is at the intersection of three secular megatrends

    F5 is at the intersection of three secular megatrends Hybrid multicloud Expanding AI inference Accelerates threat landscape Accelerates demand for app workload distribution Accelerates demand for security and delivery AI-powered security 9 © 2026 F5

  10. Slide 10: Our FY26 outlook

    Our FY26 outlook 8% to 9% FY27 revenue growth Y/Y Hybrid multicloud Expanding AI inference Accelerates threat landscape Accelerates demand for app workload distribution Accelerates demand for security and delivery AI-powered security 10 © 2026 F5

  11. Slide 11: Innovation at F5

    Innovation at F5 11 © 2026 F5

  12. Slide 12: F5's 30-year position in the data path is our foundation

    F5’s 30-year position in the data path is our foundation, what we are building on it is the advantage +70,000 Vulnerabilities discovered through September 2026, +50% over all of 2025 NIST reported a 208% year-over-year surge in vulnerabilities between July and September 2026 alone Mean time-to-explo

  13. Slide 13: We are innovating to find, fix, release and deploy at greater speed and scale

    We are innovating AI-powered capabilities in Distributed Cloud WAF to find, fix, release • 300+ customers (since March launch) with +75% deploying in blocking mode • Uses a layered detection engine to assess the intent and risk of each request and deploy at • Enabling security that adapts at the spe

  14. Slide 14: F5 named a leader in SecureIQLab's Cloud WAAP v5.0

    F5 named a leader in SecureIQLab’s Cloud WAAP v5.0 CyberRisk Validation comparative report Source: SecureIQLab, Cloud WAAP v5.0 CyberRisk Validation Report, July 28, 2026 14 © 2026 F5

  15. Slide 15: F5 is named a leader for the second time in the IDC MarketScape

    F5 is named a leader for the second time in the IDC MarketScape for Worldwide WAAP Platforms Source: “IDC MarketScape Worldwide Web Application and API Protection Platforms 2026 Vendor Assessment,” September 2026, IDC Doc # US54130626. IDC MarketScape vendor analysis model is designed to provide an

  16. Slide 16: Gartner recognizes F5 as a Market Shaper in AI Application Security

    Gartner® recognizes F5 as a Market Shaper in AI Application Security in the September 2026 report 16 © 2026 F5

  17. Slide 17: F5 ADSP delivers and secures every app and every API

    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 across NetOps, SecOps, DevOps and PlatOps ADSP open partner ecosyst

  18. Slide 18: F5 is at the intersection of three secular megatrends

    F5 is at the intersection of three secular megatrends Hybrid multicloud Expanding AI inference Enterprises are building for threat landscape Organizations are connecting flexibility across every Attacks are increasingly apps and APIs to AI models and environment AI- and agentic-powered inference cal

  19. Slide 19: Hybrid multicloud adoption is driving F5 demand

    Hybrid multicloud adoption is driving F5 demand 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 consolidation Refresh

  20. Slide 20: Customer demand for consistent policy is driving platform adoption

    Customer demand for consistent policy across all of their environments is driving platform adoption 100% 6% 8% 13% 21% 22% 27% 29% 80% 40% 45% 49% 60% 49% 47% 100% 43% 40% 79% 73% 60% 51% 20% 43% 37% 32% 28% 0% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1 product family 2 product families 3 produc

  21. Slide 21: Hybrid multicloud adoption is driving F5 demand

    Hybrid multicloud adoption is driving F5 demand Financial institution Central bank technology authority • In an 8-figure win, a large regional North American financial institution • A central bank technology authority in Asia selected F5 as the unified selected F5 as its unified application delivery

  22. Slide 22: F5 is at the intersection of three secular megatrends

    F5 is at the intersection of three secular megatrends Hybrid multicloud Expanding AI inference Enterprises are building for threat landscape Organizations are connecting flexibility across every Attacks are increasingly apps and APIs to AI models and environment AI- and agentic-powered inference cal

  23. Slide 23: Threat landscape expansion is creating tailwinds for F5

    Threat landscape expansion is creating tailwinds for F5 The volume and velocity of attacks at the application layer is compounding and organizations are taking action to defend themselves Financial institution Central bank & financial regulator • A leading European financial institution determined t

  24. Slide 24: F5 is at the intersection of three secular megatrends

    F5 is at the intersection of three secular megatrends Hybrid multicloud Expanding AI inference Enterprises are building for threat landscape Organizations are connecting flexibility across every Attacks are increasingly apps and APIs to AI models and environment AI- and agentic-powered inference cal

  25. Slide 25: Demand accelerated across our three direct AI use cases in Q4

    Demand accelerated across our three direct AI use cases in Q4 D I R E CT AI U SE C A SE S AI DATA DELIVERY | AI FACTORY LOAD BALANCING | AI RUNTIME SECURITY >$100M ~300% 200+ FY26 direct AI use case bookings, Direct AI use case bookings Direct AI customers total, up >100% 1H to 2HFY26 growth Y/Y up

  26. Slide 26: AI inference inflection: AI data delivery

    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 directly, through our three AI use cases: AI data delivery, AI runtime security and AI factory load balancing and indirectly, as custome

  27. Slide 27: AI inference inflection: AI runtime security

    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 directly, through our three AI use cases: AI data delivery, AI runtime security and AI factory load balancing and indirectly, as custome

  28. Slide 28: AI inference inflection: AI factory load balancing

    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 directly, through our three AI use cases: AI data delivery, AI runtime security and AI factory load balancing and indirectly, as custome

  29. Slide 29: Q4FY26 results

    Q4FY26 results Cooper Werner 29 © 2026 F5

  30. Slide 30: Revenue

    Revenue mix Year/Year change $917 $900 $865 $810 $822 $812 $800 $700 +19% +23% 13% Y/Y Y/Y $510 Total revenue growth +16% +22% +11% $463 Revenue $ in millions $410 Y/Y $411 $600 Y/Y $414 Y/Y $500 23% $400 Product revenue growth 9 $300 +2% +4% +2% +3% +3% $200 Y/Y $396 Y/Y $412 Y/Y $401 Y/Y $402 Y/Y

  31. Slide 31: Product revenue mix

    Product revenue mix Year/Year change $510 $500 $463 $414 $410 $411 $400 $271 +19% Revenue $ in millions $223 $184 Software $192 $300 $229 +29% $200 $226 $240 $239 Systems $100 $218 $186 $0 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Totals may not add due to rounding. Systems Software 31 © 2026 F5

  32. Slide 32: Software revenue mix

    Software revenue mix $300 $271 $250 $42 16% $229 $223 $30 $22 $200 $192 $184 Software subscription Revenue $ in millions $27 $19 revenue growth Y/Y $150 $100 $198 $165 $201 $229 85% $164 of Q4FY26 total software revenue from subscriptions $50 $0 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Subscription softwa

  33. Slide 33: Recurring revenue

    Recurring revenue (subscriptions, SaaS & managed services, and maintenance) Recurring Non-recurring 32% $627M Recurring revenue 68% Q4FY26 Recurring revenue includes term subscriptions, SaaS & managed services, utility -based revenue and the maintenance portion of our global services revenue. 33 © 2

  34. Slide 34: Revenue contribution by geography

    Revenue contribution by geography Y/Y growth by region Q4FY26 17% 16% 18% 15% 17% +14% Growth APAC 26% 31% 30% 30% +31% 32% Growth EMEA +5% 57% 53% 55% 53% 50% Growth Americas Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Totals may not add to 100% due to rounding. Americas EMEA APAC 34 © 2026 F5

  35. Slide 35: Customer verticals as a % of product bookings

    Customer verticals as a % of product bookings 8% 13% 9% 11% 13% 6% 19% 24% 19% 18% from U.S. Federal 23% included 73% 71% 69% 64% 66% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Totals may not add to 100% due to rounding. Enterprise Government Service provider 35 © 2026 F5

  36. Slide 36: 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% 35.0% 83.8% 83.7% 84.2% 84.0% 33.8% 33.7% 80.0% 30.0% % of revenue % of revenue 70.0% 20.0% 60.0% 10.0% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 See appendi

  37. Slide 37: Non-GAAP net income and EPS

    Non-GAAP net income and EPS EPS reflects 20.9% Q4FY26 and 16.9% Q4FY25 non-GAAP effective tax rate Non-GAAP net income Non-GAAP EPS $5.00 $4.73 $300 $272 $4.39 $4.45 $4.42 $257 $259 $255 $4.00 $3.90 $223 $200 $ in millions $3.00 $2.00 $100 $1.00 $0 $0.00 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1F

  38. Slide 38: Cash flow from operations and free cash flow

    Cash flow from operations and free cash flow Cash flow from operations Free cash flow Key insights $400 $400 Q4 cash flow from operations and $366 free cash flow results reflect $348 deliberate and strategic working $316 capital decisions to mitigate $300 $300 $281 supply chain risk, including inven

  39. Slide 39: Cash and investments

    Cash and investments $1,750 $1,628 $1,616 $1,500 $1,464 $1,360 $1,250 $1,218 $1,000 $ in millions $750 $500 $250 $0 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 39 © 2026 F5

  40. Slide 40: Deferred revenue

    Deferred revenue $2,500 +10% Y/Y Key insights $2,193 $2,204 $2,118 Deferred revenue consists $2,062 $1,999 $2,000 predominantly of services maintenance renewals and also includes term-based software subscriptions. $1,500 $ in millions $1,000 $500 $0 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 40 © 2026 F5

  41. Slide 41: We are consistently returning cash to shareholders via share repurchases

    We are consistently returning cash to shareholders via share repurchases Share repurchases ($ in millions) 69% Key insights of FY26 free cash flow* used toward $700 repurchases • We repurchased $100 million $600 in FFIV shares during Q4FY26 $600 • We used 69% of our $869 million $500 $500 $500 $500

  42. Slide 42: FY26 performance

    FY26 performance 42 © 2026 F5

  43. Slide 43: Product revenue mix

    Product revenue mix 6% 1% -5% 19% 19% Year/Year change $2,000 $1,793 +8% $1,509 $1,500 Revenue $ in millions $1,335 +8% $1,317 Y/Y $870 $1,273 Software +9% Y/Y $803 +33% +0% $1,000 Y/Y $665 Y/Y $664 +11% Y/Y $735 $500 +31% Y/Y +31% Y/Y $923 +31% -13% +3% $706 Systems Y/Y $652 Y/Y $671 -20% Y/Y $537

  44. Slide 44: Term-based subscriptions underpin overall software growth

    Term-based subscriptions underpin overall software growth; legacy SaaS & Managed Services transitions complete in FY26 $870 Year/Year change $803 $800 $665 $664 $735 $176 $182 +3% SaaS & Managed Services Core SaaS & Managed Services offerings growth offset by legacy Revenue $ in millions $193 transi

  45. Slide 45: SaaS & Managed Services ARR reflects strong growth

    SaaS & Managed Services ARR reflects strong growth following completion of planned legacy transitions +14% Y/Y Total SaaS & Managed Services ARR $15 $65 $42 ARR $ in millions +21% $170 $211 +24% Y/Y +5% Core SaaS & Managed Services ARR $133 $140 FY23 FY24 FY25 FY26 Core SaaS & Managed Services SaaS

  46. Slide 46: Growth in security revenue is accelerating

    Growth in security revenue is accelerating Total security Product security FY26 Total security revenue* revenue growth revenue growth $1.3B 16% 15% 14% 12% 10% 10% FY26 Product security revenue* 8% 8% $746M 6% 4% 6% 2% 0% FY25 FY26 FY25 FY26 *Total security includes standalone security offerings, at

  47. Slide 47: Business outlook

    Business outlook Cooper Werner 47 © 2026 F5

  48. Slide 48: We expect to deliver double-digit product revenue growth in FY27

    We expect to deliver double-digit product revenue growth in FY27 FY25A growth Y/Y FY26A growth Y/Y FY27 outlook growth Y/Y Total revenue 10% 11% 8% to 9% Product revenue 19% 19% Double-digit Software revenue 9% 8% Double-digit Systems revenue 31% 31% Upper-single-digit Services revenue 2% 3% Low-to-

  49. Slide 49: Our updated FY27 outlook

    Our updated FY27 outlook FY26A FY27 current outlook Total revenue 11% growth 8% to 9% growth ($3.4B) Non-GAAP gross margin 84.0% 80.5% to 82.5% Non-GAAP operating margin 35.1% 33.0% to 35.0% Effective non-GAAP tax rate 18.6% 19.0% to 21.0% $17.49 Non-GAAP EPS $18.00 to $18.30 11% growth *Free cash f

  50. Slide 50: Our Q1FY27 outlook

    Our Q1FY27 outlook Q1FY27 outlook Total revenue $875 to $895M Non-GAAP gross margin 81.5% to 82.5% Non-GAAP operating expenses $420 to $432M Share-based compensation $70 to $72M Non-GAAP EPS $4.25 to $4.37 50 © 2026 F5

  51. Slide 51: Appendix

    Appendix 51 © 2026 F5

  52. Slide 52: GAAP to non-GAAP reconciliation

    F5, Inc. GAAP to non-GAAP GAAP to Non-GAAP Reconciliation (unaudited, in thousands, except percentages and per share amounts) reconciliation Three Months Ended Years Ended September 30, September 30, 2026 2025 2026 2025 $ 917,427 $ Net revenues…………………………………………….…………………………………………………………………………………………… 81

  53. Slide 53: 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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F5 — Q4 FY2026 Earnings Presentation on 6ix