Want to see FFIV full AI Analyst Report?
EarningsQ3 2026 Earnings Report
FFIV Q3 2026 EPS Results
Actual EPS$4.73
Consensus EPS$4.00
Beat/MissBeat by +$0.73
One Year Ago EPS$4.16
FFIV Q3 2026 Revenue Results
Actual Revenue$865.08M
Expected Revenue$834.60M
Beat/MissBeat by +$30.48M
YoY Revenue Growth+10.85%
Earnings Announcement Details
QuarterQ3 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
FFIV Upcoming Earnings
F5, Inc.'s next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
FFIV Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational execution and robust top-line performance, led by 19% product growth and 32% systems growth, healthy profitability (non-GAAP margins and 14% EPS growth), raised full-year guidance, significant AI momentum (50% growth in direct AI customers, 100% in AI security customers) and solid cash generation. Headwinds were limited to an APAC revenue decline, softer software growth due to a prior weak renewal cohort, a small decline in perpetual licenses, and reserved caution on FY2027 gross margins due to component-price volatility. On balance the positive metrics, guidance raise, product momentum and cash strength outweigh the contained operational risks.Company Guidance
Strong Overall Revenue Growth
Total revenue grew 11% year-over-year to $865 million in Q3 FY2026, above the top end of guidance. Company raised full-year FY2026 revenue outlook to ~9%–10% growth (up from 7%–8%) and provided Q4 revenue guidance of $870M–$890M (~just under 9% YoY at midpoint).
Robust Product and Systems Performance
Product revenue increased 19% YoY to $463 million. Systems revenue grew 32% YoY to $240 million, driven by refresh, sovereignty, competitive displacement, AI traffic and expansion use cases; company has delivered 8 consecutive quarters of double-digit product growth.
Software and Recurring Revenue Mix
Software revenue was $223 million, up 7% YoY, with subscription-based software of $201 million up 9% YoY representing 90% of software revenue. Recurring sources contributed 69% of Q3 revenue and deferred revenue rose 12% YoY to $2.19 billion.
Strong Profitability and Cash Generation
GAAP gross margin 82.2% and non-GAAP gross margin 84.2%. Non-GAAP operating margin 35%. GAAP net income $208 million ($3.62/share); non-GAAP net income $272 million ($4.73/share), representing 14% non-GAAP EPS growth YoY. Cash flow from operations $316 million and free cash flow $281 million; cash & investments $1.63 billion.
Improved Regional Performance and Share Repurchase
Americas revenue grew 11% and represented 55% of revenue; EMEA grew 27% representing 30% of revenue. Company repurchased $100 million of shares in Q3 at an average $299/share and has $422 million remaining on the buyback authorization.
Accelerating AI Momentum and Customer Wins
Cumulative customer count for direct AI use cases grew 50% in Q3; AI security customers grew 100% in the quarter. Notable wins across AI data delivery, AI runtime security and AI factory load balancing (including large enterprise, sovereign AI factories and competitive displacements).
Product Innovation and Rapid Adoption
Launched AI-powered Distributed Cloud WAF (since Q2) with 15% of Distributed Cloud WAF customers adopting the AI capability and 75% of those running in blocking mode; early uptake described as fastest-growing launch with hundreds of customers. Introduced monthly hardened software release cadence and F5 Insight fleet management, showing strong early adoption.
Balance Sheet and Operational Metrics
DSO 45 days, CapEx $36 million, ended quarter with ~6,600 employees. Deferred revenue growth, high margins and strong free cash flow underpin commitment to repurchase at least 50% of free cash flow for full year.
FFIV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed