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Communication equipment · Technology · Fiscal year ends Dec 31
A10 Networks reported revenue of $291M in the fiscal year ended Dec 2025, up 11.0% from the year before. Operating income was $47M, an operating margin of 16.2%, and net income was $42M. Operating cash flow of $85M less capital expenditure of $20M left free cash flow of $65M. Net debt was $148M.
Ranks among the 17 communication equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 250 | 280 | 252 | 262 | 291 |
| Cost of revenue | 53.5 | 56.8 | 48.0 | 51.4 | 60.0 |
| Gross profit | 197 | 224 | 204 | 210 | 231 |
| Research & development | 54.1 | 58.4 | 55.2 | 57.7 | 69.1 |
| Selling, general & admin | 109 | 112 | 110 | 109 | 114 |
| Operating income | 33.4 | 53.1 | 38.6 | 44.0 | 47.1 |
| Interest expense | 0.0 | – | – | – | 5.9 |
| Pre-tax income | 31.6 | 52.7 | 43.8 | 58.1 | 52.4 |
| Income tax | −63.2 | 5.8 | 3.8 | 8.0 | 10.3 |
| Net income | 94.9 | 46.9 | 40.0 | 50.1 | 42.1 |
| Diluted EPS | 1.19 | 0.60 | 0.53 | 0.67 | 0.57 |
| Diluted shares | 80.0 | 77.8 | 75.6 | 75.3 | 73.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 78.9 | 68.0 | 97.2 | 95.1 | 71.1 |
| Receivables | 61.8 | 72.9 | 74.3 | 76.7 | 62.1 |
| Inventory | 22.5 | 19.7 | 23.5 | 22.0 | 18.0 |
| Current assets | 284 | 257 | 272 | 307 | 476 |
| Net PP&E | 10.7 | 19.7 | 29.9 | 39.1 | 50.2 |
| Goodwill | 1.3 | 1.3 | 1.3 | 1.3 | 15.1 |
| Total assets | 393 | 369 | 390 | 433 | 630 |
| Payables | 6.9 | 6.7 | 7.0 | 12.5 | 11.7 |
| Deferred revenue | 73.1 | 74.3 | 82.7 | 78.3 | 80.8 |
| Current liabilities | 116 | 118 | 111 | 124 | 134 |
| Short-term debt | – | – | – | – | 0.0 |
| Long-term debt | – | – | – | 0.0 | 219 |
| Total liabilities | 184 | 188 | 182 | 201 | 418 |
| Shareholders' equity | 209 | 181 | 208 | 232 | 212 |
| Backlog (remaining obligations) | 122 | 127 | 141 | 148 | 143 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 50.1 | 66.1 | 44.5 | 90.5 | 84.9 |
| Capital expenditure | 5.2 | 10.8 | 10.9 | 12.3 | 20.1 |
| Free cash flow | 44.9 | 55.3 | 33.6 | 78.2 | 64.8 |
| Depreciation & amortisation | 8.9 | 7.4 | 9.3 | 11.3 | 14.9 |
| Stock-based compensation | 14.4 | 13.3 | 14.1 | 17.0 | 20.0 |
| Acquisitions | – | – | 0.0 | 0.0 | 19.1 |
| Share buybacks | 18.3 | 79.3 | 16.0 | 30.1 | 68.9 |
| Dividends paid | 3.9 | 15.9 | 17.8 | 17.8 | 17.4 |
| Dividend per share | 0.20 | 0.24 | 0.24 | 0.24 | 0.24 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.1% | −10.2% | 4.0% | 11.0% |
| Operating income growth (YoY) | – | 59.0% | −27.2% | 13.8% | 7.2% |
| EPS growth (YoY) | – | −49.6% | −11.7% | 26.4% | −14.9% |
| Gross margin | 78.6% | 79.7% | 80.9% | 80.4% | 79.3% |
| Operating margin | 13.4% | 18.9% | 15.4% | 16.8% | 16.2% |
| Net margin | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% |
| Return on equityBlank when equity is negative | 45.4% | 25.9% | 19.2% | 21.6% | 19.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.1% | 21.2% | 13.9% | 14.2% | 9.5% |
| Free cash flow margin | 18.0% | 19.7% | 13.4% | 29.9% | 22.3% |
| Cash conversion (CFO ÷ net income) | 0.53x | 1.41x | 1.11x | 1.80x | 2.01x |
| Receivable days | 90 | 95 | 108 | 107 | 78 |
| Inventory days | 153 | 126 | 179 | 156 | 110 |
| Payable days | 47 | 43 | 53 | 89 | 71 |
| Interest cover | – | – | – | – | 7.99x |
| Debt ÷ equity | – | – | – | 0.00x | 1.03x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −95.1 | 148 |
| Current ratio | 2.45x | 2.17x | 2.45x | 2.49x | 3.56x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.