F5
FFIV · NasdaqComputer Communications Equipment · Fiscal year ends Sep 30
F5 reported revenue of $3.1B in the fiscal year ended Sep 2025, up 9.7% from the year before. Operating income was $766M, an operating margin of 24.8%, and net income was $692M. Operating cash flow of $950M less capital expenditure of $43M left free cash flow of $906M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B | $2.7B | $2.8B | $2.8B | $3.1B |
| Cost of revenue | $493M | $540M | $593M | $558M | $574M |
| Gross profit | $2.1B | $2.2B | $2.2B | $2.3B | $2.5B |
| Research & development | $513M | $543M | $540M | $490M | $540M |
| Operating income | $394M | $404M | $473M | $659M | $766M |
| Pre-tax income | $387M | $385M | $486M | $695M | $808M |
| Income tax | $56M | $63M | $91M | $129M | $116M |
| Net income | $331M | $322M | $395M | $567M | $692M |
| Diluted EPS | 5.34 | 5.27 | 6.55 | 9.55 | 11.80 |
| Diluted shares | 62M | 61M | 60M | 59M | 59M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $581M | $758M | $797M | $1.1B | $1.3B |
| Receivables | $341M | $470M | $455M | $389M | $414M |
| Inventory | $22M | $68M | $36M | $76M | $77M |
| Current assets | $1.6B | $1.9B | $1.8B | $2.1B | $2.5B |
| Net PP&E | $191M | $168M | $170M | $151M | $157M |
| Goodwill | $2.2B | $2.3B | $2.3B | $2.3B | $2.4B |
| Total assets | $5B | $5.3B | $5.2B | $5.6B | $6.3B |
| Payables | $62M | $113M | $63M | $68M | $84M |
| Deferred revenue | $969M | $1.1B | $1.1B | $1.1B | $1.2B |
| Current liabilities | $1.4B | $1.8B | $1.5B | $1.5B | $1.6B |
| Short-term debt | $19M | $350M | $0 | – | – |
| Long-term debt | $350M | $0 | – | – | – |
| Shareholders' equity | $2.4B | $2.5B | $2.8B | $3.1B | $3.6B |
| Backlog (remaining obligations) | $1.5B | $1.7B | $1.8B | $1.8B | $2B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $645M | $443M | $653M | $792M | $950M |
| Capital expenditure | $31M | $34M | $54M | $30M | $43M |
| Free cash flow | $615M | $409M | $599M | $762M | $906M |
| Depreciation & amortisation | $115M | $116M | $113M | $107M | $92M |
| Stock-based compensation | $243M | $249M | $237M | $219M | $231M |
| Acquisitions | $411M | $68M | $35M | $33M | $171M |
| Share buybacks | $500M | $500M | $350M | $501M | $502M |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.6% | 4.4% | 0.1% | 9.7% |
| Operating income growth (YoY) | – | 2.5% | 17.0% | 39.4% | 16.3% |
| EPS growth (YoY) | – | −1.3% | 24.3% | 45.8% | 23.6% |
| Gross margin | 81.1% | 80.0% | 78.9% | 80.2% | 81.4% |
| Operating margin | 15.1% | 15.0% | 16.8% | 23.4% | 24.8% |
| Net margin | 12.7% | 12.0% | 14.0% | 20.1% | 22.4% |
| Return on equityBlank when equity is negative | 14.0% | 13.0% | 14.1% | 18.1% | 19.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.9% | 11.8% | 12.5% | 16.0% | 16.3% |
| Free cash flow margin | 23.6% | 15.2% | 21.3% | 27.1% | 29.4% |
| Cash conversion (CFO ÷ net income) | 1.95x | 1.37x | 1.65x | 1.40x | 1.37x |
| Receivable days | 48 | 64 | 59 | 50 | 49 |
| Inventory days | 16 | 46 | 22 | 50 | 49 |
| Payable days | 46 | 77 | 39 | 44 | 53 |
| Debt ÷ equity | 0.16x | 0.14x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$212M | −$408M | – | – | – |
| Current ratio | 1.16x | 1.04x | 1.26x | 1.42x | 1.56x |
Recent filings
More in Computer Communications Equipment
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.