F5 Product Growth Reaccelerates in Fiscal Fourth Quarter

The Tip Desk · November 8, 2026 · 2 min read

Fourth-quarter revenue was $917 million, up 13% from a year earlier, as product sales rose 23% and the board added $1.5 billion of buyback authority.

F5, Inc. (FFIV), the application-delivery and security software company, reported fourth-quarter fiscal 2026 revenue of $917 million, up 13% from $810 million a year earlier, as product sales growth reaccelerated to 23% after 19% in the third quarter.

Product revenue was $510 million, compared with $414 million in the year-ago period. Systems revenue of $239 million grew 29% from a year earlier. Software revenue of $271 million grew 19%. Services revenue of $408 million grew 3%.

Chairman, President and CEO François Locoh-Donou said the quarter closed an exceptional fiscal year and that nine consecutive quarters of double-digit product revenue growth reflected F5’s role as customers navigate hybrid multicloud complexity, an intensifying threat landscape, and an AI-driven world.

GAAP gross profit was $754 million, with GAAP gross margin of 82.2%, matching the year-ago margin. Non-GAAP gross profit was $771 million, or 84.0% of revenue, compared with 84.3% a year earlier.

GAAP income from operations was $212 million, or 23.1% of revenue, down from 25.4% a year earlier. Non-GAAP income from operations was $309 million, or 33.7% of revenue, compared with 37.0% a year earlier. GAAP net income was $186 million, or $3.23 a share, compared with $190 million, or $3.26 a share, a year earlier. Non-GAAP net income was $255 million, or $4.42 a share, compared with $257 million, or $4.39 a share.

Restructuring charges were $7.4 million in the quarter, down from $14.2 million a year earlier. Acquisition-related charges were $10.3 million, up from $7.6 million.

For the full fiscal year 2026, revenue was $3,417 million, up 11% from $3,088 million. Product revenue was $1,793 million, up 19%. Systems revenue was $923 million, up 31%. Software revenue was $870 million, up 8%. Services revenue was $1,623 million, up 3%. GAAP net income for the year was $722 million, or $12.52 a share, compared with $692 million, or $11.80 a share. Non-GAAP net income was $1,009 million, or $17.49 a share, compared with $928 million, or $15.81 a share.

F5 guided fiscal year 2027 revenue growth of 8% to 9% and non-GAAP earnings of $18.00 to $18.30 a share. For the first quarter of fiscal 2027, it guided revenue of $875 million to $895 million and non-GAAP earnings of $4.25 to $4.37 a share.

The board authorized an additional $1.5 billion for share repurchases, incremental to $322 million remaining in the existing program.