Form 8-K

8-K — F5, INC.

Accession: 0001048695-26-000074

Filed: 2026-10-27

Period: 2026-10-23

CIK: 0001048695

SIC: 3576 (COMPUTER COMMUNICATIONS EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ffiv-20261023.htm (Primary)

EX-99.1 (ex991-q426earningsreleasef.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ffiv-20261023.htm · Sequence: 1

ffiv-20261023

0001048695false00010486952026-10-232026-10-23

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

October 23, 2026

F5, Inc.

(Exact name of registrant as specified in its charter)

Washington 000-26041 91-1714307

(State or other jurisdiction (Commission (IRS Employer

of incorporation) File Number) Identification No.)

801 5th Avenue

Seattle , WA 98104

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (206) 272-5555

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, no par value FFIV NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 27, 2026, F5, Inc. (the "Company" or "F5") issued a press release regarding its financial results for the fourth quarter ended September 30, 2026. The press release is attached hereto as Exhibit 99.1. The information in the press release shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.

Item 8.01 Other Events

On October 23, 2026, the Board authorized an additional $1.5 billion for the Company's common stock share repurchase program. The new authorization is incremental to the $322.4 million currently unused in the existing program. Acquisitions for the share repurchase program will be made from time to time in private transactions, accelerated repurchase programs, or open market purchases as permitted by securities laws and other legal requirements. The program can be terminated at any time.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1

Press Release of F5, Inc. announcing quarterly earnings dated October 27, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

F5, INC.

(Registrant)

Date: October 27, 2026

By: /s/ François Locoh-Donou

François Locoh-Donou

President and Chief Executive Officer

EX-99.1

Filename: ex991-q426earningsreleasef.htm · Sequence: 2

Document

Q4 FY26 Earnings Release

Page 1 of 6

Contacts

Investors

Suzanne DuLong

+1 (206) 272-7049

s.dulong@f5.com

Media

Rob Gruening

+1 (206) 272-6208

r.gruening@f5.com

F5 Reports Fourth Quarter Results with 23% Product Revenue Growth Driving 13% Total Revenue Growth Year Over Year; Board Authorizes Additional $1.5 Billion for Share Repurchases

SEATTLE, October 27, 2026 – F5, Inc. (NASDAQ: FFIV), the global leader in delivering and securing every app and API, today announced financial results for its fourth quarter and fiscal year 2026 ended September 30, 2026.

“Q4 closed out an exceptional fiscal year. In the quarter, we delivered 23% product revenue growth driving 13% total revenue growth year over year. Nine consecutive quarters of double-digit product revenue growth reflect F5's expanding strategic role as our customers navigate hybrid multicloud complexity, an intensifying threat landscape, and a rapidly evolving AI-driven world,” said François Locoh-Donou, F5’s Chairman, President and CEO.

“Frontier AI is rewriting the rules of enterprise security, accelerating vulnerability discovery to machine speed, expanding the attack surface through APIs and AI agents, and collapsing the time available to respond. F5 is focused on ensuring our customers can meet this moment, using AI to identify risk earlier, and enforcing consistent protection at runtime across every environment,” continued Locoh-Donou.

Fourth Quarter Performance Summary

Fourth quarter fiscal year 2026 revenue totaled $917 million, representing 13% growth compared with $810 million in the fourth quarter of fiscal year 2025. Product revenue totaled $510 million, compared with $414 million in the year-ago period. Systems revenue of $239 million grew 29% from the year-ago period while software revenue of $271 million grew 19%. Services revenue of $408 million grew 3% from the year-ago period.

GAAP gross profit for the fourth quarter of fiscal year 2026 was $754 million, representing GAAP gross margin of 82.2%. This compares with GAAP gross profit of $666 million in the year-ago period, which represented GAAP gross margin of 82.2%. Non-GAAP gross profit for the fourth quarter of fiscal year 2026 was $771 million, representing non-GAAP gross margin of 84.0%. This compares with non-GAAP gross profit of $683 million in the year-ago period, which represented non-GAAP gross margin of 84.3%.

GAAP income from operations for the fourth quarter of fiscal year 2026 was $212 million, representing GAAP operating margin of 23.1%. This compares with GAAP income from operations of $206 million in the year-ago period, which represented GAAP operating margin of 25.4%. Non-GAAP income from operations for the period was $309 million, representing non-GAAP operating margin of 33.7%. This compares to non-GAAP income from operations of $299 million in the year-ago period, which represented non-GAAP operating margin of 37.0%.

Q4 FY26 Earnings Release

Page 2 of 6

GAAP net income for the fourth quarter of fiscal year 2026 was $186 million, or $3.23 per diluted share compared to $190 million, or $3.26 per diluted share, in the fourth quarter of fiscal year 2025. Non-GAAP net income for the fourth quarter of fiscal year 2026 was $255 million, or $4.42 per diluted share, compared to $257 million, or $4.39 per diluted share, in the fourth quarter of fiscal year 2025.

Fiscal Year 2026 Performance Summary

Fiscal year 2026 revenue totaled $3,417 million, representing 11% growth compared with $3,088 million in fiscal year 2025. Product revenue totaled $1,793 million, representing 19% growth compared with $1,509 million in the year-ago period. Systems revenue of $923 million grew 31% from the year-ago period while software revenue of $870 million grew 8%. Services revenue of $1,623 million grew 3% from the year-ago period.

GAAP gross profit for fiscal year 2026 was $2,797 million, representing GAAP gross margin of 81.9%. This compares with GAAP gross profit of $2,514 million in the year-ago period, which represented GAAP gross margin of 81.4%. Non-GAAP gross profit for fiscal year 2026 was $2,868 million, representing non-GAAP gross margin of 84.0%. This compares with non-GAAP gross profit of $2,582 million in the year-ago period, which represented non-GAAP gross margin of 83.6%.

GAAP income from operations for fiscal year 2026 was $818 million, representing GAAP operating margin of 23.9%. This compares with GAAP income from operations of $766 million in the year-ago period, which represented GAAP operating margin of 24.8%. Non-GAAP income from operations for the period was $1,200 million, representing non-GAAP operating margin of 35.1%. This compares to non-GAAP income from operations of $1,086 million in the year-ago period, which represented non-GAAP operating margin of 35.2%.

GAAP net income for fiscal year 2026 was $722 million, or $12.52 per diluted share compared to $692 million, or $11.80 per diluted share, in fiscal year 2025. Non-GAAP net income for fiscal year 2026 was $1,009 million, or $17.49 per diluted share, compared to $928 million, or $15.81 per diluted share, in fiscal year 2025.

Performance Summary Tables

GAAP Measures

($ in millions except EPS) Q4 FY2026 Q4 FY2025 FY2026 FY2025

Revenue $917 $810 $3,417 $3,088

Gross profit $754 $666 $2,797 $2,514

Gross margin 82.2% 82.2% 81.9% 81.4%

Operating profit $212 $206 $818 $766

Operating margin 23.1% 25.4% 23.9% 24.8%

Net income $186 $190 $722 $692

EPS $3.23 $3.26 $12.52 $11.80

Non-GAAP Measures

($ in millions except EPS) Q4 FY2026 Q4 FY2025 FY2026 FY2025

Revenue $917 $810 $3,417 $3,088

Gross profit $771 $683 $2,868 $2,582

Gross margin 84.0% 84.3% 84.0% 83.6%

Operating profit $309 $299 $1,200 $1,086

Operating margin 33.7% 37.0% 35.1% 35.2%

Net income $255 $257 $1,009 $928

EPS $4.42 $4.39 $17.49 $15.81

Q4 FY26 Earnings Release

Page 3 of 6

A reconciliation of GAAP to non-GAAP measures is included with the attached financial statements. Additional information about non-GAAP financial information is included in this release.

Business Outlook

F5 updated its outlook for its fiscal year 2027, guiding for revenue growth of 8% to 9%. The Company expects fiscal year 2027 non-GAAP earnings per share in a range of $18.00 to $18.30.

For the first quarter of fiscal year 2027, F5 is guiding to revenue in the range of $875 million to $895 million, with non-GAAP earnings in the range of $4.25 to $4.37 per diluted share.

Board Authorizes $1.5 Billion for Share Repurchases

F5 also announced today that its Board of Directors has authorized an additional $1.5 billion for its common stock repurchase program. This new authorization is incremental to the $322 million remaining in the Company’s existing program.

All forward-looking non-GAAP measures included in the Company’s business outlook exclude estimates for amortization of intangible assets, share-based compensation expenses, significant effects of tax legislation and judicial or administrative interpretation of tax regulations (including the impact of income tax reform), non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of any future acquisitions or divestitures, acquisition-related charges and write-downs, cyber incident costs, insurance recoveries from cyber incident, restructuring charges, facility exit costs, or other non-recurring charges that may occur in the period. F5 is unable to provide a reconciliation of non-GAAP earnings guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically varied and may continue to vary significantly from quarter to quarter.

Live Webcast and Conference Call

F5 will host a live webcast to review its financial results and outlook today, October 27, 2026, at 4:30 pm ET. Open to the public, the live webcast, supplemental financial information, and earnings slides are accessible from the investor relations page of F5.com. Please access the webcast at least five minutes prior to the call start time. The webcast replay will be archived on the investor relations portion of F5's website.

Forward Looking Statements

This press release contains 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 APIs and AI agents, and collapsing the time available to respond, F5 is focused on ensuring our customers can meet this moment, using AI to identify risk earlier, and enforcing consistent protection at runtime across every environment, the Company’s future financial performance including revenue growth, earnings growth, future customer demand, and the performance and benefits of the Company's products. These, and other statements that are not historical facts, are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of offerings;

Q4 FY26 Earnings Release

Page 4 of 6

disruptions to the global supply chain resulting in inability to source required parts for F5’s products or the ability to only do so at greatly increased prices thereby impacting our revenues and/or margins; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; F5’s ability to successfully integrate acquired businesses’ products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell new solutions and service offerings; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into F5’s markets, and new product and marketing initiatives by our competitors; increased sales discounts; the business impact of the acquisitions and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of completion of acquisitions; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; potential security flaws in the Company’s networks, products or services; cybersecurity attacks on its networks, products or services; natural catastrophic events; a pandemic or epidemic; F5’s ability to sustain, develop and effectively utilize distribution relationships; F5’s ability to attract, train and retain qualified product development, marketing, sales, professional services and customer support personnel; F5’s ability to expand in international markets; the unpredictability of F5’s sales cycle; the ability of F5 to execute on its share repurchase program including the timing of any repurchases; future prices of F5’s common stock; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K and other documents that we may file or furnish from time to time, which could cause actual results to vary from expectations. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in F5’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. All forward-looking statements in this press release are based on information available as of the date hereof and qualified in their entirety by this cautionary statement. F5 assumes no obligation to revise or update these forward-looking statements.

GAAP to non-GAAP Reconciliation

F5’s management evaluates and makes operating decisions using various operating measures. These measures are generally based on the revenues of its products, services operations, and certain costs of those operations, such as cost of revenues, research and development, sales and marketing and general and administrative expenses. One such measure is GAAP net income excluding, as applicable, stock-based compensation, amortization and impairment of purchased intangible assets, facility-exit costs, acquisition-related charges, cyber incident costs, insurance recoveries from cyber incident, restructuring charges, net of tax effects, as well as certain non-recurring tax expenses and benefits, which is a non-GAAP financial measure under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. This measure of non-GAAP net income is adjusted by the amount of additional taxes or tax benefit that the Company would accrue if it used non-GAAP results instead of GAAP results to calculate the Company’s tax liability.

The non-GAAP adjustments, and F5's basis for excluding them from non-GAAP financial measures, are outlined below:

Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock, and employee stock purchases through the Company’s Employee Stock Purchase Plan. Although stock-based compensation is an important aspect of the compensation of F5’s employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the Company’s core business and to facilitate comparison of the Company’s results to those of peer companies.

Q4 FY26 Earnings Release

Page 5 of 6

Amortization and impairment of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives and generally cannot be changed or influenced by management after the acquisition. On a non-recurring basis, when certain events or circumstances are present, management may also be required to write down the carrying value of its purchased intangible assets and recognize impairment charges. Management does not believe these charges accurately reflect the performance of the Company’s ongoing operations; therefore, they are not considered by management in making operating decisions. However, investors should note that the use of intangible assets contributed to F5’s revenues earned during the periods presented and will contribute to F5’s future period revenues as well.

Facility-exit costs. F5 has incurred certain non-recurring right-of-use asset impairment charges, and other related recurring costs in connection with the exit of its leased facilities. These charges are not representative of the ongoing activity or costs to the business. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.

Acquisition-related charges, net. F5 does not acquire businesses on a predictable cycle and the terms and scope of each transaction can vary significantly and are unique to each transaction. F5 excludes acquisition-related charges from its non-GAAP financial measures to provide a useful comparison of the Company’s operating results to prior periods and to its peer companies. Acquisition-related charges consist of planning, execution and integration costs incurred directly as a result of an acquisition.

Cyber incident costs. F5 has incurred certain non-recurring expenses in connection with the investigation and remediation of the Cyber Incident. Management believes it is useful to exclude these expenses as they are not representative of our ongoing operations and to facilitate comparison of the Company’s historical results and to those of peer companies.

Insurance recoveries from cyber incident. F5 has received insurance recoveries in connection with the cyber incident costs described above. Management believes it is useful to exclude these recoveries as they offset the cyber incident costs non-GAAP adjustment, are not representative of our ongoing operations and to facilitate comparison of the Company's historical results and to those of peer companies.

Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and costs associated with exiting facility-lease commitments. F5 excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.

Management believes that non-GAAP net income per share provides useful supplemental information to management and investors regarding the performance of the Company’s core business operations and facilitates comparisons to the Company’s historical operating results. Although F5’s management finds this non-GAAP measure to be useful in evaluating the performance of the core business, management’s reliance on this measure is limited because items excluded from such measures could have a material effect on F5’s earnings and earnings per share calculated in accordance with GAAP. Therefore, F5’s management will use its non-GAAP earnings and earnings per share measures, in conjunction with GAAP earnings and earnings per share measures, to address these limitations when evaluating the performance of the Company’s core business. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP.

F5 believes that presenting its non-GAAP measures of earnings and earnings per share provides investors with an additional tool for evaluating the performance of the Company’s core business and is used by management in its own evaluation of the Company’s performance. Investors are encouraged to look at GAAP results as the best measure of financial performance. However, while the GAAP results are more complete, the Company provides investors these supplemental measures since, with reconciliation to GAAP, it may provide additional insight into the Company’s operational performance and financial results.

Q4 FY26 Earnings Release

Page 6 of 6

For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section in our attached Condensed Consolidated Income Statements entitled “GAAP to Non-GAAP Reconciliation.”

About F5

F5, Inc. (NASDAQ: FFIV) is the global leader that delivers and secures every app. Backed by three decades of expertise, F5 has built the industry’s premier platform—F5 Application Delivery and Security Platform (ADSP)—to deliver and secure every app, every API, anywhere: on-premises, in the cloud, at the edge, and across hybrid, multicloud environments. F5 is committed to innovating and partnering with the world’s largest and most advanced organizations to deliver fast, available, and secure digital experiences. Together, we help each other thrive and bring a better digital world to life.

For more information visit f5.com

Explore F5 Labs threat research at f5.com/labs

F5 is a trademark, service mark, or tradename of F5, Inc., in the U.S. and other countries.

SOURCE: F5, Inc.

F5, Inc.

Consolidated Balance Sheets

(unaudited, in thousands)

September 30, September 30,

2026 2025

ASSETS

Current assets

Cash and cash equivalents $ 1,590,528 $ 1,344,273

Accounts receivable, net of allowances of $4,062 and $2,877

448,753 414,433

Inventories 261,918 77,229

Other current assets 844,405 682,766

Total current assets 3,145,604 2,518,701

Property and equipment, net 213,356 156,947

Operating lease right-of-use assets 173,023 185,601

Long-term investments 25,819 15,693

Deferred tax assets 511,729 446,388

Goodwill 2,482,618 2,443,882

Other assets, net 509,979 552,280

Total assets $ 7,062,128 $ 6,319,492

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accounts payable $ 131,420 $ 83,972

Accrued liabilities 420,881 315,383

Deferred revenue 1,265,273 1,213,226

Total current liabilities 1,817,574 1,612,581

Deferred tax liabilities 2,496 1,921

Deferred revenue, long-term 939,164 786,011

Operating lease liabilities, long-term 212,451 230,749

Other long-term liabilities 85,192 96,231

Total long-term liabilities 1,239,303 1,114,912

Commitments and contingencies

Shareholders’ equity

Preferred stock, no par value; 10,000 shares authorized, no shares issued and outstanding

— —

Common stock, no par value; 200,000 shares authorized, 56,811 and 57,684 shares issued and outstanding

51,924 42,023

Accumulated other comprehensive loss (19,942) (18,324)

Retained earnings 3,973,269 3,568,300

Total shareholders’ equity 4,005,251 3,591,999

Total liabilities and shareholders’ equity $ 7,062,128 $ 6,319,492

F5, Inc.

Consolidated Income Statements

(unaudited, in thousands, except per share amounts)

Three Months Ended Years Ended

September 30, September 30,

2026 2025 2026 2025

Net revenues

Products $ 509,765 $ 414,109 $ 1,793,392 $ 1,508,640

Services 407,662 395,981 1,623,277 1,579,432

Total 917,427 810,090 3,416,669 3,088,072

Cost of net revenues

Products 101,433 85,132 378,092 338,037

Services 61,532 58,749 241,122 235,941

Total 162,965 143,881 619,214 573,978

Gross profit 754,462 666,209 2,797,455 2,514,094

Operating expenses

Sales and marketing 274,286 215,982 976,500 860,506

Research and development 164,559 136,391 621,420 539,815

General and administrative 96,474 94,020 374,308 322,340

Restructuring charges 7,400 14,163 7,012 25,484

Total 542,719 460,556 1,979,240 1,748,145

Income from operations 211,743 205,653 818,215 765,949

Other income, net 17,836 9,416 49,702 42,387

Income before income taxes 229,579 215,069 867,917 808,336

Provision for income taxes 43,447 24,576 145,768 115,956

Net income $ 186,132 $ 190,493 $ 722,149 $ 692,380

Net income per share — basic $ 3.28 $ 3.30 $ 12.68 $ 11.96

Weighted average shares — basic 56,760 57,653 56,963 57,904

Net income per share — diluted $ 3.23 $ 3.26 $ 12.52 $ 11.80

Weighted average shares — diluted 57,658 58,418 57,670 58,684

F5, Inc.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

Years Ended

September 30,

2026 2025

Operating activities

Net income $ 722,149 $ 692,380

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation 261,013 231,491

Depreciation and amortization 96,531 92,399

Non-cash operating lease costs 29,675 31,503

Deferred income taxes (62,679) (72,176)

Other (1,892) 5,615

Changes in operating assets and liabilities (excluding effects of the acquisition of businesses):

Accounts receivable (36,431) (28,411)

Inventories (160,295) (851)

Other current assets (184,838) (103,628)

Other assets (628) (91,980)

Accounts payable and accrued liabilities 127,073 28,899

Deferred revenue 204,006 200,489

Lease liabilities (34,195) (36,064)

Net cash provided by operating activities 959,489 949,666

Investing activities

Purchases of investments (7,750) (5,720)

Maturities of investments 402 548

Sales of investments 1,575 —

Acquisition of businesses, net of cash acquired (47,619) (171,059)

Purchases of property and equipment (90,545) (43,260)

Net cash used in investing activities (143,937) (219,491)

Financing activities

Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan 59,623 59,151

Payments for repurchase of common stock, including excise taxes (601,113) (502,085)

Taxes paid related to net share settlement of equity awards (25,772) (21,881)

Net cash used in financing activities (567,262) (464,815)

Net increase in cash, cash equivalents and restricted cash 248,290 265,360

Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,954) 2,668

Cash, cash equivalents and restricted cash, beginning of period 1,346,368 1,078,340

Cash, cash equivalents and restricted cash, end of period $ 1,592,704 $ 1,346,368

Supplemental disclosures of cash flow information

Cash paid for amounts included in the measurement of lease liabilities $ 42,473 $ 44,592

Supplemental disclosures of non-cash activities

Right-of-use assets obtained in exchange for lease obligations $ 18,088 $ 48,315

F5, Inc.

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands, except percentages and per share amounts)

Three Months Ended Years Ended

September 30, September 30,

2026 2025 2026 2025

Net revenues $ 917,427 $ 810,090 $ 3,416,669 $ 3,088,072

Gross profit and gross margin:

GAAP gross profit and gross margin $ 754,462 82.2 % $ 666,209 82.2 % $ 2,797,455 81.9 % $ 2,514,094 81.4 %

Adjustments to gross profit and gross margin:

Stock-based compensation $ 6,902 0.8 % $ 7,356 0.9 % $ 28,106 0.8 % $ 29,557 1.0 %

Amortization and impairment of purchased intangible assets 8,788 1.0 % 9,596 1.2 % 39,220 1.1 % 37,601 1.2 %

Facility-exit costs 148 0.0 % 98 0.0 % 451 0.0 % 777 0.0 %

Acquisition-related charges — — — — — — — —

Cyber incident costs $ 770 0.1 % — — $ 3,186 0.1 % — —

Non-GAAP gross profit and gross margin $ 771,070 84.0 % $ 683,259 84.3 % $ 2,868,418 84.0 % $ 2,582,029 83.6 %

Income from operations and operating margin:

GAAP income from operations and operating margin $ 211,743 23.1 % $ 205,653 25.4 % $ 818,215 23.9 % $ 765,949 24.8 %

Adjustments to income from operations and operating margin:

Stock-based compensation $ 67,478 7.4 % $ 57,248 7.1 % $ 261,013 7.6 % $ 231,491 7.5 %

Amortization and impairment of purchased intangible assets 9,082 1.0 % 10,408 1.3 % 41,605 1.2 % 40,896 1.3 %

Facility-exit costs 1,505 0.2 % 940 0.1 % 4,582 0.1 % 7,667 0.2 %

Acquisition-related charges 10,302 1.1 % 7,599 0.9 % 39,204 1.1 % 11,536 0.4 %

Cyber incident costs 1,491 0.2 % 3,356 0.4 % 27,994 0.8 % 3,356 0.1 %

Restructuring charges 7,400 0.8 % 14,163 1.7 % 7,012 0.2 % 25,484 0.8 %

Non-GAAP income from operations and operating margin $ 309,001 33.7 % $ 299,367 37.0 % $ 1,199,625 35.1 % $ 1,086,379 35.2 %

Net income:

GAAP net income $ 186,132 $ 190,493 $ 722,149 $ 692,380

Adjustments to net income:

Stock-based compensation $ 67,478 $ 57,248 $ 261,013 $ 231,491

Amortization and impairment of purchased intangible assets 9,082 10,408 41,605 40,896

Facility-exit costs 1,505 940 4,582 7,667

Acquisition-related charges 10,302 7,599 39,204 11,536

Cyber incident costs 1,491 3,356 27,994 3,356

Insurance recoveries from cyber incident (4,691) — (10,000) —

Restructuring charges 7,400 14,163 7,012 25,484

Tax effects related to above items (23,963) (27,568) (84,920) (84,864)

Non-GAAP net income $ 254,736 $ 256,639 $ 1,008,639 $ 927,946

Net income per share - diluted:

GAAP net income per share — diluted $ 3.23 $ 3.26 $ 12.52 $ 11.80

Adjustments to GAAP net income per share — diluted

Stock-based compensation $ 1.17 $ 0.98 $ 4.53 $ 3.94

Amortization and impairment of purchased intangible assets 0.16 0.18 0.72 0.70

Facility-exit costs 0.03 0.02 0.08 0.13

Acquisition-related charges 0.18 0.13 0.68 0.20

Cyber incident costs 0.03 0.06 0.49 0.06

Insurance recoveries from cyber incident (0.08) — (0.17) —

Restructuring charges 0.13 0.24 0.12 0.43

Tax effects related to above items (0.42) (0.47) (1.47) (1.45)

Non-GAAP net income per share — diluted $ 4.42 $ 4.39 $ 17.49 $ 15.81

Weighted average shares — diluted 57,658 58,418 57,670 58,684

Note: Numbers and percentages are rounded for presentation purposes and may not foot.

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