A10 Networks (ATEN) FY2024 results: revenue $262 million, up 4.0% on the year

A10 Networks, Inc. (ATEN) reported revenue of $262 million for fiscal 2024, the year ended 31 December 2024, up 4.0% on the year before. Net income was $50 million, up 25.4%, and diluted earnings per share $0.67. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$262 million

+4.0% on the year

FY2017FY2024

Operating margin

16.8%

15.4% a year earlier

FY2017FY2024

Net income

$50 million

+25.4% on the year

FY2017FY2024

Diluted EPS

$0.67

+26.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	262	252	280	+4.0%
Cost of revenue	51.4	48.0	56.8	+7.2%
Gross profit	210	204	224	+3.2%
Gross margin	80.4%	80.9%	79.7%
Research and development	57.7	55.2	58.4	+4.5%
Operating income	44.0	38.6	53.1	+13.8%
Operating margin	16.8%	15.4%	18.9%
Pre-tax income	58.1	43.8	52.7	+32.7%
Income tax	8.0	3.8	5.8	+108.1%
Effective tax rate	13.7%	8.7%	11.0%
Net income	50.1	40.0	46.9	+25.4%
Net margin	19.2%	15.9%	16.7%
Diluted EPS	$0.67	$0.53	$0.60	+26.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	90.5	44.5	66.1	+103.3%
Capital expenditure	12.3	10.9	10.8	+12.6%
Free cash flow	78.2	33.6	55.3	+132.7%
Free cash flow margin	29.9%	13.4%	19.7%
Cash from investing	-48.4	13.6	11.1
Cash from financing	-44.3	-28.8	-88.1
Depreciation and amortisation	11.3	9.3	7.4	+20.8%
Share-based compensation	17.0	14.1	13.3	+21.1%
Buybacks	30.1	16.0	79.3	+88.3%
Dividends paid	17.8	17.8	15.9	-0.1%
Dividend per share	$0.24	$0.24	$0.24	0.0%
Diluted shares, weighted	75m	76m	78m	-0.3%
Shares outstanding at period end	74m	74m	77m	0.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	232	208	181	+11.5%
Debt	0.0	0.0	0.0
Operating lease liabilities	7.2	11.8	16.8	-39.1%
Other liabilities	194	170	171	+13.9%
Total liabilities and equity	433	390	369	+11.0%
Fixed assets	39.1	29.9	19.7	+31.0%
Goodwill	1.3	1.3	1.3	0.0%
Intangible assets	0.0	0.0	0.0
Investments	100	62.1	83.0	+61.8%
Cash and equivalents	95.1	97.2	68.0	-2.2%
Receivables	76.7	74.3	72.9	+3.2%
Inventory	22.0	23.5	19.7	-6.4%
Other assets	98.1	101	104	-3.3%
Total assets	433	390	369	+11.0%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.