A10 Networks (ATEN) FY2025 results: revenue $291 million, up 11.0% on the year
A10 Networks, Inc. (ATEN) reported revenue of $291 million for fiscal 2025, the year ended 31 December 2025, up 11.0% on the year before. Net income was $42 million, down 16.0%, and diluted earnings per share $0.57. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$291 million
+11.0% on the year
FY2018FY2025
Operating margin
16.2%
16.8% a year earlier
FY2018FY2025
Net income
$42 million
-16.0% on the year
FY2018FY2025
Diluted EPS
$0.57
-14.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Full-year revenue rose 11.0%: Full-year revenue was $290.6 million, up 11.0% from $261.7 million in 2024.
Adjusted EBITDA reached $86.0 million: Full-year Adjusted EBITDA was $86.0 million, or 29.6% of revenue, against $74.5 million, or 28.5%, in 2024.
Products revenue grew faster than services: Products revenue was $48.8 million in the fourth quarter, up from $43.3 million, and $167.1 million for the year, up from $139.8 million.
Security-led revenue reached two-thirds target: Management said security-led revenue has reached the stated target model of two-thirds of revenue and continues to grow consistently.
Research and development expense rose: R&D expense was $18.6 million in the fourth quarter against $13.2 million, and $69.1 million for the year against $57.7 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
84.9
90.5
44.5
-6.2%
Capital expenditure
20.1
12.3
10.9
+64.1%
Free cash flow
64.8
78.2
33.6
-17.2%
Free cash flow margin
22.3%
29.9%
13.4%
Cash from investing
-244
-48.4
13.6
Cash from financing
135
-44.3
-28.8
Depreciation and amortisation
14.9
11.3
9.3
+31.6%
Share-based compensation
20.0
17.0
14.1
+17.5%
Buybacks
68.9
30.1
16.0
+129.1%
Dividends paid
17.4
17.8
17.8
-2.4%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
74m
75m
76m
-2.3%
Shares outstanding at period end
71m
74m
74m
-3.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
212
232
208
-8.7%
Debt
219
0.0
0.0
Operating lease liabilities
3.4
7.2
11.8
-52.6%
Other liabilities
196
194
170
+1.2%
Total liabilities and equity
630
433
390
+45.5%
Fixed assets
50.2
39.1
29.9
+28.3%
Goodwill
15.1
1.3
1.3
+1,057.9%
Intangible assets
6.3
0.0
0.0
Investments
307
100
62.1
+205.4%
Cash and equivalents
71.1
95.1
97.2
-25.2%
Receivables
62.1
76.7
74.3
-19.1%
Inventory
18.0
22.0
23.5
-18.1%
Other assets
100
98.1
101
+2.2%
Total assets
630
433
390
+45.5%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.