F5 (FFIV) FY2023 results: revenue $2.8 billion, up 4.4% on the year

F5, Inc. (FFIV) reported revenue of $2.8 billion for fiscal 2023, the year ended 30 September 2023, up 4.4% on the year before. Net income was $395 million, up 22.6%, and diluted earnings per share $6.55. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2023.

Revenue

$2.8 billion

+4.4% on the year

FY2016FY2023

Operating margin

16.8%

15.0% a year earlier

FY2016FY2023

Net income

$395 million

+22.6% on the year

FY2016FY2023

Diluted EPS

$6.55

+24.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,813	2,696	2,603	+4.4%
Cost of revenue	593	540	493	+9.9%
Gross profit	2,220	2,156	2,110	+3.0%
Gross margin	78.9%	80.0%	81.1%
Research and development	540	543	513	-0.6%
Operating income	473	404	394	+17.0%
Operating margin	16.8%	15.0%	15.1%
Pre-tax income	486	385	387	+26.1%
Income tax	91.0	63.2	55.7	+44.0%
Effective tax rate	18.7%	16.4%	14.4%
Net income	395	322	331	+22.6%
Net margin	14.0%	12.0%	12.7%
Diluted EPS	$6.55	$5.27	$5.34	+24.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	653	443	645	+47.6%
Capital expenditure	54.2	33.6	30.7	+61.1%
Free cash flow	599	409	615	+46.5%
Free cash flow margin	21.3%	15.2%	23.6%
Cash from investing	36.4	218	-445	-83.3%
Cash from financing	-653	-477	-468
Depreciation and amortisation	113	116	115	-2.5%
Share-based compensation	237	249	243	-5.0%
Buybacks	350	500	500	-30.0%
Diluted shares, weighted	60m	61m	62m	-1.4%
Shares outstanding at period end	59m	60m	61m	-1.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,800	2,469	2,360	+13.4%
Debt	0.0	350	369
Operating lease liabilities	240	272	297	-12.0%
Other liabilities	2,209	2,185	1,971	+1.1%
Total liabilities and equity	5,248	5,276	4,997	-0.5%
Fixed assets	170	168	191	+1.3%
Goodwill	2,289	2,259	2,217	+1.3%
Intangible assets	151	200	237	-24.6%
Investments	11.2	136	462	-91.8%
Cash and equivalents	797	758	581	+5.2%
Receivables	455	470	341	-3.2%
Inventory	35.9	68.4	22.1	-47.5%
Other assets	1,339	1,216	946	+10.1%
Total assets	5,248	5,276	4,997	-0.5%

10-K for the year ended 30 September 2023, filed 14 November 2023: the filing.