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F5 (FFIV) FY2024 results: revenue $2.8 billion, up 0.1% on the year

F5, Inc. (FFIV) reported revenue of $2.8 billion for fiscal 2024, the year ended 30 September 2024, up 0.1% on the year before. Net income was $567 million, up 43.5%, and diluted earnings per share $9.55. The figures are the company's own, from the 10-K it filed with the SEC on 18 November 2024.

Revenue
$2.8 billion
+0.1% on the year
FY2017FY2024
Operating margin
23.4%
16.8% a year earlier
FY2017FY2024
Net income
$567 million
+43.5% on the year
FY2017FY2024
Diluted EPS
$9.55
+45.8% 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)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue2,8162,8132,696+0.1%
Cost of revenue558593540-6.0%
Gross profit2,2582,2202,156+1.7%
Gross margin80.2%78.9%80.0%
Research and development490540543-9.3%
Operating income659473404+39.4%
Operating margin23.4%16.8%15.0%
Pre-tax income695486385+43.1%
Income tax12991.063.2+41.4%
Effective tax rate18.5%18.7%16.4%
Net income567395322+43.5%
Net margin20.1%14.0%12.0%
Diluted EPS$9.55$6.55$5.27+45.8%
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow792653443+21.3%
Capital expenditure30.454.233.6-43.9%
Free cash flow762599409+27.2%
Free cash flow margin27.1%21.3%15.2%
Cash from investing-59.236.4218
Cash from financing-457-653-477
Depreciation and amortisation107113116-5.1%
Share-based compensation219237249-7.4%
Buybacks501350500+43.0%
Diluted shares, weighted59m60m61m-1.5%
Shares outstanding at period end58m59m60m-1.9%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity3,1292,8002,469+11.8%
Debt0.00.0350
Operating lease liabilities216240272-9.9%
Other liabilities2,2682,2092,185+2.7%
Total liabilities and equity5,6135,2485,276+6.9%
Fixed assets151170168-11.4%
Goodwill2,3122,2892,259+1.0%
Intangible assets112151200-26.1%
Investments8.611.2136-23.6%
Cash and equivalents1,075797758+34.8%
Receivables389455470-14.5%
Inventory76.435.968.4+112.9%
Other assets1,4901,3391,216+11.2%
Total assets5,6135,2485,276+6.9%

10-K for the year ended 30 September 2024, filed 18 November 2024: the filing.