F5 (FFIV) Q2 FY2026 earnings: revenue $812 million, up 11.0% on the year

F5, Inc. (FFIV) reported revenue of $812 million for Q2 FY2026, the quarter ended 31 March 2026, up 11.0% on the same quarter a year earlier. Net income was $148 million, up 1.5% on the year, and diluted earnings per share $2.58. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$812 million

+11.0% on the year · -1.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

22.1%

21.7% a year earlier

Q3 FY2024Q2 FY2026

Net income

$148 million

+1.5% on the year · -17.9% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.58

+4.0% on the year · -16.8% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 2 new.

Total revenue rose 11%: Revenue was $812 million, up from $731 million a year earlier. Products and services both contributed, with services growing more slowly than products.
Non-GAAP earnings rose faster: Non-GAAP net income was $223 million, or $3.90 per diluted share, compared with $201 million and $3.42 a year earlier.
Non-GAAP operating margin widened: Non-GAAP operating margin was 33.8% against 31.9%, on non-GAAP operating income of $274 million compared with $233 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	812	822	731	-1.3%	+11.0%
Cost of revenue	151	152	141	-0.6%	+7.1%
Gross profit	661	671	590	-1.5%	+12.0%
Gross margin	81.4%	81.5%	80.7%
Research and development	151	141	137	+7.0%	+10.6%
Operating income	179	214	159	-16.4%	+12.7%
Operating margin	22.1%	26.0%	21.7%
Pre-tax income	189	223	171	-15.1%	+10.5%
Income tax	41.5	42.9	25.7	-3.3%	+61.5%
Effective tax rate	21.9%	19.2%	15.0%
Net income	148	180	146	-17.9%	+1.5%
Net margin	18.2%	21.9%	19.9%
Diluted EPS	$2.58	$3.10	$2.48	-16.8%	+4.0%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	366	159	257	+129.8%	+42.6%
Capital expenditure	18.3	9.7	10.5	+88.7%	+74.7%
Free cash flow	348	149	246	+132.5%	+41.2%
Free cash flow margin	42.8%	18.2%	33.7%
Cash from investing	-18.7	-10.6	-20.6
Cash from financing	-103	-293	-130
Depreciation and amortisation	24.6	24.6	22.5	-0.2%	+9.4%
Share-based compensation	68.0	60.0	58.9	+13.3%	+15.5%
Diluted shares, weighted	57m	58m	59m	-1.5%	-2.5%
Shares outstanding at period end	57m	57m	58m	-0.2%	-2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	3,650	3,538	3,314	+3.1%	+10.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	227	235	237	-3.5%	-4.2%
Other liabilities	2,621	2,519	2,356	+4.1%	+11.3%
Total liabilities and equity	6,497	6,292	5,907	+3.3%	+10.0%
Fixed assets	175	157	149	+11.6%	+17.8%
Goodwill	2,444	2,444	2,320	-0.0%	+5.3%
Intangible assets	72.1	84.2	92.7	-14.3%	-22.1%
Investments	20.8	18.0	12.5	+15.9%	+66.1%
Cash and equivalents	1,443	1,200	1,259	+20.3%	+14.6%
Receivables	426	494	380	-13.8%	+12.1%
Inventory	90.3	79.9	67.9	+13.0%	+33.0%
Other assets	1,827	1,815	1,626	+0.6%	+12.4%
Total assets	6,497	6,292	5,907	+3.3%	+10.0%

Questions

What was F5's revenue in Q2 FY2026?

F5 (FFIV) reported revenue of $812 million for Q2 FY2026, the quarter ended 31 March 2026, up 11.0% on the same quarter a year earlier.

How much did F5 earn in Q2 FY2026?

Net income for Q2 FY2026 was $148 million, up 1.5% on the year, and diluted earnings per share $2.58.

When did F5 report Q2 FY2026 results?

F5 filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	682	687	634	674	700	700	703	703	707	693	681	695	747	766	731	780	810	822	812	865
Cost of revenue	129	135	126	131	147	155	156	142	141	136	141	136	144	141	141	149	144	152	151	154
Gross profit	553	552	508	544	553	545	548	561	566	556	540	559	603	626	590	632	666	671	661	712
Gross margin	81%	80%	80%	81%	79%	78%	78%	80%	80%	80%	79%	80%	81%	82%	81%	81%	82%	82%	81%	82%
R&D	125	130	136	139	139	142	141	129	128	120	122	124	124	131	137	136	136	141	151	165
Operating income	126	114	74.6	107	108	91.2	106	104	172	165	140	163	191	205	159	196	206	214	179	213
Operating margin	19%	17%	12%	16%	15%	13%	15%	15%	24%	24%	21%	23%	26%	27%	22%	25%	25%	26%	22%	25%
Pre-tax income	123	112	72.7	101	99.7	95.9	109	106	175	174	146	172	204	209	171	213	215	223	189	226
Tax rate	10%	16%	23%	18%	10%	25%	25%	16%	13%	21%	18%	16%	19%	20%	15%	11%	11%	19%	22%	8%
Net income	111	93.6	56.2	83.0	89.3	72.4	81.4	89.0	152	138	119	144	165	166	146	190	190	180	148	208
Net margin	16%	14%	9%	12%	13%	10%	12%	13%	22%	20%	17%	21%	22%	22%	20%	24%	24%	22%	18%	24%
Diluted EPS	$1.77	$1.51	$0.92	$1.37	$1.47	$1.20	$1.34	$1.48	$2.55	$2.32	$2.00	$2.44	$2.80	$2.82	$2.48	$3.25	$3.26	$3.10	$2.58	$3.62
Operating cash flow	197	90.4	127	71.4	154	158	141	165	190	165	222	159	247	203	257	282	208	159	366	316
Capital expenditure	7.1	10.6	5.2	9.3	8.5	13.1	10.7	15.0	15.4	9.0	9.5	5.8	6.1	8.1	10.5	8.5	16.1	9.7	18.3	35.6
Free cash flow	190	79.8	121	62.1	146	145	130	150	174	156	212	153	240	195	246	274	192	149	348	281
Buybacks	0.0	125	125	250	0.0	40.0	0.0	250	60.0	150	100	150	101	n/a	n/a	125	n/a	n/a	n/a	100
Shares outstanding	61m	61m	60m	60m	60m	60m	60m	59m	59m	59m	59m	58m	58m	58m	58m	58m	58m	57m	57m	57m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.