Filing Flows

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F5 cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$281M in Q3 FY26 · $970M over twelve months

Operating cash flow$316M
Capital spending−$35.6M
Free cash flow+$281M
Cash / net income1.5×
Cash conversion cycle45 days

Analysis

In Q3 FY26, F5 generated $316M of operating cash flow and spent $35.6M on capital projects, leaving free cash flow of $281M. That is $6.9M more than in Q3 FY25 ($274M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.0B; the largest uses were buybacks ($626M), acquisitions ($195M), capital spending ($79.8M); besides operations, cash came from shares issued ($59.7M); the cash balance rose by $179M.

Operating cash flow was $316M against net income of $208M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$73.2M, stock-based pay +$65.5M, payables +$61.1M.

Its cash conversion cycle was 45 days (receivables 45 + inventory 64 − payables 64).

Free cash flow

F5: free cash flow by quarterF5: free cash flow by quarter$240MQ4 FY24$195MQ1 FY25$246MQ2 FY25$274MQ3 FY25$192MQ4 FY25$149MQ1 FY26$348MQ2 FY26$281MQ3 FY26
Operating cash flow less capital spending.
F5: operating cash flow against capital spendingF5: operating cash flow against capital spendingOperating cash flowCapital spending$247M$6.1MQ4 FY24$203M$8.1MQ1 FY25$257M$10.5MQ2 FY25$282M$8.5MQ3 FY25$208M$16.1MQ4 FY25$159M$9.7MQ1 FY26$366M$18.3MQ2 FY26$316M$35.6MQ3 FY26
Latest (Q3 FY26): Operating cash flow $316M, Capital spending $35.6M.

Capital allocation, year by year

F5: where the cash came from (up) and went (down), by fiscal yearF5: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY21: Operating cash flow $645MFY21: Net borrowing −$20.0MFY21: Shares issued $65.8MFY21: Capital spending −$30.7MFY21: Acquisitions −$411MFY21: Buybacks −$500M$711MFY21FY22: Operating cash flow $443MFY22: Net borrowing −$20.0MFY22: Shares issued $64.5MFY22: Capital spending −$33.6MFY22: Acquisitions −$67.9MFY22: Buybacks −$500M$507MFY22FY23: Operating cash flow $653MFY23: Net borrowing −$350MFY23: Shares issued $60.0MFY23: Capital spending −$54.2MFY23: Acquisitions −$35.0MFY23: Buybacks −$350M$713MFY23FY24: Operating cash flow $792MFY24: Shares issued $55.1MFY24: Capital spending −$30.4MFY24: Acquisitions −$32.9MFY24: Buybacks −$501M$847MFY24FY25: Operating cash flow $950MFY25: Shares issued $59.2MFY25: Capital spending −$43.3MFY25: Acquisitions −$171MFY25: Buybacks −$502M$1.0BFY25
Over these 5 years operating cash flow totalled $3.5B; the largest uses were buybacks ($2.4B) and acquisitions ($718M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debtnone
Net cash$1.6B

F5 funds itself: free cash flow was $970M over the last twelve months, with $1.6B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

F5: sources (+) and uses (−) of cash, Q3 FY26F5: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$316MCash drawn (+) / kept (−)−$163MBuybacks−$100MAcquisitions−$47.6MShares issued$36.7MCapital spending−$35.6MOther financing−$4.5MOther investing−$1.7MExchange rates−$344K
F5: sources (+) and uses (−) of cash, TTM to Q3 FY26F5: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$1.0BBuybacks−$626MAcquisitions−$195MCash drawn (+) / kept (−)−$179MCapital spending−$79.8MShares issued$59.7MOther financing−$24.9MOther investing−$3.6MExchange rates−$1.1M

From profit to cash

F5: net income to operating cash flow, Q3 FY26F5: net income to operating cash flow, Q3 FY26Net income$208MDepreciation & amortization$23.4MStock-based pay$65.5MDeferred taxes−$18.1MOther non-cash$188KReceivables−$2.5MInventory−$36.6MPayables$61.1MDeferred revenue$73.2MPrepaid and other assets−$41.3MOperating cash flow$316M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2645646445
Q2 FY2651514260
Q1 FY2651484455
Q4 FY2544464941
Q3 FY2543413450
Q2 FY2553453167
Q1 FY2552494062
Q4 FY2450503961

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$316M−$35.6M−$47.6M−$100M$36.7M−$163M$281M
Q2 FY26$366M−$18.3M——$96K−$243M$348M
Q1 FY26$159M−$9.7M——$22.8M$144M$149M
Q4 FY25$208M−$16.1M−$147M−$125M$133K$82.7M$192M
Q3 FY25$282M−$8.5M−$14.1M−$125M$35.1M−$168M$274M
Q2 FY25$257M−$10.5M——$176K−$108M$246M
Q1 FY25$203M−$8.1M——$23.7M−$74.6M$195M
Q4 FY24$247M−$6.1M—−$101M$211K−$140M$240M

F5: income statement and cash flow

F5, Q3 FY26: revenue $865M (+11% year over year), operating margin 24.7%. The chart follows the revenue to costs, profit and cash.

F5: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.