Filing Flows › F5 (FFIV) › Q1 FY26
F5 (FFIV) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 5, 2026
F5 (FFIV) reported revenue of $822M for the first quarter fiscal 2026 (Q1 FY26), +7% from a year earlier and +2% from the quarter before. Operating margin was 26.0%, net earnings $180M (21.9% of revenue).
F5, Q1 FY26: revenue $822M (+7% year over year), operating margin 26.0%, net earnings $180M, operating cash flow $159M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $822M | +2% | +7% |
| Gross profit | $671M | +0.7% | +7% |
| Operating profit | $214M | +4% | +4% |
| Net earnings | $180M | -5% | +8% |
| Operating cash flow | $159M | -23% | -21% |
| Free cash flow | $149M | -22% | -23% |
What changed
Revenue was $822.5M in Q1 FY26, up 7% year over year and up 2% from the previous quarter. Service was the largest line at 50% of revenue. Product added $41.8M year over year (up 11%), 75% of the total change.
Gross margin was 81.5%, down 0.1 points from a year earlier. Operating profit was $214.2M, a 26.0% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 27% margin then. Operating expenses grew 8% against revenue growth of 7%. The fastest-growing cost line was General & admin (+24%). Net earnings were $180.1M, up 8% year over year. The effective tax rate was 19.2%.
Operating cash flow was $159.2M (down 21% year over year), 88% of net earnings. Non-cash charges added back $24.6M of depreciation and amortization and $60.0M of share-based compensation. Working capital and other items used $105.5M. Capital expenditures of $9.7M left free cash flow of $149.5M.
Questions
What was F5's revenue in the first quarter fiscal 2026?
F5 (FFIV) reported revenue of $822M for the first quarter fiscal 2026 (Q1 FY26), +7% from a year earlier and +2% from the quarter before.
Was F5 profitable in the first quarter fiscal 2026?
Operating profit was $214M (26.0% of revenue) and net earnings $180M.
Source: F5 10-Q on SEC EDGAR.