Filing Flows › F5 (FFIV) › Q2 FY26 › vs Q1 FY26
F5 (FFIV) Q2 FY26 vs Q1 FY26 (quarter over quarter)
F5's revenue fell $10.8M (-1%) from $822M in Q1 FY26 to $812M in Q2 FY26. The biggest changes: Service −$11.0M (-3%); Product +$232K (+0.1%). Gross margin 81.4% against 81.5% (-0.1 pts).
F5, Q2 FY26: revenue $812M (+11% year over year), operating margin 22.1%, net earnings $148M, operating cash flow $366M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 81.4% | 81.5% | -0.1 pts |
| Operating margin | 22.1% | 26.0% | -4.0 pts |
| Net margin | 18.2% | 21.9% | -3.7 pts |
| Free cash flow margin | 42.8% | 18.2% | +24.6 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Product | $411M | $410M | $232K | +0.1% |
| Service | $401M | $412M | −$11.0M | -3% |
| Revenue | $812M | $822M | −$10.8M | -1% |
| Gross profit | $661M | $671M | −$9.9M | -1% |
| Cost of revenue | $151M | $152M | −$885K | -0.6% |
| Other income, net | $10.2M | $8.7M | $1.5M | +17% |
| Operating profit | $179M | $214M | −$35.2M | -16% |
| Operating expenses | $482M | $456M | $25.3M | +6% |
| Pre-tax earnings | $189M | $223M | −$33.7M | -15% |
| Research & development | $151M | $141M | $9.9M | +7% |
| Sales & marketing | $239M | $225M | $14.6M | +7% |
| General & admin | $91.6M | $90.6M | $1.0M | +1% |
| Net earnings | $148M | $180M | −$32.3M | -18% |
| Income tax | $41.5M | $42.9M | −$1.4M | -3% |
| Depreciation & amortization | $24.6M | $24.6M | −$37K | -0.2% |
| Share-based compensation | $68.0M | $60.0M | $8.0M | +13% |
| Working capital & other | $126M | −$105M | $231M | — |
| Operating cash flow | $366M | $159M | $207M | +130% |
| Free cash flow (OCF − capex) | $348M | $149M | $198M | +133% |
| Capital expenditures | $18.3M | $9.7M | $8.6M | +89% |
Questions
How much did F5's revenue grow quarter over quarter in Q2 FY26?
F5's revenue fell $10.8M (-1%) from $822M in Q1 FY26 to $812M in Q2 FY26.
What drove F5's revenue change in Q2 FY26?
Service −$11.0M (-3%); Product +$232K (+0.1%).