Filing Flows › F5 (FFIV) › Q2 FY26 › vs Q2 FY25
F5 (FFIV) Q2 FY26 vs Q2 FY25 (year over year)
F5's revenue rose $80.6M (+11%) from $731M in Q2 FY25 to $812M in Q2 FY26. The biggest changes: Product +$73.3M (+22%); Service +$7.3M (+2%). Gross margin 81.4% against 80.7% (+0.7 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 81.4% | 80.7% | +0.7 pts |
| Operating margin | 22.1% | 21.7% | +0.3 pts |
| Net margin | 18.2% | 19.9% | -1.7 pts |
| Free cash flow margin | 42.8% | 33.7% | +9.2 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Product | $411M | $337M | $73.3M | +22% |
| Service | $401M | $394M | $7.3M | +2% |
| Revenue | $812M | $731M | $80.6M | +11% |
| Gross profit | $661M | $590M | $70.6M | +12% |
| Cost of revenue | $151M | $141M | $9.9M | +7% |
| Other income, net | $10.2M | $12.3M | −$2.1M | -17% |
| Operating profit | $179M | $159M | $20.1M | +13% |
| Operating expenses | $482M | $431M | $50.5M | +12% |
| Pre-tax earnings | $189M | $171M | $18.0M | +11% |
| Research & development | $151M | $137M | $14.5M | +11% |
| Sales & marketing | $239M | $218M | $21.4M | +10% |
| General & admin | $91.6M | $76.6M | $15.0M | +20% |
| Net earnings | $148M | $146M | $2.2M | +2% |
| Income tax | $41.5M | $25.7M | $15.8M | +62% |
| Depreciation & amortization | $24.6M | $22.5M | $2.1M | +9% |
| Share-based compensation | $68.0M | $58.9M | $9.1M | +15% |
| Working capital & other | $126M | $29.7M | $95.9M | +323% |
| Operating cash flow | $366M | $257M | $109M | +43% |
| Free cash flow (OCF − capex) | $348M | $246M | $101M | +41% |
| Capital expenditures | $18.3M | $10.5M | $7.8M | +75% |
Questions
How much did F5's revenue grow year over year in Q2 FY26?
F5's revenue rose $80.6M (+11%) from $731M in Q2 FY25 to $812M in Q2 FY26.
What drove F5's revenue change in Q2 FY26?
Product +$73.3M (+22%); Service +$7.3M (+2%).