Filing Flows › F5 (FFIV) › Q2 FY26
F5 (FFIV) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 5, 2026
F5 (FFIV) reported revenue of $812M for the second quarter fiscal 2026 (Q2 FY26), +11% from a year earlier and -1% from the quarter before. Operating margin was 22.1%, net earnings $148M (18.2% of revenue).
F5, Q2 FY26: revenue $812M (+11% year over year), operating margin 22.1%, net earnings $148M, operating cash flow $366M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $812M | -1% | +11% |
| Gross profit | $661M | -1% | +12% |
| Operating profit | $179M | -16% | +13% |
| Net earnings | $148M | -18% | +2% |
| Operating cash flow | $366M | +130% | +43% |
| Free cash flow | $348M | +133% | +41% |
What changed
Revenue was $811.7M in Q2 FY26, up 11% year over year and down 1% from the previous quarter. Product was the largest line at 51% of revenue. Product added $73.3M year over year (up 22%), 91% of the total change.
Gross margin was 81.4%, up 0.7 points from Q2 FY25. Operating profit was $179.0M, a 22.1% margin (up 0.3 points year over year). Of the extra revenue versus Q2 FY25, 25% reached operating profit, above the 22% margin then. Operating expenses grew 12% against revenue growth of 11%. The fastest-growing cost line was General & admin (+20%). Net earnings were $147.8M, up 2% year over year. The effective tax rate was 21.9%.
Operating cash flow was $365.9M (up 43% year over year), 248% of net earnings. Non-cash charges added back $24.6M of depreciation and amortization and $68.0M of share-based compensation. Working capital and other items added $125.6M. Capital expenditures of $18.3M left free cash flow of $347.6M.
Questions
What was F5's revenue in the second quarter fiscal 2026?
F5 (FFIV) reported revenue of $812M for the second quarter fiscal 2026 (Q2 FY26), +11% from a year earlier and -1% from the quarter before.
Was F5 profitable in the second quarter fiscal 2026?
Operating profit was $179M (22.1% of revenue) and net earnings $148M.
Source: F5 10-Q on SEC EDGAR.