Filing Flows › F5 (FFIV) › Q3 FY26 › vs Q2 FY26
F5 (FFIV) Q3 FY26 vs Q2 FY26 (quarter over quarter)
F5's revenue rose $53.4M (+7%) from $812M in Q2 FY26 to $865M in Q3 FY26. The biggest changes: Product +$52.3M (+13%); Service +$1.1M (+0.3%). Gross margin 82.2% against 81.4% (+0.8 pts).
F5, Q3 FY26: revenue $865M (+11% year over year), operating margin 24.7%, net earnings $208M, operating cash flow $316M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 82.2% | 81.4% | +0.8 pts |
| Operating margin | 24.7% | 22.1% | +2.6 pts |
| Net margin | 24.1% | 18.2% | +5.9 pts |
| Free cash flow margin | 32.4% | 42.8% | -10.4 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Product | $463M | $411M | $52.3M | +13% |
| Service | $402M | $401M | $1.1M | +0.3% |
| Revenue | $865M | $812M | $53.4M | +7% |
| Gross profit | $712M | $661M | $50.7M | +8% |
| Cost of revenue | $154M | $151M | $2.7M | +2% |
| Other income, net | $12.9M | $10.2M | $2.7M | +27% |
| Operating profit | $213M | $179M | $34.2M | +19% |
| Operating expenses | $498M | $482M | $16.5M | +3% |
| Pre-tax earnings | $226M | $189M | $37.0M | +20% |
| Research & development | $165M | $151M | $13.6M | +9% |
| Sales & marketing | $238M | $239M | −$1.4M | -0.6% |
| General & admin | $95.6M | $91.6M | $3.9M | +4% |
| Net earnings | $208M | $148M | $60.5M | +41% |
| Income tax | $18.0M | $41.5M | −$23.5M | -57% |
| Depreciation & amortization | $23.4M | $24.6M | −$1.1M | -5% |
| Share-based compensation | $65.5M | $68.0M | −$2.5M | -4% |
| Working capital & other | $19.1M | $126M | −$107M | -85% |
| Operating cash flow | $316M | $366M | −$49.7M | -14% |
| Free cash flow (OCF − capex) | $281M | $348M | −$67.0M | -19% |
| Capital expenditures | $35.6M | $18.3M | $17.3M | +94% |
Questions
How much did F5's revenue grow quarter over quarter in Q3 FY26?
F5's revenue rose $53.4M (+7%) from $812M in Q2 FY26 to $865M in Q3 FY26.
What drove F5's revenue change in Q3 FY26?
Product +$52.3M (+13%); Service +$1.1M (+0.3%).