F5 Q3 FY26: revenue up 10.9%, EPS beat, full-year outlook raised
F5 beat and raised: revenue of $865.1 million grew 10.9% and non-GAAP EPS of $4.73 came in $0.65 above the $4.08 consensus, with full-year guidance lifted to 9%–10% revenue growth. The basis is product-led demand — systems revenue up 32.0% — plus an 82.2% gross margin, while services, at 46.5% of revenue, grew only 3.0%. Read the numbers below with that mix in mind.
1 · Expected vs. Actual
Free preview belowGAAP net income was $208.2 million, or $3.62 per diluted share, up from $190 million and $3.25 a year ago. Non-GAAP EPS of $4.73 beat the $4.08 consensus by $0.65 and rose from $4.16. The $1.11 gap between GAAP and non-GAAP EPS is mostly stock-based compensation, worth $1.14 a share.
Revenue of $865.1 million rose 10.9% from $780.4 million a year earlier, the fastest growth in the quarters shown here. Systems revenue of $240 million grew 32.0% and software of $223 million grew 7.0%, while services of $402.2 million grew just 3.0%. Gross margin expanded to 82.2% from 81.0%, so the growth came with better unit economics, not discounts.
For the current quarter F5 guides to $870 million–$890 million of revenue, a midpoint of $880 million with a tight 1.1% tolerance, and non-GAAP EPS of $4.14–$4.26. Full-year guidance was raised to roughly 9%–10% revenue growth and $17.21–$17.33 non-GAAP EPS, from 7%–8% and $16.25–$16.55. Last quarter's $830 million midpoint turned into $865.1 million of actual revenue, a 4.2% beat, so this management guides conservatively.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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