A10 Networks, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data A10 Networks, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2025
Revenue	227	235	232	213	226	250	280	252	262	291
Cost of revenue	54.4	53.3	51.9	48.9	50.1	53.5	56.8	48	51.4	60
Gross profit	173	182	180	164	175	197	224	204	210	231
Research and development	60.7	63	65.2	61.8	58.1	54.1	58.4	55.2	57.7	69.1
Selling and marketing	104	101	103	92.8	77.7	85.7	88.5	86	83.3	84.5
General and administrative	26.3	28.1	39.6	23.7	21.9	23.4	23.5	23.9	25.3	29.8
Operating expenses	193	192	208	181	158	163	170	165	166	183
Operating income	-20.6	-10.4	-27.7	-17.1	17.7	33.4	53.1	38.6	44	47.1
Interest expense	0.42	0.16	0.13	0.24	0	0				5.9
Other non-operating income	-1.06	0.83	1.14	0.68	1.41	-1.75	-0.36	5.15	14.1	5.28
Pre-tax income	-21.6	-9.55	-26.5	-16.4	19.1	31.6	52.7	43.8	58.1	52.4
Income tax	0.76	1.21	1.08	1.41	1.32	-63.2	5.81	3.83	7.96	10.3
Net income	-22.4	-10.8	-27.6	-17.8	17.8	94.9	46.9	40	50.1	42.1
EBITDA	-12.3	-1.86	-19.8	-7.07	29	42.3	60.5	48	55.3	62
EPS, basic	-0.34	-0.15	-0.38	-0.23	0.23	1.23	0.62	0.54	0.68	0.58
EPS, diluted	-0.34	-0.15	-0.38	-0.23	0.22	1.19	0.60	0.53	0.67	0.57
Shares, basic (weighted)	65.7	70.1	72.9	76.1	77.8	77	75.5	74.2	74.1	72.3
Shares, diluted (weighted)	65.7	70.1	72.9	76.1	80	80	77.8	75.6	75.3	73.6
Dividend per share						0.20	0.24	0.24	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2025
Cash and equivalents	29	46.6	40.6	45.7	83.3	78.9	68	97.2	95.1	71.1
Short-term investments					74.9	106	83	62.1	100	307
Receivables	61.3	48.3	54	53.6	51.1	61.8	72.9	74.3	76.7	62.1
Inventory	15.8	17.6	17.9	22.4	20.7	22.5	19.7	23.5	22	18
Other current assets	5.22	6.83	14.7	15.1	12.4	14.7	13.4	14.7	13	18
Total current assets	197	204	215	221	242	284	257	272	307	476
Property, plant and equipment	8.22	9.91	7.26	7.66	7.89	10.7	19.7	29.9	39.1	50.2
Lease right-of-use assets				33	28.2	22.9	21.2	16.4	11.5	8.86
Goodwill	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	15.1
Intangible assets	6.63	5.19	3.75	2.31	0.86	0	0	0	0	6.26
Other non-current assets	3.87	4.65	8.62	41.8	37.5	31.3	27.9	24.1	22.7	20.1
Total assets	217	225	236	274	291	393	369	390	433	630
Accounts payable	9.85	9.03	8.2	7.59	4.85	6.85	6.73	7.02	12.5	11.7
Accrued liabilities	31.5	21.8	25.3	27.8	36.9	36.1	37.2	21.4	32.7	41.1
Deferred revenue	60	61.9	63.9	62.2	66	73.1	74.3	82.7	78.3	80.8
Short-term debt										0
Total current liabilities	101	92.7	97.4	97.6	108	116	118	111	124	134
Lease liabilities				28	23.5	19.3	16.8	11.8	7.19	3.41
Other non-current liabilities	0.99	0.97	0.53	28.8	24.4	19.6	17.2	12.2	7.49	3.85
Total liabilities	134	126	132	165	175	184	188	182	201	418
Total debt									0	219
Paid-in capital	329	356	376	403	426	446	467	487	508	532
Retained earnings	-246	-257	-272	-290	-272	-177	-130	-90.5	-40.3	1.79
Treasury stock		-4.87	-4.87	-4.87	-37.4	-55.7	-135	-151	-181	-250
Other comprehensive income	-0.05	-0.12	-0.14	0.25	0.1	-0.23	-0.73	-0.07	0.19	0.66
Shareholders' equity	82.8	98.4	104	109	116	209	181	208	232	212
Total equity	82.8	98.4	104	109	116	209	181	208	232	212
Total liabilities and equity	217	225	236	274	291	393	369	390	433	630
Shares outstanding	67.9	71.7	74.3	77.6	76.3	76.3	73.7	74.4	73.7	71.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2025
Net income	-20.9	-10.8	-27.6	-17.8	17.8	94.9	46.9	40	50.1	42.1
Depreciation and amortization	8.27	8.51	7.88	10	11.3	8.91	7.38	9.35	11.3	14.9
Stock-based compensation	16.9	17.2	17	16.5	12.3	14.4	13.3	14.1	17	20
Deferred income tax	-0.29	0.14	0.09	-0.36	0.23	-64.8	2.78	0.25	0.3	1.72
Change in receivables	-8.72	12.4	-6.12	0.6	2.35	-10.4	-10.1	-0.68	-2.56	14.6
Change in inventory	0.48	-4.67	-1.53	-5.65	0.54	-1.83	2.04	-6.3	-0.76	3.66
Change in payables	-0.33	-0.94	-0.6	-0.62	-2.68	2	0.1	-3	2.22	-1.52
Cash from operations	18.8	14.3	-2.69	-0.43	55.3	50.1	66.1	44.5	90.5	84.9
Capital expenditures	-4.87	-5.73	-2.8	-4.34	-3.56	-5.17	-10.8	-10.9	-12.3	-20.1
Acquisitions	-4.38	0	0					0	0	-19.1
Purchases of investments	0	0	-1	0	-58	-129	-55.4	-85.4	-143	-342
Sales and maturities of investments	30.8	60.1	51	43.5	57.7	88.8	71	64.5	81.1	137
Cash from investing	-96.4	-5.14	-6.88	-0.25	5.2	-38.1	11.1	13.6	-48.4	-244
Debt issued								0	0	225
Stock issued	10.3	12.2
Share buybacks	-1.8	-3.07	0	0	-32.5	-18.3	-79.3	-16	-30.1	-68.9
Dividends paid				0	0	-3.88	-15.9	-17.8	-17.8	-17.4
Cash from financing	8.44	8.42	3.62	5.8	-22.9	-16.4	-88.1	-28.8	-44.3	135
Net change in cash	-69.1	17.6	-5.95	5.12	37.5	-4.36	-11	29.3	-2.12	-24
Free cash flow	13.9	8.58	-5.49	-4.77	51.7	44.9	55.3	33.6	78.2	64.8
Interest paid	0.19	0.11	0.1	0.26	0	0	0	0	0	3.33
Income taxes paid	0.58	1.11	0.52	0.93	1.03	0.2	1.75	2.41	6.28	6.78

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.4%	Gross profit / revenue.
Operating margin	16.1%	Operating income / revenue.
EBITDA margin	20.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	13.9%	Net income / revenue.
FCF margin	19.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.8%	Cash from operations / revenue.
Return on equity (ROE)	18.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	21.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	24.9%	Research and development expense / revenue.
Stock-based pay / revenue	7.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-17.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-8.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	45.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.29x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.95x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	64.9%	Total liabilities / total assets.
Net debt	-$357.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-5.61x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.68x	Operating income / interest expense.
Working capital	$108.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$175.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	6.29x	Revenue / average property, plant and equipment.
Inventory turnover	2.02x	Cost of revenue / average inventory.
Days inventory	181 days	365 x average inventory / cost of revenue.
Receivables turnover	4.29x	Revenue / average receivables.
Days sales outstanding	85 days	365 x average receivables / revenue.
Days payables	144 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	122 days	Days inventory + days sales outstanding - days payables.
FCF conversion	141.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.10	Revenue / diluted weighted shares.
FCF per share	$0.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.02	Cash from operations / diluted weighted shares.
Book value per share	$3.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.43	Tangible book value / shares outstanding.
Cash per share	$4.93	(Cash + short-term investments) / shares outstanding.
Payout ratio	40.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	37.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.87B	Share price x shares outstanding.
Enterprise value	$1.51B	Market cap + total debt - cash - short-term investments.
P/E	43.5x	Market cap / net income. Only when net income is positive.
P/S	6.02x	Market cap / revenue.
P/B	7.85x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.6x	Market cap / tangible book value, when positive.
P/FCF	30.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.3x	Market cap / cash from operations, when positive.
EV/Sales	4.87x	Enterprise value / revenue.
EV/EBIT	30.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was A10 Networks, Inc.'s revenue in fiscal 2025?

A10 Networks, Inc. reported revenue of $290.6M for fiscal 2025, 11% higher than the year before.

Was A10 Networks, Inc. profitable in fiscal 2025?

Yes. Net income was $42.1M, a net margin of 14.5%.

How much free cash flow did A10 Networks, Inc. generate in fiscal 2025?

Cash from operations of $84.9M minus capital expenditures of $20.1M left free cash flow of $64.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to A10 Networks, Inc.