F5, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data F5, 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	FY2023	FY2024	FY2025
Revenue	1,995	2,090	2,161	2,242	2,351	2,603	2,696	2,813	2,816	3,088
Cost of revenue	337	353	361	357	408	493	540	593	558	574
Gross profit	1,658	1,737	1,800	1,886	1,943	2,110	2,156	2,220	2,258	2,514
Research and development	334	350	366	408	441	513	543	540	490	540
Selling and marketing	629	652	664	749	843	930	927	878	832	861
General and administrative	138	157	160	211	258	274	275	263	269	322
Operating expenses	1,110	1,173	1,209	1,367	1,551	1,716	1,752	1,747	1,600	1,748
Operating income	547	564	591	518	392	394	404	473	659	766
Interest income		8.5	17	25.3	12.2	2.5	1.7	18.2	35.1	40.8
Other non-operating income	2.51	11.6	12.9	22.6	4.13	-7.09	-18.4	13.4	36.9	42.4
Pre-tax income	550	576	604	541	396	387	385	486	695	808
Income tax	184	155	150	113	89	55.7	63.2	91	129	116
Net income	366	421	454	428	307	331	322	395	567	692
EBITDA	604	625	650	587	488	509	519	585	766	858
EPS, basic	5.43	6.56	7.41	7.12	5.05	5.46	5.34	6.59	9.65	11.96
EPS, diluted	5.38	6.50	7.32	7.08	5.01	5.34	5.27	6.55	9.55	11.80
Shares, basic (weighted)	67.4	64.2	61.3	60	60.9	60.7	60.3	59.9	58.7	57.9
Shares, diluted (weighted)	68	64.8	62	60.5	61.4	62.1	61.1	60.3	59.4	58.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	515	673	425	599	850	581	758	797	1,075	1,344
Short-term investments	368	344	615	373	360	330	127	6.16	0	0
Receivables	268	292	295	322	296	341	470	455	389	414
Inventory	34.1	29.8	30.6	34.4	27.9	22.1	68.4	35.9	76.4	77.2
Other current assets	52.6	67.5	52.3	183	260	338	489	555	569	683
Total current assets	1,289	1,406	1,418	1,512	1,793	1,611	1,912	1,849	2,109	2,519
Property, plant and equipment	123	122	145	223	229	191	168	170	151	157
Lease right-of-use assets				0	301	245	227	195	178	186
Goodwill	556	556	556	1,065	1,859	2,217	2,259	2,289	2,312	2,444
Intangible assets	50.5	42.6	31.3	109	226	237	200	151	112	96.3
Long-term investments	276	285	411	358	103	133	9.54	5.07	8.58	15.7
Other non-current assets	59.9	53.8	42.2	204	347	473	516	445	488	552
Total assets	2,306	2,476	2,605	3,390	4,678	4,997	5,276	5,248	5,613	6,319
Accounts payable	34.1	50.8	57.8	62.6	64.5	62.1	113	63.3	67.9	84
Accrued liabilities	178	187	181	236	321	341	310	283	300	315
Deferred revenue	632	696	716	807	883	969	1,067	1,127	1,122	1,213
Short-term debt				0	19.3	19.3	350	0
Total current liabilities	844	935	954	1,106	1,288	1,392	1,840	1,473	1,490	1,613
Long-term debt				0	369	350	0
Lease liabilities				0	339	297	272	240	216	231
Other non-current liabilities	34.1	44.6	65.9	132	59.5	75.2	67.7	82.6	94.7	96.2
Total liabilities	1,121	1,247	1,320	1,629	2,446	2,637	2,807	2,448	2,484	2,727
Total debt				0	388	369	350	0
Retained earnings	1,185	1,230	1,287	1,638	1,946	2,188	2,404	2,799	3,144	3,568
Other comprehensive income	-13.2	-18	-22.2	-19.2	-18.7	-20.1	-26.2	-23.2	-20.9	-18.3
Total equity	1,185	1,229	1,285	1,761	2,232	2,360	2,469	2,800	3,129	3,592
Total liabilities and equity	2,306	2,476	2,605	3,390	4,678	4,997	5,276	5,248	5,613	6,319
Shares outstanding	65.3	62.6	60.2	60.4	61.1	60.7	59.9	59.2	58.1	57.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	366	421	454	428	307	331	322	395	567	692
Depreciation and amortization	56.8	61.1	59.5	68.5	95.9	115	116	113	107	92.4
Stock-based compensation	157	175	158	163	202	243	249	237	219	231
Deferred income tax	6.47	-3.41	20.8	7.28	7.38	-76.9	-40.7	-109	-68.2	-72.5
Change in receivables	9.73	-24.1	-4.89	-18.3	46.5	-46.3	-131	16.7	64	-28.4
Change in inventory	-0.33	4.22	-0.73	-3.83	6.5	5.84	-46.3	32.5	-40.5	-0.85
Change in payables	33.2	30.5	6.58	74.7	34.7	22.9	19.2	-63.1	40.4	28.9
Cash from operations	712	740	761	748	661	645	443	653	792	950
Capital expenditures	-63.5	-38.7	-53.5	-104	-59.9	-30.7	-33.6	-54.2	-30.4	-43.3
Acquisitions	0	0	0	-612	-956	-411	-67.9	-35	-32.9	-171
Purchases of investments	-355	-447	-855	-603	-584	-472	-61.3	-1.79	-2.1	-5.72
Sales and maturities of investments	419	390	439	625	543	197	260	111	6.24	0.55
Cash from investing	62.7	-32.2	-456	-415	-747	-445	218	36.4	-59.2	-219
Debt issued			0	0	400	0	0
Debt repaid			0	0	-10	-20	-20	-350	0	0
Share buybacks	-700	-600	-600	-201	-100	-500	-500	-350	-501	-502
Cash from financing	-653	-546	-551	-155	337	-468	-477	-653	-457	-465
Exchange rate effect	2.5	-3.31	-2.34	-1.4	-0.57	-0.07	-6.37	2.13	1.3	2.67
Net change in cash		162	-246	178	251	-268	184	36.5	276	265
Free cash flow	648	702	708	644	601	615	409	599	762	906
Interest paid			0	0	6.57	5.28	7.98	2.97	0	0
Income taxes paid	164	163	105	101	80.2	99.4	110	192	182	206

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 $443.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	81.9%	Gross profit / revenue.
Operating margin	24.5%	Operating income / revenue.
EBITDA margin	27.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.8%	Pre-tax income / revenue.
Net margin	22.0%	Net income / revenue.
FCF margin	29.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.7%	Cash from operations / revenue.
Effective tax rate	14.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	10.6%	Net income / average total assets.
R&D / revenue	17.9%	Research and development expense / revenue.
Stock-based pay / revenue	7.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.3%	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	5.3%	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	16.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.8%	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	14.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	29.0%	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	17.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	30.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.7%	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	19.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.0%	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	7.5%	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	18.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	30.4%	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	8.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.2%	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	6.2%	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	-1.1%	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	-1.3%	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	-0.9%	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	1.66x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.91x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.5%	Total liabilities / total assets.
Working capital	$1.18B	Current assets - current liabilities.
Goodwill and intangibles / assets	37.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	16.8x	Revenue / average property, plant and equipment.
Inventory turnover	4.73x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Receivables turnover	7.72x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	42 days	Days inventory + days sales outstanding - days payables.
FCF conversion	133.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.62	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	$57.50	Revenue / diluted weighted shares.
FCF per share	$16.85	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.24	Cash from operations / diluted weighted shares.
Cash per share	$28.26	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$25.09B	Share price x shares outstanding.
Enterprise value	$23.48B	Market cap + total debt - cash - short-term investments.
P/E	34.5x	Market cap / net income. Only when net income is positive.
P/S	7.58x	Market cap / revenue.
P/FCF	25.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.9x	Market cap / cash from operations, when positive.
EV/Sales	7.10x	Enterprise value / revenue.
EV/EBIT	28.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
PEG	1.12x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was F5, INC.'s revenue in fiscal 2025?

F5, INC. reported revenue of $3.09B for fiscal 2025, 9.7% higher than the year before.

Was F5, INC. profitable in fiscal 2025?

Yes. Net income was $692.4M, a net margin of 22.4%.

How much free cash flow did F5, INC. generate in fiscal 2025?

Cash from operations of $949.7M minus capital expenditures of $43.3M left free cash flow of $906.4M.

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.

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