F5 Networks (FFIV) financial statements
F5 Networks reported revenue of $3.1B in fiscal 2025, up 5.0% a year over 9 years.
Net income was $692M and the operating margin 24.8%, against 27.4% in 2016.
Free cash flow was $906M, and the company returned $502M in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from F5 Networks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.2B | $2.2B | $2.4B | $2.6B | $2.7B | $2.8B | $2.8B | $3.1B |
| Cost of revenue | $337M | $353M | $361M | $357M | $408M | $493M | $540M | $593M | $558M | $574M |
| Gross profit | $1.7B | $1.7B | $1.8B | $1.9B | $1.9B | $2.1B | $2.2B | $2.2B | $2.3B | $2.5B |
| Research and development | $334M | $350M | $366M | $408M | $441M | $513M | $543M | $540M | $490M | $540M |
| Selling, general and admin | $767M | $809M | $825M | $959M | $1.1B | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B |
| Operating income | $547M | $564M | $591M | $518M | $392M | $394M | $404M | $473M | $659M | $766M |
| Pre-tax income | $550M | $576M | $604M | $541M | $396M | $387M | $385M | $486M | $695M | $808M |
| Income tax | $184M | $155M | $150M | $113M | $89M | $56M | $63M | $91M | $129M | $116M |
| Net income | $366M | $421M | $454M | $428M | $307M | $331M | $322M | $395M | $567M | $692M |
| EPS (diluted) | $5.38 | $6.50 | $7.32 | $7.08 | $5.01 | $5.34 | $5.27 | $6.55 | $9.55 | $11.80 |
| Diluted shares | 68M | 65M | 62M | 60M | 61M | 62M | 61M | 60M | 59M | 59M |
| Gross margin | 83.1% | 83.1% | 83.3% | 84.1% | 82.6% | 81.1% | 80.0% | 78.9% | 80.2% | 81.4% |
| Operating margin | 27.4% | 27.0% | 27.3% | 23.1% | 16.7% | 15.1% | 15.0% | 16.8% | 23.4% | 24.8% |
| Net margin | 18.3% | 20.1% | 21.0% | 19.1% | 13.1% | 12.7% | 12.0% | 14.0% | 20.1% | 22.4% |
Balance sheet
Fiscal years, from F5 Networks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $882M | $1.0B | $1.0B | $972M | $1.2B | $911M | $885M | $803M | $1.1B | $1.3B |
| Receivables | $268M | $292M | $295M | $322M | $296M | $341M | $470M | $455M | $389M | $414M |
| Inventory | $34M | $30M | $31M | $34M | $28M | $22M | $68M | $36M | $76M | $77M |
| Total current assets | $1.3B | $1.4B | $1.4B | $1.5B | $1.8B | $1.6B | $1.9B | $1.8B | $2.1B | $2.5B |
| Property, plant and equipment | $123M | $122M | $145M | $223M | $229M | $191M | $168M | $170M | $151M | $157M |
| Goodwill | $556M | $556M | $556M | $1.1B | $1.9B | $2.2B | $2.3B | $2.3B | $2.3B | $2.4B |
| Total assets | $2.3B | $2.5B | $2.6B | $3.4B | $4.7B | $5.0B | $5.3B | $5.2B | $5.6B | $6.3B |
| Total current liabilities | $844M | $935M | $954M | $1.1B | $1.3B | $1.4B | $1.8B | $1.5B | $1.5B | $1.6B |
| Long-term debt | — | — | — | $0 | $369M | $350M | $0 | — | — | — |
| Total liabilities | $1.1B | $1.2B | $1.3B | $1.6B | $2.4B | $2.6B | $2.8B | $2.4B | $2.5B | $2.7B |
| Shareholders' equity | $1.2B | $1.2B | $1.3B | $1.8B | $2.2B | $2.4B | $2.5B | $2.8B | $3.1B | $3.6B |
| Net debt | -$515M | -$673M | -$425M | -$599M | -$461M | -$212M | -$408M | -$797M | -$1.1B | -$1.3B |
Cash flow
Fiscal years, from F5 Networks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $712M | $740M | $761M | $748M | $661M | $645M | $443M | $653M | $792M | $950M |
| Capital spending | $63M | $39M | $53M | $104M | $60M | $31M | $34M | $54M | $30M | $43M |
| Free cash flow | $648M | $702M | $708M | $644M | $601M | $615M | $409M | $599M | $762M | $906M |
| Stock-based compensation | $157M | $175M | $158M | $163M | $202M | $243M | $249M | $237M | $219M | $231M |
| Share buybacks (net) | -$700M | -$600M | -$600M | -$201M | -$100M | -$500M | -$500M | -$350M | -$501M | -$502M |
| Net borrowing | — | — | $0 | $0 | $390M | -$20M | -$20M | -$350M | $0 | $0 |
| Free cash flow margin | 32.5% | 33.6% | 32.7% | 28.7% | 25.6% | 23.6% | 15.2% | 21.3% | 27.1% | 29.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FFIV.
Open FFIV in InvestinglyQuestions
What was F5 Networks's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does F5 Networks generate?
$906M in fiscal 2025 (operating cash flow minus capital spending).
From F5 Networks's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.