F5
F5 is a multicloud application delivery and security provider committed to bringing a better digital world to life.
10-K, Nov 25, 2025
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Business
How does F5 make money?
Service is 51.1% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001048695-25-000157 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($3.1B).
- Service: $1.6B · 51.1%
- Product: $1.5B · 48.9%
What is left of every $100?
Of every $100 in revenue, $22 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $3.1B
- Gross profit: $2.5B
- Operating income: $766M
- Net income: $692M
- Free cash flow: $906M
Where do customers sit?
55.8% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0001048695-25-000157 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“F5 partners with the world’s largest, most advanced organizations to optimize and secure every application and Application Programming Interface ("API") anywhere, including on-premises, in the cloud, and at the network edge.”
“F5 enables businesses to continuously stay ahead of threats while delivering exceptional, secure digital experiences for their customers.”
“Our application delivery and security solutions are available in a range of deployment and consumption models.”
Item 1 · Business · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Where did the growth actually come from?
Product drove 55% of F5’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
R&D +10%
“Research and development expense increased $49.7 million, or 10.1% in fiscal year 2025 from the prior year.”
Item 7 · MD&A · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Number check (R&D expense): stated $49.7M matches the stored change ($49.7M, ±10%)
R&D expense: $540M FY2025 · +10.1% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Net product revenue +18%: no stored value to check the quoted number against.
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 9.7% to $3.1B.
Revenue grew 11% YoY to $865M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 19.3%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
24.8% operating margin, up from 23.4%.
81.4% gross margin, up from 80.2%.
Operating income grew 16% to $766M.
Net income grew 22% to $692M.
R&D grew 10% to $540M.
SG&A grew 7.4% to $1.2B.
EPS diluted grew 24% to $11.80.
24.7% operating margin, down from 25.2%.
82.2% gross margin, up from 81.0%.
Operating income grew 8.6% YoY to $213M.
Net income grew 9.6% YoY to $208M.
R&D grew 21% YoY to $165M.
SG&A grew 12% YoY to $334M.
EPS diluted grew 11% YoY to $3.62.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $29 of every $100 as free cash.
Operating cash flow grew 20% to $950M.
Capex grew 42% to $43.3M.
Buybacks grew 0.3% to $502M.
Stock-based compensation grew 5.7% to $231M.
Free cash flow grew 2.5% YoY to $281M.
Operating cash flow grew 12% YoY to $316M.
Capex grew 317% YoY to $35.6M.
Buybacks fell 20% YoY to $100M.
Stock-based compensation grew 14% YoY to $65.5M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $1.3B; debt not reported.
Total assets grew 13% to $6.3B.
Cash grew 13% YoY to $1.6B.
Total assets grew 12% YoY to $6.8B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does F5 depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (F5 annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by F5
No supplier among the covered companies is named in the filings.
F5 holds stakes in
No stake in a covered company found in SEC filings.
Others name F5
1 competitor mention (e.g. Fortinet) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 41 risk factors, one per theme.
Competition
“It is possible that the average selling prices of our products will decrease in the future in response to competitive pricing pressures, increased sales discounts, including responses to inflationary pressures, new product introductions by us or our competitors, or other factors.”
Item 1A · Risk Factors · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Security, defects and outages
“The Cyber Incident may harm our reputation, our customers, employee and partner relations and our operations and business.”
Item 1A · Risk Factors · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Key people
“Our success depends, in large part, on our ability to attract, engage, retain, and integrate qualified executives and other key employees throughout all areas of our business.”
Item 1A · Risk Factors · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Acquisitions
“With respect to our past acquisitions, as well as any other future acquisitions we may undertake, we may find that the acquired businesses, products or technologies do not further our business strategy as expected, that we paid more than what the assets are later worth or that economic conditions change, all of which may generate future impairment charges.”
Item 1A · Risk Factors · 10-K · 0001048695-25-000157 · filed Nov 25, 2025
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.49%.
Vanguard Capital Management LLC7.49%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock, Inc.10.6% (then)
13G/A · filed Dec 6, 2024 · older than 18 months, current position unknown
State Street Corp5.2% (then)
13G · as of Dec 31, 2023 · filed Jan 29, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
5 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.5%
6.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.7%
3.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.7%
3.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.1%
2.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Jericho Capital Asset Management L.P.3.9%
2.1M shares · 13F filed Aug 14, 2026 · share of 13F-reported
830 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 97 sales · $29.1M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 32 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | |||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | not reported | not reported | ||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values