F5, Inc.

“F5 is a multicloud application delivery and security provider committed to bringing a better digital world to life.”

“F5 is a global leader in application delivery and security solutions which enables its customers to deploy, operate, secure, optimize, and govern every application and API across on-premises architectures, in the cloud, and at the network edge.”

“Management has determined that the Company is organized as, and operates in, one reportable operating segment.”

“Our business is organized into three primary geographic regions: Americas; Europe, the Middle East, and Africa ("EMEA"); and the Asia Pacific region ("APAC").”

“Our customers include large enterprise businesses, public sector institutions, governments, and service providers.”

“Enterprise customers (Fortune 1000 or Business Week Global 1000 companies) in the technology, financial services, transportation, education, manufacturing, and health care industries, along with government customers, and service providers continue to make up the largest percentage of our customer base.”

“We market and sell our products primarily through multiple indirect sales channels in our Americas; Europe, the Middle East, and Africa ("EMEA"); and Asia Pacific ("APAC") regions.”

“our solutions portfolio, specifically our F5 BIG-IP, F5 NGINX, and F5 Distributed Cloud Services product families”

“The majority of our product revenues are derived from sales of our application delivery and security solutions including our F5 BIG-IP software and systems, F5 NGINX software, and our F5 Distributed Cloud Services offerings.”

“Our F5 BIG-IP family delivers essential application delivery and security services, ensuring applications operate efficiently and securely.”

“F5 NGINX Plus, our all-in-one, high performance load balancer, web server, content cache, and API gateway for modern applications, is offered as packaged software in a subscription consumption model.”

“F5 Distributed Cloud DNS. A cloud-based Domain Name System ("DNS") solution that offers DNS delivery across multicloud environments”

“F5 Distributed Cloud Web App and API Protection ("WAAP"). A comprehensive SaaS-based security solution”

“These capabilities will be integrated into the F5 ADSP to create an enhanced solution for securing AI inference.”

“Products$1,508,640 $1,272,795 $1,334,638 Services1,579,432 1,543,325 1,478,531 Total$3,088,072 $2,816,120 $2,813,169”

“The net effect of foreign currency gains and losses was not material during the fiscal years ended September 30, 2025, 2024 and 2023.”

“Significant items impacting cost of revenues are hardware costs paid to our contract manufacturers”

“On September 26, 2025, the Company closed on a transaction for the acquisition of CalypsoAI Corp. ("CalypsoAI"), a provider in enterprise AI security for $145.2 million in cash”

“F5 Distributed Cloud Services leverages the F5 Global Network, a purpose-built, cloud-based, global private backbone”

“In response to customers' growing preference for a platform approach, in 2025 we introduced the F5 Application Delivery and Security Platform ("ADSP").”

“In fiscal 2025, we benefited from improving customer demand, which began to stabilize and improve following macroeconomic uncertainties at the start of fiscal 2024.”

“we are the only provider capable of supporting customers’ modern and legacy application delivery and security needs across any environment”

“We are selling F5 solutions in support of AI data delivery, AI runtime security and AI factory load balancing use cases.”

“We continue to invest in expanding our SaaS-based F5 Distributed Cloud Services.”

“brings real-time threat defense, red teaming at scale, and data security to enterprises racing to deploy generative and agentic AI”

“Significant items impacting cost of revenues are hardware costs paid to our contract manufacturers, third-party software license fees, technology costs, including cloud hosting and software licenses expenses”

“On January 31, 2025, the Revolving Credit Facility expired. At the time of expiration, there were no outstanding borrowings under the Revolving Credit Facility.”

“we anticipate near-term disruption to our sales cycles with demand impacts more pronounced in the early part of the fiscal year and normalizing in the second half of the fiscal year 2026. These disruptions may also lead to a near term impact on our operating margin within fiscal year 2026.”

“The Company adopted this accounting standard update as of September 30, 2025 and it did not have a material impact on the Company’s consolidated financial statements.”

“a highly sophisticated nation-state threat actor had gained unauthorized long-term, persistent access to certain Company systems, and exfiltrated certain files, some of which contained certain portions of our BIG-IP source code and information about undisclosed vulnerabilities”

“On October 15, 2025, we disclosed a security incident in which a threat actor maintained long-term, persistent access to F5 systems, and exfiltrated certain files, referred to as the "Cyber Incident."”

“the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025”

“The Cyber Incident has had and may continue to have an adverse effect on our business, reputation, customer, employee and partner relations, results of operations, financial condition and cash flows”

“Our business may be harmed if our contract manufacturers are not able to provide us with adequate supplies of our products or if a single source of hardware assembly is lost or impaired”

“our IT infrastructure has experienced breaches or disruptions, including the Cyber Incident, and may be vulnerable in the future to breach, attacks or disruptions”

“It is difficult to predict our future operating results because we have an unpredictable sales cycle”

“A substantial portion of our business depends on the demand for information technology by large enterprise customers and service providers”

“We are exposed to fluctuations in currency exchange rates, which could negatively affect our financial condition and results of operations”

“Uncertain economic conditions, including inflation, tariffs and other duties, higher interest rates, slower growth, fluctuations in foreign exchange rates, and other changes in economic conditions, may adversely affect our results of operations and financial performance.”

“The markets we serve are rapidly evolving and highly competitive, and we expect competition to persist and intensify in the future”

“Issues related to the development and use of artificial intelligence ("AI") could give rise to legal and/or regulatory action, damage our reputation or otherwise materially harm our business”

“Sales to U.S. and foreign, federal, state, and local governmental agency end-customers account for a significant portion of our revenues”

“a reduction or delay in sales to significant distribution partners could hurt our business”

“customer buying patterns are changing over time and more customers seek to rent software on a subscription basis and to reduce their total cost of ownership”

“diversion of our products to restricted third parties by others could result in investigations, penalties, fines, trade restrictions and negative publicity”

“Further, we could face litigation in connection with the Cyber Incident.”

“Changing definitions of personal data and personal information, within the European Union, the United States, and elsewhere... may limit or inhibit our ability to operate or expand our business”