FFIVMEDIUM SIGNALFINANCIAL10-K

F5 delivered strong financial performance with 22% net income growth and significant cash generation improvements, while adding specific disclosure language around a cyber incident.

The company shows robust operational execution with operating cash flow jumping nearly 20% to $950M and net income growing 22% to $692M, indicating strong demand for F5's application security and optimization solutions. The addition of specific "Cyber Incident" language in forward-looking statement disclosures suggests a material security event that investors should monitor for potential business impact.

Comparing 2025-11-25 vs 2024-11-18View on EDGAR →
FINANCIAL ANALYSIS

F5 demonstrated strong across-the-board financial growth with net income rising 22% to $692M, operating cash flow jumping 20% to $950M, and the balance sheet strengthening significantly with cash increasing 25% to $1.3B and stockholders' equity growing 15% to $3.6B. The company maintained healthy investment in R&D (up 10% to $540M) while expanding gross profit margins, and increased capital expenditures 42% to $43M, suggesting confidence in growth opportunities. Overall, the financial picture signals a company executing well operationally with strong cash generation and balance sheet positioning.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+42.2%
$30.4M$43.3M

Capital expenditure jumped 42.2% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+25.1%
$1.1B$1.3B

Cash grew 25.1% — improving liquidity position supports investment and shareholder returns.

Net Income
P&L
+22.2%
$566.8M$692.4M

Net income grew 22.2% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+19.8%
$792.4M$949.7M

Operating cash flow grew 19.8% — strong conversion of earnings to cash, healthy business fundamentals.

Current Assets
Balance Sheet
+19.4%
$2.1B$2.5B

Current assets grew 19.4% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+16.3%
$658.6M$765.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Stockholders Equity
Balance Sheet
+14.8%
$3.1B$3.6B

Equity base grew 14.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+12.6%
$5.6B$6.3B

Asset base grew 12.6% — expansion through organic growth, acquisitions, or capital deployment.

Gross Profit
P&L
+11.3%
$2.3B$2.5B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

R&D Expense
P&L
+10.1%
$490.1M$539.8M

R&D investment increased 10.1% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-18
ADDED
These statements include, but are not limited to, statements about our plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances, including the Cyber Incident, as defined in Item 1.
below, and are generally identified by the words "expects," "anticipates," "intends," "plans," "impact of the," "believes," "seeks," "estimates," and similar expressions.
Unless the context otherwise requires, in this Annual Report on Form 10-K, the terms "F5," "the Company," "we," "us," and "our" refer to F5, Inc.
For example, "fiscal year 2025" and "fiscal 2025" refer to the fiscal year ended September 30, 2025.
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.
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REMOVED
These statements include, but are not limited to, statements about our plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words expects, anticipates, intends, plans, believes, seeks, estimates, and similar expressions.
Unless the context otherwise requires, in this Annual Report on Form 10-K, the terms F5, the Company, we, us, and our refer to F5, Inc.
For example, fiscal year 2024 and fiscal 2024 refer to the fiscal year ended September 30, 2024.
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, or at the edge.
We also sell our solutions in software-as-a-service ( SaaS ) and managed services deployment models with subscription and usage-based consumption models.
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