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20:30
Jul 27 ◎

FFIV FY2026 Q3 Watch

F5, Inc. (FFIV) FY2026 Q3 Earnings Call

FFIV MU ▾

Francois Locoh-Donou

F5 is raising its full-year revenue guidance to 9-10% and non-GAAP EPS to $17.21-$17.33, reflecting stronger-than-expected product and systems demand. Management cites durable secular tailwinds (hybrid multicloud, threat landscape, AI inference) and strong adoption of new AI-powered security offerings.

"Q3 was another outstanding quarter. We delivered 19% product revenue growth, driving 11% total growth."

FFIV WATCH

Cooper Werner

F5 sees near-term Q4 gross margin improvement (83-84%) due to better product mix and lower-than-feared component cost increases, but it is maintaining a cautious FY27 gross margin guide of 80-82%, indicating management expects memory/storage price volatility to persist into the next fiscal year. — This signals that memory/SSD spot price stability seen recently may be temporary, and F5 is expecting some cost pressure to return in the next fiscal period.

"While we are encouraged by the improved gross margin outlook for Q4, we are not revising our FY27 gross margin guidance of 80 to 82% given the dynamic pricing environment for memory and storage components."

MU WATCH

HIGH

20:30
Apr 28 ◎

FFIV FY2026 Q2 Watch

F5, Inc. (FFIV) FY2026 Q2 Earnings Call

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Cooper Warner

Management raised its full-year revenue and EPS guidance, citing strong demand driven by hybrid multicloud adoption, an expanding threat landscape, and AI inference, indicating a confident and positive outlook.

"we are raising our FY26 outlook. We now expect FY26 revenue growth of 7% to 8%, up from our prior outlook of 5% to 6%."

FFIV WATCH

Cooper Warner

Rising memory costs are a headwind for F5, but management mitigated the impact by building inventory early. They expect the higher costs to flow through starting in Q3 and hit full run-rate in Q4, but they expect relief 'several quarters out'. — The granularity on memory cost pass-through and inventory strategy provides a read on the memory supply-demand balance and its impact on downstream hardware margins.

"we're now starting to see some of the later purchases that we have been doing at higher price points are going to start to flow through into the model. And it'll start to flow into Q3, but it'll be kind of more at full run rate in Q4."

MU WATCH

HIGH

21:30
Jan 27 ◎

FFIV FY2026 Q1 Watch

F5, Inc. (FFIV) FY2026 Q1 Earnings Call

CALYPSO FFIV MU ANET CSCO ▾

Francois Locodinou

F5's acquisition of Calypso AI strengthens its AI runtime security portfolio, positioning it to capture demand for AI guardrails and threat defense.

"With our Q4 acquisition of Calypso AI, we enhanced our runtime security offerings with real-time threat defense, red teaming models, and robust guardrails."

CALYPSO WATCH

Cooper Werner

Management raised full-year revenue and EPS guidance, citing strong demand across hybrid multi-cloud, AI, and converged platforms, and expects continued growth.

"With strong close rates in Q1 and solid pipeline creation, we are raising our FY26 outlook."

FFIV WATCH

Cooper Werner

F5 is experiencing rising memory costs impacting product gross margins in the second half of fiscal 2026, and has proactively secured supply and qualified additional suppliers. — Indicates memory price inflation is affecting downstream hardware vendors, potentially benefiting memory manufacturers but pressuring margins for F5 and similar companies.

"This reflects a modest reduction to our prior range, accounting for an anticipated impact to product COGS in the second half related to rising memory costs."

MU WATCH

Cooper Werner

Customers are refreshing hardware at a faster pace and higher capacity due to AI workload readiness, leading to stronger systems revenue growth and expansion. — Suggests enterprise networking refresh cycle is being accelerated by AI infrastructure buildouts, potentially impacting competitors in the networking hardware space.

"We're seeing a higher ASB at that time of refresh, and then also additional capacities in terms of more units."

ANET WATCH CSCO WATCH

HIGH

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