FFIV FY2026 Q2 Повышен

Отчётный звонок F5, Inc.

Apr 28, 2026 · 16:30 ET Cooper WarnerSuzanne DeLong earningscall_biz

Вывод Buzzberg

FY26 revenue outlook raised to 7-8% from 5-6%

F5 reported a strong Q2 with 11% revenue growth, driven by robust double-digit growth in systems and software, and raised its full-year guidance. Management highlighted accelerating demand from hybrid multicloud adoption, an expanding threat landscape, and a significant inflection in AI inference, with AI-specific sales up over 200% year-over-year. They also provided color on mitigating memory cost headwinds and a deepening partnership with NVIDIA. F5 raised FY26 revenue growth outlook to 7-8% from 5-6% and raised EPS guidance to $16.25-$16.55.

Вывод Buzzberg FY26 revenue outlook raised to 7-8% from 5-6% F5 reported a strong Q2 with 11% revenue growth, driven by robust double-digit growth in systems and software, and raised its full-year guidance. Management highlighted accelerating demand from hybrid multicloud adoption, an expanding threat landscape, and a significant inflection in AI inference, with AI-specific sales up over 200% year-over-year. They also provided color on mitigating memory cost headwinds and a deepening partnership with NVIDIA. F5 raised FY26 revenue growth outlook to 7-8% from 5-6% and raised EPS guidance to $16.25-$16.55. Читать полный анализСвернуть анализ

Q2 product revenue grew 22%, with systems up 26% and software up 17%.
AI-specific sales reached ~$50 million in H1 FY26, up over 200% y/y, with nearly 100 customers.
The company is experiencing a 'refresh plus' cycle, with customers recommitting to hardware and expanding deployments, including ~$60 million in sales from recommitted customers.

Выручка$0.8117B-1% к/к

EPS$3.90-12% к/к

Валовая маржа82.82%Факт

Операционная маржа22.02%Факт

6 подтверждённых тезисов

Что важно сейчас

Самые значимые изменения по итогам звонка.

Guidance

FY26 revenue outlook raised to 7-8% from 5-6%

AI revenue more than doubles in H1 to $50M

Software

See a stronger software growth inflection in FY27

Показать ещё 3 тезиса

Hardware

Customers recommitting to hardware, $60M sales from re-committed customers

Margins

Memory costs will pressure gross margins in Q4

Competition

Competitive takeout rate up materially on hybrid multi-cloud

Отчётный период

Фактические результаты

Показатель	Факт	Изменение
Выручка	$0.8117B	-1% к/к
EPS	$3.90	-12% к/к
Валовая маржа	82.82%	Факт
Операционная маржа	22.02%	Факт
Свободный денежный поток	$0.3476B	Факт
Капзатраты	$0.0183B	Факт

Прогнозные данные

Прогноз компании

Показатель	Период	Диапазон	Середина	Статус
EPS	FY2026	$16.25–$16.55	$16.40	Повышен
EPS	FY2026 Q3	$3.91–$4.03	$3.97	Обозначен
Валовая маржа	FY2026 Q3	82.5%–83.5%	83%	Обозначен
Выручка	FY2026	$0B	$0B	Повышен
Выручка	FY2026 Q3	$0.82B–$0.84B	$0.83B	Обозначен

AI, капзатраты и спрос

Оценка менеджмента

Тон

Upbeat

Management expressed confidence in durable secular tailwinds and raised FY26 guidance due to strong demand, while detailing robust growth in key areas.

Оценка AI от менеджмента

Management highlighted AI inference inflection as a key secular driver, with approximately $50 million in AI-related sales in H1, up over 200% year-over-year, approaching 100 customers. They see AI driving demand for traffic management, AI data delivery, AI factory load balancing, and AI runtime security.

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Компаниис момента звонка

Цепочка поставок

MU +71.7%

Цепочка поставок

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.

Доказательства

“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.”

Cooper Warner

Внешние сигналы

Альфа цепочки поставок · 3с момента звонка

F5 is seeing strong global government spending, particularly in defense and for air-gapped environments, which is a durable trend contributing to its growth.

Francois (F5 Executive Team Member)

Доказательства

“I think you're seeing that generally different spending across the globe has been growing. And we are a beneficiary of that trend, in part because, generally defense customers are investing more in security, in part also because those cust…”

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'.

Cooper Warner (Executive Vice President and CFO)

MU+71.7%

F5 is seeing customers 'recommitting to hardware' and has generated about $60 million in sales from such customers in the first half of the fiscal year, signaling a potential shift back to on-premise infrastructure.

Francois (F5 Executive Team Member)

CSCO JNPR

Доказательства

“And we have seen in the first half, just to give you a data point, we generated about $60 million in sales from customers who had previously kind of stopped buying hardware and recommitted to hardware.”

Методология и полнота

Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 1. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.