F5 FFIV · USD

Information Technology · Communications Equipment · US listing · 🇺🇸 United States

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F5 annual report

Filed with the US Securities and Exchange Commission

10-K

The latest annual report covers the year to 30 Sept 2025, filed on 25 Nov 2025.

Read the 10-K on SEC.gov ↗

Five-year highlights

In USD.

	FY2025	FY2024	FY2023	FY2022	FY2021
Revenue	$3.09bn	$2.82bn	$2.81bn	$2.70bn	$2.60bn
Operating income	$765.9m	$658.6m	$472.6m	$403.8m	$394.0m
Net income	$692.4m	$566.8m	$394.9m	$322.2m	$331.2m
Free cash flow	$906.4m	$762.0m	$599.2m	$409.0m	$614.5m
Total assets	$6.32bn	$5.61bn	$5.25bn	$5.28bn	$5.00bn
Shareholders' equity	$3.59bn	$3.13bn	$2.80bn	$2.47bn	$2.36bn

Revenue by business

Year to 30 Sept 2025

Service [Member] $1.58bn · 51.1%
Product [Member] $1.51bn · 48.9%

Revenue by region

Year to 30 Sept 2025

Total Americas $1.72bn · 55.8%
United States $1.63bn · 52.8%
EMEA $827.2m · 26.8%
APAC $536.8m · 17.4%
Other Americas $92.9m · 3.0%

From the 2025 annual report

As filed, for the year to Sep. 30, 2025. A later report may be linked above: this is the newest our data supplier has processed.

As filed

Document: 10-K
Registrant: F5, Inc.
Fiscal year end: Sep. 30, 2025
Listed on: NASDAQ
Filer category: Large Accelerated Filer

Balance sheet

	Sep. 30, 2025
Balance Sheet Details	Balance Sheet DetailsCash, Cash Equivalents and Restricted CashThe following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash shown in the Company’s consolidated statements of cash flows for the periods presented (in thousands): September 30, 20252024Cash and cash equivalents$1,344,273 $1,074,602 Restricted cash included in other assets, net2,095 3,738 Total cash, cash equivalents and restricted cash$1,346,368 $1,078,340 InventoriesInventories consist of the following (in thousands): September 30, 20252024Finished goods$26,933 $27,922 Raw materials50,296 48,456 $77,229 $76,378 Other Current AssetsOther current assets consist of the following (in thousands): September 30, 20252024Unbilled receivables$498,288 $401,104 Prepaid expenses86,346 93,467 Capitalized contract acquisition costs37,023 32,681 Other61,109 42,215 $682,766 $569,467 Property and EquipmentProperty and equipment consist of the following (in thousands): September 30, 20252024Computer equipment$228,514 $206,861 Software70,808 71,690 Office furniture and equipment46,903 44,776 Leasehold improvements190,637 186,179 536,862 509,506 Accumulated depreciation and amortization(379,915)(358,563)$156,947 $150,943 Depreciation and amortization expense totaled approximately $42.9 million, $49.3 million, and $53.3 million for the fiscal years ended September 30, 2025, 2024 and 2023, respectively.GoodwillChanges in the carrying amount of goodwill during fiscal years 2025 and 2024 are summarized as follows (in thousands):Balance, September 30, 2023$2,288,678 Other business acquisitions23,684 Balance, September 30, 20242,312,362 Other business acquisitions131,520 Balance, September 30, 2025$2,443,882 Other AssetsOther assets consist of the following (in thousands): September 30, 20252024Intangible assets$96,266 $111,576 Unbilled receivables340,153 277,965 Capitalized contract acquisition costs39,529 33,577 Other76,332 64,399 $552,280 $487,517 Intangible assets are included in other assets on the consolidated balance sheets and consist of the following (in thousands): September 30, 2025September 30, 2024 GrossCarryingAmountAccumulatedAmortizationNet CarryingAmountGrossCarryingAmountAccumulatedAmortizationNet CarryingAmountDeveloped technology$280,954 $(200,554)$80,400 $287,431 $(192,967)$94,464 Customer relationships12,000 (5,133)6,867 17,700 (10,034)7,666 Patents and trademarks12,308 (4,517)7,791 9,795 (3,629)6,166 Trade names14,500 (13,292)1,208 15,473 (12,193)3,280 Non-compete covenants— — — 1,960 (1,960)— $319,762 $(223,496)$96,266 $332,359 $(220,783)$111,576 Amortization expense related to intangible assets was $42.9 million, $24.4 million, and $29.1 million for the fiscal years ended September 30, 2025, 2024 and 2023, respectively.For intangible assets held as of September 30, 2025, amortization expense for the five succeeding fiscal years is as follows (in thousands):2026$43,531 202725,349 202812,914 20298,252 20303,091 $93,137 Accrued LiabilitiesAccrued liabilities consist of the following (in thousands): September 30, 20252024Payroll and benefits$189,337 $171,571 Operating lease liabilities, current31,042 33,779 Income and other tax accruals44,051 45,247 Other50,953 49,479 $315,383 $300,076 Other Long-term LiabilitiesOther long-term liabilities consist of the following (in thousands): September 30, 20252024Income taxes payable$85,278 $85,461 Other10,953 9,272 $96,231 $94,733	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	Cash and cash equivalents	—	—	—	—	—	$	1,344,273	—	—	—	—	$	1,074,602	—	Restricted cash included in other assets, net	—	—	—	—	—	2,095	—	—	—	—	—	3,738	—	—	Total cash, cash equivalents and restricted cash	—	—	—	—	—	$	1,346,368	—	—	—	—	$	1,078,340	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	Finished goods	—	—	—	—	—	$	26,933	—	—	—	—	$	27,922	—	Raw materials	—	—	—	—	—	50,296	—	—	—	—	—	48,456	—	—	—	—	—	—	—	—	$	77,229	—	—	—	—	$	76,378	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	Unbilled receivables	—	—	—	—	—	$	498,288	—	—	—	—	$	401,104	—	Prepaid expenses	—	—	—	—	—	86,346	—	—	—	—	—	93,467	—	—	Capitalized contract acquisition costs	—	—	—	—	—	37,023	—	—	—	—	—	32,681	—	—	Other	—	—	—	—	—	61,109	—	—	—	—	—	42,215	—	—	—	—	—	—	—	—	$	682,766	—	—	—	—	$	569,467	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	Computer equipment	—	—	—	—	—	$	228,514	—	—	—	—	$	206,861	—	Software	—	—	—	—	—	70,808	—	—	—	—	—	71,690	—	—	Office furniture and equipment	—	—	—	—	—	46,903	—	—	—	—	—	44,776	—	—	Leasehold improvements	—	—	—	—	—	190,637	—	—	—	—	—	186,179	—	—	—	—	—	—	—	—	536,862	—	—	—	—	—	509,506	—	—	Accumulated depreciation and amortization	—	—	—	—	—	(379,915)	—	—	—	—	—	(358,563)	—	—	—	—	—	—	—	—	$	156,947	—	—	—	—	$	150,943	—	—	—	—	—	—	—	—	—	—	Balance, September 30, 2023	—	—	—	—	—	$	2,288,678	—	Other business acquisitions	—	—	—	—	—	23,684	—	—	—	—	—	—	—	—	—	—	—	Balance, September 30, 2024	—	—	—	—	—	2,312,362	—	—	Other business acquisitions	—	—	—	—	—	131,520	—	—	Balance, September 30, 2025	—	—	—	—	—	$	2,443,882	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	Intangible assets	—	—	—	—	—	$	96,266	—	—	—	—	$	111,576	—	Unbilled receivables	—	—	—	—	—	340,153	—	—	—	—	—	277,965	—	—	Capitalized contract acquisition costs	—	—	—	—	—	39,529	—	—	—	—	—	33,577	—	—	Other	—	—	—	—	—	76,332	—	—	—	—	—	64,399	—	—	—	—	—	—	—	—	$	552,280	—	—	—	—	$	487,517	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30, 2025	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30, 2024	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	GrossCarryingAmount	—	—	—	—	—	AccumulatedAmortization	—	—	—	—	—	Net CarryingAmount	—	—	—	—	—	GrossCarryingAmount	—	—	—	—	—	AccumulatedAmortization	—	—	—	—	—	Net CarryingAmount	—	—	Developed technology	—	—	—	—	—	$	280,954	—	—	—	—	$	(200,554)	—	—	—	—	$	80,400	—	—	—	—	$	287,431	—	—	—	—	$	(192,967)	—	—	—	—	$	94,464	—	Customer relationships	—	—	—	—	—	12,000	—	—	—	—	—	(5,133)	—	—	—	—	—	6,867	—	—	—	—	—	17,700	—	—	—	—	—	(10,034)	—	—	—	—	—	7,666	—	—	Patents and trademarks	—	—	—	—	—	12,308	—	—	—	—	—	(4,517)	—	—	—	—	—	7,791	—	—	—	—	—	9,795	—	—	—	—	—	(3,629)	—	—	—	—	—	6,166	—	—	Trade names	—	—	—	—	—	14,500	—	—	—	—	—	(13,292)	—	—	—	—	—	1,208	—	—	—	—	—	15,473	—	—	—	—	—	(12,193)	—	—	—	—	—	3,280	—	—	Non-compete covenants	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,960	—	—	—	—	—	(1,960)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$	319,762	—	—	—	—	$	(223,496)	—	—	—	—	$	96,266	—	—	—	—	$	332,359	—	—	—	—	$	(220,783)	—	—	—	—	$	111,576	—	—	—	—	—	—	—	—	—	—	2026	—	—	—	—	—	$	43,531	—	2027	—	—	—	—	—	25,349	—	—	2028	—	—	—	—	—	12,914	—	—	2029	—	—	—	—	—	8,252	—	—	2030	—	—	—	—	—	3,091	—	—	—	—	—	—	—	—	$	93,137	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	Payroll and benefits	—	—	—	—	—	$	189,337	—	—	—	—	$	171,571	—	Operating lease liabilities, current	—	—	—	—	—	31,042	—	—	—	—	—	33,779	—	—	Income and other tax accruals	—	—	—	—	—	44,051	—	—	—	—	—	45,247	—	—	Other	—	—	—	—	—	50,953	—	—	—	—	—	49,479	—	—	—	—	—	—	—	—	$	315,383	—	—	—	—	$	300,076	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30,	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2025	—	—	—	—	—	2024	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Income taxes payable	—	—	—	—	—	$	85,278	—	—	—	—	$	85,461	—	Other	—	—	—	—	—	10,953	—	—	—	—	—	9,272	—	—	—	—	—	—	—	—	$	96,231	—	—	—	—	$	94,733	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Cash and cash equivalents	—	—	—	—	—	$	1,344,273	—	—	—	—	$	1,074,602	—
Restricted cash included in other assets, net	—	—	—	—	—	2,095	—	—	—	—	—	3,738	—	—
Total cash, cash equivalents and restricted cash	—	—	—	—	—	$	1,346,368	—	—	—	—	$	1,078,340	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Finished goods	—	—	—	—	—	$	26,933	—	—	—	—	$	27,922	—
Raw materials	—	—	—	—	—	50,296	—	—	—	—	—	48,456	—	—
items	—	—	—	—	—	$	77,229	—	—	—	—	$	76,378	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Unbilled receivables	—	—	—	—	—	$	498,288	—	—	—	—	$	401,104	—
Prepaid expenses	—	—	—	—	—	86,346	—	—	—	—	—	93,467	—	—
Capitalized contract acquisition costs	—	—	—	—	—	37,023	—	—	—	—	—	32,681	—	—
Other	—	—	—	—	—	61,109	—	—	—	—	—	42,215	—	—
items	—	—	—	—	—	$	682,766	—	—	—	—	$	569,467	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Computer equipment	—	—	—	—	—	$	228,514	—	—	—	—	$	206,861	—
Software	—	—	—	—	—	70,808	—	—	—	—	—	71,690	—	—
Office furniture and equipment	—	—	—	—	—	46,903	—	—	—	—	—	44,776	—	—
Leasehold improvements	—	—	—	—	—	190,637	—	—	—	—	—	186,179	—	—
items	—	—	—	—	—	536,862	—	—	—	—	—	509,506	—	—
Accumulated depreciation and amortization	—	—	—	—	—	(379,915)	—	—	—	—	—	(358,563)	—	—
items	—	—	—	—	—	$	156,947	—	—	—	—	$	150,943	—
Balance, September 30, 2023	—	—	—	—	—	$	2,288,678	—
Other business acquisitions	—	—	—	—	—	23,684	—	—
Balance, September 30, 2024	—	—	—	—	—	2,312,362	—	—
Other business acquisitions	—	—	—	—	—	131,520	—	—
Balance, September 30, 2025	—	—	—	—	—	$	2,443,882	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Intangible assets	—	—	—	—	—	$	96,266	—	—	—	—	$	111,576	—
Unbilled receivables	—	—	—	—	—	340,153	—	—	—	—	—	277,965	—	—
Capitalized contract acquisition costs	—	—	—	—	—	39,529	—	—	—	—	—	33,577	—	—
Other	—	—	—	—	—	76,332	—	—	—	—	—	64,399	—	—
items	—	—	—	—	—	$	552,280	—	—	—	—	$	487,517	—
items	—	—	—	—	—	September 30, 2025	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	September 30, 2024
items	—	—	—	—	—	GrossCarryingAmount	—	—	—	—	—	AccumulatedAmortization	—	—	—	—	—	Net CarryingAmount	—	—	—	—	—	GrossCarryingAmount	—	—	—	—	—	AccumulatedAmortization	—	—	—	—	—	Net CarryingAmount
Developed technology	—	—	—	—	—	$	280,954	—	—	—	—	$	(200,554)	—	—	—	—	$	80,400	—	—	—	—	$	287,431	—	—	—	—	$	(192,967)	—	—	—	—	$	94,464	—
Customer relationships	—	—	—	—	—	12,000	—	—	—	—	—	(5,133)	—	—	—	—	—	6,867	—	—	—	—	—	17,700	—	—	—	—	—	(10,034)	—	—	—	—	—	7,666	—	—
Patents and trademarks	—	—	—	—	—	12,308	—	—	—	—	—	(4,517)	—	—	—	—	—	7,791	—	—	—	—	—	9,795	—	—	—	—	—	(3,629)	—	—	—	—	—	6,166	—	—
Trade names	—	—	—	—	—	14,500	—	—	—	—	—	(13,292)	—	—	—	—	—	1,208	—	—	—	—	—	15,473	—	—	—	—	—	(12,193)	—	—	—	—	—	3,280	—	—
Non-compete covenants	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,960	—	—	—	—	—	(1,960)	—	—	—	—	—	—	—	—
items	—	—	—	—	—	$	319,762	—	—	—	—	$	(223,496)	—	—	—	—	$	96,266	—	—	—	—	$	332,359	—	—	—	—	$	(220,783)	—	—	—	—	$	111,576	—
2026	—	—	—	—	—	$	43,531	—
2027	—	—	—	—	—	25,349	—	—
2028	—	—	—	—	—	12,914	—	—
2029	—	—	—	—	—	8,252	—	—
2030	—	—	—	—	—	3,091	—	—
items	—	—	—	—	—	$	93,137	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Payroll and benefits	—	—	—	—	—	$	189,337	—	—	—	—	$	171,571	—
Operating lease liabilities, current	—	—	—	—	—	31,042	—	—	—	—	—	33,779	—	—
Income and other tax accruals	—	—	—	—	—	44,051	—	—	—	—	—	45,247	—	—
Other	—	—	—	—	—	50,953	—	—	—	—	—	49,479	—	—
items	—	—	—	—	—	$	315,383	—	—	—	—	$	300,076	—
items	—	—	—	—	—	September 30,
items	—	—	—	—	—	2025	—	—	—	—	—	2024
Income taxes payable	—	—	—	—	—	$	85,278	—	—	—	—	$	85,461	—
Other	—	—	—	—	—	10,953	—	—	—	—	—	9,272	—	—
items	—	—	—	—	—	$	96,231	—	—	—	—	$	94,733	—

Cash flow statement USD ($) $ in Thousands

	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
Net income	692,380	566,778	394,948
Stock-based compensation	231,491	219,108	236,650
Depreciation and amortization	92,399	106,991	112,702
Non-cash operating lease costs	31,503	33,041	38,528
Deferred income taxes	-72,176	-68,523	-108,521
Impairment of assets	0	0	3,455
Other	5,615	-962	1,372
Accounts receivable	-28,411	63,953	16,704
Inventories	-851	-40,504	32,491
Other current assets	-103,628	-14,038	-64,959
Other assets	-91,980	-91,964	16,591
Accounts payable and accrued liabilities	28,899	40,368	-63,100
Deferred revenue	200,489	22,838	81,741
Lease liabilities	-36,064	-44,667	-45,193
Net cash provided by operating activities	949,666	792,419	653,409
Purchases of investments	-5,720	-2,100	-1,789
Maturities of investments	548	6,237	111,330
Sales of investments	0	0	16,085
Acquisition of businesses, net of cash acquired	-171,059	-32,939	-35,049
Purchases of property and equipment	-43,260	-30,412	-54,184
Net cash (used in) provided by investing activities	-219,491	-59,214	36,393
Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan	59,151	55,079	59,959
Payments for repurchase of common stock, including excise taxes	-502,085	-500,558	-350,049
Payments on term debt agreement	0	0	-350,000
Taxes paid related to net share settlement of equity awards	-21,881	-11,523	-13,209
Net cash used in financing activities	-464,815	-457,002	-653,299
Net increase in cash, cash equivalents and restricted cash	265,360	276,203	36,503
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation	2,668	1,302	2,125
Cash, cash equivalents and restricted cash, beginning of year	1,078,340	800,835	762,207
Cash, cash equivalents and restricted cash, end of year	1,346,368	1,078,340	800,835
Cash paid for taxes, net of refunds	205,717	181,635	191,569
Cash paid for amounts included in the measurement of operating lease liabilities	44,592	53,346	52,893
Cash paid for interest on long-term debt	0	0	2,970
Right-of-use assets obtained in exchange for lease obligations	48,315	12,927	10,544

Note: Segment Information

Segment InformationThe Company's Chief Executive Officer, who is the chief operating decision maker ("CODM"), regularly assesses performance and decides how to allocate resources primarily based on consolidated net income reported in the Consolidated Income Statements. The CODM uses consolidated net income to assess performance and make operating decisions by monitoring consolidated net income actual results compared to forecasted results, as well as reviewing historical performance trends. The CODM also manages the Company’s operations by reviewing consolidated net revenues by products and services and consolidated expense information consistent with the financial statement line items reported in the Consolidated Income Statements. Significant expenses include cost of net revenues by products and services, sales and marketing expenses, research and development expenses, general and administrative expenses, restructuring charges, and provision for income taxes, all of which are presented in the Consolidated Income Statements. Other segment items primarily include interest income, interest expense, and foreign currency transactions gains and losses, which are presented in other income, net in the Consolidated Income Statements. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. The accounting policies and description of products and services are those described in Note 1.Revenues by Geographic Location and Other InformationThe Company does business in three main geographic regions: the Americas (primarily the United States); Europe, the Middle East, and Africa ("EMEA"); and the Asia Pacific region ("APAC"). The Company’s CODM reviews financial information presented on a consolidated basis accompanied by information about net product revenues and revenues by geographic region. The Company’s foreign offices conduct sales, marketing, research and development, and support activities. Revenues are attributed by geographic location based on the location of the end-user customer.

Note: Revenue from Contracts with Cus

Revenue from Contracts with CustomersCapitalized Contract Acquisition CostsThe table below shows significant movements in capitalized contract acquisition costs (current and noncurrent) for the years ended September 30, 2025, 2024, and 2023 (in thousands):202520242023Balance, beginning of year$66,258 $66,468 $77,220 Additional capitalized contract acquisition costs48,532 35,173 26,960 Amortization of capitalized contract acquisition costs(38,238)(35,383)(37,712)Balance, end of year$76,552 $66,258 $66,468 Amortization of capitalized contract acquisition costs was $38.2 million, $35.4 million, and $37.7 million for the years ended September 30, 2025, 2024, and 2023, respectively, and is recorded in Sales and Marketing expense in the accompanying consolidated income statements. There was no impairment of any capitalized contract acquisition costs during any period presented.Contract BalancesTiming may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to the Company's contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations, or for contracts with customers that contain the Company's unconditional rights to consideration, for which the customer has not been billed. These liabilities are classified as current and non-current deferred revenue. The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the years ended September 30, 2025, 2024, and 2023 (in thousands):202520242023Balance, beginning of year$1,797,959 $1,775,121 $1,691,580 Amounts added but not recognized as revenues1,344,094 1,179,350 1,162,698 Deferred revenue acquired through acquisition of businesses789 — 1,800 Revenues recognized related to the opening balance of deferred revenue(1,143,605)(1,156,512)(1,080,957)Balance, end of year$1,999,237 $1,797,959 $1,775,121 Remaining Performance ObligationsRemaining performance obligations represent the amount of the transaction price under contracts with customers that are attributable to performance obligations that are unsatisfied or partially satisfied at the reporting date. The composition of unsatisfied performance obligations consists mainly of deferred service revenue, and to a lesser extent, deferred product revenue, for which the Company has an obligation to perform, and has not yet recognized as revenue in the consolidated financial statements.

Note: Commitments And Contingencies

Commitments and ContingenciesPurchase ObligationsIn October 2022, the Company entered into an unconditional purchase commitment with one of its suppliers for the delivery of systems components. Under the terms of the agreement, the Company is obligated to purchase $10 million of component inventory annually, with a total committed amount of $40 million over a four-year term. As of September 30, 2025, the Company had no remaining purchase commitments under the third year of the agreement. The Company's total non-cancelable long-term purchase commitments outstanding as of September 30, 2025 was $10.0 million.LitigationLynwood Investment CY Limited v. F5 Networks et al.On June 8, 2020, Lynwood Investment CY Limited ("Lynwood") filed a lawsuit in the United States District Court for the Northern District of California ("District Court") against the Company and certain affiliates, along with other defendants. In its complaint, Lynwood claims to be the assignee of all rights and interests of Rambler Internet Holding LLC ("Rambler"), and alleges that the intellectual property in the NGINX software originally released by the co-founder of NGINX in 2004 belongs to Rambler (and therefore Lynwood, by assignment) because the software was created and developed while the co-founder was employed by Rambler. Lynwood asserted 26 causes of action against the various defendants, including copyright infringement, violation of trademark law, tortious interference, conspiracy, and fraud. The complaint sought damages, disgorgement of profits, declarations of copyright and trademark ownership, trademark cancellations, and injunctive relief. Lynwood also initiated several trademark opposition and cancellation proceedings before the Trademark Trial and Appeal Board of the United States Patent and Trademark Office, which have all since been suspended. In August and October 2020, the Company and the other defendants filed motions to dismiss Lynwood’s case. On March 25 and 30, 2021, the District Court granted the Company’s and the other defendants’ motions to dismiss with leave to amend. Lynwood filed its amended complaint on April 29, 2021, seeking the same relief against the Company and other defendants. On May 27, 2021, the Company and other defendants filed a consolidated motion to dismiss. The District Court granted the consolidated motion to dismiss without leave to amend on August 16, 2022 and entered final judgment against Lynwood on September 9, 2022.

Note: Debt Facilities

Debt FacilitiesTerm Credit AgreementIn connection with the acquisition of Shape, on January 24, 2020, the Company entered into a Term Credit Agreement ("Term Credit Agreement") with certain institutional lenders that provides for a senior unsecured term loan facility in an aggregate principal amount of $400.0 million (the "Term Loan Facility"). The Term Loan Facility had an original maturity date of January 24, 2023 with quarterly installments equal to 1.25% of the original principal amount. Borrowings under the Term Loan Facility bore interest at a rate equal to LIBOR, plus an applicable margin of 1.125% to 1.75% depending on the Company's leverage ratio. The proceeds from the Term Loan Facility were primarily used to finance the acquisition of Shape and related expenses. In connection with the Term Loan Facility, the Company incurred $2.2 million in debt issuance costs, which were recorded as a reduction to the carrying value of the principal amount of the debt. On December 15, 2022, the Company voluntarily prepaid, in full, all borrowings under the Term Loan Facility, including the outstanding principal balance of $350.0 million, and all accrued, but unpaid interest outstanding of $3.0 million. All remaining debt issuance costs were amortized to interest expense in connection with the prepayment. As a result of the payoff of its Term Loan Facility, the Company was released of any and all obligations, maintenance of covenants, and indebtedness under the Term Credit Agreement. The weighted average interest rate on the principal amount under the Term Loan Facility outstanding balance was 4.072% for the period of October 1, 2022 to December 15, 2022.Revolving Credit AgreementOn January 31, 2020, the Company entered into a Revolving Credit Agreement (the "Revolving Credit Agreement") that provides for a senior unsecured revolving credit facility in an aggregate principal amount of $350.0 million (the "Revolving Credit Facility"). The Company has the option to increase commitments under the Revolving Credit Facility from time to time, subject to certain conditions, by up to $150.0 million. Historically, borrowings under the Revolving Credit Facility bore interest at a rate equal to, at the Company's option, (a) LIBOR, adjusted for customary statutory reserves, plus an applicable margin of 1.125% to 1.

Note: Income Taxes

Income TaxesThe United States and international components of income before income taxes are as follows (in thousands): Years Ended September 30, 202520242023United States$547,633 $430,532 $268,314 International260,703 264,933 217,674 $808,336 $695,465 $485,988 The provision for income taxes consists of the following (in thousands): Years Ended September 30, 202520242023CurrentU.S. federal$90,560 $99,745 $115,170 State20,937 17,957 18,359 Foreign77,008 79,200 66,053 Total188,505 196,902 199,582 DeferredU.S. federal(45,160)(51,968)(89,280)State(10,476)(11,100)(18,576)Foreign(16,913)(5,147)(686)Total(72,549)(68,215)(108,542)$115,956 $128,687 $91,040 The effective tax rate differs from the U.S. federal statutory rate as follows (in thousands): Years Ended September 30, 202520242023Income tax provision at statutory rate$169,750 $146,048 $102,058 State taxes, net of federal benefit11,724 10,548 6,806 Foreign-derived intangible income deduction(32,192)(28,036)(30,086)Tax impact of foreign earnings(9,922)7,359 9,856 Research and development and other credits(24,467)(14,748)(17,654)Stock-based and other compensation(2,635)8,145 20,145 Other3,698 (629)(85)$115,956 $128,687 $91,040 The Company does not maintain an indefinite reinvestment assertion on unremitted foreign earnings and has recorded a deferred tax liability for any estimated foreign, federal, or state tax liabilities associated with a future repatriation of foreign earnings.The Company benefits from tax incentive arrangements in certain foreign jurisdictions, which expire in fiscal years 2026 to 2034. The tax incentive agreements are conditional upon meeting certain operational, employment, and investment requirements. These arrangements decreased foreign taxes by $9.4 million, $7.2 million and $6.0 million, and increased diluted earnings per common share by $0.16, $0.12 and $0.10 for the years ended September 30, 2025, 2024 and 2023, respectively.

Note: Stock-Based Compensation

Stock-based CompensationThe Company recognized $231.5 million, $219.1 million and $236.7 million of stock-based compensation expense for the fiscal years ended September 30, 2025, 2024 and 2023, respectively. The income tax benefit recognized on stock-based compensation within income tax expense was $49.9 million, $44.4 million and $44.7 million for the fiscal years ended September 30, 2025, 2024 and 2023, respectively. As of September 30, 2025, there was $229.0 million of total unrecognized stock-based compensation cost, the substantial majority of which will be recognized over approximately two years. Going forward, stock-based compensation expenses may increase as the Company issues additional equity-based awards to continue to attract and retain key employees. On October 31, 2025, the Company’s Board of Directors and Talent and Compensation Committee approved 81,099 RSUs to be granted to executive officers pursuant to the Company’s annual equity awards program. The Company has adopted a number of stock-based compensation plans as discussed below.2011 Employee Stock Purchase Plan. In April 2012, the Board of Directors amended and restated the Company’s 1999 Employee Stock Purchase Plan, or the Employee Stock Purchase Plan. A total of 12,000,000 shares of common stock have been reserved for issuance under the Employee Stock Purchase Plan. The Employee Stock Purchase Plan permits eligible employees to acquire shares of the Company’s common stock through periodic payroll deductions of up to 15% of base compensation. No employee may purchase more than 10,000 shares during an offering period. In addition, no employee may purchase more than $25,000 worth of stock, determined by the fair market value of the shares at the time such option is granted, in one calendar year. The Employee Stock Purchase Plan has been implemented in a series of offering periods, each 6 months in duration. The price at which the common stock may be purchased is 85% of the lesser of the fair market value of the Company’s common stock on the first day of the applicable offering period or on the last day of the respective purchase period. As of September 30, 2025 there were 1,666,569 shares available for awards under the Employee Stock Purchase Plan.

Note: Leases

LeasesThe majority of the Company's operating lease payments relate to its corporate headquarters in Seattle, Washington, which includes approximately 515,000 square feet of office space. The lease commenced in April 2019 and expires in 2033 with an option for renewal. The Company also leases additional office and lab space for product development and sales and support personnel in the United States and internationally. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.The components of the Company's operating lease expenses for the years ended September 30, 2025, 2024, and 2023 were as follows (in thousands):Fiscal year ended September 30, 202520242023Operating lease expense$39,630 $40,655 $47,036 Short-term lease expense2,890 2,791 2,986 Variable lease expense23,032 23,268 23,139 Total lease expense$65,552 $66,714 $73,161 Variable lease expense primarily consists of common area maintenance, real estate taxes and parking expenses.Supplemental balance sheet information related to the Company's operating leases was as follows (in thousands, except lease term and discount rate):September 30,20252024Operating lease right-of-use assets, net$185,601 $178,180 Operating lease liabilities, current131,042 33,779 Operating lease liabilities, long-term230,749 215,785 Total operating lease liabilities$261,791 $249,564 Weighted average remaining lease term (in years)7.77.9Weighted average discount rate3.24 %2.94 %(1)Current portion of operating lease liabilities is included in accrued liabilities on the Company's consolidated balance sheets.As of September 30, 2025, the future operating lease payments for each of the next five years and thereafter is as follows (in thousands):Fiscal Years Ending September 30:Operating LeasePayments2026$38,700 202740,386 202837,001 202934,188 203033,715 Thereafter115,208 Total lease payments299,198 Less: imputed interest(37,407)Total lease liabilities$261,791 Operating lease liabilities above do not include sublease income. As of September 30, 2025, the Company expects to receive sublease income of approximately $7.5 million, which consists of $2.3 million to be received in fiscal year 2026 and $5.2 million to be received over the seven fiscal years thereafter.During the year ended September 30, 2023, the Company recorded an impairment of $3.

Note: Business Combinations

Business CombinationsFiscal Year 2025 Acquisition of CalypsoAI CorpOn 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, with CalypsoAI immediately becoming a wholly-owned subsidiary of F5 upon the closing of the transaction. The addition of CalypsoAI's platform brings real-time threat defense, red teaming at scale, and data security to enterprises racing to deploy generative and agentic AI. These capabilities will be integrated into the F5 ADSP to create an enhanced solution for securing AI inference.As a result of the acquisition, the Company acquired all the assets and assumed all the liabilities of CalypsoAI. The goodwill related to the CalypsoAI acquisition is comprised primarily of expected synergies from combining operations and the acquired intangible assets that do not qualify for separate recognition. Goodwill related to the CalypsoAI acquisition was not deductible for tax purposes. Transaction costs associated with the acquisition were not material.The allocated purchase consideration to assets acquired and liabilities assumed based on preliminary estimated fair values is presented in the following table (in thousands):Other net tangible assets acquired, at fair value$14,151 Identifiable intangible assets, developed technology16,900 Goodwill114,156 Total net assets acquired$145,207 The initial allocation of the purchase price was based on preliminary valuations and assumptions and is subject to change within the measurement period. The Company expects to finalize the allocation of the purchase price as soon as practicable and no later than one year from the acquisition date.The developed technology intangible assets are amortized on a straight-line basis over the weighted average estimated useful life of 4.21 years and included in cost of net product revenues. The estimated useful lives for the acquired intangible assets were based on the expected future cash flows associated with the respective asset.The pro forma financial information, as well as the revenue and earnings generated by CalypsoAI, were not material to the Company's operations for the periods presented.Other Fiscal Year 2025 AcquisitionsDuring the second, third and fourth quarters of fiscal 2025, the Company completed three additional acquisitions. The acquired assets and assumed liabilities of the acquisitions were not material and the Company recorded $17.

Long notes are shortened. The full text is in the filing.

Filings

Newest first, from SEC EDGAR

Current report (8-K) ↗ Filed 27 Oct 2026
Quarterly report (10-Q) ↗ Filed 6 Aug 2026
Current report (8-K) ↗ Filed 27 Jul 2026
Current report (8-K) ↗ Filed 23 Jun 2026
Quarterly report (10-Q) ↗ Filed 5 May 2026
Current report (8-K) ↗ Filed 28 Apr 2026
Current report (8-K) ↗ Filed 28 Apr 2026
Current report (8-K) ↗ Filed 13 Mar 2026
Quarterly report (10-Q) ↗ Filed 5 Feb 2026
Proxy statement (DEF 14A) ↗ Filed 26 Jan 2026
Quarterly report (10-Q) ↗ Filed 6 Aug 2025
Proxy statement (DEF 14A) ↗ Filed 27 Jan 2025
Annual report (10-K) ↗ Filed 18 Nov 2024
Annual report (10-K) ↗ Filed 14 Nov 2023
Annual report (10-K) ↗ Filed 15 Nov 2022
Annual report (10-K) ↗ Filed 16 Nov 2021

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