F5, Inc.

Strong Q3 performance; momentum across product + AI - Q3 revenue +$11% YoY to $865M (above the top end of guidance); product revenue +19% YoY to $463M and total growth +11% - Revenue mix: 54% product / 46% services; recurring sources 69% of Q3 revenue - Software subscription mix strong: subscription-based software +9% YoY and ~90% of software revenue was subscription - AI momentum is accelerating: direct AI use-case customer count +50% in Q3; AI security customers +100% in the quarter (not just “AI traffic,” but net-new customers)

Profitability + cash generation stayed healthy - Non-GAAP EPS +$14% YoY to $4.73 - Non-GAAP gross margin 84.2%; GAAP gross margin 82.2% - Q3 cash: $316M cash from operations and $281M free cash flow - Balance sheet: $1.63B cash/investments, deferred revenue $2.19B (+12% YoY) (supports future revenue visibility) - Share repurchase: $100M bought in Q3; $422M remaining on authorization

Upgraded full-year outlook (key positive) - FY26 revenue growth target raised to ~9%–10% (from 7%–8%) - Q4 guidance: $870M–$890M revenue (just under 9% YoY at midpoint) - FY26 non-GAAP EPS: $17.21–$17.33 (up from prior $16.25–$16.55) - FY26 non-GAAP gross margin: 83.5%–84%; non-GAAP operating margin 34.5%–35.5% - No dividend indicated on the call; primary shareholder return is repurchases (at least 50% of free cash flow)