A10 Networks (ATEN) Company Report

A10 Networks reported full year 2025 revenue of $290.6 million, Adjusted EBITDA of 29.6%, and non-GAAP EPS of $0.90, achieving the Rule of Forty with a combined growth and EBITDA percentage of 40.6.
The company provided a financial outlook, targeting 10%-12% revenue growth and 28%-30% Adjusted EBITDA margins for 2026, with a 12%+ revenue CAGR and 28%-30%+ Adjusted EBITDA margins for 2027-2028.
A10 Networks is strategically shifting its portfolio towards next-gen networking and network security, which now comprise over 70% of revenue (up from approximately 50% in 2022), with security-led revenue reaching 72% in FY 2025.
The company is expanding its offerings with AI-powered predictive analytics, AI prompt and traffic routing, and AI inference security solutions, leveraging its existing platform and domain knowledge to address new AI-driven infrastructure demands.
A10 Networks maintains a strong balance sheet with $378 million in cash and marketable securities and a disciplined capital allocation strategy focused on organic growth, shareholder returns, and strategic M&A.

Feb 19, 2026, 9:00 PM

Transcript

A10 Networks outlines 2025 financial performance and future growth strategy

ATEN

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

A10 Networks reported 2025 revenues of just under $291 million, an 11% year-over-year increase, with an adjusted EBITDA margin of 29.6% and $0.90 EPS.
The company is strategically shifting its portfolio, with next-gen networking and network security now comprising over 70% of revenue (up from half in 2022), and projected to grow at 16%-18% and 14%-16% respectively.
For 2026, A10 Networks targets 10%-12% revenue growth and 28%-30% adjusted EBITDA margins, with non-GAAP EPS growth exceeding revenue growth.
The company anticipates sustaining a 12%+ revenue CAGR and expanded adjusted EBITDA margins of 28%-30%+ for 2027 and 2028.
A10 Networks is expanding its offerings to include AI predictive performance and analytics, AI prompt and traffic routing, and AI inference security solutions, leveraging its expertise to address the demands of AI infrastructure.

Feb 19, 2026, 9:00 PM

Transcript

A10 Networks Reports Strong FY 2025 Results and Provides 2026-2028 Financial Outlook

ATEN

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

A10 Networks reported full year 2025 results, including $290.6 million in revenue, an 11% year-over-year increase, and achieved a 29.6% adjusted EBITDA margin, resulting in $0.90 adjusted non-GAAP EPS. The company also met its "Rule of Forty" framework with a combined 40.6 (revenue growth + EBITDA %).
The company is strategically evolving its portfolio, with next-gen networking and network security now comprising over 70% of revenue, up from approximately half in 2022. Security-led revenue reached 72% in 2025 and is targeted to remain above 65%.
For 2026, A10 Networks targets 10%-12% revenue growth and 28%-30% adjusted EBITDA margins, with non-GAAP EPS growth expected to exceed revenue growth. The company projects a 12%+ revenue CAGR and expanded adjusted EBITDA margins of 28%-30%+ for 2027 and 2028.
A10 Networks is expanding its offerings to support AI infrastructure, focusing on AI-powered predictive analytics, AI prompt and traffic routing, and AI inference security solutions, leveraging its expertise in network traffic and low-latency performance.

Feb 19, 2026, 9:00 PM

Transcript

ATEN Reports Record Q4 and Full-Year 2025 Financial Results, Issues Convertible Senior Notes

ATEN

Earnings

Debt Issuance

Revenue Acceleration/Inflection

A10 Networks reported record quarterly revenue of $80.4 million in Q4 2025, marking an 8.3% increase year-over-year.
For the full year 2025, the company achieved record full-year revenue of $290.6 million, an 11% increase year-over-year.
Non-GAAP diluted EPS for Q4 2025 was $0.26, with an Adjusted EBITDA margin of 31%.
Full-year 2025 Non-GAAP diluted EPS was $0.90, and the Adjusted EBITDA margin reached a record 29.7%.
The company's long-term debt stood at $218.8 million as of December 31, 2025, primarily from $225 million Convertible Senior Notes issued in March 2025.

Feb 4, 2026, 9:30 PM

Presentation

ATEN Reports Record Q4 and Full-Year 2025 Results, Provides 2026 Outlook

ATEN

Earnings

Guidance Update

Dividends

Share Buyback

Revenue Acceleration/Inflection

A10 Networks reported record quarterly revenue of $80.4 million in Q4 2025, an 8.3% year-over-year increase, and record full-year 2025 revenue of $290.6 million, up 11% year-over-year.
For the full year 2025, the company achieved record adjusted EBITDA of $86 million, representing 29.6% of revenue.
Security-led solutions reached their long-term goal, accounting for 65% of total revenue in Q4 2025 and 72% for the full year. Growth was also driven by investments in AI-driven workloads and strong performance in the Americas region, which saw a 30% increase in revenue for the year.
A10 Networks returned $86.3 million to shareholders in 2025 through $17.4 million in cash dividends and $68.9 million in share repurchases. The board approved a quarterly cash dividend of $0.06 per share to be paid on March 2, 2026.
For the full year 2026, the company anticipates revenue growth of 10%-12% over 2025 levels, with non-GAAP gross margins of 80%-82%, and EPS growth exceeding the revenue growth rate.

Feb 4, 2026, 9:30 PM

Transcript

A10 Networks Reports Record Q4 and Full-Year 2025 Results, Provides 2026 Outlook

ATEN

Earnings

Guidance Update

Revenue Acceleration/Inflection

A10 Networks reported record Q4 2025 revenue of $80.4 million and record full-year 2025 revenue of $290.6 million, marking 11% year-over-year growth.
Full-year 2025 results included record adjusted EBITDA of $86 million, representing 29.6% of revenue, and non-GAAP EPS of $0.90 per share.
The company's security-led solutions comprised 72% of total revenue for the full year 2025, with significant growth in the Americas, and continued investment in AI-related solutions.
For 2026, A10 Networks expects revenue growth of 10%-12% over 2025 levels, with non-GAAP gross margins of 80%-82% and EPS growth exceeding revenue growth.
In 2025, the company returned $86.3 million to shareholders through $17.4 million in cash dividends and $68.9 million in share repurchases.

Feb 4, 2026, 9:30 PM

Transcript

A10 Networks Reports Financial Results for Q4 and Full Year 2025

ATEN

Earnings

Guidance Update

Share Buyback

A10 Networks reported record quarterly revenue of $80.4 million for Q4 2025 and record annual revenue of $290.6 million for the full year 2025, representing an 11.0% increase year-over-year.
For Q4 2025, GAAP net income was $9.9 million ($0.14 per diluted share) and non-GAAP net income was $19.1 million ($0.26 per diluted share). For the full year 2025, GAAP net income was $42.1 million ($0.57 per diluted share) and non-GAAP net income was $66.3 million ($0.90 per diluted share), with record non-GAAP Adjusted EBITDA of $86.0 million.
The company returned $86.3 million to investors in 2025, including $68.9 million for share repurchases and $17.4 million in cash dividends. As of December 31, 2025, A10 held $377.8 million in cash, cash equivalents, and marketable securities, and had $218.8 million in long-term debt from convertible senior notes issued in March 2025.
For 2026, management expects full-year revenue growth of 10-12% and EPS growth of 12-14% year-over-year, with non-GAAP gross margin anticipated to be 80-82%.

Feb 4, 2026, 9:18 PM

8-K

A10 Networks Reports Record Q4 and Full-Year 2025 Financial Results

ATEN

Earnings

Guidance Update

Share Buyback

A10 Networks reported record full-year 2025 revenue of $290.6 million, an 11.0% increase year-over-year compared to $261.7 million in 2024, and record quarterly revenue of $80.4 million for Q4 2025.
For full-year 2025, GAAP net income was $42.1 million ($0.57 per diluted share) and non-GAAP net income was $66.3 million ($0.90 per diluted share).
The company returned $86.3 million to investors in 2025, repurchasing 3.67 million shares for $68.9 million and paying $17.4 million in cash dividends.
As of December 31, 2025, A10 Networks held $377.8 million in cash, cash equivalents, and marketable securities, an increase from $195.5 million as of December 31, 2024.
For 2026, management expects full-year revenue growth of 10-12% and EPS growth exceeding revenue growth, representing 12-14% year-over-year.

Feb 4, 2026, 9:06 PM

Press Release

ATEN Reports Strong Q3 2025 Financial Results and Appoints New CFO

ATEN

Earnings

CFO Change

Guidance Update

A10 Networks reported Q3 2025 revenue of $74.7 million, an increase of 12% year-over-year, driven by 17% product revenue growth and 6% service revenue growth. The company achieved strong profitability with non-GAAP operating margin expanding to 24.7% and Adjusted EBITDA at 29.3% of revenue.
Growth was significantly influenced by AI-related deployments and the Americas region, which contributed 65% of global revenue in Q3 and increased 25% on a trailing 12-month basis. Security-led revenue also exceeded the long-term target of 65% of total revenue.
The company expects a full-year growth rate of 10% for 2025 and aims for high single-digit growth (8%-10%) in 2026, targeting EBITDA margins of 26%-28%. Additionally, A10 Networks announced the appointment of Michelle Karan as the new Chief Financial Officer and approved a quarterly cash dividend of $0.06 per share.

Nov 4, 2025, 9:30 PM

Transcript

A10 Networks Reports Q3 2025 Results and Announces New CFO

ATEN

Earnings

CFO Change

Revenue Acceleration/Inflection

A10 Networks reported Q3 2025 revenue of $74.7 million, representing an 11.9% increase year-over-year.
The company achieved a Non-GAAP gross margin of 80.7% and Non-GAAP EPS of $0.23 for Q3 2025.
Adjusted EBITDA for Q3 2025 was $21.9 million.
As of September 30, 2025, A10 Networks held $370.9 million in cash and marketable securities and had $218.5 million in long-term debt.
A new Chief Financial Officer (CFO) was announced.