F5, Inc. is a leading provider of multi-cloud application security and delivery solutions, enabling customers to develop, deploy, operate, secure, and govern applications across various architectures, from on-premises to the public cloud . The company's enterprise-grade application services are available as cloud-based, software-as-a-service (SaaS), and software-only solutions optimized for multi-cloud environments, with modules that can run independently or as part of an integrated solution on high-performance appliances . F5 markets and sells its products primarily through indirect sales channels across the Americas, Europe, the Middle East, and Africa (EMEA), and the Asia Pacific region (APAC) .
- Application Security and Delivery Solutions - Provides comprehensive solutions for securing and delivering applications, including BIG-IP software and systems, which are available on both a perpetual license and subscription basis.
- BIG-IP Software - Offers a range of application services that enhance security, performance, and availability.
- F5 NGINX Software - Delivers high-performance application delivery and API management solutions, sold on a subscription basis.
- F5 Distributed Cloud Services - Offers security, multi-cloud networking, and edge-based computing solutions under a unified SaaS platform, available on a subscription basis.
- Global Services - Includes annual maintenance contracts, training, and consulting services to support and enhance the use of F5 products.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
François Locoh-Donou ExecutiveBoard | President, Chief Executive Officer, and Director | Director at Capital One Financial Corporation; Co-founder and Chairperson of Cajou Espoir | CEO since 2017, led F5's transformation into a software-first leader in multi-cloud application security and delivery. Over 70% of revenues are now recurring. | View Report → |
Chad Whalen Executive | Executive Vice President and Chief Revenue Officer | None | Joined F5 in 2017, previously EVP of Worldwide Sales. Drives revenue growth and customer expansion strategies. | |
Kunal Anand Executive | Executive Vice President and Chief Innovation Officer | None | Joined F5 in 2024, previously CTO and CISO at Imperva. Leads F5's technology and AI strategy, including generative AI integration. | |
Lyra Schramm Executive | Executive Vice President and Chief People Officer | None | Joined F5 in 2024, previously held HR leadership roles at Google, Amazon, and the Gates Foundation. Focuses on aligning people initiatives with company growth. | |
Scot Rogers Executive | Executive Vice President and General Counsel | None | General Counsel since 2014, with prior roles in F5's legal department since 2005. Extensive legal and commercial litigation experience. | |
Tom Fountain Executive | Chief Operating Officer | None | Joined F5 in 2018, previously EVP and Chief Strategy Officer. Leads digital transformation and operational efficiency. | |
Alan J. Higginson Board | Chair of the Board | None | Director since 1996, Chair since 2004. Over 30 years of experience in software and technology industries. | |
Elizabeth L. Buse Board | Director | Director at U.S. Bancorp | Director since 2020, former Co-CEO of Monitise and EVP at Visa. Brings financial services and technology expertise. | |
Julie Gonzalez Board | Director | None | Director since 2024, SVP of Business Finance at Workday. Brings financial strategy and planning expertise. | |
Marianne N. Budnik Board | Director | Chief Marketing Officer at VAST Data; Director at Cerence, Inc. | Director since 2022, former CMO at CrowdStrike and CyberArk. Brings marketing and cybersecurity expertise. | |
Maya McReynolds Board | Director | CFO, Client Solutions Group at Dell Technologies | Director since 2024, over 25 years of experience in accounting and finance. Leads financial strategy for Dell's $50B+ business. | |
Michael F. Montoya Board | Director | COO at BlueVoyant; Director at Temasek Holdings Ltd. | Director since 2021, former CISO at Equinix and Microsoft. Brings cybersecurity and risk management expertise. | |
Michael L. Dreyer Board | Director | Director at Coherent Corporation | Director since 2012, former COO of Silicon Valley Bank and CIO of Visa. Brings IT and cybersecurity expertise. | |
Michel Combes Board | Director | EVP at Claure Group; Director at Philip Morris International and Etisalat; Non-voting Board Observer at Assystem SA; Member of Advisory Team at McLaren Racing Limited | Director since 2023, former CEO of Sprint, Altice, and Alcatel-Lucent. Extensive telecom and technology leadership experience. | |
Nikhil Mehta Board | Director | CEO of Gainsight, Inc.; Director at Pubmatic, Inc. | Director since 2019, CEO of Gainsight. Brings SaaS and customer success expertise. | |
Peter S. Klein Board | Director | Director at Denali Therapeutics Inc. and Accolade, Inc. | Director since 2015, former CFO of Microsoft. Brings financial expertise and serves as an audit committee financial expert. | |
Tami Erwin Board | Director | Director at Deere & Company, Xerox Corporation, and York Space Systems; Operating Partner at Digital Gravity Infrastructure Partners; Member of CEO Advisory Council at Cohesity; Senior Fellow at Mission Possible Partnership | Director since 2023, former CEO of Verizon Business Group. Brings expertise in digital transformation and scaling innovation. |
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Are you experiencing increased attrition in your sales team due to competitors poaching your staff, and how is this affecting your go-to-market strategy?
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The shift from hardware to software seems slower than expected, with customers preferring hardware solutions; do you anticipate a more rapid shift to software in the upcoming upgrade cycle, or will hardware continue to be a significant part of your revenue mix?
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With the $65 million headwind from retiring legacy SaaS businesses and migrating Silverline to Distributed Cloud Services, are you on track with this transition, and how are you mitigating the associated revenue impact?
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Given the challenges in your bot manager business, including customer churn due to preference for lower-cost or platform-based solutions, what strategies are you implementing to improve its performance and address competitive pressures?
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While you expect hardware demand to stabilize or grow next year due to tech refresh cycles and AI opportunities, how confident are you in this outlook considering industry trends toward software and cloud solutions, and what risks could affect this hardware demand?
Research analysts who have asked questions during F5 earnings calls.
Amit Daryanani
Evercore
6 questions for FFIV
Michael Ng
Goldman Sachs
6 questions for FFIV
Samik Chatterjee
JPMorgan Chase & Co.
6 questions for FFIV
Meta Marshall
Morgan Stanley
5 questions for FFIV
Ryan Koontz
Needham & Company, LLC
5 questions for FFIV
James Fish
Piper Sandler Companies
4 questions for FFIV
Simon Leopold
Raymond James
4 questions for FFIV
Tal Liani
Bank of America
4 questions for FFIV
George Notter
Jefferies
3 questions for FFIV
Tim Long
Barclays
3 questions for FFIV
Matt Dezort
William Blair & Company
2 questions for FFIV
Matthew Hedberg
RBC Capital Markets
2 questions for FFIV
Timothy Long
Barclays
2 questions for FFIV
Brent Bracelin
Piper Sandler Companies
1 question for FFIV
Maryanne Sarfati
Morgan Stanley
1 question for FFIV
Matt Desert
Needham & Company, LLC
1 question for FFIV
Michael Richards
RBC Capital Markets
1 question for FFIV
Mike Ng
Goldman Sachs
1 question for FFIV
Priyanka Thapa
J.P. Morgan
1 question for FFIV
Sebastien Cyrus Naji
William Blair & Company, L.L.C.
1 question for FFIV
Sebastien Naji
William Blair
1 question for FFIV
Tomer Zilberman
Bank of America
1 question for FFIV
W. Chiu
Raymond James
1 question for FFIV
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Citrix | Competes with the company's BIG-IP offerings in the application delivery space, focusing on reliability across environments from on-premises to multicloud. |
Competes with the company's BIG-IP offerings in application delivery and is also a competitor in multicloud networking through F5 Distributed Cloud Services. | |
Amazon Web Services (AWS) | Competes with the company's F5 NGINX offerings in optimizing Kubernetes traffic management and load balancing for cloud-native and hybrid cloud applications. |
Google Cloud Platform | Competes with the company's F5 NGINX offerings in optimizing Kubernetes traffic management and load balancing for cloud-native and hybrid cloud applications. |
Envoy | Competes with the company's F5 NGINX offerings in optimizing Kubernetes traffic management and load balancing for cloud-native and hybrid cloud applications. |
HAProxy | Competes with the company's F5 NGINX offerings in optimizing Kubernetes traffic management and load balancing for cloud-native and hybrid cloud applications. |
Competes with the company in application security, offering solutions such as web application firewalls, bot detection and mitigation, API protection, and DDoS mitigation. Also competes in edge services and multicloud networking through F5 Distributed Cloud Services. | |
Competes with the company in application security and multicloud networking, offering solutions such as web application firewalls and carrier-grade firewalls. | |
Competes with the company in application security, offering solutions such as web application firewalls, bot detection and mitigation, and DDoS mitigation. Also competes in edge services and multicloud networking through F5 Distributed Cloud Services. | |
Competes with the company in application security, offering solutions such as web application firewalls, bot detection and mitigation, and carrier-grade firewalls. | |
Competes with the company in application security, offering solutions such as web application firewalls and carrier-grade firewalls. | |
Competes with the company in application security, offering solutions such as web application firewalls and carrier-grade firewalls. | |
Competes with the company in application security, offering solutions such as web application firewalls, bot detection and mitigation, and DDoS mitigation. | |
Thales | Competes with the company in application security, offering solutions such as web application firewalls and carrier-grade firewalls. |
Competes with the company in edge services and multicloud networking through F5 Distributed Cloud Services. | |
Aviatrix | Competes with the company in multicloud networking as a pure-play vendor. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Multiple Acquisitions | 2024 | In Q2 of fiscal 2024, F5 completed two acquisitions that involved non-material acquired assets and assumed liabilities, with the company recording $23.6 million in goodwill and no material impact on operating results. |
Lilac Cloud, Inc. | 2023 | F5 acquired Lilac Cloud, Inc. via a merger agreement (signed on January 22, 2023 and closed on February 1, 2023) to enhance its CDN technology portfolio; the deal included the adoption of equity incentive plans reserving shares for employees and consultants, with minimal financial impact. |
Threat Stack, Inc. | 2022 | F5 completed the Threat Stack, Inc. acquisition with a cash purchase of approximately $68.9 million, incurring additional transaction costs of $1.5 million, and acquired key assets including $43.956 million in goodwill, thereby bolstering its cloud security capabilities. |
Recent press releases and 8-K filings for FFIV.
- The law firm of Kessler Topaz Meltzer & Check, LLP is investigating potential federal securities law violations on behalf of F5, Inc. (NASDAQ: FFIV) investors following a disclosed cybersecurity breach.
- On August 9, 2025, a nation-state threat actor gained persistent unauthorized access to F5 systems, including the BIG-IP product development environment, and exfiltrated source code and vulnerability information.
- Following F5’s October 15, 2025 disclosure, the share price fell over 10%, dropping from $330.75 to $295.35 on October 16, 2025.
- Investors with significant losses are encouraged to contact Kessler Topaz for more information or to participate in the investigation.
- F5 shares fell $22.83 (–7.8%) on October 28, 2025 after the company’s Q4 2025 results and conservative guidance, partly due to a cybersecurity breach discovered in August 2025.
- On October 15, 2025, F5 disclosed that a nation-state actor maintained long-term access and downloaded files from its systems, triggering a further $47.82 (–13.9%) drop over two days.
- Management guided for 0%–4% revenue growth in 2026 vs. 10% growth in 2025, attributing the deceleration to near-term impacts of the security incident.
- National shareholders’ rights firm Hagens Berman has launched an investigation into whether F5 timely disclosed the breach and its business effects, following a $1.3 billion loss in market value on October 28, 2025.
- Hagens Berman launched an investigation on Nov. 5, 2025 into whether F5 timely disclosed an August cybersecurity breach after shares slid following its Q4 results and guidance.
- On Oct. 15, 2025, F5 revealed a nation-state actor had long-term access to its systems, triggering a 13.9% share drop over two days.
- At its Oct. 27 earnings call, F5 guided 0%–4% revenue growth for 2026 versus 10% in 2025, attributing the deceleration to the security incident and causing shares to fall 7.8%.
- The combined share declines erased over $1.3 billion in market value, intensifying questions about the adequacy of F5’s disclosures under SEC rules.
- Hagens Berman launched an investigation into whether F5’s disclosures about an August 2025 cybersecurity breach were timely and adequate after shares slid 7.8% on October 28, 2025.
- On October 15, 2025, F5 disclosed that a nation-state actor had maintained persistent access to its systems since August, triggering a 13.9% decline in its share price over the following two days.
- In its October 27 Q4 and FY 2025 earnings report, F5 guided for 0%–4% revenue growth in 2026—down from 10% in 2025—citing near-term impacts of the security incident.
- The combined market reaction erased over $1.3 billion in shareholder value on October 28, 2025.
- F5 announced integration and validation of BIG-IP Next for Kubernetes with NVIDIA RTX PRO 6000 Blackwell Server Edition, enhancing enterprise AI traffic management, security, and scalability.
- The solution delivers at least 30% increase in token generation, improved Time to First Token, and optimized LLM routing and load balancing for AI workloads.
- Advanced L4–L7 security features, including firewall, DDoS protection, intrusion prevention, and Model Context Protocol, paired with NVIDIA DOCA Argus, bolster real-time threat detection for AI applications.
- The partnership maximizes token generation per watt, addressing efficiency in power-constrained data centers and is generally available through NVIDIA channels.
- Kessler Topaz Meltzer & Check is investigating potential federal securities law violations on behalf of F5, Inc. investors.
- On October 15, 2025, F5 revealed that a nation-state threat actor gained unauthorized access on August 9, 2025, exfiltrating BIG-IP source code and undisclosed vulnerability data.
- The company’s stock plunged over 10%, falling from $330.75 to $295.35 following the disclosure.
- Investors with significant losses are urged to contact Kessler Topaz Meltzer & Check for more information.
- Bragar Eagel & Squire, P.C. is investigating potential claims against F5, Inc. after the company disclosed a security breach that may involve securities law violations.
- On October 15, 2025, F5 revealed that a nation-state threat actor accessed systems in early August, exfiltrating portions of its BIG-IP source code and vulnerability information.
- F5’s share price fell by $35.40 (approx 10.7%) from $330.75 on October 15 to $295.35 on October 16, 2025.
- Affected investors are encouraged to contact partners Brandon Walker or Marion Passmore for a no-cost consultation.
- F5 integrates BIG-IP Next for Kubernetes with NVIDIA BlueField-4 DPUs to support gigascale AI infrastructure capable of 800 Gb/s throughput.
- Integration delivers a 30% increase in token generation capacity and optimized LLM inference via NVIDIA Dynamo and KV Cache Manager.
- Advanced features include intelligent routing through NVIDIA NIM, granular token governance, and zero-trust security with the NVIDIA DOCA framework.
- FY 2025 revenue exceeded $3.0 billion (+10% y/y) and EPS grew 18%; gross margin was 83.6% and operating margin 35.2%; record free cash flow of $906 million (+19% y/y).
- Q4 2025 revenue of $810 million (+8% y/y) with product revenue up 16% to $414 million and services revenue up 2% to $396 million; non-GAAP gross margin 84.3% and non-GAAP EPS of $4.30.
- FY 2026 guidance calls for 0–4% revenue growth, non-GAAP gross margin of 83–83.5%, non-GAAP operating margin of 33.5–34.5%, and EPS of $14.50–15.50; Q1 revenue is guided at $730–780 million with EPS of $3.35–3.85.
- Following an August 9 security incident, F5 activated its response, released critical BIG-IP patches, and is investing in security—including appointing a CTO of Technology Operations and deploying EDR with CrowdStrike.
- F5 repurchased $125 million of shares in Q4 (avg. price $297) and plans to allocate at least 50% of free cash flow to buybacks in FY 2026.
- Q4 2025 revenue was $810 million, up 8% YoY; non-GAAP gross margin was 84.3% and non-GAAP operating margin 37%, with non-GAAP EPS of $4.39, a 20% increase.
- FY2025 full-year revenue exceeded $3 billion (+10% YoY) and operating profit surpassed $1 billion; free cash flow was $906 million, up 19%.
- Share repurchases totaled $125 million in Q4 at an average price of $297, representing 55% of FY2025 free cash flow.
- For FY2026, F5 guides 0–4% revenue growth, non-GAAP gross margin of 83–83.5%, non-GAAP operating margin of 33.5–34.5%, and EPS of $14.50–15.50; Q1 revenue is guided at $730–780 million and EPS at $3.35–3.85.
- The company detailed its incident response to an August 9 breach of BIG-IP products, highlighted rapid software updates by customers, and announced further security investments including hiring Michael Montoya as CTOO.