Analyst Consensus ?
ConsensusHold60 ratings
Bullish2541.7%
Neutral3253.3%
Bearish35.0%
1 unmapped firm rating excluded from the percentages.
F5, Inc. · FFIV · FY2026 Q1 · Calendar Q1 2026
F5 Raises FY2026 Outlook on AI and Hybrid Multicloud Demand
The current analysis supports a constructive view of F5's near-term trajectory: Q1 growth accelerated across product and systems revenue, while management cited hybrid multicloud, AI workloads, and converged platforms as demand drivers. The raised FY2026 outlook strengthens that case, but memory costs, software-growth lag, and possible second-half deceleration are important counterweights.
Reported After market closeNASDAQTechnology
$24.57B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.45
Consensus $3.64
EPS surprise
+22.3%
Reported versus consensus
Reported revenue
$822.5M
Consensus $764.2M
Revenue surprise
+7.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+8.1%
Event window
SPY move
-0.0%
Same window
Abnormal move
+8.1%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
-5.1%
Up to 20 sessions
FFIVSPY benchmark
Ask FN2 about FFIV FY2026 Q1
Transcript, numbers and history already loaded
Why did FFIV rise 8.1% after beating EPS estimates in FY2026 Q1?What changed in FFIV's guidance and outlook in FY2026 Q1?Give me the bull and bear case for FFIV after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management moved from lowered FY2026 guidance to a raised 5-6% revenue-growth outlook, citing strong Q1 execution and demand from hybrid multicloud, AI workloads, and platform convergence. The supplied analysis also indicates the security incident caused minimal demand disruption, while memory-cost pressure has become a more prominent risk.
Guidance delta
Management raised FY2026 guidance to 5-6% revenue growth, non-GAAP EPS of $15.65-$16.05, and 34-35% operating margin, from the prior quarter's lowered 0-4% revenue-growth outlook.
Key takeaways
- Q1 revenue reached $822M, up 7%, with product revenue up 11% and systems revenue up 37%.
- Management identified hybrid multicloud, AI adoption, and converged delivery-security platforms as primary growth engines.
- The recent security incident caused minimal demand disruption in the supplied analysis.
- Memory-cost pressure is a risk, with supply-chain actions intended to support component availability.
Management priorities
- Launch BIG-IP version 21.0 with AI workload optimizations and MCP support.
- Extend API-discovery engines to on-premises environments.
- Invest in XOps analytics, policy automation, and telemetry.
- Expand AI guardrails and integrate Calypso.ai technology.
- Maintain the share-repurchase program targeting at least 50% of free cash flow.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$430.32Current
$175Low
$283.43Average
$475High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Jul 28, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 28, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 28, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 28, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 9, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | May 26, 2026 |
| Evercore ISI Group | Outperform | In Line | Upgrade | May 18, 2026 |
| Needham | Hold | Hold | Maintain | Apr 29, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jan 28, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jan 18, 2024 |
| TD Cowen | Outperform | Outperform | Maintain | Apr 20, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 20, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 25, 2023 |
| Loop Capital | Buy | Buy | Maintain | Jan 18, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Jul 14, 2022 |
| MKM Partners | Buy | Neutral | Upgrade | Oct 23, 2020 |
| Wolfe Research | Outperform | Outperform | Maintain | Jul 24, 2020 |
| Nomura Instinet | Buy | Buy | Maintain | Apr 28, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 28, 2020 |
| Bank of America | Underperform | Buy | Downgrade | Dec 5, 2019 |
| Piper Jaffray | Overweight | Neutral | Upgrade | Sep 9, 2019 |
| PiperJaffray | Neutral | Underweight | Upgrade | Mar 29, 2019 |
| William Blair | Market Perform | Outperform | Downgrade | Jan 17, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 25, 2018 |
| Standpoint Research | Buy | Hold | Upgrade | Oct 12, 2018 |
| DA Davidson | Neutral | Buy | Downgrade | May 16, 2018 |
| Deutsche Bank | Sell | Sell | Maintain | Oct 3, 2017 |
| Wells Fargo | Market Perform | Outperform | Downgrade | Jul 27, 2017 |
| Oppenheimer | Market Perform | Outperform | Downgrade | Jul 27, 2017 |
| Bernstein | Market Perform | Outperform | Downgrade | Nov 30, 2016 |
| Wunderlich Securities | Hold | Hold | Maintain | Oct 27, 2016 |
| Wunderlich | Hold | Hold | Maintain | Oct 27, 2016 |
| Pacific Crest | Overweight | Downgrade | May 17, 2016 | |
| Buckingham Research | Neutral | Neutral | Maintain | Apr 21, 2016 |
| Baird | Neutral | Neutral | Maintain | Apr 21, 2016 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Jan 21, 2016 |
| Jefferies | Hold | Hold | Maintain | Jan 21, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Jan 15, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Jan 15, 2016 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Nov 13, 2015 |
| Raymond James | Perform | Market Perform | Maintain | Sep 25, 2015 |
| Guggenheim | Neutral | Neutral | Maintain | Sep 22, 2015 |
| Wedbush | Outperform | Outperform | Maintain | Mar 4, 2015 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jan 22, 2015 |
| Stifel | Hold | Buy | Downgrade | Jan 22, 2015 |
| Cantor Fitzgerald | Buy | Buy | Maintain | Oct 29, 2014 |
| ISI Group | Strong Buy | Buy | Upgrade | Aug 19, 2014 |
| UBS | Neutral | Neutral | Maintain | Jul 24, 2014 |
| D.A. Davidson | Buy | Buy | Maintain | Jul 9, 2014 |
| Northland | Perform | Market Perform | Maintain | Apr 4, 2014 |
| Dougherty | Buy | Buy | Maintain | Feb 10, 2014 |
| McAdams Wright Ragen | Hold | Buy | Downgrade | Jan 23, 2014 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Jan 22, 2014 |
| Janney Capital | Buy | Neutral | Upgrade | Jan 22, 2014 |
| FBR Capital | Market Perform | Outperform | Downgrade | Apr 26, 2013 |
| Topeka Capital | Hold | Buy | Downgrade | Apr 5, 2013 |
| Topeka | Hold | Buy | Downgrade | Apr 5, 2013 |
| Craig-Hallum | Buy | Buy | Maintain | Apr 3, 2013 |
| FBN Securities | Sector Perform | Sector Perform | Maintain | Jan 25, 2013 |
| Miller Tabak | Buy | Buy | Maintain | Apr 19, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 3, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $430.32. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | James Fish | $461 | $402.12 | +7.1% | Jul 28, 2026 |
| Barclays | Analyst unavailable | $397 | $407.96 | -7.7% | Jul 28, 2026 |
| BOCOM International Holdings Company | Analyst unavailable | $300 | $407.96 | -30.3% | Jul 28, 2026 |
| RBC Capital | Matthew Hedberg | $450 | $396.19 | +4.6% | Jun 9, 2026 |
| Evercore ISI | Analyst unavailable | $475 | $362.58 | +10.4% | May 18, 2026 |
| Barclays | Analyst unavailable | $292 | $303.79 | -32.1% | Apr 29, 2026 |
| RBC Capital | Matthew Hedberg | $345 | $293.93 | -19.8% | Jan 28, 2026 |
| RBC Capital | Matthew Hedberg | $325 | $256.63 | -24.5% | Jan 5, 2026 |
| Piper Sandler | Analyst unavailable | $295 | $256.63 | -31.4% | Jan 5, 2026 |
| Piper Sandler | James Fish | $277 | $265.13 | -35.6% | Oct 28, 2025 |
| Morgan Stanley | Analyst unavailable | $352 | $342.35 | -18.2% | Oct 10, 2025 |
| Barclays | Tim Long | $321 | $298.99 | -25.4% | Jul 31, 2025 |
| RBC Capital | Matthew Hedberg | $310 | $300.46 | -28.0% | Jan 29, 2025 |
| Bank of America Securities | Tal Liani | $180 | $240.54 | -58.2% | Oct 29, 2024 |
| Piper Sandler | James Fish | $246 | $218.36 | -42.8% | Oct 29, 2024 |
| RBC Capital | Matthew Hedberg | $240 | $218.36 | -44.2% | Oct 29, 2024 |
| Goldman Sachs | Michael Ng | $241 | $218.36 | -44.0% | Oct 29, 2024 |
| Jefferies | George Notter | $225 | $218.36 | -47.7% | Oct 29, 2024 |
| Evercore ISI | Amit Daryanani | $240 | $218.36 | -44.2% | Oct 29, 2024 |
| Goldman Sachs | Michael Ng | $212 | $220.38 | -50.7% | Sep 23, 2024 |
| Needham | Alex Henderson | $235 | $196.98 | -45.4% | Jul 30, 2024 |
| J.P. Morgan | Samik Chatterjee | $215 | $197.06 | -50.0% | Jul 30, 2024 |
| Piper Sandler | James Fish | $186 | $200.66 | -56.8% | Jul 30, 2024 |
| RBC Capital | Matthew Hedberg | $205 | $177.59 | -52.4% | Jul 30, 2024 |
| Evercore ISI | Amit Daryanani | $210 | $177.59 | -51.2% | Jul 30, 2024 |
| Needham | Alex Henderson | $220 | $178.34 | -48.9% | Jul 29, 2024 |
| Piper Sandler | James Fish | $167 | $165.31 | -61.2% | Apr 30, 2024 |
| Evercore ISI | Amit Daryanani | $180 | $182.13 | -58.2% | Apr 30, 2024 |
| Mizuho Securities | Anthony Petrone | $190 | $192.44 | -55.8% | Apr 11, 2024 |
| Needham | Alex Henderson | $180 | $158.98 | -58.2% | Jul 25, 2023 |
| Needham | Alex Henderson | $151.5 | $71.81 | -64.8% | Sep 23, 2022 |
| RBC Capital | Matthew Hedberg | $175 | $165.5 | -59.3% | Jul 28, 2022 |
| Piper Sandler | James Fish | $197 | $170.49 | -54.2% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $235 | $193.91 | -45.4% | Apr 27, 2022 |
| Credit Suisse | Analyst unavailable | $225 | $169.16 | -47.7% | Apr 27, 2022 |
| RBC Capital | Analyst unavailable | $200 | $193.91 | -53.5% | Apr 27, 2022 |
| Citigroup | Jim Suva | $210 | $202.49 | -51.2% | Jan 26, 2022 |
| Colliers Securities | Catharine Trebnick | $275 | $202.49 | -36.1% | Jan 26, 2022 |
| RBC Capital | Matthew Hedberg | $210 | $202.49 | -51.2% | Jan 26, 2022 |
| Credit Suisse | Sami Badri | $270 | $202.49 | -37.3% | Jan 26, 2022 |
| KeyBanc | Thomas Blakey | $307 | $223.5 | -28.7% | Jan 18, 2022 |
| Morgan Stanley | James Faucette | $280 | $235.89 | -34.9% | Dec 15, 2021 |
| Goldman Sachs | Rod Hall | $175 | $216.02 | -59.3% | Oct 27, 2021 |
Track every rating change on FFIV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationF5, Inc. is a technology company specializing in comprehensive solutions designed to secure and optimize the delivery of applications across various cloud environments. Their core mission is to guarantee the security, peak performance, and constant availability of critical network applications, servers, and storage systems for their clients. Through their multi-cloud offerings, F5 empowers organizations to seamlessly develop, deploy, operate, secure, and govern their applications, whether these reside in traditional on-premises infrastructures or modern public cloud platforms. The company's extensive product portfolio includes a range of application security and delivery tools: Robust hardware like BIG-IP appliances and VIPRION chassis, complemented by their software modules and virtual editions. Software-defined solutions such as Local Traffic Manager and DNS Services for efficient traffic handling. Advanced network protection with Advanced Firewall Manager and Policy Enforcement Manager.…
Historical context
All FFIV earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
Latest beats and misses
Who reports nextBeat on EPS
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
Get the FFIV recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T14:31:04.014076+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T14:31:04.011323+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.