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Q4FY26 Results Published October 27, 2026 PE RIO D EN DI NG September 30, 2026 We deliver and secure every app. F5 specializes in application delivery and security. Our solutions are backed by three decades of expertise to ensure that every app is fast, available, secure, and ready for the AI -era.
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© 2026 F52 Today’s speakers François Locoh-Donou Chairman, President, & CEO Business Overview Cooper Werner EVP & Chief Financial Officer Results & Business Outlook
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© 2026 F53 Forward-looking statements This presentation and the remarks that accompany it contain forward-looking statements including, among other things, that frontier AI is rewriting the rules of enterprise security, accelerating vulnerability discovery to machine speed, expanding the attack surface through APIs and AI agents, and collapsing the time available to respond, F5 is focused on ensuring our customers can meet this moment, using AI to identify risk earlier, and enforcing consistent protection at runtime across every environment, the Company’s future financial performance including revenue growth, earnings growth, future customer demand, and the performance and benefits of the Company's products. These, and other statements that are not historical facts, are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of offerings; disruptions to the global supply chain resulting in inability to source required parts for F5’s products or the ability to only do so at greatly increased prices thereby impacting our revenues and/or margins; global economic conditions and uncertainties in the geopolitical environment; overall information technology spending; F5’s ability to successfully integrate acquired businesses’ products with F5 technologies; the ability of F5’s sales professionals and distribution partners to sell new solutions and service offerings; the timely development, introduction and acceptance of additional new products and features by F5 or its competitors; competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors into F5’s markets, and new product and marketing initiatives by our competitors; increased sales discounts; the business impact of the acquisitions and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement of completion of acquisitions; uncertain global economic conditions which may result in reduced customer demand for our products and services and changes in customer payment patterns; litigation involving patents, intellectual property, shareholder and other matters, and governmental investigations; potential security flaws in the Company’s networks, products or services; cybersecurity attacks on its networks, products or services; natural catastrophic events; a pandemic or epidemic; F5’s ability to sustain, develop and effectively utilize distribution relationships; F5’s ability to attract, train and retain qualified product development, marketing, sales, professional services and customer support personnel; F5’s ability to expand in international markets; the unpredictability of F5’s sales cycle; the ability of F5 to execute on its share repurchase program including the timing of any repurchases; future prices of F5’s common stock; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q and current reports on Form 8-K and other documents that we may file or furnish from time to time, which could cause actual results to vary from expectations. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in F5’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. All forward-looking statements in this press release are based on information available as of the date hereof and qualified in their entirety by this cautionary statement. F5 assumes no obligation to revise or update these forward-looking statements.
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© 2026 F54 GAAP to non-GAAP presentation In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted financial measures are non-GAAP and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. Further information relevant to the interpretation of adjusted financial measures, and reconciliations of these adjusted financial measures for historical data to the most comparable GAAP measures, may be found on F5’s website at www.f5.com in the “Investor Relations” section. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis due to the high variability and low visibility with respect to the charges which are excluded from these non-GAAP measures. For additional information, please see the appendix of this presentation.
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© 2026 F55 Business overview François Locoh-Donou
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© 2026 F56 GAAP & non-GAAP results Q4FY26 Q4FY25 FY26 FY25 Revenue $917M $810M $3,417M $3,088M Gross profit $754M $666M $2,797M $2,514M Gross margin 82.2% 82.2% 81.9% 81.4% Income from operations $212M $206M $818M $766M Operating margin 23.1% 25.4% 23.9% 24.8% Tax rate 18.9% 11.4% 16.8% 14.3% Net income $186M $190M $722M $692M EPS $3.23 $3.26 $12.52 $11.80 Q4FY26 Q4FY25 FY26 FY25 Revenue $917M $810M $3,417M $3,088M Gross profit $771M $683M $2,868M $2,582M Gross margin 84.0% 84.3% 84.0% 83.6% Income from operations $309M $299M $1,200M $1,086M Operating margin 33.7% 37.0% 35.1% 35.2% Tax rate 20.9% 16.9% 18.6% 17.8% Net income $255M $257M $1,009 $928M EPS $4.42 $4.39 $17.49 $15.81 GAAP results Non-GAAP results See appendix for GAA P to non -GAAP reconciliation
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© 2026 F57 Q4FY26 performance highlights See appendix for GAA P to non -GAAP reconciliation. $917 Total revenue 13% Total revenue growth Y/Y 19% Software revenue growth Y/Y 23% Product revenue growth Y/Y 29% Systems revenue growth Y/Y 9 Consecutive quarters of double-digit product revenue growth
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© 2026 F58 FY26 performance highlights See appendix for GAA P to non -GAAP reconciliation. $3.4B Total FY26 revenue 11% Total revenue growth Y/Y 8% Software revenue growth Y/Y 31% Systems revenue growth Y/Y 19% Product revenue growth Y/Y 2 Consecutive years of double-digit product revenue growth
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© 2026 F59 Expanding threat landscape Accelerates demand for AI-powered security Hybrid multicloud Accelerates workload distribution AI inference Accelerates demand for app security and delivery F5 is at the intersection of three secular megatrends
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© 2026 F510 Expanding threat landscape Accelerates demand for AI-powered security Hybrid multicloud Accelerates workload distribution AI inference Accelerates demand for app security and delivery Our FY26 outlook 8% to 9% FY27 revenue growth Y/Y
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© 2026 F511 Innovation at F5
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© 2026 F512 F5’s 30-year position in the data path is our foundation, what we are building on it is the advantage Mean time-to-exploit has collapsed to negative 7 days, so a typical 43-day patching cycle is a liability +70,000 Vulnerabilities discovered through September 2026, +50% over all of 2025 NIST reported a 208% year-over-year surge in vulnerabilities between July and September 2026 alone
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© 2026 F513 We are innovating to find, fix, release and deploy at greater speed and scale AI-powered capabilities in Distributed Cloud WAF • 300+ customers (since March launch) with +75% deploying in blocking mode • Uses a layered detection engine to assess the intent and risk of each request • Enabling security that adapts at the speed of the attacker Critical (hardened) software releases • Leveraging frontier, open -source, and open -weight AI models to ID and remediate vulnerabilities faster than previously possible • In 3 months, we have implemented engineering fixes that previously would have taken 7 years Fleet-management capabilities via F5 Insight • F5 Insight enables automated fleet management, dramatically reducing upgrade times and operational risk • 200+ customers since March API security • APIs have become the primary pathways agents use to reach models, data and critical business systems • Protecting those interactions at runtime is becoming essential
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© 2026 F514 Source: SecureIQLab , Cloud WAAP v5.0 CyberRisk Validation Report, July 28, 2026 F5 named a leader in SecureIQLab’s Cloud WAAP v5.0 CyberRisk Validation comparative report
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© 2026 F515 Source:“IDC MarketScape Worldwide Web Application and API Protection Platforms 2026 Vendor Assessment,”September 2026, IDC Doc # US54130626. IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness oftechnology and service suppliersin a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market isindicated by a plus, neutral or minus next to the vendor name. F5 is named a leader for the second time in the IDC MarketScape for Worldwide WAAP Platforms
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© 2026 F516 Gartner® recognizes F5 as a Market Shaper in AI Application Security in the September 2026 report
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© 2026 F517 F5 ADSP delivers and secures every app and every API across on-premises, cloud and edge environments Complete for every appdelivery securityand Deployable anywhere and in any form factor AI-enhanced operations across NetOps, SecOps, DevOps and PlatOps with unified console ADSP open partner ecosystem
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© 2026 F518 F5 is at the intersection of three secular megatrends Hybrid multicloud AI inferenceExpanding threat landscape Enterprises are building for flexibility across every environment Organizations are connecting apps and APIs to AI models and inference calls are becoming a part of how applications run Attacks are increasingly AI- and agentic-powered translating to higher volumes with greater variation
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© 2026 F519 Platform consolidationCompetitive displacement Hybrid multicloud adoption is driving F5 demand Easier to operate at scale F5 replacing point products with a unified approach Improving performance and security Unmatched breadth and depth across on-prem, software, and SaaS Investment in hybrid multicloud translating into market share gains Data center buildout & sovereignty Refresh + expansion New use case attach, expanding footprint and wallet share Capacity expansion & higher perf systems We are converting hybrid multicloud adoption into expansion opportunities, digital sovereignty wins, competitive displacements , and platform consolidation wins. Digital sovereignty
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© 2026 F520 Customer demand for consistent policy across all of their environments is driving platform adoption © 2026 F520 100% 79% 73% 60% 51% 43% 37% 32% 28% 21% 27% 40% 45% 49% 49% 47% 43% 6% 8% 13% 22% 29% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 100% 80% 60% 40% 20% 0% *Top1000 accounts as of Q4FY26. Based on bookingsfromFY23-FY26; Product families d efined as BIG-IP , NGINX, and Distributed Cloud 1 product family 2 product families 3 product families
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© 2026 F521 Hybrid multicloud adoption is driving F5 demand • In an 8-figure win, a large regional North American financial institution selected F5 as its unified application delivery and security platform across its on-premises, colocation, and cloud environments. • Customer had a fragmented architecture, including 2 incumbent ADC providers and 2 separate cloud security and CDN toolsets, creating policy inconsistency and operational complexity that sovereignty and compliance requirements increasingly prohibit. • After a competitive evaluation, F5 consolidated the entire estate, displacing all 4 incumbent vendors. • BIG-IP anchors high-performance application delivery across on- premises and colocation environments. Distributed Cloud WAAP , Data Intelligence and CDN extend consistent protection into the cloud. F5 Insight centralizes visibility and management across the full environment. • A central bank technology authority in Asia selected F5 as the unified platform for a national financial services cloud, built to keep critical banking infrastructure under domestic control. • Following a rigorous public sector tender on technical merit and cost, F5 displaced 2 incumbent application delivery competitors. • BIG-IP powers high-performance traffic management and high- availability delivery across the customer's own data centers. Distributed Cloud WAAP , Data Intelligence, and CDN extend consistent application security and API protection into the cloud, all managed through a single F5 management plane. Financial institution Central bank technology authority
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© 2026 F522 F5 is at the intersection of three secular megatrends Hybrid multicloud Expanding threat landscape Enterprises are building for flexibility across every environment Organizations are connecting apps and APIs to AI models and inference calls are becoming a part of how applications run Attacks are increasingly AI- and agentic-powered translating to higher volumes with greater variation AI inference
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© 2026 F523 Threat landscape expansion is creating tailwinds for F5 The volume and velocity of attacks at the application layer is compounding and organizations are taking action to defend themselves • A leading European financial institution determined that signature-based tools weren’t sufficient for the speed and scale of AI-driven threats. • After a competitive evaluation, they standardized on F5 as their single application delivery and security vendor across EMEA, APAC, and the Americas. • The customer deployed AI-powered WAF and Bot Defense on Distributed Cloud alongside Advanced WAF on BIG-IP establishing proactive, signature-less virtual patching across their global digital banking infrastructure. • The ability to consolidate onto a single vendor while maintaining consistent protection across every region and every environment was the decisive factor. • A central bank and financial regulator in our APAC region selected Distributed Cloud API Security to protect a rapidly expanding API ecosystem underpinning the nation's digital payment and banking infrastructure. • The customer had invested in an API management platform expecting it to provide sufficient security , but shadow APIs were going undetected and critical banking APIs were exposed to operational and reputational risk. • Following a competitive proof of concept, F5 displaced 3 security incumbents. • Distributed Cloud API Security delivers automated discovery across public, external, and internal APIs with F5 bringing real-time OWASP API Top 10 threat mitigation that integrates seamlessly with the customer's existing BIG-IP infrastructure, Financial institution Central bank & financial regulator
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© 2026 F524 F5 is at the intersection of three secular megatrends Hybrid multicloud Expanding threat landscape Enterprises are building for flexibility across every environment Organizations are connecting apps and APIs to AI models and inference calls are becoming a part of how applications run Attacks are increasingly AI- and agentic-powered translating to higher volumes with greater variation AI inference
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© 2026 F525 Demand accelerated across our three direct AI use cases in Q4 >$100M FY26 direct AI use case bookings, up >100% 1H to 2HFY26 ~300% Direct AI use case bookings growth Y/Y 200+ Direct AI customers total, up 4X Y/Y D I R E CT AI U SE C A SE S AI DATA DELIV ERY | AI FACTORY LOAD BALANCING | AI RUNTIME SECURITY
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© 2026 F526 AI DATA DELIVERY F5 is accelerating secure AI data pipelines, ensuring storage, networking, and data delivery , and keeping AI clusters fully utilized across hybrid and multicloud deployments AI inference inflection is accelerating demand for application delivery and security across AI use cases • A large conglomerate spanning energy , retail, and digital services in our AP AC region put a planned BIG-IP capacity expansion out to competitive evaluation. • F5 successfully defended and grew the account against 3 challengers. • BIG-IP is now the single high-throughput control point for data moving between storage and GPU compute at scale. The AI inference inflection is driving demand for F5, both directly, through our three AI use cases: AI data delivery, AI runtime security and AI factory load balancing and indirectly, as customers expand hybrid multicloud deployments. Energy, retail, digital services
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© 2026 F527 AI inference inflection is accelerating demand for application delivery and security across AI use cases • In a milestone win, a global AI infrastructure leader selected F5 AI Guardrails as the production safety layer for up to 500 AI models hosted on its flagship model platform. • The customer required out-of-the-box protection against prompt injection and sensitive data leakage, custom guardrails built to their own framework, and self-hosted deployment at scale. • Customer also selected F5 as a launch partner in its zero-trust AI agent security architecture, embedding F5 at the center of how they think about AI safety at scale. • One of the world's largest financial institutions used its F5 Bot Defense to solve a problem that barely existed six months ago: personal AI agents logging into customer accounts. • The bank decided the risk to its clients and to itself was too high. • F5 Bot Defense now identifies and blocks those agents at the front door. AI RUNTIM E SECUR ITY F5 is safeguarding AI applications, APIs, and models from abuse, data leaks, and attacks like prompt injection and delivering real-time threat defense, red teaming models, and robust guardrails. AI infrastructure leader Financial institution The AI inference inflection is driving demand for F5, both directly, through our three AI use cases: AI data delivery, AI runtime security and AI factory load balancing and indirectly, as customers expand hybrid multicloud deployments.
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© 2026 F528 AI FACTORY LOAD BAL ANCI NG F5 is optimizing traffic and GPU utilization both across and within AI factories, increasing token throughput, reducing time-to-first token, and lowering per-token costs. AI inference inflection is accelerating demand for application delivery and security across AI use cases • Indosat Ooredoo Hutchison, one of Southeast Asia's largest telecommunications providers, selected F5 to power the Indosat Intelligence Suite, a purpose-built enterprise AI platform that enables enterprises to move AI from pilot to production with sovereignty, governance, and cost predictability in place. • The Indosat Intelligence Suite addresses all three, giving businesses governed access to more than 300 open and closed AI models through a single interface. • BIG-IP Next for Kubernetes provides the infrastructure layer , delivering tenant isolation, container security , and GPU-aware load balancing to optimize latency and token throughput at scale. • Telenor AI Factory selected F5 BIG-IP Next for Kubernetes as the intelligent service plane for its sovereign AI infrastructure. • The T elenor platform is purpose-built to give Norwegian and European enterprises access to trusted, high-performance AI services under full domestic control. • F5 enables sovereign secure GPU capacity across multiple tenants, meeting European data residency and compliance requirements. • BIG-IP Next for Kubernetes on NVIDIA BlueField-3 DPUs delivers secure multi-tenancy , policy-based traffic control, and real-time observability directly in the AI service path, preserving host CPU capacity for AI workloads. Indosat Ooredoo Hutchinson Telenor AI Factory The AI inference inflection is driving demand for F5, both directly, through our three AI use cases: AI data delivery, AI runtime security and AI factory load balancing and indirectly, as customers expand hybrid multicloud deployments.
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© 2026 F529 Q4FY26 results Cooper Werner
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© 2026 F530 $396 $412 $401 $402 $408 $414 $410 $411 $463 $510 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Services Product Revenue mix $810 $822 Consecutive quarters of double-digit product growth 9 Total revenue growth 13% Product revenue growth 23% Revenue $ in millions Totals may not add due to rounding. $812 $865 +2% Y/Y +4% Y/Y +2% Y/Y +3% Y/Y +3% Y/Y +16% Y/Y +11% Y/Y +22% Y/Y +19% Y/Y +23% Y/Y $917 Year/Year change
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© 2026 F531 $186 $218 $226 $240 $239 $229 $192 $184 $223 $271 $0 $100 $200 $300 $400 $500 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Systems Software Product revenue mix Year/Year change +19% Software +29% Systems Revenue $ in millions Totals may not add due to rounding. $414 $410 $411 $463 $510
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© 2026 F532 $198 $164 $165 $201 $229 $30 $27 $19 $22 $42 $0 $50 $100 $150 $200 $250 $300 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Subscription Perpetual licenses $229 $192 $184 $223 $271 Software revenue mix Totals may not add due to rounding. Subscription software revenue includes term subscriptions, both multi -year and annual, as well as SaaS & managed services and utility -based revenue.. 16% Software subscription revenue growth Y/Y Revenue $ in millions 85% of Q4FY26 total software revenue from subscriptions
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© 2026 F533 Recurring revenue (subscriptions, SaaS & managed services, and maintenance) 32% 68% Recurring Non-recurring Q4FY26 $627M Recurring revenue Recurring revenue includes term subscriptions, SaaS & managed services, utility -based revenue and the maintenance portion of our global services revenue.
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© 2026 F534 Revenue contribution by geography 57% 53% 50% 55% 53% 26% 31% 32% 30% 30% 17% 16% 18% 15% 17% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Americas EMEA APAC +14% Growth APAC +31% Growth EMEA +5% Growth Americas Y/Y growth by region Q4FY26 Totals may not add to 100% due to rounding.
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© 2026 F535 Customer verticals as a % of product bookings 73% 64% 66% 71% 69% 19% 23% 24% 19% 18% 8% 13% 9% 11% 13% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Enterprise Government Service providerTotals may not add to 100% due to rounding. 6% from U.S. Federal included
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© 2026 F536 Non-GAAP gross and operating margins 37.0% 38.2% 33.8% 35.0% 33.7% 10.0% 20.0% 30.0% 40.0% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 84.3% 83.8% 83.7% 84.2% 84.0% 60.0% 70.0% 80.0% 90.0% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Non-GAAP gross margin Non-GAAP operating margin % of revenue % of revenue See appendix for GAA P to non -GAAP reconciliation
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© 2026 F537 $4.39 $4.45 $3.90 $4.73 $4.42 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Non-GAAP net income and EPS EPS reflects 20.9% Q4FY26 and 16.9% Q4FY25 non-GAAP effective tax rate $257 $259 $223 $272 $255 $0 $100 $200 $300 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Non-GAAP net income Non-GAAP EPS $ in millions See appendix for GAA P to non -GAAP reconciliation
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© 2026 F538 $192 $149 $348 $281 $91 $0 $100 $200 $300 $400 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 $208 $159 $366 $316 $118 $0 $100 $200 $300 $400 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 $ in millions See appendix for GAA P to non -GAAP reconciliation Key insights Q4 cash flow from operations and free cash flow results reflect deliberate and strategic working capital decisions to mitigate supply chain risk, including inventory builds and supplier pre- payments executed to secure supply for FY27 revenue. Cash flow from operations and free cash flow Cash flow from operations Free cash flow
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© 2026 F539 Cash and investments $1,360 $1,218 $1,464 $1,628 $1,616 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 $ in millions
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© 2026 F540 $1,999 $2,062 $2,118 $2,193 $2,204 $0 $500 $1,000 $1,500 $2,000 $2,500 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Deferred revenue +10% Y/Y $ in millions Key insights Deferred revenue consists predominantly of services maintenance renewals and also includes term-based software subscriptions.
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© 2026 F541 We are consistently returning cash to shareholders via share repurchases $500 $350 $500 $500 $600 $0 $100 $200 $300 $400 $500 $600 $700 FY22 FY23 FY24 FY25 FY26 Committed buyback level FY22 – FY26 Share repurchases ($ in millions) 69% of FY26 free cash flow* used toward repurchases *Free cash flow defined as cash flow from operations less capital expenditures Key insights • We repurchased $100 million in FFIV shares during Q4FY26 • We used 69% of our $869 million FY26 free cash flow* for share repurchases • We are committed to using at least 50% of our annual free cash flow for share repurchases • As of September 30, 2026, there was $322 million remaining under our authorized stock repurchase program • BOD authorized additional $1.5 billion for share repurchases
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© 2026 F542 FY26 performance
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© 2026 F543 $652 $671 $537 $706 $923 $665 $664 $735 $803 $870 $0 $500 $1,000 $1,500 $2,000 FY22 FY23 FY24 FY25 FY26 Systems Software Product revenue mix +8% Software +31% Systems Revenue $ in millions Totals may not add due to rounding. $1,317 $1,335 $1,273 $1,509 $1,793 -13% Y/Y +3% Y/Y -20% Y/Y +31% Y/Y +31% Y/Y +33% Y/Y +0% Y/Y +11% Y/Y +9% Y/Y +8% Y/Y Year/Year change6% 1% -5% 19% 19%
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© 2026 F544 $143 $108 $112 $120 $111 $323 $353 $430 $508 $578 $199 $203 $193 $176 $182 $0 $200 $400 $600 $800 FY22 FY23 FY24 FY25 FY26 Perpetual Software Licenses Term-Based Subscriptions SaaS & Managed Service $665 $664 $735 T erm-based subscriptions underpin overall software growth; legacy SaaS & Managed Services transitions complete in FY26 Year/Year change +3% SaaS & Managed Services Core SaaS & Managed Services offerings growth offset by legacy transitions completed in FY26 +14% Term-based subscriptions Strong renewal and expansion performance -8% Perpetual Software Licenses Driven by specific customer purchasing preferences Revenue $ in millions $803 Totals may not add due to rounding. $870 +14% +18% +9% +22% +32%
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© 2026 F545 $133 $140 $170 $211 $65 $42 $15 FY23 FY24 FY25 FY26 Core SaaS & Managed Services SaaS & Managed Services ARR reflects strong growth following completion of planned legacy transitions ARR $ in millions Core SaaS & Managed Services ARR SaaS & Managed Services ARR (Annualized Recurring Revenue) is the annualized revenue value of our SaaS & Managed Service offe rings under contract as of the final day of the reporting period. Offerings include F5 Distributed Cloud Services, NGINXaaS , Silverline and other legacy offerings. Total SaaS & Managed Services ARR +21% +14% Y/Y +24% Y/Y +5%
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© 2026 F546 Growth in security revenue is accelerating $1.3B FY26 Total security revenue* FY26 Product security revenue* $746M 6% 8% 10% 15% 0% 2% 4% 6% 8% 10% 12% 14% 16% *Total security includes standalone security of ferings, attached security of ferings, and related maintenance. Product securit y includes standalone security and attached security offerings. FY26 standalone security revenue totaled $527 million. Total security revenue growth Product security revenue growth FY25 FY26 FY25 FY26
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© 2026 F547 Business outlook Cooper Werner
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© 2026 F548 We expect to deliver double-digit product revenue growth in FY27 FY25A growth Y/Y FY26A growth Y/Y FY27 outlook growth Y/Y Total revenue 10% 11% 8% to 9% Product revenue 19% 19% Double-digit Software revenue 9% 8% Double-digit Systems revenue 31% 31% Upper-single-digit Services revenue 2% 3% Low-to-mid-single-digit *CAGR vs FY26
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© 2026 F549 FY26A FY27 current outlook Total revenue 11% growth ($3.4B) 8% to 9% growth Non-GAAP gross margin 84.0% 80.5% to 82.5% Non-GAAP operating margin 35.1% 33.0% to 35.0% Effective non -GAAP tax rate 18.6% 19.0% to 21.0% Non-GAAP EPS $17.49 11% growth $18.00 to $18.30 Our updated FY27 outlook *Free cash flow (FCF) defined as cash flow from operations less capital expenditures
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© 2026 F550 Our Q1FY27 outlook Q1FY27 outlook Total revenue $875 to $895M Non-GAAP gross margin 81.5% to 82.5% Non-GAAP operating expenses $420 to $432M Share-based compensation $70 to $72M Non-GAAP EPS $4.25 to $4.37
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© 2026 F551 Appendix
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© 2026 F552 GAAP to non-GAAP reconciliation Net revenues…………………………………………….……………………………………………………………………………………………917,427$ 810,090$ 3,416,669$ 3,088,072$ Gross profit and gross margin: GAAP gross profit and gross margin…………………………………………….……………………………………………………………………………………………754,462$ 82.2% 666,209$ 82.2% 2,797,455$ 81.9% 2,514,094$ 81.4% Adjustments to gross profit and gross margin: Stock-based compensation…………………………………………….……………………………………………………………………………………………6,902$ 0.8% 7,356$ 0.9% 28,106$ 0.8% 29,557$ 1.0% Amortization and impairment of purchased intangible assets…………………………………………….……………………………………………………………………………………………8,788 1.0% 9,596 1.2% 39,220 1.1% 37,601 1.2% Facility-exit costs…………………………………………….……………………………………………………………………………………………148 0.0% 98 0.0% 451 0.0% 777 0.0% Acquisition-related charges…………………………………………….……………………………………………………………………………………………- - - - - - - - Cyber incident costs…………………………………………….……………………………………………………………………………………………770 0.1% - - 3,186 0.1% - - Non-GAAP gross profit and gross margin…………………………………………….……………………………………………………………………………………………771,070$ 84.0% 683,259$ 84.3% 2,868,418$ 84.0% 2,582,029$ 83.6% Income from operations and operating margin: GAAP income from operations and operating margin…………………………………………….……………………………………………………………………………………………211,743$ 23.1% 205,653$ 25.4% 818,215$ 23.9% 765,949$ 24.8% Adjustments to income from operations and operating margin: Stock-based compensation…………………………………………….……………………………………………………………………………………………67,478$ 7.4% 57,248$ 7.1% 261,013$ 7.6% 231,491$ 7.5% Amortization and impairment of purchased intangible assets…………………………………………….……………………………………………………………………………………………9,082 1.0% 10,408 1.3% 41,605 1.2% 40,896 1.3% Facility-exit costs…………………………………………….……………………………………………………………………………………………1,505 0.2% 940 0.1% 4,582 0.1% 7,667 0.2% Acquisition-related charges…………………………………………….……………………………………………………………………………………………10,302 1.1% 7,599 0.9% 39,204 1.1% 11,536 0.4% Cyber incident costs…………………………………………….……………………………………………………………………………………………1,491 0.2% 3,356 0 27,994 0.8% 3,356 0.1% Restructuring charges…………………………………………….……………………………………………………………………………………………7,400 0.8% 14,163 0 7,012 0.2% 25,484 0.8% Non-GAAP income from operations and operating margin…………………………………………….……………………………………………………………………………………………309,001$ 33.7% 299,367$ 37.0% 1,199,625$ 35.1% 1,086,379$ 35.2% Net income: GAAP net income…………………………………………….……………………………………………………………………………………………186,132$ 190,493$ 722,149$ 692,380$ Adjustments to net income: Stock-based compensation…………………………………………….……………………………………………………………………………………………67,478$ 57,248$ 261,013$ 231,491$ Amortization and impairment of purchased intangible assets…………………………………………….……………………………………………………………………………………………9,082 10,408 41,605 40,896 Facility-exit costs…………………………………………….……………………………………………………………………………………………1,505 940 4,582 7,667 Acquisition-related charges…………………………………………….……………………………………………………………………………………………10,302 7,599 39,204 11,536 Cyber incident costs…………………………………………….……………………………………………………………………………………………1,491 3,356 27,994 3,356 Insurance recoveries from cyber incident………........................................................... (4,691) - (10,000) - Restructuring charges…………………………………………….……………………………………………………………………………………………7,400 14,163 7,012 25,484 Tax effects related to above items…………………………………………….……………………………………………………………………………………………(23,963) (27,568) (84,920) (84,864) Non-GAAP net income…………………………………………….……………………………………………………………………………………………254,736$ 256,639$ 1,008,639$ 927,946$ Net income per share - diluted: GAAP net income per share — diluted …………………………………………….……………………………………………………………………………………………3.23$ 3.26$ 12.52$ 11.80$ Adjustments to GAAP net income per share — diluted: Stock-based compensation…………………………………………….……………………………………………………………………………………………1.17$ 0.98$ 4.53$ 3.94$ Amortization and impairment of purchased intangible assets…………………………………………….……………………………………………………………………………………………0.16 0.18 0.72 0.70 Facility-exit costs…………………………………………….……………………………………………………………………………………………0.03 0.02 0.08 0.13 Acquisition-related charges…………………………………………….……………………………………………………………………………………………0.18 0.13 0.68 0.20 Cyber incident costs…………………………………………….……………………………………………………………………………………………0.03 0.06 0.49 0.06 Insurance recoveries from cyber incident………........................................................... (0.08) - (0.17) - Restructuring charges…………………………………………….……………………………………………………………………………………………0.13 0.24 0.12 0.43 Tax effects related to above items…………………………………………….……………………………………………………………………………………………(0.42) (0.47) (1.47) (1.45) Non-GAAP net income per share — diluted …………………………………………….……………………………………………………………………………………………4.42$ 4.39$ 17.49$ 15.81$ Weighted average shares — diluted …………………………………………….……………………………………………………………………………………………57,658 58,418 57,670 58,684 Note: Numbers and percentages are rounded for presentation purposes and may not foot. GAAP to Non-GAAP Reconciliation (unaudited, in thousands, except percentages and per share amounts) F5, Inc. 2026 2025 2026 2025 Three Months Ended September 30, Years Ended September 30,
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© 2026 F553 GAAP to non-GAAP reconciliation (continued) The non-GAAP adjustments, and F5's basis for excluding them from non-GAAP financial measures, are outlined below: Stock-based compensation. Stock-based compensation consists of expense for stock options, restricted stock, and employee stock purchases through the Company’s Employee Stock Purchase Plan. Although stock-based compensation is an important aspect of the compensation of F5’s employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of the Company’s core business and to facilitate comparison of the Company’s results to those of peer companies. Amortization and impairment of purchased intangible assets. Purchased intangible assets are amortized over their estimated useful lives, and generally cannot be changed or influenced by management after the acquisition. On a non-recurring basis, when certain events or circumstances are present, management may also be required to write down the carrying value of its purchased intangible assets and recognize impairment charges. Management does not believe these charges accurately reflect the performance of the Company’s ongoing operations, therefore, they are not considered by management in making operating decisions. However, investors should note that the use of intangible assets contributed to F5’s revenues earned during the periods presented and will contribute to F5’s future period revenues as well. Facility-exit costs. F5 has incurred charges in connection with the exit of facilities as well as other non- recurring lease activity. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations. Acquisition-related charges, net. F5 does not acquire businesses on a predictable cycle and the terms and scope of each transaction can vary significantly and are unique to each transaction. F5 excludes acquisition-related charges from its non-GAAP financial measures to provide a useful comparison of the Company’s operating results to prior periods and to its peer companies. Acquisition-related charges consist of planning, execution and integration costs incurred directly as a result of an acquisition. Cyber incident costs. F5 has incurred certain non-recurring expenses in connection with the investigation and remediation of the Cyber Incident. Management believes it is useful to exclude these expenses as they are not representative of our ongoing operations and to facilitate comparison of the Company’s historical results and to those of peer companies. Insurance recoveries from cyber incident. F5 has received insurance recoveries in connection with the cyber incident costs described above. Management believes it is useful to exclude these recoveries as they offset the cyber incident costs non-GAAP adjustment, are not representative of our ongoing operations and to facilitate comparison of the Company's historical results and to those of peer companies. Restructuring charges. F5 has incurred restructuring charges that are included in its GAAP financial statements, primarily related to workforce reductions and costs associated with exiting facility-lease commitments. F5 excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business. Management believes that non-GAAP net income per share provides useful supplemental information to management and investors regarding the performance of the Company’s core business operations and facilitates comparisons to the Company’s historical operating results. Although F5’s management finds this non-GAAP measure to be useful in evaluating the performance of the core business, management’s reliance on this measure is limited because items excluded from such measures could have a material effect on F5’s earnings and earnings per share calculated in accordance with GAAP. Therefore, F5’s management will use its non- GAAP earnings and earnings per share measures, in conjunction with GAAP earnings and earnings per share measures, to address these limitations when evaluating the performance of the Company’s core business. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. F5 believes that presenting its non-GAAP measures of earnings and earnings per share provides investors with an additional tool for evaluating the performance of the Company’s core business and is used by management in its own evaluation of the Company’s performance. Investors are encouraged to look at GAAP results as the best measure of financial performance. However, while the GAAP results are more complete, the Company provides investors these supplemental measures since, with reconciliation to GAAP, it may provide additional insight into the Company’s operational performance and financial results.