F5 shares rose more than 13% in after-hours trading on January 27, 2026, after the company reported fiscal first-quarter revenue of $822 million, up 7% year over year. F5’s systems business led growth, while software revenue declined. The reported move was an immediate after-hours reaction—not a closing-price return or evidence of a lasting trend.
What F5 reported for Q1 FY2026
F5’s fiscal first quarter ended December 31, 2025; the company released its results on January 27, 2026. Revenue was $822 million, compared with $766 million a year earlier. GeekWire described the results as topping expectations, but the cited reporting and F5 release do not give an analyst-consensus figure, so the size of any beat cannot be quantified.
| Revenue category | Q1 FY2026 revenue | Year-over-year change |
|---|---|---|
| Systems | $218 million | Up 37% |
| Software | $192 million | Down 8% |
| Global services | $412 million | Up 4% |
F5 said total product revenue grew 11%. The mix shows why the headline growth rate does not tell the whole story: systems expanded rapidly, while software contracted. F5’s Q1 FY2026 results release provides the reported figures.
How earnings changed
On a GAAP basis, F5 reported net income of $180 million, or $3.10 per diluted share, versus $166 million and $2.82 per diluted share in Q1 FY2025. On a non-GAAP basis, net income was $259 million, or $4.45 per diluted share, versus $227 million and $3.84 a year earlier. These are different accounting measures and should not be compared as though they were interchangeable.
#1 Best Overall
- Compact and Efficient Design: The FortiGate 40F is designed for small to mid-sized businesses and enterprise branch offices, featuring a compact, fanless desktop form factor that ensures quiet operation and minimizes space usage.
- Robust Connectivity Options: Equipped with 5 GE RJ45 ports, including 1 WAN port and 4 internal ports, this model provides essential connectivity and flexibility for various network configurations in a small-scale environment.
- High-Performance Security: Offers up to 1 Gbps IPS throughput and 600 Mbps threat protection throughput, using Fortinet’s purpose-built security processor technology to deliver industry-leading performance and protection for SSL encrypted traffic.
- Advanced Threat Protection: Integrated with Fortinet’s AI-powered FortiGuard Labs, the FortiGate 40F offers comprehensive cybersecurity, identifying and mitigating both known and unknown threats to maintain robust security across your network.
- Simplified Management and Deployment: Features a user-friendly management console that provides comprehensive network automation and visibility, coupled with Zero Touch Integration with Fortinet’s Security Fabric for easy deployment.
F5’s non-GAAP measures exclude specified items, including amortization, share-based compensation, certain tax effects, and possible future acquisition, cyber-incident, restructuring, and other non-recurring charges. The company says it cannot reconcile forward-looking non-GAAP earnings guidance to GAAP without unreasonable effort because excluded items can vary and are difficult to predict.
Why F5 said revenue grew
CEO François Locoh-Donou attributed the quarter’s growth to product revenue, including systems. In the January 27 release, he said: “Our first quarter revenue of $822 million reflects 7% growth year over year, driven by 11% product revenue growth, including 37% growth in systems revenue.” He also pointed to hybrid multicloud architectures, enterprise AI adoption, and demand for converged platforms. Those are management’s explanations for demand, not independently established causes of the results or share-price reaction.
Rank #2
- HARDWARE PLUS SECURITY SERVICES: FortiGate-60F Firewall Appliance bundled with 1 year of FortiCare Premium and FortiGuard Unified Threat Protection.
- UNIFIED THREAT PROTECTION (UTP): Secures against advanced online threats with comprehensive web filtering and anti-botnet technologies.
- OPTIMIZED FOR MEDIUM-SIZED BUSINESSES: Tailored for businesses needing robust security without the infrastructure of larger enterprises.
- RELIABLE CUSTOMER SUPPORT: FortiCare Premium ensures high-quality support and service continuity.
- EFFECTIVE PROTECTION: Employs advanced filtering technologies to safeguard against sophisticated threats.
What the 13% stock move means—and does not mean
GeekWire reported that F5 shares were up more than 13% in after-hours trading following the earnings release. That describes the market’s immediate reaction after the report; it does not establish where the stock closed in the next regular session, its subsequent return, or whether the gains persisted. Nor do the cited sources identify a single factor that caused the move. GeekWire’s January 27 report is the source for the after-hours figure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.F5’s outlook changed after the January report
When F5 issued its Q1 results on January 27, it raised its then-current FY2026 revenue-growth forecast to 5%–6%, from 0%–4%. It also forecast a 34%–35% non-GAAP operating margin, up from 33.5%–34.5%, and non-GAAP diluted EPS of $15.65–$16.05, up from $14.50–$15.50. For Q2, its January guidance was revenue of $770 million–$790 million and non-GAAP diluted EPS of $3.34–$3.46. These figures describe the outlook at that time, not the latest FY2026 forecast.
Rank #3
- 【Up to 1100 Mbps VPN Speed 】 Hardware-accelerated WireGuard and OpenVPN-DCO deliver up to 1100 Mbps VPN throughput, over 3× faster than Brume 2 for smooth remote access and file transfers.
- 【Three 2.5G Ports & Multi-WAN】Tri-port 2.5GbE design with flexible WAN LAN configuration supports multi-gigabit wired setups, dual-ISP Multi-WAN and failover to keep home and SOHO networks online.
- 【Stealth VPN Obfuscation】VPN obfuscation disguises VPN traffic as regular HTTPS, helping you evade blocking, bypass restrictive networks and maintain stable, private connections.
- 【DPI protection】Deep Packet Inspection with visual dashboards blocks adult/gambling/malicious sites, while SQM and QoS prioritize gaming, calls, and video when bandwidth is tight
- 【OpenWrt & USB 3.0 Expansion】OpenWrt with 1GB DDR4 and 8GB eMMC lets you install plugins and build VPN, ad-blocking or NAS, while USB 3.0 Type‑C connects high-speed storage or 4G/5G dongles
F5 subsequently raised its full-year revenue-growth outlook after each of its next two quarterly reports:
| Report date | Reported quarter revenue | FY2026 revenue-growth outlook after report |
|---|---|---|
| January 27, 2026 (Q1) | $822 million, up 7% year over year | 5%–6% |
| April 28, 2026 (Q2) | $812 million, up 11% year over year | 7%–8% |
| July 27, 2026 (Q3) | $865 million, up 11% year over year | Approximately 9%–10% |
The Q3 release also gave Q4 revenue guidance of $870 million–$890 million. The later forecasts supersede the January full-year growth range when describing the outlook available after those later reports. The outlook is management guidance, not a guarantee of results. See F5’s Q2 release and Q3 release.
Quick Recap
Rank #4
- Runs UniFi Network for full-stack network management
- Manages 30+ UniFi Network devices and 300+ clients
- 1 Gbps routing with IDS/IPS
- Multi-WAN load balancing
- 0.96" LCM status display
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
