该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
F5 (FFIV) delivered strong Q2 FY2026 results with revenue of $811.7M (+11.0% YoY) and gross margin expanding to 81.4%, driven by robust operating cash flow of $525.1M year-to-date, though net income growth of just 1.5% reflects higher operating expenses.
营收
8.12亿美元
同比 +11.02%
每股收益（稀释）
2.58美元
同比 +4.03%
毛利率
81.4%
同比 +0.7 个百分点
营业利润
1.79亿美元
同比 +12.66%
SEC XBRL 原值
F5 (FFIV) Q2 FY2026 营收 8.12亿美元，同比增长 11.0%。 营业利润率 22.1%，较去年同期的 21.7% 扩大 0.4 个百分点。 FFIV 的财年 Q2 FY2026 对应日历 Q1 2026。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 4.73 | 4.08 | 超预期 +15.9% |
| 2026年3月本次财报 | 3.90 | 3.53 | 超预期 +10.6% |
| 2025年12月 | 4.45 | 3.72 | 超预期 +19.5% |
| 2025年9月 | 4.39 | 4.05 | 超预期 +8.5% |
2026年3月 调整后（非 GAAP） EPS 3.90美元，分析师一致预期 3.53美元，超预期 +10.6%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 2.58美元。
由 AI 基于本次 SEC 报告整理
Total revenue reached $811.7M in Q2 FY2026, up 11.0% YoY from $731.1M, reflecting strong demand across F5's product and services portfolio and marking a meaningful acceleration in top-line growth.
来源: 10-Q Income Statement
Gross profit rose 12.0% YoY to $660.8M, with gross margin improving approximately 70 basis points to 81.4% from 80.7%, indicating favorable revenue mix shift likely toward higher-margin software and services.
来源: 10-Q Income Statement
R&D expense grew 10.6% YoY to $151.0M, nearly matching the revenue growth rate, signaling continued investment in product innovation and next-generation application delivery and security solutions.
来源: 10-Q Income Statement
Year-to-date operating cash flow reached $525.1M (+14.3% YoY), well ahead of net income, reflecting high cash conversion quality and strong working capital management.
来源: 10-Q Cash Flow Statement
Year-to-date share repurchases totaled $401.1M, up 59.1% YoY from $252.1M, demonstrating management's confidence in the business and commitment to returning capital to shareholders, though this drove financing cash outflows up 62.2% YoY.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 0 中 3 低 2
Despite 11.0% revenue growth, net income grew only 1.5% YoY to $147.8M, suggesting rising operating costs—including a 10.6% increase in R&D—are compressing bottom-line profitability. If cost growth continues to outpace revenue, net margins could compress further from the current 18.2%.
来源: 10-Q Income Statement
Year-to-date share repurchases of $401.1M represent a 59.1% increase over the prior year period and are the primary driver of $396.3M in financing cash outflows. Sustaining this pace could limit F5's ability to pursue strategic acquisitions or weather unexpected downturns.
来源: 10-Q Cash Flow Statement
F5's 81.4% gross margin is highly dependent on maintaining a favorable mix of software and subscription-based revenues versus hardware. Any shift back toward lower-margin hardware or pricing pressure in competitive markets could materially impact profitability.
来源: 10-Q Income Statement & Key Ratios
Total assets grew 10.0% YoY to $6.50B, but ROA stands at only 2.27%, indicating the asset base is not generating proportionally strong returns. This could signal integration costs, goodwill from prior acquisitions, or underutilized assets weighing on capital efficiency.
来源: 10-Q Balance Sheet & Key Ratios
The current ratio of 1.61x, while adequate, reflects current liabilities of $1.68B growing 10.0% YoY. Should revenue growth slow or receivables deteriorate, near-term liquidity could come under pressure despite a cash balance of $1.44B.
来源: 10-Q Balance Sheet & Key Ratios
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 8.12 亿美元 | 7.31 亿美元 | +11.02% |
营业成本 亿美元 | 1.51 亿美元 | 1.41 亿美元 | +7.05% |
毛利润 亿美元 | 6.61 亿美元 | 5.90 亿美元 | +11.97% |
营业利润 亿美元 | 1.79 亿美元 | 1.59 亿美元 | +12.66% |
净利润 亿美元 | 1.48 亿美元 | 1.46 亿美元 | +1.53% |
每股收益（基本） 美元 | 2.61 美元 | 2.51 美元 | +3.98% |
每股收益（稀释） 美元 | 2.58 美元 | 2.48 美元 | +4.03% |
研发费用 亿美元 | 1.51 亿美元 | 1.37 亿美元 | +10.60% |
答案基于本次 SEC 报告与本页数据