Free cash flow rebounded to $27.5M in 2026Q2 (34.3% margin) from -$0.7M in 2026Q1, but cumulative operating cash flow of $206.6M over ten quarters exceeds net income, indicating high earnings quality despite working capital volatility.
A10 Networks, Inc. (ATEN) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 76.86M | 84.89M | 90.49M | 44.51M | 66.1M | 50.1M | 55.29M | -426K | -2.69M | 14.31M | 18.78M | 3.39M | -30.54M | -25.13M | 3.21M |
| Operating CF Margin % | - | 29.22% | 34.58% | 17.69% | 23.58% | 20.04% | 24.51% | -0.2% | -1.16% | 6.08% | 8.16% | 1.7% | -17.01% | -17.73% | 2.68% |
| Operating CF Growth % | -54.18% | -6.19% | 103.29% | -32.66% | 31.94% | -9.39% | 13077.93% | 84.19% | -118.82% | -23.77% | 453.76% | 111.1% | -21.51% | -882.23% | - |
| Net Income | 42.97M | 42.14M | 50.14M | 39.97M | 46.91M | 94.89M | 17.82M | -17.82M | -27.62M | -10.75M | -20.94M | -40.03M | -34.72M | -27.1M | -90.15M |
| Depreciation & Amortization | 16.2M | 14.86M | 11.29M | 9.35M | 7.38M | 8.91M | 11.3M | 10.03M | 7.88M | 8.51M | 8.27M | 8.72M | 10.12M | 7.08M | 5.29M |
| Stock-Based Compensation | 23.39M | 20.03M | 17.05M | 14.08M | 13.33M | 14.42M | 12.31M | 16.53M | 17.04M | 17.2M | 16.92M | 16.86M | 12.36M | 4.28M | 2.54M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -64.19M | 0 | 0 | 212K | 1.15M | 1.73M | 2.53M | 935K | 7K | 0 |
| Other Non-Cash Items | 4.31M | 2.88M | -365K | -582K | 757K | 1.07M | 1.07M | -274K | -68K | -422K | 875K | -82K | -6.99M | 1.69M | 2.13M |
| Working Capital Changes | -10.01M | 4.99M | 12.38M | -18.3M | -2.28M | -5M | 12.79M | -8.89M | -139K | -1.37M | 11.92M | 15.4M | -12.24M | -11.09M | 83.39M |
| Change in Receivables | -19.59M | 14.57M | -2.56M | -679K | -10.06M | -10.4M | 2.35M | 530K | -6.12M | 12.36M | -11.32M | -5.98M | -17.28M | -15.55M | -7.34M |
| Change in Inventory | -11.73M | 3.66M | -760K | -6.3M | 2.04M | -1.83M | 543K | -5.65M | -1.53M | -4.67M | 892K | -430K | -8.91M | -8.49M | -9.15M |
| Change in Payables | 17.13M | -1.52M | 2.22M | -3M | 103K | 2M | -2.68M | -621K | -603K | -942K | -334K | 1.11M | 903K | 2.5M | 2.38M |
| Cash from Investing | -238.41M | -243.64M | -48.35M | 13.61M | 11.09M | -38.07M | 5.2M | -251K | -6.88M | -5.14M | -96.36M | -3.48M | -6.1M | -2.99M | -4.24M |
| Capital Expenditures | -15.92M | -20.13M | -12.27M | -10.9M | -10.8M | -5.17M | -3.56M | -4.34M | -2.8M | -5.73M | -6.37M | -3.48M | -6.1M | -2.99M | -4.24M |
| CapEx % of Revenue | 5.13% | 6.93% | 4.69% | 4.33% | 3.85% | 2.07% | 1.58% | 2.04% | 1.2% | 2.44% | 2.77% | 1.75% | 3.4% | 2.11% | 3.53% |
| Acquisitions | -15.58M | 0 | 0 | 0 | 0 | 0 | 0 | -4.09M | 0 | 0 | -4.38M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -19.1M | -19.1M | 0 | 0 | 0 | 0 | 0 | 4.09M | -4.08M | 592K | -87.1M | 0 | 0 | 0 | 0 |
| Cash from Financing | -36.69M | 134.75M | -44.26M | -28.85M | -88.14M | -16.38M | -22.95M | 5.8M | 3.62M | 8.42M | 8.44M | 6.3M | 107.75M | 25.05M | 5.85M |
| Debt Issued (Net) | -224.95M | 225M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20M | 13.36M | 4.73M |
| Equity Issued (Net) | -19.45M | -65.55M | -30.08M | -15.97M | -79.26M | -18.27M | -32.54M | 5.8M | 3.7M | -3.07M | -1.8M | 0 | 121.02M | 78.79M | 0 |
| Dividends Paid | -17.24M | -17.37M | -17.8M | -17.82M | -15.92M | -3.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22.82M | -68.92M | -30.08M | -15.97M | -79.26M | -18.27M | -32.54M | 0 | 0 | -3.07M | -1.8M | 6.02M | 0 | -656K | 0 |
| Other Financing | 224.95M | -7.33M | 3.62M | 4.94M | 7.04M | 5.76M | 9.59M | -1K | -77K | 11.49M | 10.23M | 6.3M | 6.73M | -67.09M | 1.12M |
| Net Change in Cash | -198.25M | -23.99M | -2.12M | 29.27M | -10.95M | -4.36M | 37.54M | 5.12M | -5.95M | 17.59M | -69.14M | 6.21M | 71.11M | -3.07M | 4.82M |
| Free Cash Flow | 60.94M | 64.77M | 78.22M | 33.62M | 55.3M | 44.93M | 51.72M | -4.77M | -5.49M | 8.58M | 12.41M | -86K | -36.64M | -28.13M | -1.03M |
| FCF Margin % | 19.65% | 22.29% | 29.89% | 13.36% | 19.73% | 17.97% | 22.93% | -2.24% | -2.36% | 3.64% | 5.39% | -0.04% | -20.41% | -19.84% | -0.86% |
| FCF Growth % | -13.73% | -17.2% | 132.68% | -39.21% | 23.09% | -13.14% | 1185.23% | 13.2% | -164% | -30.84% | 14525.58% | 99.77% | -30.26% | -2635.99% | - |
| FCF per Share | 0.81 | 0.88 | 1.04 | 0.44 | 0.71 | 0.56 | 0.65 | -0.06 | -0.08 | 0.12 | 0.19 | -0.00 | -0.75 | -0.48 | -0.02 |
| FCF Conversion (FCF/Net Income) | 1.42x | 2.01x | 1.80x | 1.11x | 1.41x | 0.53x | 3.10x | 0.02x | 0.10x | -1.33x | -0.90x | -0.08x | 0.88x | 0.93x | -0.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 4K | 4K | 262K | 100K | 111K | 194K | 170K | 503K | 1.21M | 93K |
| Taxes Paid | 0 | 0 | 6.28M | 2.41M | 1.75M | 199K | 1.03M | 934K | 517K | 1.11M | 581K | 980K | 1.11M | 698K | 1.72M |
Quick answers to the most common questions about buying ATEN stock.
A10 Networks, Inc. (ATEN) generated $84.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
A10 Networks, Inc. (ATEN) generated $64.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
A10 Networks, Inc. (ATEN) spent $20.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, A10 Networks, Inc. (ATEN) returned $17.4M to shareholders via cash dividends and spent $68.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
JPY weakness and leverage
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Quality Concerns
Operating cash flow to net income swung from 3.28x in 2026Q2 to 0.19x in 2026Q1, per recent SEC filings, indicating significant working capital timing effects.
The OCF/NI ratio of 3.28 in 2026Q2 versus 0.19 in 2026Q1 highlights extreme quarter-to-quarter volatility in cash conversion, driven largely by working capital swings. This suggests that reported net income may not reliably predict near-term cash generation, and investors should focus on the cumulative trend rather than any single quarter.
FCF Rebound Masks Underlying Volatility
Free cash flow surged to $27.5M in 2026Q2 from -$0.7M in 2026Q1, per financial statements, but the 10-quarter average FCF margin of ~24% suggests a stable underlying trajectory.
The sharp rebound in FCF is largely attributable to a $5.4M working capital inflow in 2026Q2, reversing the $19.3M outflow in the prior quarter. Despite this volatility, the average FCF margin over the past ten quarters is approximately 24%, indicating that the business generates solid cash flow on a normalized basis, though quarterly swings can be significant.
Low Capital Intensity Supports Cash Generation
Capital expenditures averaged only 5.2% of revenue over the last ten quarters, per reported data, underscoring a capital-light model that converts earnings to cash efficiently.
CapEx/Revenue has remained consistently low, ranging from 2.0% to 8.3%, with no evidence of a major capacity expansion. This suggests that A10's growth does not require heavy capital investment, allowing most operating cash flow to be returned to shareholders or used for acquisitions, as seen in the $34.7M acquisition in 2026Q2.
Working Capital Swings Drive Cash Flow Timing
Working capital changes ranged from -$19.3M to +$15.7M over the past ten quarters, per SEC filings, indicating that collections and payables timing significantly impacts reported cash flow.
The extreme volatility in working capital, particularly the $19.3M outflow in 2026Q1 and $5.4M inflow in 2026Q2, suggests that A10's cash flow is heavily influenced by the timing of customer payments and inventory management. This may reflect the lumpy nature of large telecom deals and channel inventory adjustments, which investors should monitor for signs of demand sustainability.
Capital Returns and M&A Shape Cash Allocation
A10 returned $4.3M in dividends and $2.4M in buybacks in 2026Q2, while spending $34.7M on acquisitions, per financial statements, indicating a balanced approach to capital deployment.
The company has consistently paid quarterly dividends of around $4.3M and repurchased shares, though buyback activity has been variable, with a notable $47.0M repurchase in 2025Q1. The $34.7M acquisition in 2026Q2 suggests a strategic pivot toward expanding its security portfolio, which may be a more significant use of cash than shareholder returns in the near term.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, cumulative operating cash flow of $206.6M exceeded cumulative net income of $113.1M, per reported data, indicating high earnings quality.
The cumulative OCF/NI ratio of approximately 1.83 over the past ten quarters suggests that A10's earnings are well-backed by cash generation, with the gap likely driven by non-cash charges like D&A and SBC. This divergence is a positive signal, as it implies that reported profits are not being artificially inflated by aggressive accruals.
What the Cash Flow Statement Obscures
Stock-based compensation of $9.0M in 2026Q2, per recent filings, exceeds the $8.9M net income, suggesting that reported earnings may overstate economic value creation.
The substantial SBC, which has averaged around $4.8M per quarter, is a non-cash expense that reduces reported net income but does not impact operating cash flow. However, the cash cost of share dilution is not fully captured in the cash flow statement, and the $34.7M acquisition in 2026Q2 may involve undisclosed contingent liabilities or integration costs that could affect future cash flows. Investors should monitor the sustainability of cash generation relative to these non-cash and acquisition-related adjustments.