Revenue growth remains inconsistent, fluctuating to 13.4% in 2026Q1, while the company maintains structural pricing power with gross margins holding steady at 79.6%.
| 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 |
|---|
| Sales/Revenue | 299.42M | 290.56M | 261.7M | 251.7M | 280.34M | 250.04M | 225.53M | 212.63M | 232.22M | 235.43M | 230M | 198.96M | 179.51M | 141.74M | 120.07M |
| Revenue Growth % | 12.08% | 11.03% | 3.97% | -10.22% | 12.12% | 10.87% | 6.07% | -8.44% | -1.36% | 2.36% | 15.61% | 10.83% | 26.65% | 18.05% | - |
| Cost of Goods Sold | 61.88M | 60.04M | 51.42M | 47.96M | 56.83M | 53.51M | 50.15M | 48.88M | 51.9M | 53.32M | 54.91M | 48.77M | 42.94M | 33.4M | 24.51M |
| COGS % of Revenue | - | 20.66% | 19.65% | 19.06% | 20.27% | 21.4% | 22.24% | 22.99% | 22.35% | 22.65% | 23.87% | 24.51% | 23.92% | 23.56% | 20.41% |
| Gross Profit | 237.54M | 230.51M | 210.28M | 203.74M | 223.51M | 196.54M | 175.38M | 163.75M | 180.33M | 182.11M | 175.09M | 150.19M | 136.57M | 108.34M | 95.56M |
| Gross Margin % | 79.33% | 79.34% | 80.35% | 80.94% | 79.73% | 78.6% | 77.76% | 77.01% | 77.65% | 77.35% | 76.13% | 75.49% | 76.08% | 76.44% | 79.59% |
| Gross Profit Growth % | - | 9.62% | 3.21% | -8.84% | 13.72% | 12.06% | 7.1% | -9.19% | -0.98% | 4.01% | 16.58% | 9.97% | 26.05% | 13.38% | - |
| Operating Expenses | 186.18M | 183.37M | 166.31M | 165.09M | 170.43M | 163.15M | 157.65M | 180.84M | 208.01M | 192.48M | 192.12M | 186.43M | 169.68M | 119.66M | 87.06M |
| OpEx % of Revenue | - | 63.11% | 63.55% | 65.59% | 60.79% | 65.25% | 69.9% | 85.05% | 89.57% | 81.76% | 83.53% | 93.7% | 94.52% | 84.42% | 72.51% |
| Selling, General & Admin | 113.96M | 114.27M | 108.58M | 109.86M | 112.03M | 109.07M | 99.58M | 116.49M | 142.85M | 129.49M | 131.42M | 131.59M | 119.78M | 86.31M | 61.55M |
| SG&A % of Revenue | - | 39.33% | 41.49% | 43.65% | 39.96% | 43.62% | 44.16% | 54.78% | 61.51% | 55% | 57.14% | 66.14% | 66.72% | 60.9% | 51.26% |
| Research & Development | 72.22M | 69.1M | 57.73M | 55.23M | 58.4M | 54.08M | 58.06M | 61.82M | 65.16M | 62.99M | 60.7M | 54.84M | 49.9M | 33.35M | 25.51M |
| R&D % of Revenue | - | 23.78% | 22.06% | 21.94% | 20.83% | 21.63% | 25.75% | 29.08% | 28.06% | 26.76% | 26.39% | 27.57% | 27.8% | 23.53% | 21.25% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.53M | 0 | 0 | -640K | -332K | 0 | 0 | 0 |
| Operating Income | 51.36M | 47.14M | 43.97M | 38.65M | 53.08M | 33.39M | 17.73M | -17.09M | -27.68M | -10.37M | -19.12M | -38.45M | -30.27M | -22.84M | -87.02M |
| Operating Margin % | 17.15% | 16.22% | 16.8% | 15.35% | 18.93% | 13.35% | 7.86% | -8.04% | -11.92% | -4.41% | -8.31% | -19.32% | -16.86% | -16.12% | -72.48% |
| Operating Income Growth % | - | 7.22% | 13.77% | -27.19% | 58.98% | 88.28% | 203.74% | 38.24% | -166.86% | 45.75% | 50.27% | -27.01% | -32.52% | 73.75% | - |
| EBITDA | 62.83M | 62M | 55.26M | 47.99M | 60.46M | 42.3M | 23.33M | -7.07M | -19.88M | -1.86M | -10.85M | -29.73M | -20.15M | -15.76M | -81.73M |
| EBITDA Margin % | 20.98% | 21.34% | 21.12% | 19.07% | 21.57% | 16.92% | 10.35% | -3.32% | -8.56% | -0.79% | -4.72% | -14.94% | -11.23% | -11.12% | -68.07% |
| EBITDA Growth % | 9.21% | 12.2% | 15.14% | -20.62% | 42.95% | 81.27% | 430.22% | 64.45% | -968.19% | 82.85% | 63.5% | -47.54% | -27.83% | 80.71% | - |
| D&A (Non-Cash Add-back) | 11.46M | 14.86M | 11.29M | 9.35M | 7.38M | 8.91M | 5.6M | 10.03M | 7.8M | 8.51M | 8.27M | 8.72M | 10.12M | 7.08M | 5.29M |
| EBIT | 43.32M | 52.42M | 43.97M | 38.65M | 54.38M | 33.8M | 19.14M | -16.18M | -26.41M | -9.38M | -21.21M | -40.64M | -32.19M | -24.96M | -89.26M |
| Net Interest Income | 6.56M | 11.63M | -637K | 5.15M | -363K | -1.75M | 1.41M | 682K | 1.14M | 827K | -424K | -509K | -1.03M | -1.5M | -135K |
| Interest Income | 11.32M | 11.63M | 6.75M | 5.15M | 1.3M | 409K | 1.41M | 919K | 1.27M | 989K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -782K | 0 | 7.38M | 0 | 1.67M | 2.15M | 0 | 237K | 129K | 162K | 424K | 509K | 1.03M | 1.5M | 135K |
| Other Income/Expense | 4.8M | 5.28M | 14.13M | 5.15M | -363K | -1.75M | 1.41M | 682K | 1.14M | 827K | -1.06M | 1.02M | -2.94M | -3.61M | -97.89M |
| Pretax Income | 56.17M | 52.42M | 58.1M | 43.8M | 52.72M | 31.64M | 19.14M | -16.41M | -26.54M | -9.54M | -20.18M | -39.29M | -33.21M | -26.46M | -89.39M |
| Pretax Margin % | 18.76% | 18.04% | 22.2% | 17.4% | 18.8% | 12.65% | 8.49% | -7.72% | -11.43% | -4.05% | -8.78% | -19.75% | -18.5% | -18.67% | -74.45% |
| Income Tax | 11.54M | 10.29M | 7.96M | 3.83M | 5.81M | -63.24M | 1.32M | 1.41M | 1.08M | 1.21M | 757K | 747K | 1.51M | 640K | 758K |
| Effective Tax Rate % | 20.55% | 19.62% | 13.7% | 8.73% | 11.02% | -199.88% | 6.91% | -8.57% | -4.08% | -12.63% | -3.75% | -1.9% | -4.54% | -2.42% | -0.85% |
| Net Income | 44.63M | 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 |
| Net Margin % | 14.9% | 14.5% | 19.16% | 15.88% | 16.73% | 37.95% | 7.9% | -8.38% | -11.89% | -4.57% | -9.1% | -20.12% | -19.34% | -19.12% | -75.08% |
| Net Income Growth % | -10.67% | -15.96% | 25.44% | -14.79% | -50.56% | 432.59% | 199.98% | 35.48% | -156.88% | 48.66% | 47.69% | -15.31% | -28.14% | 69.94% | - |
| Net Income (Continuing) | 44.63M | 42.14M | 50.14M | 39.97M | 46.91M | 94.89M | 17.82M | -17.82M | -27.62M | -10.75M | -22.39M | -40.03M | -34.72M | -27.1M | -90.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.61 | 0.57 | 0.67 | 0.53 | 0.60 | 1.19 | 0.22 | -0.23 | -0.38 | -0.15 | -0.32 | -0.64 | -0.71 | -0.46 | -2.06 |
| EPS Growth % | -7.46% | -14.93% | 26.42% | -11.67% | -49.58% | 440.91% | 195.65% | 39.47% | -153.33% | 53.13% | 50% | 9.86% | -54.35% | 77.67% | - |
| EPS (Basic) | - | 0.58 | 0.68 | 0.54 | 0.62 | 1.23 | 0.23 | -0.23 | -0.38 | -0.15 | -0.32 | -0.64 | -0.71 | -0.46 | -2.06 |
| Diluted Shares Outstanding | 72.92M | 73.59M | 75.3M | 75.55M | 77.75M | 80.04M | 80.02M | 76.08M | 72.88M | 70.05M | 65.7M | 62.43M | 48.68M | 59.03M | 43.72M |
| Basic Shares Outstanding | 71.67M | 72.25M | 74.09M | 74.21M | 75.53M | 77.05M | 77.78M | 76.08M | 72.68M | 70.05M | 65.7M | 62.43M | 48.68M | 59.03M | 43.72M |
| Dividend Payout Ratio | - | 41.22% | 35.49% | 44.58% | 33.94% | 4.09% | - | - | - | - | - | - | - | - | - |
Geographic concentration and cyclicality
As reported in recent financial filings, A10 Networks' revenue growth has fluctuated significantly, with the most recent quarter showing a 13.4% year-over-year increase to $75.0M, following a period of inconsistent performance that highlights the company's sensitivity to lumpy telecommunications infrastructure spending cycles and regional demand shifts.
The top-line trajectory appears heavily influenced by the timing of large-scale service provider deployments, which often leads to quarterly revenue lumpiness. Investors should monitor whether the recent growth uptick represents a sustainable shift toward security-focused software or merely a temporary recovery in hardware-centric capital expenditure cycles.
Based on the provided income statement data, A10 Networks has consistently maintained gross margins near 79.6%, demonstrating a robust ability to preserve pricing power despite the competitive pressures inherent in the infrastructure software and hardware appliance market compared to peers like NetScout Systems.
The stability of these margins suggests that the company's proprietary ACOS platform continues to command a premium in high-throughput environments. However, any future shift in product mix toward lower-margin hardware could threaten this structural advantage, warranting close observation of the software-to-hardware revenue ratio.
According to historical income statement figures, A10 Networks has managed its cost structure with discipline, as evidenced by R&D expenses rising to $19.0M in 2026Q1, which indicates a strategic commitment to maintaining technical differentiation in the face of evolving cybersecurity and network infrastructure demands.
The company's expense management appears focused on balancing necessary R&D innovation with the high-touch sales requirements of its target market. While SG&A remains a significant overhead, the current level of spending suggests management is prioritizing long-term product relevance over immediate, aggressive margin expansion.
As indicated by the quarterly data, stock-based compensation remains a persistent factor, with $4.8M recorded in 2026Q1, which investors should evaluate against the company's share repurchase activity to determine the net impact on shareholder dilution and the overall quality of reported net income.
The variance between operating income and net income suggests that non-operating items and tax fluctuations may periodically distort bottom-line performance. Analysts should scrutinize these adjustments to ensure that reported EPS growth is driven by core operational efficiency rather than accounting or non-recurring financial benefits.
Quick answers to the most common questions about buying ATEN stock.
For fiscal year 2025, A10 Networks, Inc. (ATEN) reported total revenue of $290.6M. This represents a 142.0% increase compared to $120.1M in 2012.
A10 Networks, Inc. (ATEN) is profitable, generating $42.1M in net income for the fiscal year ending 2025 with a net profit margin of 14.5%.
A10 Networks, Inc. (ATEN) reported an operating income of $47.1M, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
A10 Networks, Inc. (ATEN) generated $230.5M in gross profit for the year, representing a gross profit margin of 79.3%. This demonstrates the company's core pricing power and production efficiency.