Cash generation remains high-quality, evidenced by an OCF/NI ratio of 2.48 in 2026Q2 and a commitment to shareholder returns through $100 million in quarterly share repurchases.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 |
|---|
| Cash from Operations | 1.02B | 949.67M | 792.42M | 653.41M | 442.63M | 645.2M | 660.9M | 747.84M | 761.07M | 740.28M | 711.53M | 684.54M | 548.99M | 499.69M | 495.44M | 416.94M | 313.61M | 201.98M | 193.69M | 169.65M | 125.38M | 84.99M | 40.59M | 14.61M | 9.51M | -11.66M | 9.83M | -2M | -3.4M |
| Operating CF Margin % | - | 30.75% | 28.14% | 23.23% | 16.42% | 24.78% | 28.11% | 33.35% | 35.21% | 35.42% | 35.67% | 35.66% | 31.7% | 33.73% | 35.97% | 36.2% | 35.56% | 30.93% | 29.79% | 32.27% | 31.82% | 30.2% | 23.71% | 12.61% | 8.78% | -10.86% | 9.04% | -7.19% | -70.83% |
| Operating CF Growth % | 83.07% | 19.84% | 21.27% | 47.62% | -31.4% | -2.38% | -11.63% | -1.74% | 2.81% | 4.04% | 3.94% | 24.69% | 9.87% | 0.86% | 18.83% | 32.95% | 55.27% | 4.28% | 14.17% | 35.31% | 47.53% | 109.38% | 177.82% | 53.71% | 181.53% | -218.65% | 591.3% | 41.18% | - |
| Net Income | 708.21M | 692.38M | 566.78M | 394.95M | 322.16M | 331.24M | 307.44M | 427.73M | 453.69M | 420.76M | 365.86M | 365.01M | 311.18M | 277.31M | 275.19M | 241.4M | 151.15M | 91.53M | 74.33M | 77M | 66M | 46.9M | 36.33M | 4.09M | -8.61M | -30.79M | 13.65M | -4.3M | -3.7M |
| Depreciation & Amortization | 96.45M | 92.4M | 106.99M | 112.7M | 115.61M | 115.42M | 95.86M | 68.51M | 59.49M | 61.15M | 56.78M | 52.58M | 46.12M | 40.01M | 35.14M | 20.89M | 23.83M | 26.41M | 23.62M | 15.86M | 11.59M | 6.8M | 5.36M | 5.25M | 6.05M | 7.97M | 4.46M | 3.1M | 700K |
| Stock-Based Compensation | 242.7M | 231.49M | 219.11M | 236.65M | 249.22M | 243.28M | 201.95M | 162.91M | 157.85M | 175.33M | 156.76M | 145.55M | 127.16M | 104.21M | 95.35M | 89.75M | 70.77M | 56.06M | 60.58M | 0 | 0 | 0 | 10K | 0 | 443K | 2.63M | 0 | 0 | 0 |
| Deferred Taxes | -53.55M | -72.18M | -68.52M | -108.52M | -40.24M | -76.93M | 7.29M | 7.44M | 20.81M | -4.63M | 2.97M | -12.57M | -3.09M | 474K | -4.29M | 4.49M | 8.24M | -6.06M | -5.61M | 6.43M | 18.95M | -7.73M | -33.89M | 0 | 0 | 3.4M | -3.4M | 0 | 0 |
| Other Non-Cash Items | 29.05M | -20.95M | 32.08M | 43.35M | 46.18M | 79.81M | 50.93M | 16.15M | 1.19M | -73K | 2.22M | 1.77M | 2.67M | 838K | 2.12M | 819K | 1.08M | 2.63M | 2.81M | 56.56M | 25.33M | 43.69M | 24.07M | 1.37M | 10M | 18.22M | 9.38M | 1M | 700K |
| Working Capital Changes | -7.45M | 26.52M | -64.01M | -25.73M | -250.29M | -47.63M | -2.58M | 65.1M | 68.03M | 87.75M | 126.96M | 132.19M | 64.95M | 76.85M | 91.94M | 59.6M | 58.53M | 31.4M | 37.95M | 13.8M | 3.51M | -4.67M | 8.71M | 3.91M | 1.62M | -13.08M | -14.27M | -1.8M | -1.1M |
| Change in Receivables | -47.44M | -28.41M | 63.95M | 16.7M | -130.6M | -46.29M | 46.5M | -18.3M | -4.89M | -24.11M | 9.73M | -38.68M | -40.9M | -18.87M | -20.21M | 0 | -6.37M | -12.55M | -7.94M | -30M | 0 | -20.46M | -4.15M | 0 | -4.59M | 423K | 0 | 0 | 0 |
| Change in Inventory | -22.42M | -851K | -40.5M | 32.49M | -46.31M | 5.84M | 6.5M | -3.83M | -734K | 4.22M | -334K | -9.25M | -5.45M | -1.62M | -262K | 1.67M | -5M | -3.67M | 523K | -2.37M | 0 | -1M | -928K | 1.9M | 1.9M | 790K | -5.64M | -500K | 0 |
| Change in Payables | 52.6M | 28.9M | 40.37M | -63.1M | 19.16M | -223.61M | 34.74M | -23.48M | 22.64M | 30.52M | 33.22M | 39.52M | 18.34M | 16.79M | 9.95M | 0 | 12.16M | 10.25M | 4.01M | 16.59M | 0 | 9.28M | 6.16M | 0 | 154K | -3.02M | 0 | 0 | 0 |
| Cash from Investing | -218.15M | -219.49M | -59.21M | 36.39M | 218.12M | -445.33M | -747M | -414.63M | -455.99M | -32.21M | 62.72M | -10.7M | 150.64M | -352.47M | -352.28M | -139.72M | -238.22M | -99.11M | 13.71M | -188.14M | -204.41M | -126.76M | -164.71M | -38.05M | -12.66M | -8.08M | -43.71M | -5.6M | -800K |
| Capital Expenditures | -52.75M | -43.26M | -30.41M | -54.18M | -33.62M | -30.65M | -59.94M | -103.54M | -53.47M | -38.68M | -63.49M | -60.31M | -22.72M | -26.58M | -29.87M | -36.16M | -12.63M | -11.67M | -27.92M | -16.45M | -21.4M | -9.29M | -5.78M | -3.2M | -3.2M | -9.15M | -13.33M | -2.6M | -700K |
| CapEx % of Revenue | 1.64% | 1.4% | 1.08% | 1.93% | 1.25% | 1.18% | 2.55% | 4.62% | 2.47% | 1.85% | 3.18% | 3.14% | 1.31% | 1.79% | 2.17% | 3.14% | 1.43% | 1.79% | 4.29% | 3.13% | 5.43% | 3.3% | 3.37% | 2.76% | 2.95% | 8.52% | 12.27% | 9.35% | 14.58% |
| Acquisitions | -160.96M | -171.06M | -32.94M | -35.05M | -67.91M | -411.32M | -955.57M | -611.55M | 0 | 0 | 0 | 0 | -49.44M | -212.64M | -128.34M | -5.71M | 0 | 0 | -995K | -207.14M | -42.78M | -395K | -29.2M | -27.37M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.04M | -4M | -4.75M | -7.14M | 59K | -612K | -269K | 5.73M | 2.53M | -693K | 1.22M | -9K | -49K | 110K | -168K | 629K | 30K | 1.07M | -30.38M | 0 | -100K |
| Cash from Financing | -616.82M | -464.81M | -457M | -653.3M | -476.51M | -468.28M | 337.24M | -155.45M | -551.26M | -546.03M | -652.65M | -556.9M | -604.96M | -166.32M | -149.23M | -226.66M | -16.8M | -70.71M | -181.72M | 35.49M | 65.14M | 68.87M | 138.47M | 12.83M | 5.48M | 36.34M | 35.08M | 26.2M | 10.4M |
| Debt Issued (Net) | -36.06M | -36.06M | 0 | -350M | -20M | -20M | 390M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 113.64M | 0 | 0 | 188K | 281K | 0 | 0 |
| Equity Issued (Net) | -593.03M | -466.94M | -500.56M | -350.05M | -500.02M | -500M | -102.55M | -201.04M | -600.08M | -600.09M | -700.12M | -606.86M | -650.54M | -200M | -184.78M | -271.53M | -75M | -87.44M | -200M | 23.29M | 44.26M | 68.87M | 138.47M | 12.83M | 5.48M | 36.16M | 34.8M | 26.2M | 10.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -651.12M | -502.08M | -500.56M | -350.05M | -500.02M | -500M | -100.02M | -201.04M | -600.08M | -600.09M | -700.12M | -606.86M | -650.54M | -200M | -184.78M | -271.53M | -75M | -87.44M | -200M | 0 | 0 | 0 | 0 | 0 | 0 | -1.08M | 0 | 0 | -200K |
| Other Financing | 12.28M | 38.19M | 43.56M | 46.75M | 43.52M | 51.72M | 49.8M | 45.6M | 48.82M | 54.06M | 47.48M | 49.96M | 45.58M | 33.68M | 35.55M | 44.86M | 58.2M | 16.73M | 18.28M | 12.2M | 20.89M | 0 | -113.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 183.7M | 268.03M | 277.5M | 38.63M | 177.87M | -268.49M | 250.57M | 176.36M | -248.52M | 158.66M | 124.11M | 108.96M | 91.81M | -21.49M | -5.6M | 48.03M | 57.92M | 32.53M | 24.01M | 16.55M | -14.12M | 26.97M | 14.55M | -10.45M | 2.48M | 16.58M | 28.22M | 18.6M | 10.4M |
| Free Cash Flow | 962.66M | 906.41M | 762.01M | 599.23M | 409.01M | 614.54M | 600.96M | 644.3M | 707.6M | 697.6M | 643.3M | 617.46M | 526.27M | 473.11M | 465.32M | 380.78M | 300.99M | 189.61M | 165.77M | 153.2M | 103.98M | 75.69M | 34.81M | 12.03M | 6.31M | -20.81M | -3.51M | -4.6M | -4.1M |
| FCF Margin % | 29.85% | 29.35% | 27.06% | 21.3% | 15.17% | 23.61% | 25.56% | 28.73% | 32.74% | 33.38% | 32.24% | 32.16% | 30.38% | 31.94% | 33.79% | 33.06% | 34.13% | 29.03% | 25.5% | 29.14% | 26.39% | 26.9% | 20.34% | 10.38% | 5.82% | -19.38% | -3.23% | -16.55% | -85.42% |
| FCF Growth % | 15.38% | 18.95% | 27.17% | 46.51% | -33.45% | 2.26% | -6.73% | -8.95% | 1.43% | 8.44% | 4.19% | 17.33% | 11.24% | 1.67% | 22.2% | 26.51% | 58.74% | 14.38% | 8.21% | 47.34% | 37.37% | 117.42% | 189.5% | 90.71% | 130.3% | -493.24% | 23.74% | -12.2% | - |
| FCF per Share | 16.80 | 15.45 | 12.84 | 9.94 | 6.69 | 9.90 | 9.79 | 10.66 | 11.41 | 10.77 | 9.46 | 8.51 | 6.92 | 5.98 | 5.83 | 4.67 | 3.71 | 2.37 | 1.99 | 1.80 | 1.24 | 0.98 | 0.24 | 0.21 | 0.12 | -0.46 | -0.08 | -0.11 | -0.16 |
| FCF Conversion (FCF/Net Income) | 1.36x | 1.37x | 1.40x | 1.65x | 1.37x | 1.95x | 2.15x | 1.75x | 1.68x | 1.76x | 1.94x | 1.88x | 1.76x | 1.80x | 1.80x | 1.73x | 2.07x | 2.21x | 2.61x | 2.20x | 1.90x | 1.81x | 1.12x | 3.57x | -1.10x | 0.38x | 0.72x | 0.47x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 2.97M | 7.98M | 5.28M | 6.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 205.72M | 181.63M | 191.57M | 110.04M | 99.38M | 80.24M | 100.57M | 104.88M | 162.94M | 164.36M | 189.24M | 169.42M | 156.83M | 145.87M | 84.75M | 67.12M | 48.59M | 48.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Legacy hardware revenue cannibalization
Based on reported financial statements, F5 consistently demonstrates high-quality earnings, with the OCF/NI ratio reaching 2.48 in 2026Q2, suggesting that cash generation is significantly more robust than GAAP net income figures might imply due to non-cash charges and favorable working capital movements.
The persistent gap between net income and operating cash flow suggests that F5's profitability is heavily supported by non-cash expenses, such as stock-based compensation and depreciation. Investors should monitor whether this conversion efficiency remains sustainable as the company continues its transition toward a subscription-heavy revenue model.
As indicated by quarterly data, F5's free cash flow margins have fluctuated significantly, ranging from 18.2% in 2026Q1 to 42.8% in 2026Q2, highlighting the inherent volatility in cash generation as the firm navigates the transition from legacy hardware cycles to recurring software-based revenue streams.
The variability in FCF margins appears tied to the timing of large enterprise renewals and hardware refresh cycles. While the trend remains generally positive, the lack of consistent margin expansion suggests that the company's shift to SaaS has yet to fully stabilize its cash flow profile.
According to recent SEC filings, F5 experienced a notable $131.5 million positive working capital adjustment in 2026Q2, which contrasts sharply with the $102.3 million outflow observed in 2026Q1, indicating that timing differences in collections and deferred revenue recognition drive significant short-term cash flow volatility.
These sharp swings in working capital suggest that F5's cash flow is highly sensitive to the timing of large-scale enterprise contract renewals. Analysts should interpret these fluctuations as a reflection of the company's complex sales cycle rather than a fundamental shift in operational efficiency.
Based on reported figures, F5 has prioritized shareholder returns, deploying $100 million toward share repurchases in 2026Q2 alone, which underscores management's commitment to offsetting dilution from stock-based compensation despite the ongoing strategic investments required for the company's cloud-native platform transition.
The consistent use of cash for buybacks suggests management's confidence in the long-term stability of the business. However, investors should monitor whether this capital allocation strategy limits the company's ability to pursue further strategic acquisitions in the competitive security and edge computing markets.
Quick answers to the most common questions about buying FFIV stock.
F5, Inc. (FFIV) generated $949.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
F5, Inc. (FFIV) generated $906.4M 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.
F5, Inc. (FFIV) spent $43.3M 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, F5, Inc. (FFIV) spent $502.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.