F5网络 2025年度报告

TO OUR SHAREHOLDERS, CUSTOMERS, AND PARTNERS: 2025 proved to be a year of tremendous change and opportunity in a world grappling with persistent challengesincluding global macroeconomic uncertainties and an escalation in cybersecurity risks. Against this backdrop,technology remained a cornerstone for tackling these disruptions, and F5 played a pivotal role by deliveringadvanced application delivery and security solutions that enabled our customers to navigate escalatingcybersecurity risks, optimize their digital infrastructures, and drive meaningful business outcomes. Every second of every day, F5 helps millions of people bank, shop, communicate, and manage their lives securelyand reliably. Behind their experiences is F5. Our technology ensures seamless performance and safeguardspersonal data. We believe that technology, when designed with purpose, has the power to enhance lives andbuild trust. This is our mission: to help each other thrive and build a better digital world. Today our customers—the largest enterprises, service providers, and government agencies across the globe—face the rapid expansion of applications critical to business operations, the increasing breadth of servicesneeded to secure and optimize those applications, and the rising challenges of adopting and managing hybridmulticloud environments. At the same time, escalating cybersecurity threats and the transformative rise of AI arecompounding operational complexity and introducing new layers of security and compliance risk. Our 30 yearsof deep expertise at the heart of application delivery and security gives us unique insights into an era of rapidtechnological change. F5 is more than a navigational partner in complexity—we turn technological challengesinto opportunity, enabling our customers to thrive in today’s hybrid multicloud world, while preparing confidentlyfor an AI-driven future. We are incredibly proud to have delivered record fiscal year 2025 financial performance driven by ouralignment with meaningful secular trends including hybrid multicloud adoption, data center reinvestment,and AI. We delivered 10% revenue growth, surpassing $3 billion in revenue for the first time in our history.Product revenue grew 19%, driven by 31% growth in systems revenue and 9% in software revenue. Our strong revenue performance and disciplined operations drove even stronger profitability growth. GAAPnet income reached $692 million, or $11.80 earnings per share, while non-GAAP net income hit $928 million,or $15.81 per share, an 18% increase from fiscal year 2024.1 We also delivered record cash flow from operations of $950 million, up 20% from $792 million in fiscal year 2024.Furthermore, we returned 55% of our annual free cash flow to shareholders via share repurchases, surpassing our50% minimum pledge. Our fiscal year 2025 results demonstrate the power of F5’s hybrid multicloud approach, our leading role in themarket, and the promise of our newly launched Application Delivery and Security Platform. They also strengthenour confidence in our vision and roadmap for the future. We are executing on our vision and roadmap Since I joined F5 eight years ago, we have expanded our solutions portfolio to target the growing complexityour customers face. By enabling customers to deploy industry leading application delivery and security acrosshardware, software, and SaaS environments, F5 empowers organizations to tackle the challenges of hybridmulticloud while also strengthening security, streamlining operations, and lowering costs. Our SaaS offerings are among the newest in our portfolio, and we made notable progress in our SaaS journeyduring the year. Our F5 Distributed Cloud Services reached 26% penetration among our top customers, up from17% last year, surpassing our internal targets, and demonstrating the increasing importance of SaaS deploymentmodels for our customers. Further, we are driving innovation by unifying our solutions to deliver unprecedented visibility, manageability,and automation. This vision reached a milestone in fiscal year 2025 with the launch of the F5 Application Deliveryand Security Platform (ADSP). The industry has platforms for endpoints, network access, and for cloud workloads,but the F5 ADSP is the first platform to unite high-performance traffic management with advanced applicationand API security across hybrid and multicloud environments, simplifying complexity at scale. Unlike fragmentedpoint solutions, the F5 ADSP integrates security, scalability, and operational efficiency while unlocking valuableoperational capabilities, or XOps capabilities, like policy management, analytics, and automation. By the end offiscal year 2025, nearly 900 customers were leveraging F5’s XOps capabilities, up from just 20 in 2024, a clearreflection of our progress and the platform’s potential. In fiscal year 2025, we began to define what leadership in AI-centric application delivery and security looks like.From enabling data delivery for A