FFIV · 10-K filed 25 Nov 2025 · year to 30 Sep 2025

F5

29 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Government entities

earns from · a significant portion of our revenuesnamed as a risk

Sales to U.S. and foreign, federal, state, and local governmental agency end-customers account for a significant portion of our revenues and we may in the future increase sales to government entities.Risk factors (Item 1A)

Also named by ADBE, IOT, IQV, ROP

Two worldwide distributors

earns from · 33.3% of our total net revenue for fiscal year 2025named as a risk

In addition, two worldwide distributors of our products accounted for 33.3% of our total net revenue for fiscal year 2025.Risk factors (Item 1A)

Suppliers

Flex Ltd.

depends onnamed as a risk

In particular, we currently subcontract manufacturing of our products to a single contract manufacturer.Risk factors (Item 1A)

Also named by ENPH, TER

Flex Ltd.

depends on

We outsource the manufacturing of our products to various manufacturing partners, including our primary third-party manufacturer service provider, Flex Ltd. ("Flex"), to manufacture our hardware systems according to our specifications.Business (Item 1)

Also named by ENPH, TER

Partners and platforms

Third-party cloud hosting providers

depends onnamed as a risk

Further, our Distributed Cloud Services infrastructure is dependent on our IT systems and related software interfaces, including third-party cloud hosting providers, in order to maintain a reliable and consistent level of performance for our customers.Risk factors (Item 1A)

Also named by CART, DDOG

Microsoft Azure

depends on

F5 NGINX Plus is also offered as a fully managed native service on the Microsoft Azure Cloud allowing teams to lift-and-shift their applications to the cloud with no configuration change removing the operational burden of self-managed instances from teams.Business (Item 1)

Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FTNT and 14 more

Other companies

CalypsoAI Corp.

In September 2025, we completed the acquisition of CalypsoAI Corp. ("CalypsoAI") which is expected to integrate into our F5 ADSP to create a complete solution for securing AI inference.Business (Item 1)

Competitors

Amazon Web Services (AWS)

competes with

Our lightweight, agile, developer-friendly F5 NGINX offerings, which provide capabilities like optimizing Kubernetes traffic management and load balancing cloud-native and hybrid cloud applications compete against Amazon Web Services ("AWS"), Google Cloud Platform, Envoy, and HAProxy.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Google Cloud Platform

competes with

Also named by CRWV, DDOG, DOCN, EXTR, INTU, MDB, MELI, OSCR and 5 more

Broadcom

competes with

Our F5 BIG-IP offerings compete against Citrix and Broadcom.Business (Item 1)

Also named by ALAB, ANET, CIEN, FTNT, HPE, SWKS

Cisco

competes with

In application security, we compete with vendors that offer web application firewall, bot detection and mitigation, API protection, carrier-grade firewall, carrier-grade network address translation ("NAT"), SSL orchestration, access policy management, and DDoS mitigation including Akamai, Cisco, Cloudflare, Fortinet, Juniper Networks, Palo Alto, Radware, and Thales (Imperva).Business (Item 1)

Also named by ANET, CDW, CIEN, SMCI

Akamai

competes with

F5 competes with traditional edge players including Akamai, Cloudflare and Fastly, as well as networking vendors including Broadcom and Cisco, and pure-play vendors like Aviatrix, and public cloud providers.Business (Item 1)

Also named by DOCN

Citrix

competes with

Our F5 BIG-IP offerings compete against Citrix and Broadcom.Business (Item 1)

Cloudflare

competes with

Fastly

competes with

Places

Israel

operates innamed as a risk

As a result, political, economic, and military conditions in Israel and the surrounding region directly affect our operations.Risk factors (Item 1A)

Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more

Memphis, Tennessee

operates in

Systems built in Guadalajara are shipped to the Flex fulfillment center in Memphis, Tennessee for distribution primarily to distributors, value-added resellers, or end-users in the Americas and EMEA.Business (Item 1)

Also named by AZO, FDX, IDXX

Guadalajara, Mexico

operates in

Assembly, quality control and systems testing are carried out at Flex's facilities in Guadalajara, Mexico and Zhuhai, China.Business (Item 1)

Zhuhai, China

operates in

Systems built and fulfilled in Zhuhai are distributed to partners and customers in APAC.Business (Item 1)

Hazards

San Francisco Bay Area earthquakes

operates innamed as a risk

We have an administrative and product development office and a third party contract manufacturer located in the San Francisco Bay Area, a region known for seismic activity.Risk factors (Item 1A)

Also named by FTNT, PANW, PLTR, PYPL, RBRK, RDDT, TWLO, XYZ and 1 more

Cyber Incident (October 2025 security breach)

named as a risk

We have confirmed that the threat actor exfiltrated files from our BIG-IP product development environment and engineering knowledge management platform.Risk factors (Item 1A)

Commodities and inputs

Single or limited source hardware components

depends onnamed as a risk

We currently purchase several hardware components used in the assembly of our products from a number of single or limited sources.Risk factors (Item 1A)

Laws and programs

OECD Pillar Two global minimum tax

subject tonamed as a risk

The Company operates in countries that have enacted, or have committed to enact, a minimum tax in accordance with the Organisation for Economic Co-operation and Development’s Pillar Two framework, which may increase our tax liability in future years.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

EU Corporate Sustainability Reporting Directive (CSRD)

subject tonamed as a risk

In addition, we are subject to a range of new and anticipated climate-related and sustainability-focused laws and regulations, including the E.U.’s Corporate Sustainability Reporting Directive.Risk factors (Item 1A)

Also named by AMAT, AVY, CBRE, GNRC, HLT, IEX, INGR, IP and 19 more

SEC conflict minerals rule

subject tonamed as a risk

The SEC requires us, as a public company that uses certain raw materials considered to be "conflict minerals" in our products, to report publicly on the extent to which "conflict minerals" are in our supply chain.Risk factors (Item 1A)

Also named by MTD, VPG

EU AI regulation

subject tonamed as a risk

AI-related issues, deficiencies and/or failures could (i) give rise to legal and/or regulatory action, including with respect to proposed legislation regulating AI in jurisdictions such as the European Union and others, and as a result of new applications of existing data protection, privacy, intellectual property, and other laws; (ii) damage our reputation; or (iii) otherwise materially harm our business.Risk factors (Item 1A)

Also named by CSCO

U.S. export controls on encryption technology

subject tonamed as a risk

Our products are subject to U.S. export controls and may be exported outside the U.S. only with the required level of export license or through an export license exception because we incorporate encryption technology into our products.Risk factors (Item 1A)

U.S. government domestic manufacturing requirements

subject tonamed as a risk

Finally, for purchases by the U.S. government, the government may require certain products to be manufactured in the United States and other relatively high cost manufacturing locations, and we may not manufacture all products in locations that meet the requirements of the U.S. government, affecting our ability to sell these products to the U.S. government.Risk factors (Item 1A)

Technology

Open source software (NGINX)

depends onnamed as a risk

We incorporate open source software into our products.Risk factors (Item 1A)

Also named by IBM