F5, Inc. (FFIV): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des infrastructures numériques, F5, Inc. est une puissance technologique, transformant la façon dont les entreprises naviguent sur des défis de réseautage et de sécurité complexes. En mélangeant de manière transparente la livraison d'applications avancées, des solutions multi-cloud et des capacités de cybersécurité de pointe, F5 s'est positionné comme un catalyseur critique pour les organisations recherchant des performances de réseau robustes, évolutives et intelligentes. Leur toile de modèle commercial innovant révèle une approche stratégique qui va au-delà du réseautage traditionnel, offrant des solutions complètes qui permettent aux entreprises de prospérer dans un écosystème numérique de plus en plus interconnecté.

F5, Inc. (FFIV) - Modèle d'entreprise: partenariats clés

Alliances de technologie stratégique avec les fournisseurs de cloud

F5 maintient des partenariats stratégiques avec les principaux fournisseurs de cloud:

Fournisseur de cloud	Détails du partenariat	Année établie
Amazon Web Services (AWS)	Partenaire technologique avancé	2016
Microsoft Azure	Fournisseur de solutions cloud	2017
Google Cloud Platform	Partenaire technologique	2018

Collaborations des fournisseurs de cybersécurité

F5 collabore avec les principaux fournisseurs de cybersécurité:

• Réseaux palo alto
• Sabot
• Cowsterrike
• Zscaler

Partenariats mondiaux d'intégrateur de systèmes

Intégrateur système	Niveau de partenariat	Portée mondiale
Accentuation	Partenaire de platine	50+ pays
Deloitte	Partenaire stratégique mondial	Plus de 170 emplacements
Wipro	Partenaire technologique avancé	60+ pays

Relations OEM

F5 maintient des partenariats OEM critiques avec:

• Systèmes Cisco
• Dell Technologies
• HPE (Hewlett Packard Enterprise)
• Réseaux de genévriers

F5, Inc. (FFIV) - Modèle d'entreprise: activités clés

Développe de logiciels de livraison d'applications et de sécurité du réseau

F5, Inc. a déclaré 2,87 milliards de dollars de revenus totaux pour l'exercice 2023. Les investissements en développement de logiciels ont atteint 385,7 millions de dollars de dépenses de R&D.

Métriques de développement de logiciels	2023 données
Total des dépenses de R&D	385,7 millions de dollars
Employés de génie logiciel	1,847
Portefeuille de brevets	468 brevets actifs

Équilibrage avancé et solutions de gestion du trafic

F5 a géré plus de 1,5 million de services d'application dans le monde en 2023.

• Le trafic d'application mondial géré: 75% des réseaux d'entreprise
• Amélioration moyenne des performances de l'application: 42%
• Réduction de latence du réseau: jusqu'à 35%

Innovation continue dans les services d'application native du cloud

Métriques de service cloud	2023 statistiques
Déploiements de solutions natifs du cloud	3 672 clients d'entreprise
Plates-formes de gestion multi-cloud	6 solutions intégrées
Revenus de services cloud	672,4 millions de dollars

Recherche de détection et d'atténuation des menaces de cybersécurité

Investissement en recherche de cybersécurité en 2023: 129,6 millions de dollars.

• Précision de détection des menaces: 99,2%
• Patchs de vulnérabilité de sécurité: 287 émis
• Taux de prévention des logiciels malveillants: 96,5%

Services professionnels et offres de support technique

Métriques de service de support	2023 données
Représentants du soutien technique	672
Temps de réponse moyen	17 minutes
Taux de satisfaction client	94.3%
Revenus de services professionnels	213,5 millions de dollars

F5, Inc. (FFIV) - Modèle d'entreprise: Ressources clés

Propriété intellectuelle et technologies logicielles propriétaires

Depuis le quatrième trimestre 2023, les réseaux F5 détient 1 214 brevets actifs dans le monde. Le portefeuille de brevets de la société couvre l'infrastructure du réseau critique et les technologies de livraison d'applications.

Catégorie de brevet	Nombre de brevets
Sécurité du réseau	387
Livraison de candidature	462
Infrastructure cloud	365

Ingénierie et recherche hautement qualifiées & Équipe de développement

Au cours de l'exercice 2023, la F5 a investi 685,2 millions de dollars dans la recherche et le développement, ce qui représente 14,3% des revenus totaux.

• Total des employés de R&D: 2 187
• Carnets de diplôme avancés: 68% de la main-d'œuvre de la R&D
• Expérience de R&D moyenne: 12,4 ans

Infrastructure mondiale de vente et de support technique

F5 maintient une présence mondiale avec des opérations dans 45 pays et des équipes de vente directes sur 6 continents.

Région	Bureaux de vente	Centres de soutien technique
Amérique du Nord	22	7
Europe, Moyen-Orient, Afrique	18	5
Asie-Pacifique	15	4

Plates-formes logicielles avancées

Les plates-formes logicielles clés incluent Big-IP et Nginx, qui a généré 2,1 milliards de dollars de revenus combinés au cours de l'exercice 2023.

• Part de marché Big-IP: 42% dans les contrôleurs de livraison d'application
• Nginx: 375 millions de sites Web utilisent la technologie Nginx

Capacités de recherche et d'innovation robustes

F5 maintient des partenariats technologiques stratégiques avec les principaux fournisseurs de cloud et les sociétés de logiciels d'entreprise.

Partenaire	Focus de la collaboration
Services Web Amazon	Intégration de sécurité du cloud
Microsoft Azure	Solutions de nuages ​​hybrides
Google Cloud	Livraison de l'application multi-cloud

F5, Inc. (FFIV) - Modèle d'entreprise: propositions de valeur

Performances et disponibilité des applications améliorées

F5 Networks fournit des solutions d'optimisation des performances d'application avec les mesures clés suivantes:

Métrique de performance	Spécification
Accélération des applications	Réduction jusqu'à 40% de latence
Capacité d'équilibrage de la charge	Jusqu'à 325 Gbit / s par appareil
HTTP demande le traitement	Plus d'un million de demandes par seconde

Solutions complètes de réseautage cloud multi-cloud et hybrides

Les capacités de réseautage cloud de F5 comprennent:

• Prise en charge des plates-formes AWS, Azure, Google Cloud
• Intégration du cloud hybride dans 80% des environnements d'entreprise
• Livraison d'applications multi-cloud sur plus de 5 infrastructures cloud

Capacités avancées de sécurité et de protection contre les menaces

Caractéristique de sécurité	Niveau de protection
Pare-feu d'application Web	Protège contre 99,5% des 10 premières menaces OWASP
Atténuation DDOS	Gère jusqu'à 65 tbps de trafic
Protection contre les bots	Bloque 99,8% du trafic de bot malveillant

Infrastructure de livraison d'application évolutive et flexible

Mesures d'évolutivité de l'infrastructure:

• Prend en charge jusqu'à 250 000 connexions SSL simultanées
• Déploiements de services virtuels sur plus de 500 réseaux d'entreprise
• Livraison d'application basée sur les conteneurs pour les environnements Kubernetes

Gestion simplifiée du réseau et efficacité opérationnelle

Métrique opérationnelle	Mesure de l'efficacité
Automatisation de la direction	Réduit les frais généraux opérationnels de 45%
Gestion de la configuration	Prend en charge plus de 3 000 configurations de périphériques
Contrôle centralisé	Pane unique de gestion du verre pour 95% de l'infrastructure réseau

F5, Inc. (FFIV) - Modèle d'entreprise: relations avec les clients

Support technique et programmes de réussite client

F5 Networks fournit un support technique complet sur plusieurs niveaux de service:

Niveau de soutien	Temps de réponse	Couverture
Support premium	30 minutes	Couverture globale 24h / 24 x 7
Support standard	2 heures	Assistance des heures d'ouverture

Gestion de compte dédiée pour les clients d'entreprise

F5 propose une gestion des comptes spécialisée pour les clients d'entreprise avec:

• Consultation technique personnalisée
• Alignement de la feuille de route de la technologie stratégique
• Conception de solution personnalisée

Portails de clients en ligne et ressources en libre-service

F5 maintient des ressources en ligne complètes:

Caractéristique du portail	Disponibilité
Base de connaissances	10 000+ articles techniques
Téléchargements de logiciels	Accès instantané aux mises à jour
Forums communautaires	Plus de 50 000 utilisateurs enregistrés

Programmes de formation et de certification des produits

Statistiques de certification F5:

• 4 niveaux de certification disponibles
• Plus de 25 000 professionnels certifiés dans le monde entier
• Options de formation en ligne et dirigée par des instructeurs

Engagement communautaire

F5 Métriques d'engagement communautaire:

Canal de fiançailles	Participation annuelle
Conférences d'utilisateurs	3 500+ participants
Webinaires numériques	Plus de 15 000 inscriptions

F5, Inc. (FFIV) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

La F5 maintient une force de vente directe mondiale de 1 852 professionnels des ventes au T2 2023. L'équipe de vente couvre 43 pays dans le monde avec un quota de vente moyen de 2,3 millions de dollars par représentant.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	1,852
Couverture géographique	43 pays
Quota de vente moyen	2,3 millions de dollars

Plates-formes de vente numérique en ligne

Les canaux de vente numériques de F5 ont généré 487,6 millions de dollars de revenus grâce à des plateformes en ligne au cours de l'exercice 2023. Les ventes numériques représentent 22,4% du total des revenus de l'entreprise.

Réseau mondial de revendeurs et de partenaires autorisés

F5 opère avec 5 700 partenaires de canaux actifs dans le monde. Le réseau partenaire contribue à environ 64% du total des revenus de l'entreprise.

• Total Channel Partners: 5 700
• Contribution des revenus des partenaires: 64%
• Types de partenaires: Platine, or, argent et autorisé

Conférences de technologie et événements de l'industrie

F5 a participé à 127 conférences de technologie et événements de l'industrie en 2023, générant 18,6% du pipeline de ventes annuel via ces canaux.

Métrique de l'événement	2023 données
Total des événements assistés	127
Pipeline de vente générée	18.6%

Marketing numérique et génération de leads sur le Web

Les efforts de marketing numérique ont généré 42 600 prospects qualifiés en 2023, avec un taux de conversion de 3,7% en ventes fermées. Les dépenses de marketing numérique étaient de 24,3 millions de dollars.

• Total des pistes qualifiées: 42 600
• Taux de conversion de plomb: 3,7%
• Investissement en marketing numérique: 24,3 millions de dollars

F5, Inc. (FFIV) - Modèle d'entreprise: segments de clientèle

Grandes organisations d'entreprise

F5 dessert 48 des sociétés du Fortune 50 en 2023. Le segment des revenus des clients d'entreprise représente 2,46 milliards de dollars de revenus récurrents annuels.

Métriques du segment d'entreprise	2023 données
Total des clients d'entreprise	10,500+
Valeur du contrat moyen	$350,000
Taux de renouvellement	92%

Institutions de services financiers

Les services financiers représentent 35% de la clientèle totale de F5, générant environ 870 millions de dollars de revenus annuels.

• Les 20 meilleures banques mondiales utilisent des solutions F5
• Solutions de conformité et de sécurité spécifiquement adaptées au secteur financier
• Institution financière moyenne Valeur du contrat: 475 000 $

Entités du gouvernement et du secteur public

Le segment gouvernemental contribue à 540 millions de dollars de revenus annuels, ce qui représente 22% de la clientèle totale.

Type de client du gouvernement	Nombre de clients
Agences fédérales	87
Gouvernements des États	42
Municipalités locales	315

Sociétés de télécommunications

Les clients de télécommunications génèrent 620 millions de dollars de revenus annuels, représentant 25% des segments de clientèle de F5.

• Les 10 meilleurs fournisseurs de télécommunications mondiaux utilisent des solutions F5
• Valeur du contrat de télécommunications moyen: 425 000 $
• Optimisation du réseau et orientation de sécurité

Fournisseurs de services cloud et chefs de transformation numérique

Le segment des fournisseurs de services cloud génère 410 millions de dollars de revenus annuels, ce qui représente 16% de la clientèle.

Catégorie de fournisseur de cloud	Nombre de clients
Fournisseurs de cloud hyperscale	7
Fournisseurs de cloud de marché intermédiaire	42
Services cloud d'entreprise	215

F5, Inc. (FFIV) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

F5 Networks a investi 479,3 millions de dollars dans les frais de recherche et de développement pour l'exercice 2023, ce qui représente 16,1% des revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2023	479,3 millions de dollars	16.1%
2022	456,2 millions de dollars	15.7%

Dépenses de vente et de marketing

Les dépenses de vente et de marketing pour les réseaux F5 ont totalisé 595,6 millions de dollars au cours de l'exercice 2023, représentant 20% des revenus totaux.

• Équipe de vente mondiale: environ 1 800 employés
• Canaux de marketing: publicité numérique, salons commerciaux, marketing partenaire
• Coût d'acquisition du client: Client estimé 15 000 $ par entreprise

Infrastructure cloud et maintenance technologique

Les coûts d'infrastructure technologique et de maintenance pour les réseaux F5 étaient d'environ 217,4 millions de dollars au cours de l'exercice 2023.

Catégorie d'infrastructure	Coût annuel
Opérations du centre de données	89,6 millions de dollars
Infrastructure de service cloud	127,8 millions de dollars

Acquisition et rétention mondiales de talents

Les dépenses totales du personnel des réseaux F5 au cours de l'exercice 2023 étaient de 1,2 milliard de dollars, y compris les salaires, les avantages sociaux et les frais de recrutement.

• Total des employés: 6 337
• Compensation moyenne des employés: 189 000 $ par an
• Coûts de recrutement et de formation: 45,3 millions de dollars

Licence logicielle et gestion de la propriété intellectuelle

Les dépenses de licence de propriété intellectuelle et de logiciels pour les réseaux F5 étaient de 62,7 millions de dollars au cours de l'exercice 2023.

Catégorie IP	Dépenses annuelles
Entretien de brevets	18,9 millions de dollars
Licence de logiciel	43,8 millions de dollars

F5, Inc. (FFIV) - Modèle d'entreprise: Strots de revenus

Services de licences logicielles et d'abonnement

F5, Inc. a déclaré un chiffre d'affaires total de 2,53 milliards de dollars pour l'exercice 2023. Le chiffre d'affaires des logiciels et de l'abonnement a représenté 1,34 milliard de dollars de ce total.

Catégorie de revenus	2023 Montant	Pourcentage du total des revenus
Licence de logiciel	687 millions de dollars	27.2%
Services d'abonnement	653 millions de dollars	25.8%

Services professionnels et conseil

Les revenus des services professionnels pour F5, Inc. au cours de l'exercice 2023 étaient de 312 millions de dollars.

• Les services de conseil axés sur la livraison et la sécurité des applications
• Services de mise en œuvre et d'optimisation personnalisés
• Services de conseil en technologie stratégique

Contrats de support technique et de maintenance

Les revenus du contrat de maintenance et de soutien ont atteint 438 millions de dollars en 2023.

Type de contrat de support	Revenus annuels
Entretien standard	276 millions de dollars
Contrats de support premium	162 millions de dollars

Offres de services d'application native du cloud

Les revenus des services cloud pour F5, Inc. en 2023 étaient de 287 millions de dollars.

• Services d'application multi-cloud
• Solutions de réseautage cloud distribué
• Plateformes de sécurité et de gestion du cloud

Ventes et solutions d'appareils matériels

Les revenus des produits matériels ont totalisé 398 millions de dollars au cours de l'exercice 2023.

Catégorie de produits matériels	Revenus annuels
Contrôleurs de livraison d'application	213 millions de dollars
Appareils de sécurité	185 millions de dollars

F5, Inc. (FFIV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose F5, Inc. in late 2025. It's about cutting through the mess created by rapid digital transformation, especially with AI pushing everything faster. Honestly, the value proposition centers on making the complex manageable and secure.

Unified security and delivery for every app and API across any environment

F5, Inc. delivers a unified approach through its F5 Application Delivery and Security Platform (ADSP), which was introduced in 2025. This platform is explicitly designed to combine application delivery, API protection, and threat mitigation across hardware, software, and Software-as-a-Service (SaaS) environments. The goal is to give Chief Information Security Officers (CISOs) the visibility, compliance, and protection needed to deliver and secure any application or API, regardless of where it lives. This is critical because, as of late 2025, F5, Inc. reported Total Net Revenues of $3,088.1 million for fiscal year 2025, showing strong customer commitment to their portfolio. Furthermore, the company's focus on systems revenue, which grew 31% for the full fiscal year 2025, shows that customers are investing in the underlying infrastructure to support this unified vision.

Simplifying the complexity of hybrid and multi-cloud architectures

The reality is that IT environments are fragmented. An overwhelming 94% of organizations now deploy applications across a mix of public clouds, private clouds, on-premise data centers, and edge infrastructure. This hybrid, multi-cloud reality creates friction, with 53% of organizations citing fragmented delivery models as a challenge. F5, Inc. addresses this by offering solutions, like those based on F5 Distributed Cloud Services, that help reduce the time to connect and secure applications across clouds from weeks down to hours. You should also note that 79% of organizations have repatriated at least one workload from the cloud, often citing operational predictability as a driver, which F5, Inc.'s consistent policy enforcement across environments helps to stabilize.

High-performance traffic management to accelerate AI data delivery and inferencing

The rush to adopt Artificial Intelligence (AI) is undeniable; F5, Inc.'s 2025 State of Application Strategy Report found that 96% of organizations are deploying AI models, a massive leap from just 25% in 2023. This requires specialized traffic handling. F5, Inc. is positioning its platform to manage this load, with innovations categorized as AI for Application Delivery Controller (ADC) and ADC for AI. For instance, 72% of respondents want to use AI to optimize app performance, which directly ties into the need for high-performance delivery. The company's systems revenue growth of 42% in the fourth quarter of fiscal year 2025 suggests strong demand for the underlying hardware capable of handling these intensive workloads.

Comprehensive Web Application and API Protection (WAAP) solutions

With the proliferation of APIs-organizations average 131 third-party APIs in use-the attack surface is vast. F5, Inc. has actively bolstered its API protection capabilities, notably through the March 2025 acquisition of LeakSignal, a company specializing in real-time data protection and governance for AI applications. This move directly supports the value proposition of comprehensive protection against data leaks, a concern for 55% of organizations using AI gateways. The ADSP includes Web Application Firewalls and API protection capabilities to manage these risks proactively.

Cost optimization through platform consolidation and operational efficiency

You can see the financial results of efficiency efforts. F5, Inc. is targeting a 35% operating margin for the year, and its non-GAAP operating margin in Q4 FY25 reached 37.0%. This efficiency is partly driven by platform consolidation, which helps customers manage costs. The repatriation of workloads mentioned earlier was driven by cost control, security, and predictability. By consolidating delivery and security functions onto the ADSP, customers reduce the need for disparate tools. The company's strong profitability is reflected in its fiscal year 2025 Non-GAAP Net Income of $928 million, with a GAAP Gross Margin of 81.4%.

Here are some key financial and adoption metrics that underpin these value propositions:

Metric	Value (Late 2025)	Source Context
FY2025 Total Net Revenue	$3,088.1 million	FY2025 Financial Results
FY2025 Revenue Growth (YoY)	10%	FY2025 Financial Results
Q4 FY2025 Systems Revenue Growth (YoY)	42%	Q4 FY2025 Financial Results
Organizations Deploying AI Models	96%	2025 State of Application Strategy Report
Organizations in Hybrid/Multi-Cloud Environments	94%	2025 State of Application Strategy Report
Target Non-GAAP Operating Margin (FY2025)	35%	September 2025 Conference Commentary
Organizations Citing Inconsistent Security Policies in Multi-Cloud	47%	2025 State of Application Strategy Report

Finance: draft 13-week cash view by Friday.

F5, Inc. (FFIV) - Canvas Business Model: Customer Relationships

You're looking at how F5, Inc. manages its relationships with a customer base that is heavily invested in complex, multi-environment application delivery. Honestly, for a company whose solutions secure mission-critical systems, the relationship is about trust and continuous service delivery.

Dedicated, high-touch sales and professional services for large enterprises.

F5, Inc. maintains deep relationships with the largest global customers. This is evident because over 80% of the Fortune Global 500 companies rely on F5 to keep their applications running fast, available, and secure. This reliance necessitates a high-touch approach, supported by the Global Services segment. For the fiscal year ending September 30, 2025, Global Services revenue totaled $1.58 billion. This segment includes the professional services required to deploy and manage complex solutions across the hybrid IT estates that 94% of organizations now use. The fourth quarter of fiscal year 2025 saw Global Services revenue at $396 million, a 2% year-over-year growth.

The financial commitment to ongoing customer success is clearly visible in the recurring revenue structure:

Metric	FY 2025 Amount	YoY Growth/Detail
Total FY2025 Revenue	$3.09 billion	10% growth over FY2024
Global Services Revenue (FY2025)	$1.58 billion	Up 2% from prior year
Software Revenue (FY2025)	$803 million	Up 9% from prior year

Subscription and renewal management for term-based software licenses.

The shift to a subscription model is a core relationship driver, ensuring predictable revenue and continuous access to updates. This transition is well underway; for the third quarter of fiscal year 2025, 73% of total revenue, or $572 million, came from recurring sources like subscriptions, SaaS, and maintenance. Specifically within the software segment in that same quarter, 89% of the software revenue, which amounted to $185 million out of $208 million, was subscription-based. This focus on renewals is critical, especially as the company navigates market shifts.

Global technical support and maintenance services for mission-critical systems.

Support is non-negotiable when you are protecting mission-critical systems. F5, Inc. provides global technical support and maintenance services that underpin the entire installed base. The Global Services revenue stream, which encompasses these critical support offerings, is substantial, hitting $1.58 billion for the full fiscal year 2025. This level of service is what allows the company to maintain its leadership position in application delivery and security.

Developer community engagement for the NGINX open-source user base.

For the NGINX user base, the relationship is fostered through community presence and product integration. F5, Inc. actively engages this segment, for instance, by hosting an NGINX Community Lounge at its AppWorld 2025 event in Las Vegas from February 25-27. The NGINX Ingress Controller is highlighted as a powerful tool for managing external access in Kubernetes environments. Engagement also involves providing resources like the DevCentral technical forum and offering Developer Lab Licenses.

• NGINX One unifies NGINX Plus, App Protect, and management solutions.
• NGINX Plus R36 release added advanced capabilities like an HTTP CONNECT forward proxy.
• The NGINX community connects with F5 experts at flagship events.

Proactive communication and support during security incidents to maintain trust.

Trust is paramount, especially following high-profile events. Following a recent security incident, F5, Inc.'s President and CEO stated an immediate priority remains supporting customers as they evaluate and safeguard their environments. The commitment involves raising the bar on security across all business aspects and driving collaborative innovation to strengthen protection for critical infrastructure. This proactive, transparent communication is the direct action taken to maintain the relationship after a breach.

Finance: draft 13-week cash view by Friday.

F5, Inc. (FFIV) - Canvas Business Model: Channels

You're looking at how F5, Inc. gets its solutions-from BIG-IP systems to the F5 Distributed Cloud Services-into the hands of customers as of late 2025. It's a mix of direct selling for the big deals and a broad partner ecosystem for scale and service delivery. Honestly, the numbers show a clear push toward platform adoption, even as the legacy service revenue shifts.

The direct sales force remains critical, especially for the largest deals and public sector engagements. We see this reflected in the bookings data from the fourth quarter of fiscal year 2025. Government customers accounted for a notable portion of the business.

• Government customers represented 19% of product bookings in Q4 FY25.
• US Federal business specifically made up 6% of those Q4 product bookings.

F5, Inc. relies heavily on its global network of Value-Added Resellers (VARs) and Distributors to reach a wider market beyond the direct sales team's focus on large enterprise accounts. While specific revenue attribution to VARs isn't broken out separately from indirect channels, the overall structure supports broad market coverage for both product and service sales.

Managed Service Providers (MSPs) are another key part of the indirect motion, often bundling F5 capabilities into their own service stacks. This segment is closely related to the recurring revenue streams. For Q4 of fiscal year 2025, the contribution from service providers to product bookings was:

• Service Providers accounted for 8% of Q4 product bookings.

The F5 Distributed Cloud Services (SaaS) platform is where the future consumption model is taking shape. This is the direct-to-cloud consumption path, and while legacy SaaS/Managed Services revenue saw a slight contraction, the growth in the new platform is offsetting it. Here's a look at the relevant revenue components from the fourth quarter of FY25:

Revenue Category (Q4 FY25)	Amount (USD)	Year-over-Year Change
Net Service Revenue	$396.0 million	Grew 2%
SaaS and Managed Services Revenue (Legacy + Growth)	$176 million	Declined 9%
Total Annualized Recurring Revenue (ARR) for SaaS/Managed Services (Year End)	$185 million	N/A

The total ARR for their SaaS and managed offerings ended the year at $185 million. That figure is important because it shows the recurring base F5, Inc. is building, even as the Q4 revenue of $176 million in the combined SaaS/Managed Services category was down 9% year-over-year due to the transition away from legacy offerings.

To streamline customer adoption of the F5 Application Delivery and Security Platform (ADSP), F5, Inc. launched the new ADSP Partner Program on November 19, 2025. This program replaces the former F5 Technology Alliance Program (TAP) and is designed to cultivate an ecosystem with validated integrations. It features two tiers to manage partner engagement:

• Member Partners: Access to self-service resources and limited support for joint motions.
• Select Partners: Active engagement with F5 for go-to-market activities and strategic integrations.

Inaugural Select Partners announced with the program launch included AppViewX, CrowdStrike, DigiCert, Kasm Technologies, Keyfactor, MazeBolt, and OPSWAT. This move is about simplifying the path to adopting the unified ADSP platform.

Finance: draft 13-week cash view by Friday.

F5, Inc. (FFIV) - Canvas Business Model: Customer Segments

You're looking at the core buyers for F5, Inc. as of late 2025. The company focuses its sales efforts across three primary buckets, with the largest share coming from the enterprise space.

Large enterprise businesses across finance, technology, and healthcare form the bedrock of F5, Inc.'s product bookings. This segment is the most significant buyer of their application delivery and security solutions. For the fourth quarter of fiscal year 2025, enterprise customers accounted for 73% of product bookings. This focus is also reflected in the second quarter of fiscal year 2025, where the enterprise segment represented 69% of product bookings. F5, Inc.'s total annual revenue for fiscal year 2025 reached $3.09 billion, marking a 10% increase year-over-year.

The customer base is geographically diverse, serving large enterprises and governments across the Americas, EMEA, and APAC regions. The APAC region specifically grew by 19% in Q4 2025, contributing 17% of the total revenue for that quarter.

Public sector institutions and government entities represent another key segment, often requiring the robust security and compliance features F5, Inc. offers. In the fourth quarter of fiscal year 2025, government customers made up 19% of product bookings. This figure includes a specific contribution from US Federal entities, which accounted for 6% of those product bookings.

Global service providers (telecoms, cloud providers) are the third major category, though they represent a smaller portion of product bookings compared to enterprises and government. For Q4 2025, service providers represented 8% of product bookings. F5, Inc. maintains partnerships with major public cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud Platform.

A significant driver for all these segments is the ongoing shift to complex IT environments. F5, Inc. is actively targeting organizations adopting hybrid multi-cloud and building AI infrastructure. The company introduced the F5 Application Delivery and Security Platform (ADSP) in 2025 to unify management across these hybrid and multicloud environments. Furthermore, F5, Inc. reinforced its commitment to this area by acquiring CalypsoAI to specifically help secure AI inference workloads. The company's CEO noted that new opportunities are emerging in both hybrid multicloud and AI, positioning F5, Inc. as a crucial player for businesses implementing AI at scale.

Here's the quick math on product bookings by segment for Q4 2025:

Customer Segment	Percentage of Q4 2025 Product Bookings
Enterprise Customers	73%
Government Customers	19%
Service Providers	8%

What this estimate hides is the specific breakdown within the enterprise segment across finance, technology, and healthcare, though the overall focus is clear. Finance: draft 13-week cash view by Friday.

F5, Inc. (FFIV) - Canvas Business Model: Cost Structure

The Cost Structure for F5, Inc. in fiscal year 2025 was heavily weighted toward supporting its global sales motion and continued product innovation, all while maintaining high gross margins on its software and services offerings.

The overall cost management allowed F5, Inc. to achieve a strong profitability metric for the year. The Non-GAAP Operating Margin for the full fiscal year 2025 was reported at 35.2%, on Non-GAAP Operating Profit of $1.09 billion on total revenue of $3.09 billion. This efficiency is built upon managing the three primary operating expense categories: Research & Development (R&D), Sales & Marketing (S&M), and General & Administrative (G&A).

The cost of revenue is a key component, particularly when considering the revenue mix, which includes hardware sales. While the overall Non-GAAP Gross Margin for FY 2025 was a strong 83.6%, the hardware component (Systems revenue) is inherently associated with higher Cost of Revenue than pure software or services.

Here's a breakdown of the key cost components for F5, Inc. based on FY 2025 performance:

Cost Category	FY 2025 Amount (Millions USD)	Notes
Total Revenue	$3,090.0	Total Net Revenues for FY 2025
GAAP Gross Profit	$2,510.0	GAAP Gross Profit for FY 2025
GAAP Operating Expenses	$1,744.0	Calculated as GAAP Gross Profit ($2,510M) minus GAAP Operating Profit ($766M)
Research & Development (R&D)	$540.0	Annual R&D expenses for FY 2025
Non-GAAP Operating Expenses	$1,682.1	Calculated from Non-GAAP Op. Profit ($1,090M) and Margin (35.2%)

The R&D investment was significant, totaling $540 million for the full fiscal year 2025, representing a 10.14% increase year-over-year. This expenditure supports the innovation required for the F5 Application Delivery and Security Platform (ADSP).

The costs supporting the global channel and direct sales motion fall under Sales & Marketing (S&M) and General & Administrative (G&A). Based on the Non-GAAP figures, the combined S&M and G&A expenses for FY 2025 were approximately $1,142.1 million (Non-GAAP OpEx of $1,682.1 million minus R&D of $540 million).

The cost structure must also account for the supply chain supporting the hardware business, which is a necessary expense to deliver Systems revenue, which grew 31% to $706 million in FY 2025. The Global Services revenue, which carries its own associated cost of delivery, was $1.58 billion for the year.

Key elements of the operating expense base that you need to track are:

• R&D expenditure for FY 2025: $540 million.
• Non-GAAP Operating Expenses for FY 2025: approximately $1.682 billion.
• The combined S&M and G&A spend is the largest portion of the operating expenses after R&D.
• The cost of maintaining the global supply chain is embedded within the Cost of Revenue for Systems, which generated $706 million in revenue.

Finance: draft 13-week cash view by Friday.

F5, Inc. (FFIV) - Canvas Business Model: Revenue Streams

You're looking at how F5, Inc. (FFIV) is bringing in the cash as of late 2025. The shift to software and subscriptions is clear in the numbers, but services still anchor the top line.

The largest single stream comes from Global Services revenue, which totaled $1.58 billion for the full fiscal year 2025. This stream grew 2% year-over-year for FY 2025. So, while the growth rate isn't huge, the absolute dollar amount is substantial.

Next up is the product side, which is seeing much faster growth. Software revenue, encompassing both subscriptions and perpetual licenses, hit $803 million in FY 2025, marking a 9% increase from the prior year. The focus here is definitely on the recurring element.

The hardware component, or Systems (hardware) revenue, showed the strongest growth rate among the major segments, surging 31% to reach $706 million in FY 2025. That kind of growth in a hardware segment suggests significant data center refresh activity or market share gains.

Here's a quick look at the main revenue components for the fiscal year 2025:

Revenue Stream	FY 2025 Amount	Year-over-Year Growth (FY 2025)
Global Services revenue	$1.58 billion	2%
Software revenue (Subscriptions & Licenses)	$803 million	9%
Systems (Hardware) revenue	$706 million	31%

The success of the subscription shift is evident when you look at the mix within the software category. For the full fiscal year 2025, software subscriptions represented 85% of the total software revenue. This is a massive change from just a few years ago.

The overall recurring nature of F5, Inc.'s business is a key feature of its model. For the third quarter of 2025, recurring revenue accounted for 73% of the total quarterly revenue. This recurring revenue base is made up of subscription-based revenue and the maintenance portion of global services revenue. This high percentage shows the stickiness of their customer base.

The composition of that recurring software revenue in Q3 2025 provides more detail:

• Subscription-based software revenue in Q3 2025 was $185 million.
• This subscription revenue represented 89% of the total software revenue in Q3 2025.
• Perpetual license software revenue in Q3 2025 totaled $23 million.

Finance: draft 13-week cash view by Friday.