A10 Networks
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A10 Networks (ATEN) investor relations material

A10 Networks Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Achieved record quarterly and full-year revenue in Q4 and FY 2025, with Q4 revenue up 8.3% year-over-year and FY 2025 revenue up 11% year-over-year to $290.6 million.

  • Security-led solutions reached or exceeded 65% of total revenue, meeting long-term targets and driving consistent growth.

  • Profitability remained strong, with non-GAAP gross margins above 80% and record Adjusted EBITDA margins for the year.

  • Growth was supported by strong performance in the Americas and strategic wins in enterprise and service provider segments.

  • Generated nearly $85 million in cash flow from operations in 2025, supporting investments and capital returns.

Financial highlights

  • Q4 2025 revenue reached $80.4 million; FY 2025 revenue totaled $290.6 million.

  • Q4 product revenue was $48.8 million; services revenue was $31.5 million, with service revenue at 39% of total.

  • Q4 2025 non-GAAP net income was $19.1 million ($0.26/share); full-year non-GAAP net income was $66.3 million ($0.90/share).

  • Q4 2025 Adjusted EBITDA was $24.9 million (31% margin); full-year Adjusted EBITDA was $86.0 million (29.6% margin).

  • Cash, cash equivalents, and marketable securities totaled $377.9 million at year-end 2025.

Outlook and guidance

  • 2026 revenue expected to grow 10%-12% over 2025, with non-GAAP gross margin targeted at 80%-82%.

  • Net and EBITDA margins expected to expand; EPS growth projected to outpace revenue growth at 12–14%.

  • Continued focus on organic growth, margin expansion, and reinvestment in strategic priorities.

  • Growth is expected to continue, driven by investments in next-generation networking and security.

Security-led revenue: What's next after 2/3?
Future capital allocation strategy for cash?
Key drivers for 2026 margin expansion?
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Frequently asked questions

A10 Networks Inc provides networking and cybersecurity solutions designed to enhance the performance and security of applications across on-premises, cloud, and edge environments. Its product portfolio includes application delivery controllers, DDoS protection, and load balancing technologies. The company serves service providers, enterprises, and government organizations globally. The company is headquartered in San Jose, California, and its shares are listed on the NYSE.

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