A10 Networks Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.06%.
Did ATEN Beat Earnings? Q4 2025 Results
A10 Networks closed out fiscal 2025 on a strong note, posting fourth-quarter revenue of $80.36 million, up 8.3% year-over-year and ahead of the $78.09 million consensus estimate, while non-GAAP EPS of $0.26 came in 9.38% above the $0.24 Wall Street expected. The beat was powered primarily by product revenue, which climbed to $48.83 million from $43.34 million a year ago, as demand for security-led networking solutions across service provider and enterprise customers continued to build momentum. Full-year revenue reached $290.56 million, an 11% jump over FY 2024, with adjusted EBITDA margin expanding to 29.6% from 28.5%. GAAP net income for the quarter fell to $9.87 million from $18.30 million in the year-ago period, weighed down by higher taxes, acquisition-related costs, and a $951,000 asset impairment charge. Looking ahead, management guided for 10-12% revenue growth in 2026 and EPS growth of 12-14%, with AI infrastructure buildouts and integrated security cited as key catalysts, sending shares to a 52-week high in the days following the report.
- Security-led revenue exceeded 65% long-term target
- Strong end demand across portfolio with market share gains
- AI infrastructure deployments driving customer adoption
- Data center buildouts requiring high-throughput, low-latency, integrated security solutions
- Service Provider revenue growth to $174.7 million in FY 2025 from $150.4 million in FY 2024
“A10 continues to benefit from strong end demand across its portfolio, capturing market share as customers deploy our solutions to support AI infrastructure and driving growth ahead of the market. A10's strategic position, aligned with the increasingly pressing demands for high-throughput, low-latency, and integrated security, are benefitting us as we work with customers on their data center buildouts. Security-led revenue has now achieved our stated target model of two-thirds of our revenue and continues to drive consistent growth.”
A10 Networks CEO, on the earnings call
Forward Guidance & Outlook
For 2026, A10 management expects full-year revenue growth of 10-12% over the prior year, non-GAAP gross margin in line with the stated business model goal of 80-82%, expanding net margin and EBITDA margin, and EPS growth exceeding the revenue growth rate at 12-14% year-over-year. The company plans to host an Investor event during Q1 2026 to provide additional strategic context around growth drivers and market positioning.
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Figures from SEC filings and company reports. Not investment advice.