A10 Networks Reports Record $80.4M Q4 Revenue, 11% Annual Growth and Guides 10–12% 2026 Revenue Growth
A10 Networks posted record Q4 revenue of $80.4 million with GAAP net income of $9.9 million and non-GAAP net income of $19.1 million, returning $11.2 million to shareholders via buybacks and dividends. Full-year 2025 revenue rose 11% to $290.6 million, and management expects 10–12% revenue growth and 12–14% EPS growth in 2026.
1. Record Q4 Revenue and Profitability
A10 Networks delivered record quarterly revenue of $80.4 million in Q4 2025, representing its highest-ever quarterly top-line result. GAAP gross margin stood at 78.7%, while non-GAAP gross margin reached 80.8%, reflecting disciplined cost management and strong demand for secure application services. On a GAAP basis, net income was $9.9 million, or $0.14 per diluted share, and non-GAAP net income was $19.1 million, or $0.26 per diluted share, matching consensus expectations for profitability and demonstrating consistent per-share earnings power.
2. Strong Full-Year Growth and Margins
For the full year ended December 31, 2025, revenue climbed 11.0% to a record $290.6 million, up from $261.7 million in 2024. GAAP gross margin improved to 79.3%, with non-GAAP gross margin of 80.6%. Full-year GAAP net income was $42.1 million, or $0.57 per diluted share, while non-GAAP net income was $66.3 million, or $0.90 per diluted share. Adjusted EBITDA reached a record $86.0 million, representing 29.6% of revenue, underscoring the scalability of the business model and operational leverage.
3. Robust Capital Return Program
During Q4 2025, the company repurchased 406,000 shares for $6.9 million at an average price of $17.02 and paid $4.3 million in cash dividends, returning $11.2 million to investors. For the full year, A10 repurchased 3.67 million shares for $68.9 million at an average of $18.77 per share and distributed $17.4 million in dividends, totaling $86.3 million returned. The board also approved a quarterly dividend of $0.06 per share payable in March, and $53.4 million remains available under the $75.0 million repurchase authorization.
4. 2026 Outlook and Guidance
Management forecasts full-year 2026 revenue growth of 10–12% over the prior year and non-GAAP gross margin consistent with the 80–82% model target. The company expects expanding net margin and EBITDA margin, with EPS growth of 12–14% year-over-year, outpacing revenue gains. Capital allocation will continue to balance strategic investments in AI-optimized application delivery and integrated security solutions with shareholder returns, supported by a cash balance of $377.8 million as of December 31, 2025.