株探米国株
エドガーで原本を確認する
false000158080800015808082026-08-052026-08-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________

FORM 8-K
____________________________________________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934

August 5, 2026
Date of Report (Date of earliest event reported)
____________________________________________________________________________
A10 Logo JPEG.jpg
A10 NETWORKS, INC.
(Exact name of the registrant as specified in its charter)
____________________________________________________________________________
Delaware 001-36343 20-1446869
(State or Other Jurisdiction of Incorporation or Organization) (Commission File Number) (I.R.S. Employer Identification Number)

2300 Orchard Parkway
San Jose, CA 95131
(Address of principal executive offices, including zip code)

(408) 325-8668
(Name and telephone number, including area code, of the person to contact in connection with this report)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, $0.00001 par value per share ATEN New York Stock Exchange




Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02    Results of Operations and Financial Condition

On August 5, 2026, A10 Networks, Inc. (the “Company”) issued a press release regarding financial results for the quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01    Regulation FD Disclosure

On August 5, 2026, the Company posted on its website (www.a10networks.com) slides regarding the financial results for the quarter ended June 30, 2026. A copy of the slides is furnished herewith as Exhibit 99.2.

The information in Item 2.02, Item 7.01 and Item 9.01 in this Current Report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act. The information in Item 2.02 shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01    Other Events.

On August 5, 2026, the Company announced that its Board of Directors (the “Board”) approved a quarterly dividend. The quarterly dividend, in the amount of $0.06 per share, will be payable, subject to any prior revocation, on September 1, 2026 to stockholders of record on August 17, 2026. Future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time-to-time.

Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements involve risks and uncertainties. These forward-looking statements may be identified by terms such as “will,” “may,” “plans,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the anticipated amount, duration, methods, timing, term and other aspects of our dividend program and any anticipated benefits or value resulting from such program. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program, which may in turn negatively impact our ability to administer the quarterly dividends. In addition, the timing and amount of future dividends, if any, will be made as management deems appropriate and will depend on a variety of factors including stock price, market conditions, corporate and regulatory requirements (including applicable securities laws and regulations and the rules of The New York Stock Exchange), any additional constraints related to material inside information the Company may possess, and capital availability. More information regarding these and other risks, uncertainties and factors is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on February 25, 2026, and in other reports filed by the Company with the SEC from time to time. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this Current Report. All information in this Current Report and its attachments is as of the date stated and unless required by law, the Company undertakes no obligation to update or publicly revise any forward-looking statement to reflect circumstances or events after the date of this Current Report or to report the occurrence of unanticipated events other than as required by law or regulation.





Item 9.01    Financial Statements and Exhibits

(d) Exhibits
Exhibit Description
99.1
99.2
104.1 Cover Page Interactive Data File (embedded within the inline XBRL document).





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 5, 2026
A10 NETWORKS, INC.
By: /s/ Michelle Caron
Michelle Caron
Chief Financial Officer (Principal Accounting and Financial Officer)


EX-99.1 2 q2-26exx9918052026earnings.htm EX-99.1 Document

EXHIBIT 99.1
a10logo.jpg
A10 Networks Reports Financial Results for the Second Quarter of 2026

Continued Execution in the Americas, Including Next-Generation Networking Demand,

Drives 14.5% Year-to-Date Revenue Growth

SAN JOSE, Calif., August 5, 2026 -- A10 Networks, Inc. (NYSE: ATEN), a leading provider of secure application services and solutions, today announced financial results for its second quarter ended June 30, 2026.  

Second Quarter 2026 Financial Summary

•Quarterly revenue of $80.1 million, a 15.5% year-over-year increase. Revenue for the first six months of 2026 was $155.1 million compared to $135.5 million for the first six months of 2025, an increase of approximately 14.5%.

•GAAP gross margin of 79.1%; non-GAAP gross margin of 80.3%.

•GAAP net income of $8.9 million, or $0.12 per diluted share, non-GAAP net income of $18.7 million, or $0.25 per diluted share.

•Non-GAAP Adjusted EBITDA of $24.4 million, representing 30.5% of revenue.

•The Company returned $6.7 million to investors, having repurchased 86,115 shares during the quarter at an average price of $27.63 per share for a total of $2.4 million and having paid $4.3 million in cash dividends in the quarter.

•The Board of Directors approved a quarterly cash dividend of $0.06 per share, payable September 1, 2026 to stockholders of record at the close of business on August 17, 2026.

•As of June 30, 2026, A10 had $357.3 million in cash, cash equivalents, and marketable securities.


A reconciliation between GAAP and non-GAAP information is contained in the financial statements below.

“A10 continued to solidify its strategic position as a leader in security-focused next-generation networking solutions supporting AI-related infrastructure, driving another quarter of double-digit revenue growth and sustained cash generation,” said Dhrupad Trivedi, President and Chief Executive Officer of A10 Networks. “The growing network traffic demands, increasing complexity, and A10’s competitive position at the intersection of traffic management and security continues to resonate in the marketplace. With an expanded portfolio, including our acquisition of TrojAI in June, we believe A10 has positioned itself as a vendor of choice for next-generation networking running critical applications.”
“We are deepening our engagement with leaders defining the AI infrastructure market. Our new agreement with Microsoft reflects a successful, long-standing relationship and stands as a powerful validation of the value we jointly deliver, The agreement is structured over a multi-year period, aligning both parties’ interests as deployment continues to scale,” continued Trivedi. “We believe it pairs our opportunity with Microsoft's scaled AI deployment, further solidifying our position as a partner of choice for the world's most demanding AI workloads, while establishing a durable, forward-looking foundation for a mutually beneficial relationship in the years ahead.”

“Our model has continued to convert growth into increased profitability, cash generation, and the return of capital to shareholders,” Trivedi added. “We have increased our full-year outlook based on the performance in the first half of 2026 and our visibility into the remainder of the year.”

Outlook

Management is updating their previous guidance to the following based on first-half performance and demand outlook:

•Full-year revenue growth of 12-14% over the prior year, an increase from previous guidance of 10-12% growth.

•EPS growth of 14-16% growth year-over-year, an increase from the 12-14% growth in previous guidance.



Conference Call

Management will host a call at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) today, Wednesday, August 5, 2026, to discuss these results.

Interested parties may access the conference call by dialing (888) 506-0062 (toll-free) or (973) 528-0011 (international) and referencing access code: 338698.

A live audio webcast of the conference call will be accessible from the “Investor Relations” section of A10 Network’s website at investors.a10networks.com. The webcast will be archived for one year. A telephonic replay of the conference call will be available until August 19, 2026 and may be accessed by dialing (877) 481-4010 (toll-free) or (919) 882-2331 (international) and entering the passcode: 54248.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding dividends and capital return, demand and market trends, strategy and competitive positioning, our commercial partnerships and agreements (including our agreement with Microsoft), financial performance and profitability, supply chain management, and 2026 financial guidance. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that may cause actual results to differ include any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program or stock repurchase program, which may in turn negatively impact our ability to administer the quarterly dividends or the repurchase of our common stock; a significant decline in global macroeconomic or political conditions that have an adverse impact on our business and financial results; an expansion of adversarial global trade dynamics or other changes to international trade regulations; business interruptions related to our supply chain; our ability to manage our business and expenses if customers cancel or delay orders; execution risks related to closing key deals and improving our execution; the continued market adoption of our products; our ability to successfully anticipate market needs and opportunities; our timely development of new products and features; our ability to achieve or maintain profitability; any loss or delay of expected purchases by our largest end-customers; our ability to maintain or improve our competitive position; competitive and execution risks related to cloud-based computing trends; our ability to attract and retain new end-customers and our largest end-consumers; our ability to maintain and enhance our brand and reputation; changes demanded by our customers in the deployment and payment model for our products; continued growth rates in markets relating to network security; the success of any future acquisitions or investments in complementary companies, products, services or technologies; the ability of our sales team to execute well; our ability to shorten our close cycles; the ability of our channel partners to sell our products; variations in product mix or geographic locations of our sales; risks associated with our presence in international markets; weaknesses or deficiencies in our internal control over financial reporting; our ability to timely file periodic reports required to be filed under the Securities Exchange Act of 1934; and other risks that are described in “Risk Factors” in our periodic filings with the Securities and Exchange Commission, including our Form 10-K filed with the Securities and Exchange Commission on February 25, 2026. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), we refer to certain non-GAAP financial measures, including non-GAAP net income, non-GAAP net income per basic and diluted share (or non-GAAP EPS), non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP operating income and operating margin, Adjusted EBITDA and Adjusted EBITDA margin. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies.

A10 Networks considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company by excluding certain items that, while they may recur, can vary significantly in amount and timing or are not directly indicative of ongoing operational trends, and are used by the company’s management to evaluate operating performance, prepare budgets and forecasts, and assess performance relative to peer companies.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.



We define non-GAAP net income as our GAAP net income excluding: (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) amortization of debt issuance costs, (v) certain legal expense, (vi) tax planning expense and (vii) income tax effect of non-GAAP items (i) to (vi) listed above. We define non-GAAP net income per basic and diluted share as our non-GAAP net income divided by our basic and diluted weighted-average shares outstanding. We define non-GAAP gross profit as our GAAP gross profit excluding (i) stock-based compensation and related payroll tax and (ii) amortization of acquired intangible assets. We define non-GAAP gross margin as our non-GAAP gross profit divided by our GAAP revenue. We define non-GAAP operating expenses as our GAAP operating expenses excluding (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) certain legal expense and (v) tax planning expense. We define non-GAAP operating income as our GAAP income from operations excluding (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) certain legal expense and (v) tax planning expense. We define non-GAAP operating margin as our non-GAAP operating income divided by our GAAP revenue. We define Adjusted EBITDA as our GAAP net income excluding (i) interest and other income, net, (ii) depreciation and amortization expense, (iii) provision for income taxes, (iv) stock-based compensation and related payroll tax, (v) acquisition-related expense, (vi) certain legal expense and (vii) tax planning expense. We define Adjusted EBITDA margin as our Adjusted EBITDA divided by our GAAP revenue.

Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company's operating results.

About A10 Networks

A10 Networks (NYSE: ATEN) delivers secure application and network solutions designed to protect, optimize, and scale business-critical systems across on-premises, hybrid cloud, and edge environments. Our portfolio is designed to enable large enterprises, service providers, and cloud platforms worldwide to achieve performance, reliability, and protection against cyber threats, while preparing their networks for the demands of AI and next-generation applications. Founded in 2004 and headquartered in San Jose, California, A10 Networks serves over 7,000 global customers. For more information, visit A10networks.com and follow us at A10Networks.

The A10 logo and A10 Networks are trademarks or registered trademarks of A10 Networks, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.

Investor Contact:
Rob Fink / Tom Baumann
FNK IR
646.809.4048 / 646.349.6641
aten@fnkir.com


David Schroeder
VP, Corporate Development
investors@a10networks.com

Source: A10 Networks, Inc.


A10 NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts, on a GAAP Basis)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net revenue:
Products $ 49,024  $ 39,173  $ 93,010  $ 75,152 
Services 31,113  30,210  62,127  60,368 
Total net revenue 80,137  69,383  155,137  135,520 
Cost of net revenue:
Products 10,079  8,197  19,009  15,460 
Services 6,677  6,475  13,023  12,654 
Total cost of net revenue 16,756  14,672  32,032  28,114 
Gross profit 63,381  54,711  123,105  107,406 
Operating expenses:
Sales and marketing 21,905  20,964  41,919  40,509 
Research and development 21,153  16,256  40,171  32,156 
General and administrative 11,299  7,180  18,992  15,652 
Total operating expenses 54,357  44,400  101,082  88,317 
Income from operations 9,024  10,311  22,023  19,089 
Non-operating income (expense):
Interest income 3,320  2,994  6,704  4,784 
Interest and other income (expense), net (2,421) (1,376) (4,580) (1,466)
Total non-operating income, net 899  1,618  2,124  3,318 
Income before income taxes 9,923  11,929  24,147  22,407 
Provision for income taxes 1,041  1,391  3,233  2,326 
Net income $ 8,882  $ 10,538  $ 20,914  $ 20,081 
Net income per share:
Basic $ 0.12  $ 0.15  $ 0.29  $ 0.28 
Diluted $ 0.12  $ 0.14  $ 0.28  $ 0.27 
Weighted-average shares used in computing net income per share:
Basic 72,161  72,009  71,916  72,777 
Diluted 75,651  73,117  74,432  74,109 


A10 NETWORKS, INC.
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
(unaudited, in thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP net income $ 8,882  $ 10,538  $ 20,914  $ 20,081 
Non-GAAP items:
Stock-based compensation and related payroll tax 9,292  4,586  14,342  10,878 
Acquisition-related expense 1,346  574  1,346  918 
Amortization of acquired intangible assets 453  380  832  583 
Amortization of debt issuance costs 365  —  730  — 
Certain legal expense 310  721  807  1,247 
Tax planning expense —  150  —  150 
Income tax-effect of non-GAAP items (1,902) (1,496) (2,494) (3,369)
Total non-GAAP items 9,864  4,915  15,563  10,407 
Non-GAAP net income $ 18,746  $ 15,453  $ 36,477  $ 30,488 
GAAP net income per share:
Basic $ 0.12  $ 0.15  $ 0.29  $ 0.28 
Diluted $ 0.12  $ 0.14  $ 0.28  $ 0.27 
Non-GAAP items:
Stock-based compensation and related payroll tax 0.12  0.06  0.19  0.15 
Acquisition-related expense 0.02  0.01  0.02  0.01 
Amortization of acquired intangible assets 0.01  0.01  0.01  0.01 
Amortization of debt issuance costs 0.01  —  0.01  — 
Certain legal expense —  0.01  0.01  0.02 
Tax planning expense —  —  —  — 
Income tax-effect of non-GAAP items (0.03) (0.02) (0.03) (0.05)
Total non-GAAP items 0.13  0.07  0.21  0.14 
Non-GAAP net income per share:
Basic $ 0.26  $ 0.21  $ 0.51  $ 0.42 
Diluted $ 0.25  $ 0.21  $ 0.49  $ 0.41 
Weighted average shares used in computing net income per share:
Basic 72,161  72,009  71,916  72,777 
Diluted 75,651  73,117  74,432  74,109 


Net income and earnings per share excluding adjustments are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these adjustments on reported results and to facilitate comparison of operating results across reporting periods. These financial measures should not be considered an alternative to net income, operating income, cash flows provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our adjusted net income and earnings per share may not be comparable to similarly titled measures of another company because companies may not all calculate adjusted net income and earnings per share in the same manner.



A10 NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value, on a GAAP Basis)

As of June 30, 2026 As of December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents $ 54,679  $ 71,139 
Marketable securities 302,669  306,714 
Accounts receivable, net of allowances of $19 and $66, respectively 72,242  62,069 
Inventory 31,729  18,032 
Prepaid expenses and other current assets 21,882  18,000 
Total current assets 483,201  475,954 
Property and equipment, net 49,337  50,221 
Goodwill 47,902  15,134 
Intangible assets, net 14,226  6,259 
Deferred tax assets, net 65,785  62,109 
Other non-current assets 17,228  20,136 
Total assets $ 677,679  $ 629,813 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 25,221  $ 11,694 
Accrued and other liabilities 36,550  41,132 
Deferred revenue, current 93,230  80,824 
Short-term debt, net 219,518  — 
Total current liabilities 374,519  133,650 
Deferred revenue, non-current 61,596  61,982 
Long-term debt, net —  218,787 
Other non-current liabilities 3,598  3,848 
Total liabilities 439,713  418,267 
Stockholders' equity:
Common stock, $0.00001 par value: 500,000 shares authorized; 93,176 and 91,996 shares issued and 72,454 and 71,498 shares outstanding, respectively 1  1 
Treasury stock, at cost: 20,722 and 20,498 shares, respectively (254,787) (249,912)
Additional paid-in-capital 551,863  531,790 
Dividends paid (81,415) (72,785)
Accumulated other comprehensive income (expense) (403) 659 
Retained earnings 22,707  1,793 
Total stockholders' equity 237,966  211,546 
Total liabilities and stockholders' equity $ 677,679  $ 629,813 
 
 



A10 NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands, on a GAAP Basis)
  
Six Months Ended June 30,
2026 2025
Cash flows from operating activities:
Net income $ 20,914  $ 20,081 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 8,418  7,077 
Stock-based compensation 13,787  10,427 
Other non-cash items 2,108  685 
Changes in operating assets and liabilities:
Accounts receivable (10,130) 24,031 
Inventory (13,779) 1,609 
Prepaid expenses and other assets (6,097) (5,865)
Accounts payable 12,271  (6,379)
Accrued and other liabilities (7,990) (5,937)
Deferred revenue 11,844  (6,345)
Net cash provided by operating activities 31,346  39,384 
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities 115,420  54,744 
Purchases of marketable securities (112,224) (68,148)
Acquisition of businesses, net of cash acquired (34,681) (19,100)
Capital expenditures (4,530) (8,737)
Net cash used in investing activities (36,015) (41,241)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee equity incentive plans 1,714  1,710 
Proceeds from the issuance of convertible notes —  225,000 
Payment of debt issuance costs —  (7,330)
Repurchase of common stock (4,875) (50,973)
Payments for dividends (8,630) (8,755)
Net cash provided by (used in) financing activities (11,791) 159,652 
Net increase (decrease) in cash and cash equivalents (16,460) 157,795 
Cash and cash equivalents—beginning of period 71,139  95,129 
Cash and cash equivalents—end of period $ 54,679  $ 252,924 
Non-cash investing and financing activities:
Transfers between inventory and property and equipment $ 82  $ 314 
Capital expenditures included in accounts payable $ 881  $ 289 
Common stock consideration for acquisition $ 5,035  $ — 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 3,340  $ 2,769 
Cash paid for interest on debt $ 3,094  $ — 



A10 NETWORKS, INC.
RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT
(unaudited, in thousands, except percentages)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP gross profit $ 63,381  $ 54,711  $ 123,105  $ 107,406 
GAAP gross margin 79.1  % 78.9  % 79.4  % 79.3  %
Non-GAAP adjustments:
Stock-based compensation and related payroll tax 612  502  1,021  1,148 
Amortization of acquired intangible assets 340  281  621  431 
Non-GAAP gross profit $ 64,333  $ 55,494  $ 124,747  $ 108,985 
Non-GAAP gross margin 80.3  % 80.0  % 80.4  % 80.4  %



A10 NETWORKS, INC.
RECONCILIATION OF GAAP TOTAL OPERATING EXPENSES
TO NON-GAAP TOTAL OPERATING EXPENSES
(unaudited, in thousands)
 
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP total operating expenses $ 54,357  $ 44,400  $ 101,082  $ 88,317 
Non-GAAP adjustments:
Stock-based compensation and related payroll tax (8,680) (4,084) (13,321) (9,730)
Acquisition-related expense (1,346) (210) (1,346) (554)
Amortization of acquired intangible assets (113) (99) (211) (152)
Certain legal expense (310) (721) (807) (1,247)
Tax planning expense —  (150) —  (150)
Non-GAAP total operating expenses $ 43,908  $ 39,136  $ 85,397  $ 76,484 
 



A10 NETWORKS, INC.
RECONCILIATION OF GAAP INCOME FROM OPERATIONS
TO NON-GAAP OPERATING INCOME
(unaudited, in thousands, except percentages)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP income from operations $ 9,024  $ 10,311  $ 22,023  $ 19,089 
GAAP operating margin 11.3  % 14.9  % 14.2  % 14.1  %
Non-GAAP adjustments:
Stock-based compensation and related payroll tax 9,292  4,586  14,342  10,878 
Acquisition-related expense 1,346  210  1,346  554 
Amortization of acquired intangible assets 453  380  832  583 
Certain legal expense 310  721  807  1,247 
Tax planning expense —  150  —  150 
Non-GAAP operating income $ 20,425  $ 16,358  $ 39,350  $ 32,501 
Non-GAAP operating margin 25.5  % 23.6  % 25.4  % 24.0  %


A10 NETWORKS, INC.
RECONCILIATION OF GAAP NET INCOME TO
EBITDA AND ADJUSTED EBITDA (NON-GAAP)
(unaudited, in thousands, except percentages)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
GAAP net income $ 8,882  $ 10,538  $ 20,914  $ 20,081 
GAAP net income margin 11.1  % 15.2  % 13.5  % 14.8  %
Exclude: Interest and other income, net (899) (1,618) (2,124) (3,318)
Exclude: Depreciation and amortization 4,449  3,681  8,418  7,280 
Exclude: Provision for income taxes 1,041  1,391  3,233  2,326 
EBITDA 13,473  13,992  30,441  26,369 
Exclude: Stock-based compensation and related payroll tax 9,292  4,586  14,342  10,878 
Exclude: Acquisition-related expense 1,346  210  1,346  554 
Exclude: Certain legal expense 310  721  807  1,247 
Exclude: Tax planning expense —  150  —  150 
Adjusted EBITDA $ 24,421  $ 19,659  $ 46,936  $ 39,198 
Adjusted EBITDA margin 30.5  % 28.3  % 30.3  % 28.9  %


EX-99.2 3 aten-q2x2026xearningsxca.htm EX-99.2 aten-q2x2026xearningsxca
Q2 2026 Financial Results and Commentary August 5, 2026

 
Cautionary Statements & Disclosures This presentation and the accompanying oral presentation contain “forward-looking” statements that are based on our management’s beliefs and assumptions, including statements regarding dividends and capital return, demand and market trends, strategy and competitive positioning, financial performance and profitability, supply chain management, and 2026 financial guidance. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Factors that may cause actual results to differ include any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program or stock repurchase program, which may in turn negatively impact our ability to administer the quarterly dividends or the repurchase of our common stock; a significant decline in global macroeconomic or political conditions that have an adverse impact on our business and financial results; an expansion of adversarial global trade dynamics or other changes to international trade regulations; business interruptions related to our supply chain; our ability to manage our business and expenses if customers cancel or delay orders; execution risks related to closing key deals and improving our execution; the continued market adoption of our products; our ability to successfully anticipate market needs and opportunities; our timely development of new products and features; our ability to achieve or maintain profitability; any loss or delay of expected purchases by our largest end-customers; our ability to maintain or improve our competitive position; competitive and execution risks related to cloud-based computing trends; our ability to attract and retain new end-customers and our largest end-consumers; our ability to maintain and enhance our brand and reputation; changes demanded by our customers in the deployment and payment model for our products; continued growth in markets relating to network security; the success of any future acquisitions or investments in complementary companies, products, services or technologies; the ability of our sales team to execute well; our ability to shorten our close cycles; the ability of our channel partners to sell our products; variations in product mix or geographic locations of our sales; risks associated with our presence in international markets; weaknesses or deficiencies in our internal control over financial reporting; our ability to timely file periodic reports required to be filed under the Securities Exchange Act of 1934; and other risks that are described in “Risk Factors” in our periodic filings with the Securities and Exchange Commission, including our Form 10-K filed with the Securities and Exchange Commission on February 25, 2026. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation and the accompanying oral presentation also include certain non-GAAP financial measures including non-GAAP net income, non-GAAP net income per basic and diluted share (or non-GAAP EPS), non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP operating income and operating margin, Adjusted EBITDA and Adjusted EBITDA margin. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titles measures presented by other companies. A10 Networks considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance and are used by the company’s management for that purpose. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We define non-GAAP net income as our GAAP net income excluding: (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) amortization of debt issuance costs, (v) certain legal expense, (vi) tax planning expense and (vii) income tax effect of non-GAAP items (i) to (vi) listed above. We define non-GAAP net income per basic and diluted share as our non-GAAP net income divided by our basic and diluted weighted-average shares outstanding. We define non-GAAP gross profit as our GAAP gross profit excluding (i) stock-based compensation and related payroll tax and (ii) amortization of acquired intangible assets. We define non-GAAP gross margin as our non-GAAP gross profit divided by our GAAP revenue. We define non-GAAP operating expenses as our GAAP operating expenses excluding (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) certain legal expense and (v) tax planning expense. We define non-GAAP operating income as our GAAP income from operations excluding (i) stock-based compensation and related payroll tax, (ii) acquisition-related expense, (iii) amortization of acquired intangible assets, (iv) certain legal expense and (v) tax planning expense. We define non-GAAP operating margin as our non-GAAP operating income divided by our GAAP revenue. We define Adjusted EBITDA as our GAAP net income excluding (i) interest and other income, net, (ii) depreciation and amortization expense, (iii) provision for income taxes, (iv) stock-based compensation and related payroll tax, (v) acquisition- related expense, (vi) certain legal expense and (vii) tax planning expense. We define Adjusted EBITDA margin as our Adjusted EBITDA divided by our GAAP revenue. Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company's operating results.

 
Agenda Q2 and YTD 2026 Overview 2026 Outlook

 
Q2’26: Profitable Growth, Durable Secular Catalysts Consistent Profitability Key TakeawaysRevenue Overview Q2 Revenue increased 15.5% year-over-year, with 1H revenue growing 14.5% on YTD basis Security-led revenue continues to exceed long-term target Non-GAAP gross margins of 80.3% Adjusted EBITDA margins of 30.5% Non-GAAP EPS of $0.25 (diluted) Increasing relevance supporting next-generation infrastructure and applications, including AI Completed acquisition of TrojAI and signed long-term agreement with Microsoft See Appendix for reconciliation to most comparable GAAP financial measures.

 
2026 Outlook Update Revenue Outlook EPS Outlook Upgrade outlook from previously guided 10-12% FY YoY growth to 12-14% FY YoY growth Upgrade outlook from previously guided 12-14% FY YoY growth to 14-16% FY YoY growth

 
Revenue and Adjusted EBITDA $69.4 $74.7 $80.4 $75.0 $80.1 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue, $ Millions $19.7 $21.9 $24.9 $22.5 $24.4 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Adjusted EBITDA, $ Millions $135.5 $155.1 YTD Q2 2025 YTD Q2 2026 Revenue, $ Millions $39.2 $46.9 YTD Q2 2025 YTD Q2 2026 Adjusted EBITDA is a Non-GAAP Financial Measure. See Appendix for reconciliation to most comparable GAAP financial measures. Adjusted EBITDA, $ Millions

 
Revenue by Customer Vertical $27.8 $26.9 $34.1 $42.2 $48.0 $41.6 $47.8 $46.3 $32.8 $32.1 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Revenue, $ Millions Service Provider Enterprise

 
Revenue by Geography 59% 65% 64% 67% 68% 26% 22% 22% 19% 21% 15% 12% 14% 14% 11% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 % of Revenue Americas APJ EMEA 68% 20% 12% YTD Q2’26 $155.1 million

 
Unified Product Architecture What We Do AI Infrastructure Enablement Massive scale traffic management Carrier-grade traffic processing High-performance NAT Application-aware traffic steering East-west load balancing Flexible performance optimization for distributed workloads Multi-layer DDoS mitigation (L3-L7) Web and API protection for modern applications Intelligent & automated threat protection N o w Network Security Next-Generation Networking Legacy Networking AI prompt and traffic routing AI inference securityAI-powered predictive analytics N ex t Common Policy Engine Shared OS & Security Platform Unified Control Plane

 
Consistent Value Creation Business Model Revenue Growth Capital Allocation

 
Thank You

 
A10Networks.com

 
Appendix

 
Financial Performance Trends Numbers may not sum due to rounding. Please refer to the supplemental financials posted in the “Investor Relations” section of the A10 Networks website at investors.A10networks.com Gross Margin %, Operating Margin %, Adjusted EBITDA and EPS are Non-GAAP Financial Measures. See Appendix for reconciliation to most comparable GAAP financial measures. $ Millions (except Margins and EPS) Q1’23 Q2’23 Q3’23 Q4’23 FY 2023 Q1’24 Q2’24 Q3’24 Q4’24 FY 2024 Q1’25 Q2’25 Q3'25 Q4’25 FY 2025 Q1’26 Q2’26 1H’26 Revenue $57.7 $65.8 $57.8 $70.4 $251.7 $60.7 $60.1 $66.7 $74.2 $261.7 $66.1 $69.4 $74.7 $80.4 $290.6 $75.0 $80.1 $155.1 Non-GAAP Gross Margin % 83.1% 80.2% 81.8% 81.8% 81.7% 81.9% 80.9% 81.3% 80.7% 81.2% 80.9% 80.0% 80.7% 80.8% 80.6% 80.6% 80.3% 80.4% Non-GAAP Operating Margin % 23.1% 23.1% 20.6% 30.4% 24.6% 18.5% 21.1% 22.6% 32.7% 24.2% 24.4% 23.6% 24.7% 26.6% 24.9% 25.2% 25.5% 25.4% Adjusted EBITDA (non-GAAP) $15.5 $17.4 $14.4 $23.9 $71.2 $13.9 $15.5 $17.8 $27.3 $74.5 $19.5 $19.7 $21.9 $24.9 $86.0 $22.5 $24.4 $46.9 Non-GAAP EPS $0.13 $0.19 $0.16 $0.25 $0.73 $0.17 $0.18 $0.21 $0.31 $0.86 $0.20 $0.21 $0.23 $0.26 $0.90 $0.24 $0.25 $0.49 Ending Cash & Marketable Securities $144.5 $153.9 $169.0 $159.3 $159.3 $182.1 $177.1 $182.1 $195.6 $195.6 $355.8 $367.4 $370.9 $377.9 $377.9 $369.8 $357.3 $357.3

 
GAAP to Non-GAAP – Gross Margin and EPS Numbers may not sum due to rounding. EPS data is presented on a basic and diluted basis. Please refer to the supplemental financials posted the “Investor Relations” section of the A10 Networks website at investors.A10networks.com. Year Ended Year Ended Year to Date % of Revenue except EPS Q1'24 Q2'24 Q3'24 Q4'24 Dec 31 2024 Q1'25 Q2'25 Q3'25 Q4'25 Dec 31 2025 Q1'26 Q2'26 Jun 30 2026 Gross Margin % - GAAP 81.1% 80.0% 80.5% 79.9% 80.4% 79.7% 78.9% 80.1% 78.7% 79.3% 79.6% 79.1% 79.4% Stock-based compensation 0.8% 0.9% 0.8% 0.7% 0.8% 1.0% 0.7% 0.2% 0.5% 0.6% 0.5% 0.8% 0.7% Amortization expense related to acquisition 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.4% 0.4% 0.3% 0.3% 0.4% 0.4% 0.4% Asset impairment expense 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2% 0.3% 0.0% 0.0% 0.0% Gross Margin % - Non-GAAP 81.9% 80.9% 81.3% 80.6% 81.2% 80.9% 80.0% 80.7% 80.8% 80.6% 80.6% 80.3% 80.4% EPS $ - GAAP 0.13$ 0.13$ 0.17$ 0.24$ 0.67$ 0.13$ 0.14$ 0.17$ 0.14$ 0.57$ 0.17$ 0.12$ 0.28$ Stock-based compensation 0.05 0.06 0.06 0.06 0.23 0.08 0.06 0.07 0.07 0.28 0.07 0.12 0.19 Tax planning expense - 0.01 0.00 - 0.01 - 0.00 - - 0.00 - - - Certain legal expense - 0.00 - - 0.00 0.01 0.01 0.00 0.00 0.02 0.01 0.00 0.01 Asset impairment expense - - - - - - - - 0.01 0.01 - - - Acquisition-related expense - - - - - 0.00 0.00 0.00 0.00 0.01 - 0.02 0.02 Amortization expense related to acquisition - - - - - 0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.01 Amortization of debt issuance costs - - - - - - 0.00 0.00 0.01 0.01 0.00 0.01 0.01 Workforce reduction severance - - - 0.01 0.01 - - - - - - - - Income tax effect of non-GAAP items (0.01) (0.01) (0.02) (0.02) (0.06) (0.02) (0.02) (0.02) 0.04 (0.03) (0.01) (0.03) (0.03) EPS $ - Non-GAAP 0.17$ 0.17$ 0.21$ 0.31$ 0.86$ 0.20$ 0.21$ 0.23$ 0.26$ 0.90$ 0.24$ 0.25$ 0.49$

 
GAAP to Non-GAAP – Operating Income Numbers may not sum due to rounding. Please refer to the supplemental financials posted the “Investor Relations” section of the A10 Networks website at investors.A10networks.com. Q3’23 Year Ended Year Ended Year to Date $ Millions Q1'24 Q2'24 Q3'24 Q4'24 Dec 31 2024 Q1'25 Q2'25 Q3'25 Q4'25 Dec 31 2025 Q1'26 Q2'26 Jun 30 2026 Income from operations $ - GAAP 7.2$ 7.9$ 10.4$ 18.4$ 44.0$ 8.8$ 10.3$ 13.0$ 15.1$ 47.1$ 13.0$ 9.0$ 22.0$ Stock-based compensation and related payroll tax 4.0 4.3 4.5 4.8 17.6 6.3 4.6 5.0 4.9 20.7 5.1 9.3 14.3 Tax planning expense - 0.4 0.1 - 0.5 - 0.2 - - 0.2 - - - Asset impairment expense - - - - - - - - 1.0 1.0 - - - Certain legal expense - 0.1 - - 0.1 0.5 0.7 0.0 0.1 1.3 0.5 0.3 0.8 Acquisition-related expense - - - - - 0.3 0.2 0.1 0.0 0.7 - 1.3 1.3 Amortization of purchased intangible assets - - - - - 0.2 0.4 0.4 0.4 1.3 0.4 0.5 0.8 Workforce reduction severance - - - 1.1 1.1 - - - - - - - - Income from operations $ - Non-GAAP 11.2$ 12.7$ 15.1$ 24.3$ 63.2$ 16.1$ 16.4$ 18.5$ 21.3$ 72.3$ 18.9$ 20.4$ 39.4$ % of Revenue Income from operations % - GAAP 11.9 % 13.2 % 15.7 % 24.8 % 16.8 % 13.3 % 14.9 % 17.4 % 18.7 % 16.2 % 17.3 % 11.3 % 14.2 % Stock-based compensation and related payroll tax 6.6 % 7.2 % 6.8 % 6.5 % 6.7 % 9.5 % 6.6 % 6.6 % 6.1 % 7.1 % 6.7 % 11.6 % 9.2 % Tax planning expense —% 0.7 % 0.1 % —% 0.2 % —% 0.2 % —% —% 0.1 % —% —% —% Asset impairment expense —% —% —% —% —% —% —% —% 1.2 % 0.3 % —% —% —% Certain legal expense —% 0.1 % —% —% 0.0 % 0.8 % 1.0 % 0.0 % 0.1 % 0.5 % 0.7 % 0.4 % 0.5 % Acquisition-related expense —% —% —% —% —% 0.5 % 0.3 % 0.1 % 0.0 % 0.2 % —% 1.7 % 0.9 % Amortization of purchased intangible assets —% —% —% —% —% 0.3 % 0.5 % 0.5 % 0.5 % 0.5 % 0.5 % 0.6 % 0.5 % Workforce reduction severance —% —% —% 1.4 % 0.4 % —% —% —% —% —% —% —% —% Income from operations % - Non-GAAP 18.5 % 21.1 % 22.6 % 32.7 % 24.2 % 24.4 % 23.6 % 24.7 % 26.6 % 24.9 % 25.2 % 25.5 % 25.4 %

 
GAAP to Non-GAAP – Adjusted EBITDA Numbers may not sum due to rounding. Please refer to the supplemental financials posted the “Investor Relations” section of the A10 Networks website at investors.A10networks.com. Year Ended Year Ended Year to Date $ Millions Q1'24 Q2'24 Q3'24 Q4'24 Dec 31 2024 Q1'25 Q2'25 Q3'25 Q4'25 Dec 31 2025 Q1'26 Q2'26 Jun 30 2026 GAAP net income 9.7$ 9.5$ 12.6$ 18.3$ 50.1$ 9.5$ 10.5$ 12.2$ 9.9$ 42.1$ 12.0$ 8.9$ 20.9$ Exclude: Interest income and other income, net (4.0) (3.1) (3.9) (3.1) (14.1) (1.7) (1.6) (1.0) (1.0) (5.3) (1.2) (0.9) (2.1) Exclude: Depreciation & amortization 2.7 2.8 2.7 3.0 11.3 3.6 3.7 3.8 4.0 15.1 4.0 4.4 8.4 Exclude: Provision for income taxes 1.5 1.5 1.8 3.2 8.0 0.9 1.4 1.8 6.2 10.3 2.2 1.0 3.2 EBITDA 9.9 10.7 13.2 21.4 55.3 12.4 14.0 16.8 19.0 62.2 17.0 13.5 30.4 Exclude: Stock-based compensation and related payroll tax 4.0 4.3 4.5 4.8 17.6 6.3 4.6 5.0 4.9 20.7 5.1 9.3 14.3 Exclude: Asset impairment expense - - - - - - - - 1.0 1.0 - - - Exclude: Tax planning expense - 0.4 0.1 - 0.5 - 0.2 - - 0.2 - - - Exclude: Certain legal expense - 0.1 - - 0.1 0.5 0.7 0.0 0.1 1.3 0.5 0.3 0.8 Exclude: Acquisiton-related expense - - - - - 0.3 0.2 0.1 0.0 0.7 - 1.3 1.3 Exclude: Workforce reduction severance - - - 1.1 1.1 - - - - - - - - Adjusted EBITDA - Non-GAAP 13.9$ 15.5$ 17.8$ 27.3$ 74.5$ 19.5$ 19.7$ 21.9$ 24.9$ 86.0$ 22.5$ 24.4$ 46.9$