A10 Networks, Inc. Q4 2025 results

Please note that with the exception of revenue, financial measures discussed today are on a non-GAAP basis, unless otherwise noted, and have been adjusted to exclude certain charges. For the full year, revenue grew 11% year-over-year, outpacing growth rates across much of our competitive landscape and underscoring the increasing relevance of our portfolio with customers. In the fourth quarter, we delivered $80.4 million in revenue, our largest single quarter ever. Revenue expanded 8.3% year-over-year in spite of an unusually strong seasonal fourth quarter last year.

Revenue expanded 8.3% year-over-year, in spite of an unusually strong seasonal fourth quarter last year. For full year 2025, we delivered revenue of $290.6 million, up 11% year-over-year, and adjusted EBITDA of $86 million, which represents 29.6% of revenue. Security-led solutions are now sustainably at our long-term goal of 65% of total revenue. During the quarter, we closed a win with a large global data and analytics software provider, serving customers across highly regulated industries.

A10 was selected for its ability to deliver high-performance solutions, supporting the next-generation network with hardware acceleration and improved security, enabling the customer to consolidate infrastructure, support future growth, and materially improve cost efficiency. Importantly, these wins are representative of the type of demand that aligns well with our operating model and our strategic growth drivers. We continue to drive a disciplined operating model that balances targeted investment with margin expansion, converting growth into profitability and cash, while dynamically reinvesting in strategic priorities. As previously noted, investing in organic growth is one of our strategic priorities, in addition to returning capital to shareholders.