ATEN A10 Networks, Inc.

Overview and Growth

Fiscal 2025 results for A10 Networks, Inc. combined $290.56M of revenue with net income of $42.14M and an operating cash inflow of $84.89M. Revenue of $290.56M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 11.0% from $261.70M in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $0.57, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 14.9% decrease from fiscal 2024 diluted EPS of $0.67.

Profitability

Gross profit was $230.51M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 79.3% of revenue, showing how much of the top line remained after direct costs. Operating income was $47.14M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 16.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $42.14M for the fiscal year. The final earnings result represented 14.5% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $52.42M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 18.0% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $10.29M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 19.6%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $629.81M of assets against $418.27M of liabilities and $211.55M of equity, revealing how the asset base was financed. Current assets were $475.95M against $133.65M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 3.56x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $71.14M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 53.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $218.79M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 1.03x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 34.7%, showing how much of the asset base was matched by borrowing. Liabilities represented 66.4% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 11.3% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Cash flow from operations was $84.89M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 2.01x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $20.13M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 23.7%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $64.77M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 22.3%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 10.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.