微软发布AI网络安全模型和Project Perception，F5上调指引验证AI安全需求，但亚洲映射缺少可执行增量

# 美股盘后催化 8/11: 微软发布MAI-Cyber-1-Flash和Project Perception，F5上调指引，AI安全成为企业软件增量预算

- 美股会话: 2026-07-27
- 方向: POSITIVE；类型: 产品/技术；规划重大性: 7/10
- 映射模式: competitive
- 美股驱动（规划器初判，需独立核验）: 事实：Microsoft发布首个网络安全模型MAI-Cyber-1-Flash和Project Perception，称与GPT-5.4组合在CyberGym表现强且成本较低；同时OpenAI代理入侵Hugging Face事件被称为安全警示。F5 Q3超预期并再次上调全年收入增长预期，称AI提升攻击者能力、推动应用交付和安全需求。推断：AI安全从叙事转向产品和收入验证，利好平台型安全/应用交付厂商，但对独立安全软件也有平台挤压风险。

## 本催化相关美股真实收盘行情

- 微软 (MSFT.US): 389.1 +1.94%
- 谷歌 (GOOGL.US): 326.56 +2.13%
- FFIV.US (FFIV.US): 407.96 +4.02%
- PANW.US (PANW.US): 317.32 -2.00%
- CRWD.US (CRWD.US): 180.11 -1.73%

## 亚太映射假设（仅候选，必须查证）

- Trend Micro (4704.JP) [JP/竞争替代/同源本地股/mixed]: AI安全预算上升利好行业，但微软平台化安全能力可能挤压独立厂商。；核验问题: 核实Trend Micro AI漏洞管理、云安全和微软生态重叠度。
- AhnLab (待归一) [KR/同源本地股/positive]: 韩国企业和政府AI安全需求可能上升，本地安全厂商有订单映射机会。；核验问题: 核实AhnLab是否有AI漏洞检测、SOC agent或企业AI安全产品。
- 阿里巴巴 (9988.HK) [H/云平台/竞争替代/mixed]: 微软验证云厂商AI安全产品化路径，阿里云安全可跟进，但海外客户可能更向微软集中。；核验问题: 核实阿里云AI安全产品和国际客户竞争情况。

## 必答问题

- Project Perception和MAI-Cyber-1-Flash是独立付费还是捆绑Microsoft安全套件？
- AI安全事件会主要催化采购，还是触发更严格监管和部署放缓？
- 亚洲安全厂商是否已有可量化AI安全收入？

## 原始证据全文（12 条）

### [E1131] Satya Nadella (Microsoft CEO) | 2026-07-27 16:32 UTC | 盘中
Today, we are announcing a series of updates that give customers frontier-grade security at half the cost.

MAI-Cyber-1-Flash is our first cybersecurity model, built ground up to find the most challenging vulnerabilities in complex code bas
URL: https://x.com/satyanadella/status/2081779755146482153
Today, we are announcing a series of updates that give customers frontier-grade security at half the cost.

MAI-Cyber-1-Flash is our first cybersecurity model, built ground up to find the most challenging vulnerabilities in complex code bases. When combined with MDASH, it delivers world-class performance at 50 percent of the cost of leading models.

We are bringing this capability to market through Project Perception, a complete agentic security offering grounded in real-world signals and security workflows. Teams of specialized agents work together to simulate attacks, detect and triage/investigate, and fix and remediate.

This is the benefit of building the harness, context/signals, and action space separate from one model family. By combining specialized models and data with the right agents, tools, security context, and harness, we can advance the frontier of cost to outcome.

### [E1134] Microsoft News and Stories | 2026-07-27 16:33 UTC | 盘中
Meet Project Perception: Microsoft’s new agentic security system designed to perceive risk, reason across context and help teams act at machine speed — with humans in control.
https://blogs.microsoft.com/blog/2026/07/27/rethinking-security
URL: https://x.com/MSFTnews/status/2081780009581351426
Meet Project Perception: Microsoft’s new agentic security system designed to perceive risk, reason across context and help teams act at machine speed — with humans in control.
https://blogs.microsoft.com/blog/2026/07/27/rethinking-security-for-the-age-of-ai/

### [E1229] MSFT | 2026-07-27 16:54 UTC | 盘中
Why security needs a new Cyber Stack — Introducing Project Perception
The physics of cybersecurity are changing. Autonomous systems can now reason, adapt and operate continuously. At the same time, the cost of offense is falling, while the
URL: https://blogs.microsoft.com/blog/2026/07/27/rethinking-security-for-the-age-of-ai/
Why security needs a new Cyber Stack — Introducing Project Perception

The physics of cybersecurity are changing. Autonomous systems can now reason, adapt and operate continuously. At the same time, the cost of offense is falling, while the volume, velocity and complexity of what must be secured continues to grow. Attackers can generate exploits faster, scale campaigns further and operate with unprecedented efficiency. The approaches built for a world of human actors cannot keep pace with a world of AI, agents and machine-speed attacks.

Security needs a new Cyber Stack. A new Cyber Stack must continuously perceive risk across the entire digital estate, reason across vast amounts of context and take action at machine speed. It must learn and adapt as environments evolve, helping organizations stay ahead of threats. And because security is ultimately a human mission, it must amplify defenders with better insights and more powerful ways to act. The defining characteristic of the next generation of security systems will not be their ability to generate more alerts. It will be their ability to continuously perceive, reason and act.

That vision led us to build Project Perception. A new agentic security system designed for the realities of AI. It turns signals into real-time protections using AI to defend against AI.

Project Perception brings together signals, context, models and specialized agents into a continuously learning system of defense. It can reason, prioritize and act at machine speed while keeping humans firmly in control and empowering them with powerful new workflows.

Project Perception is based on a simple idea: effective defense requires continuous understanding of how an attacker sees the world, how a defender evaluates risk and how protections are improved over time. To accomplish this, Perception coordinates three classes of specialized agents. Red team agents identify potential paths to compromise before an attacker can exploit them. Blue team agents investigate, reason over context and determine what represents meaningful risk. Green team agents take corrective actions and strengthen defenses across the environment. Working together, these agents form a closed-loop system that continuously discovers, evaluates and improves an organization’s security posture.

A system like Project Perception is only as effective as the visibility it has, the actions it can take, the experience of the teams building it and the models it can use. Microsoft brings together all four.

We see across identities, endpoints, applications, data, clouds and AI systems, providing broad visibility across the digital estate. Equally important, we can help customers take action across those environments. Combined with decades of security research, threat intelligence and real-world operational experience defending organizations, these capabilities shape how Project Perception reasons, prioritizes and responds.

Security is a 24/7 mission . Organizations need protection that is highly effective, continuously available and affordable at scale. That requires more than access to the most capable model. It requires applying the right model to the right task. Project Perception adopts a multi-model architecture that combines frontier and specialized cyber models, optimizing for both quality and cost.

As part of this multi-model strategy , we are committed to bringing customers the best models for each security task, including innovating with our own specialized models. The first scenario is software vulnerability management, bringing MAI-Cyber-1-Flash inside MDASH, our software vulnerability multi-model team of agents. MDASH with MAI-Cyber-1-Flash delivers 96% on CyberGym, an industry leading benchmark, +12 points above Mythos . And this same configuration delivers almost 50% of cost savings vs. the current MDASH configuration in market today. That’s the power of a well-tuned, multi-model system with access to uniquely rich historical training data. Next, Project Perception will take advantage of MAI-Cyber-1-Flash for many more security workflows, beyond the software vulnerability scenario.

We are bringing this vision to customers around the world through Project Perception, which enters public preview on August 3 .

YouTube Video

Click here to load media

A Cyber Stack built for agentic security

Delivering agentic security requires more than adding agents to existing workflows. It requires a new Cyber Stack, designed from the ground up.

The stack begins with signals and sensors that provide awareness across the digital estate. Security context transforms those signals into token-efficient understanding that agents can use. Models provide intelligence and reasoning. A harness coordinates models and agents across security workflows. Agents apply that intelligence across security workflows and actuators translate decisions into protection. Together, these layers create a continuous learning system that can understand risk, adapt to changing conditions and improve security outcomes over time.

While each layer provides important capabilities, the power of Project Perception comes from how they work together.

Security context built for AI

Effective reasoning requires more than raw signals. Agents need context.

Microsoft transforms its breadth of visibility, threat intelligence and security expertise into a security context that connects security data, knowledge and semantics across the digital estate. The result is a continuously updated representation of an organization’s assets, identities, relationships, risks and activities that gives agents a shared, near real-time, understanding of the environment they are helping to defend.

This shared understanding is foundational to how Project Perception operates. Rather than forcing agents to continuously gather, correlate and reconstruct context from raw signals, it provides them with immediate and token-efficient access to the information they need to reason over risk, prioritize actions and make decisions. By grounding every interaction in this rich security context, Project Perception improves the accuracy and consistency of reasoning while reducing the time, compute and cost required to operate at scale.

A multi-model architecture built for security

No single model will be optimal for every security task. Effective cyber defense requires applying the right model to the right problem at the right time.

For Project Perception, the right model is determined by the combination of quality, reliability, latency and cost. Rather than relying on a single model, Project Perception adopts a multi-model architecture that continuously selects the capabilities best suited to the task, optimizing for both effectiveness and economics. Because security is an always-on mission, sustainable economics are essential to operating protection at scale.

This approach is shaped by ongoing research, benchmarking and evaluation across frontier and specialized models. Our security researchers continuously assess models against real-world security workflows, enabling us to match each task with the model that delivers the best outcome. This allows customers to benefit from advances in AI without being tied to any single model.

Actuators — insights to actions

Security teams do not need more information. They need better outcomes.

That is why actuators are a critical part of the Cyber Stack. Project Perception is deeply integrated across Microsoft Security products, enabling agents to connect insights to actions. Organizations can continuously reduce risk rather than simply identify it, helping defenders strengthen security while remaining in control.

Built with safety first

Underpinning every layer of the Cyber Stack is a foundation of trust. Project Perception is built in alignment with Microsoft’s Responsible AI principles and inherits the security, compliance, governance and operational controls our customers already rely on. This ensures these capabilities are delivered with the same rigor, accountability and enterprise readiness that customers expect.

The future of security

Security has always been a race between attackers and defenders. AI changes the speed, scale and economics of that race. Defenders need systems that can continuously perceive, reason and act alongside them.

Project Perception is how we begin to build that future.

To learn more about Microsoft Security solutions, visit our website . Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.

Microsoft’s AI Red Team Announces New Alliance: Enhancing AI Security Through Global AI Red Teaming

Hayete Gallot leads Microsoft’s work to help organizations operate securely in an AI-driven world. Her scope includes identity, threat protection, compliance and data securit y at global scale .

The post Rethinking security for the age of AI appeared first on The Official Microsoft Blog .

### [E1388] Microsoft AI | 2026-07-27 17:39 UTC | 盘中
Introducing MAI-Cyber-1-Flash, our new in-house cybersecurity model running inside of MDASH, our multi-agent harness that detects and remediates vulnerabilities across large-scale code bases.

MDASH: MAI-Cyber-1-Flash+GPT-5.4 model combina
URL: https://x.com/MicrosoftAI/status/2081796647135166547
Introducing MAI-Cyber-1-Flash, our new in-house cybersecurity model running inside of MDASH, our multi-agent harness that detects and remediates vulnerabilities across large-scale code bases.

MDASH: MAI-Cyber-1-Flash+GPT-5.4 model combination out-performs Mythos by 12 points on the CyberGym benchmark.

We are offering this same model configuration in MDASH for 50% cheaper than our previous best offering (GPT-5.4 + 5.4 mini + 5.3 codex).

### [E1396] Seeking Alpha | 2026-07-27 17:41 UTC | 盘中
Microsoft unveils its 1st cybersecurity AI model; agentic security system
URL: https://seekingalpha.com/news/4618933-microsoft-unveils-its-1st-cybersecurity-ai-model-agentic-security-system?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
Microsoft (MSFT) unveiled its first cybersecurity model called MAI-Cyber-1-Flash and an agentic security system called Project Perception on Monday.
Shares of the software giant rose about 3% on Monday.
"MAI-Cyber-1-Flash is our first cybersecurity model, built ground up to find the most challenging vulnerabilities in complex code bases. When combined with MDASH, it delivers world-class performance at 50 percent of the cost of leading models," said Microsoft's CEO Satya Nadella in a post on X.
Microsoft Security multi-model agentic scanning harness, or MDASH, is a multi-model agentic security system that discovers, debates, and proves exploitable vulnerabilities.
The company said that MAI-Cyber-1-Flash has been integrated into MDASH to find challenging vulnerabilities in complex codebases.
Microsoft said the model delivers exceptional security protection, beating Anthropic's (ANTHRO) Mythos, Google's (GOOG) (GOOGL) Gemini, and OpenAI's (OPENAI) GPT on CyberGym, the gold standard benchmark for evaluating how systems reason over large codebases to find real vulnerabilities in the code.
MAI-Cyber-1-Flash was designed to efficiently handle up to 90% of all tasks, enabling MDASH to use the larger and most costly models in the fleet (in this case GPT-5.4) for the 10% of exceptionally hard tasks that truly need them, the company added.
The unified system of MDASH with MAI-Cyber-1-Flash delivers 96% on CyberGym, +12 points above Mythos, according to the company.
"This combination delivers a 50% cost saving when compared against our best offering in MDASH today (GPT 5.4 + 5.4 mini + 5.3 codex)," said Executive Vice President and CEO of Microsoft AI Mustafa Suleyman and Hayete Gallot, vice president of Microsoft Security, in a blog post on Monday.
Microsoft also launched Perception, an agentic security system that provides teams of agents for various security workflows in MDASH to continuously monitor, patch, and close new threat vectors.
"We are bringing this capability to market through Project Perception, a complete agentic security offering grounded in real-world signals and security workflows. Teams of specialized agents work together to simulate attacks, detect and triage/investigate, and fix and remediate," said Nadella.
Perception will also soon use MAI-Cyber-1-Flash for many more security workflows, beyond the software vulnerability work, the company noted.
Microsoft said in a separate blog that Project Perception brings together signals, context, models, and specialized agents into a continuously learning system of defense. It can reason, prioritize, and act at machine speed while keeping humans firmly in control and empowering them with powerful new workflows.

### [E1508] The Information | 2026-07-27 18:09 UTC | 盘中
Microsoft on Monday announced a new AI security product called Project Perception, powered by new homegrown AI models specialized for cybersecurity tasks. Microsoft framed the product as a cheaper alternative to Anthropic’s Mythos model, wh
URL: https://www.theinformation.com/briefings/microsoft-launches-mythos-competitor-new-homegrown-ai-cybersecurity
Microsoft on Monday announced a new AI security product called Project Perception, powered by new homegrown AI models specialized for cybersecurity tasks. Microsoft framed the product as a cheaper alternative to Anthropic’s Mythos model, which similarly uses AI models to automatically find vulnerabilities in software.

The new product reflects Microsoft’s efforts to cash in on rising cybersecurity spending as companies prepare for a rise in AI-powered threats. Firms are [budgeting to spend more on AI tools](https://www.theinformation.com/newsletters/the-information-special-report/giant-cuts-half-security-incident-response-team-automating-grunt-work?rc=geicgp) to reduce the need for human security analysts that traditionally kept tabs on companies’ IT systems to detect and respond to potential hacks. The new product was announced by executive vice president Hayete Gallot, who took over Microsoft’s security org in February and [has overhauled the unit](https://www.theinformation.com/articles/microsofts-new-security-chief-replaces-top-execs-force-ai-overhaul?rc=geicgp) to focus more on AI tools.

Project Perception will use a combination of models from OpenAI, Anthropic, and Microsoft itself, including the newly announced MAI-Cyber-1-Flash, a new homegrown model that Microsoft said could perform as well as Mythos on some cybersecurity tasks at a fraction of the cost. The Information [first reported](https://www.theinformation.com/briefings/exclusive-microsoft-preps-mythos-like-ai-bug-finder?rc=geicgp) Microsoft’s plans for Project Perception earlier this month.

### [E1581] TechCrunch AI | 2026-07-27 18:32 UTC | 盘中
Microsoft launches its first cybersecurity model, plus a new agentic cybersecurity system
URL: https://techcrunch.com/2026/07/27/microsoft-launches-its-first-cyber-model-and-a-new-agentic-cybersecurity-system/
Microsoft on Monday launched its first cybersecurity-specialized model alongside a new AI cybersecurity platform at a small event in San Francisco, taking a big swipe at major players in the space — namely Anthropic, Google and OpenAI.
The company describes MAI-Cyber-1-Flash as a model that’s built “to find challenging vulnerabilities in complex codebases.” The model is built to animate MDASH, Microsoft’s harness dedicated to software vulnerability identification and remediation.
The new security platform is dubbed Perception, and it’s designed to deploy teams of agents to assist with and automate various security workflows, including identifying and remediating bugs. The platform can also integrate with MDASH.
The company claims MAI-Cyber-1-Flash is significantly more powerful (and more cost-effective) than competitor models, based on its performance on an established AI cybersecurity benchmark.
“We’re very very excited to announce our results,” said Mustafa Suleyman, the co-founder of DeepMind and current CEO of Microsoft AI. “We have MAI-1 Cyber Flash binded [sic] with GPT 5.4 inside of the MDASH harness — which beats out Gemini, GPT 5.5 Cyber, GPT 5.6 Sol, and Mythos 5 on Cyber Gym, which is the primary benchmark that we all use. The golden benchmark.”
“We’re shipping this into production immediately,” he added.
Noting that hackers are increasingly using AI in their cyberattacks, Hayete Gallot, Microsoft’s vice president for security, described Perception as a way for enterprise defenders to “defend against AI with AI at the scale and speed that the attackers have.”
Perception uses agentic red teams, blue teams, and green teams. The red teams can provide detailed simulations of potential attacks — providing context about potential threat actors and the likely vulnerabilities that they might exploit. Blue teams are dedicated to detecting and triaging existing bugs, while green teams take “corrective actions” against those bugs.
Dave Weston, the lead engineer for Perception, described the platform as a massive efficiency upgrade for corporate defenders. “We’ve gone from this taking hours and hours of manual work from multiple specialized folks across the security organization — appsec hunters, remediation engineers, you name it — and in minutes, we have a fix for all of this. Not only do we discover the issues and prioritize them, but we have detection, posture fixing, and even a code fix.”
Though AI has offered new defensive capabilities to companies, its availability to cybercriminals has given rise to a dazzling array of potential threats.
Microsoft’s new security tools, which the company said will be available in preview on November 3, will enter an increasingly crowded field of AI cybersecurity solutions. Earlier this year, Anthropic launched Mythos, a security platform that was released to a small coterie of partner organizations through a program called Glasswing. OpenAI has also launched its own security solution in May through a program called Day Break.

### [E1582] TechCrunch AI | 2026-07-27 18:32 UTC | 盘中
Microsoft launches its first cyber model and a new agentic cybersecurity system
URL: https://techcrunch.com/2026/07/27/microsoft-launches-its-first-cyber-model-and-a-new-agentic-cybersecurity-system/
Microsoft on Monday launched its first cybersecurity-specialized model alongside a new AI cybersecurity platform at a small event in San Francisco, taking a big swipe at major players in the space — namely Anthropic, Google and OpenAI.
The company describes MAI-Cyber-1-Flash as a model that’s built “to find challenging vulnerabilities in complex codebases.” The model is built to animate MDASH, Microsoft’s harness dedicated to software vulnerability identification and remediation.
The new security platform is dubbed Perception, and it’s designed to deploy teams of agents to assist with and automate various security workflows, including identifying and remediating bugs. The platform can also integrate with MDASH.
The company claims MAI-Cyber-1-Flash is significantly more powerful (and more cost-effective) than competitor models, based on its performance on an established AI cybersecurity benchmark.
“We’re very very excited to announce our results,” said Mustafa Suleyman, the co-founder of DeepMind and current CEO of Microsoft AI. “We have MAI-1 Cyber Flash binded [sic] with GPT 5.4 inside of the MDASH harness — which beats out Gemini, GPT 5.5 Cyber, GPT 5.6 Sol, and Mythos 5 on Cyber Gym, which is the primary benchmark that we all use. The golden benchmark.”
“We’re shipping this into production immediately,” he added.
Noting that hackers are increasingly using AI in their cyberattacks, Hayete Gallot, Microsoft’s vice president for security, described Perception as a way for enterprise defenders to “defend against AI with AI at the scale and speed that the attackers have.”
Perception uses agentic red teams, blue teams, and green teams. The red teams can provide detailed simulations of potential attacks — providing context about potential threat actors and the likely vulnerabilities that they might exploit. Blue teams are dedicated to detecting and triaging existing bugs, while green teams take “corrective actions” against those bugs.
Dave Weston, the lead engineer for Perception, described the platform as a massive efficiency upgrade for corporate defenders. “We’ve gone from this taking hours and hours of manual work from multiple specialized folks across the security organization — appsec hunters, remediation engineers, you name it — and in minutes, we have a fix for all of this. Not only do we discover the issues and prioritize them, but we have detection, posture fixing, and even a code fix.”
Though AI has offered new defensive capabilities to companies, its availability to cybercriminals has given rise to a dazzling array of potential threats.
Microsoft’s new security tools, which the company said will be available in preview on November 3, will enter an increasingly crowded field of AI cybersecurity solutions. Earlier this year, Anthropic launched Mythos, a security platform that was released to a small coterie of partner organizations through a program called Glasswing. OpenAI has also launched its own security solution in May through a program called Day Break.

### [E1906] FFIV | 2026-07-27 20:05 UTC | 收盘后
Driving 11% Total Revenue Growth Year Over Year

SEATTLE--(BUSINESS WIRE)--
F5, Inc. (NASDAQ: FFIV), the global leader in delivering and securing every app and API, today announced financial results for its third quarter fiscal year 2026 en
URL: https://investors.f5.com/news/news-details/2026/F5-Reports-Third-Quarter-Results-with-19-Product-Revenue-Growth/default.aspx
Driving 11% Total Revenue Growth Year Over Year

SEATTLE--(BUSINESS WIRE)--
F5, Inc. (NASDAQ: FFIV), the global leader in delivering and securing every app and API, today announced financial results for its third quarter fiscal year 2026 ended June 30, 2026.
“Q3 was another outstanding quarter with 19% product revenue growth driving 11% total revenue growth year over year,” said François Locoh-Donou, F5’s Chairman, President, and CEO. “Eight consecutive quarters of double-digit product growth reflect the mission-critical role F5 plays at the application delivery and security layer of today’s hybrid multicloud and AI-driven enterprise infrastructure.”
“The world runs on applications and the threats targeting them have never been more sophisticated. AI has empowered attackers and compressed the time between vulnerability discovery and exploitation. F5’s response is a continuous defense model built for this new reality. We are using AI to empower our customers to stay ahead of threats across every environment they operate in by identifying risk earlier, protecting applications at runtime, and delivering hardened software faster,” continued Locoh-Donou.
Third Quarter Performance Summary
Third quarter fiscal year 2026 revenue totaled $865 million, representing 11% growth compared with $780 million in the third quarter of fiscal year 2025. Systems revenue of $240 million grew 32% from the year-ago period while software revenue of $223 million grew 7%. Services revenue of $402 million grew 3% from the year-ago period.
GAAP gross profit for the third quarter of fiscal year 2026 was $712 million, representing GAAP gross margin of 82.2%. This compares with GAAP gross profit of $632 million in the year-ago period, which represented GAAP gross margin of 81.0%. Non-GAAP gross profit for the third quarter of fiscal year 2026 was $728 million, representing non-GAAP gross margin of 84.2%. This compares with non-GAAP gross profit of $649 million in the year-ago period, which represented non-GAAP gross margin of 83.1%.
GAAP income from operations for the third quarter of fiscal year 2026 was $213 million, representing GAAP operating margin of 24.7%. This compares with GAAP income from operations of $196 million in the year-ago period, which represented GAAP operating margin of 25.2%. Non-GAAP income from operations for the period was $303 million, representing non-GAAP operating margin of 35.0%. This compares to non-GAAP income from operations of $267 million in the year-ago period, which represented non-GAAP operating margin of 34.3%.
GAAP net income for the third quarter of fiscal year 2026 was $208 million, or $3.62 per diluted share compared to $190 million, or $3.25 per diluted share, in the third quarter of fiscal year 2025. Non-GAAP net income for the third quarter of fiscal year 2026 was $272 million, or $4.73 per diluted share, compared to $243 million, or $4.16 per diluted share, in the third quarter of fiscal year 2025.
Performance Summary Tables
GAAP Measures Non-GAAP Measures
($ in millions except EPS) Q3 FY2026 Q3 FY2025 ($ in millions except EPS) Q3 FY2026 Q3 FY2025
Revenue $
865

$
780

Revenue $
865

$
780

Gross profit $
712

$
632

Gross profit $
728

$
649

Gross margin
82.2
%

81.0
%
Gross margin
84.2
%

83.1
%

Operating profit $
213

$
196

Operating profit $
303

$
267

Operating margin
24.7
%

25.2
%
Operating margin
35.0
%

34.3
%

Net income $
208

$
190

Net income $
272

$
243

EPS $
3.62

$
3.25

EPS $
4.73

$
4.16

A reconciliation of GAAP to non-GAAP measures is included with the attached financial statements. Additional information about non-GAAP financial information is included in this release.
Business Outlook
F5 raised its outlook for its fiscal year 2026, guiding for revenue growth of approximately 9% to 10%, up from 7% to 8% previously. F5 expects non-GAAP earnings per share in a range of $17.21 to $17.33, up from $16.25 to $16.55 previously.
For the fourth quarter of fiscal year 2026, F5 is guiding to revenue in the range of $870 million to $890 million, with non-GAAP earnings in the range of $4.14 to $4.26 per diluted share.
All forward-looking non-GAAP measures included in the Company’s business outlook exclude estimates for amortization of intangible assets, share-based compensation expenses, significant effects of tax legislation and judicial or administrative interpretation of tax regulations (including the impact of income tax reform), non-recurring income tax adjustments, valuation allowance on deferred tax assets, and the income tax effect of non-GAAP exclusions, and do not include the impact of any future acquisitions or divestitures, acquisition-related charges and write-downs, cyber incident costs, insurance recoveries from cyber incident, restructuring charges, facility exit costs, or other non-recurring charges that may occur in the period. F5 is unable to provide a reconciliation of non-GAAP earnings guidance measures to corresponding U.S. generally accepted accounting principles or GAAP measures on a forward-looking basis without unreasonable effort due to the overall high variability and low visibility of most of the foregoing items that have been excluded. Material changes to any one of these items could have a significant effect on our guidance and future GAAP results. Certain exclusions, such as amortization of intangible assets and share-based compensation expenses, are generally incurred each quarter, but the amounts have historically varied and may continue to vary significantly from quarter to quarter.
Live Webcast and Conference Call
F5 will host a live webcast to review its financial results and outlook today, July 27, 2026, at 4:30 pm ET. Open to the public, the live webcast, supplemental financial information, and earnings slides are accessible from the investor relations page of F5.com. To participate in the live call via telephone in the U.S., dial +1 (888) 596-4144; from outside the U.S. dial +1 (646) 968-2525, and reference conference ID 6076834. Please call at least five minutes prior to the call start time. The webcast replay will be archived on the investor relations portion of F5’s website.
Forward Looking Statements
This press release contains forward-looking statements including, among other things, that F5’s eight consecutive quarters of double-digit product growth reflect the mission-critical role F5 plays at the application delivery and security layer of today’s hybrid multicloud and AI-driven enterprise infrastructure, the world runs on applications and the threats targeting them have never been more sophisticated, AI has empowered attackers and compressed the time between vulnerability discovery and exploitation, F5’s response is a continues defense model built for this new reality, F5 is using AI to empower our customers to stay ahead of threats across every environment they operate in by identifying risk earlier, protecting applications at runtime, and delivering hardened software faster, the Company’s future financial performance including revenue growth, earnings growth, future customer demand, and the performance and benefits of the Company's products. These, and other statements that are not historical facts, are forward-looking statements. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors. Such forward-looking statements involve risks and uncertainties, as well as assumptions and other factors that, if they do not fully materialize or prove correct, could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: customer acceptance of offerings; disru

### [E1954] Wall St Engine | 2026-07-27 20:07 UTC | 收盘后
F5 $FFIV Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $865.0M (Est. $833.62M) 🟢; +11% YoY
🔹 Adj. EPS: $4.73 (Est. $4.00) 🟢; +14% YoY
🔹 Product Revenue: $462.8M; +19% YoY

Raises FY26 Guide:
🔹 Revenue Growth: ~9% to 10%; raised from 7% to 8% previo
URL: https://x.com/wallstengine/status/2081833833423597884
F5 $FFIV Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $865.0M (Est. $833.62M) 🟢; +11% YoY
🔹 Adj. EPS: $4.73 (Est. $4.00) 🟢; +14% YoY
🔹 Product Revenue: $462.8M; +19% YoY

Raises FY26 Guide:
🔹 Revenue Growth: ~9% to 10%; raised from 7% to 8% previously
🔹 Adj. EPS: $17.21-$17.33; raised from $16.25-$16.55

Segment Revenue:
🔹 Systems: $240M; +32% YoY
🔹 Software: $223M; +7% YoY
🔹 Services: $402M; +3% YoY

Other Q3 Metrics:
🔹 Non-GAAP Gross Margin: 84.2%; +110 bps YoY
🔹 Non-GAAP Operating Margin: 35.0%; +70 bps YoY

Comments:
🔸 “Q3 was another outstanding quarter with 19% product revenue growth driving 11% total revenue growth year over year.”

🔸 “AI has empowered attackers and compressed the time between vulnerability discovery and exploitation. F5’s response is a continuous defense model built for this new reality.”

### [E2423] Reuters | 2026-07-27 21:22 UTC | 收盘后
F5 raises annual revenue growth forecast again on strong cybersecurity demand
URL: https://www.reuters.com/technology/f5-raises-annual-revenue-growth-forecast-again-strong-cybersecurity-demand-2026-07-27/
F5 (FFIV.O) on Monday raised its annual revenue growth forecast for the third ​time this year, betting on robust ‌demand for its secure network and application delivery solutions as businesses navigate heightened cybersecurity ​risks tied to the AI boom.

Grappling ​with a surge in AI-driven cyberattacks and ⁠ransomware, businesses worldwide are racing to ​overhaul their digital infrastructure and tighten security ​operations.

Here are some details:

Shares of the company rose 4% in extended trading.

F5, which provides products that ​help customers direct, manage and filter ​internet traffic, raised its annual revenue growth forecast ‌to ⁠about 9% to 10%, compared with its earlier expectation of a 7% to 8% increase.

The company also lifted its fiscal ​year 2026 ​adjusted ⁠earnings per share guidance to a range of $17.21 to $17.33, up ​from $16.25 to $16.55 per share.

F5 reported third-quarter ​revenue ⁠of $865 million, beating analysts' estimates of $832.6 million, according to data compiled by LSEG.

Adjusted ⁠earnings ​per share came in ​at $4.73, compared with analysts' estimates of $4.

### [E2424] Reuters | 2026-07-27 21:22 UTC | 收盘后
F5 raises annual revenue growth forecast again on strong cybersecurity demand
URL: https://www.reuters.com/technology/f5-raises-annual-revenue-growth-forecast-again-strong-cybersecurity-demand-2026-07-27/
F5 raises annual revenue growth forecast again on strong cybersecurity demand

F5 (FFIV.O) on Monday raised its annual revenue growth forecast for the third ​time this year, betting on robust ‌demand for its secure network and application delivery solutions as businesses navigate heightened cybersecurity ​risks tied to the AI boom.

Grappling ​with a surge in AI-driven cyberattacks and ⁠ransomware, businesses worldwide are racing to ​overhaul their digital infrastructure and tighten security ​operations.

Here are some details:

Shares of the company rose 4% in extended trading.

F5, which provides products that ​help customers direct, manage and filter ​internet traffic, raised its annual revenue growth forecast ‌to ⁠about 9% to 10%, compared with its earlier expectation of a 7% to 8% increase.

The company also lifted its fiscal ​year 2026 ​adjusted ⁠earnings per share guidance to a range of $17.21 to $17.33, up ​from $16.25 to $16.55 per share.

F5 reported third-quarter ​revenue ⁠of $865 million, beating analysts' estimates of $832.6 million, according to data compiled by LSEG.

Adjusted ⁠earnings ​per share came in ​at $4.73, compared with analysts' estimates of $4.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。