A10 Networks, Inc. (ATEN) FY2025 10-K Annual Report
A10 Networks, Inc. (ATEN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
A10 Networks, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Secure application and network infrastructure solutions for enterprises and service providers across on-premises, hybrid cloud, and distributed environments
- • New emphasis: Acquisition of ThreatX Protect in Feb 2025, expanding cloud-delivered web application and API protection capabilities
- • Strategic shift: Accelerating transition to subscription, term-based, and software-focused offerings to support recurring revenue and flexible consumption
- • Notable metric: Revenue growth to $290.6 million in 2025, up from $261.7 million in 2024; 96% revenue via distribution channels in 2025
- • Unique fact: Sales presence expanded to 23 countries with plans to grow headcount in new geographies
Management Discussion & Analysis
- • Revenue $290.6M, up 11% YoY including products $167.1M (+20%) and services $123.5M (+1%)
- • Operating margin 16.2% vs 16.8%, gross margin 79.3% vs 80.4%, products margin 80.0% vs 77.7%, services margin 78.4% vs 83.4%
- • Best segment Americas $175.2M (+30%), worst APJ $70.5M (-19%) in 2025 vs 2024
- • Net income $42.1M, down 16%, interest income $11.6M vs $6.7M, provision for income taxes $10.3M vs $8.0M
- • No specific cash flow or capital allocation details provided; 2026 expects modest increases in operating expenses and strategic R&D investments in cybersecurity and AI
Risk Factors
- • Board oversight and Audit Committee review of cybersecurity risk with quarterly IT control reports and annual policy discussions
- • Head of Information Security, Sean Pike, leads cybersecurity team with 25+ years experience including roles at VMware and Business Wire
- • Formal incident response plan with escalation process notifying executive management and Audit Committee of significant cybersecurity events
- • On-demand third-party vendor support available for cybersecurity incident response and investigation
- • Cross-functional cybersecurity risk management involving Legal, Human Resources, and Internal Audit departments
A10 Networks, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$291M
▲ +11.0% YoY
Net Income
$42M
▼ -16.0% YoY
Gross Margin
79.3%
▼ -102bp YoY
Operating Margin
16.2%
▼ -58bp YoY
Net Margin
14.5%
▼ -466bp YoY
ROE
19.9%
▼ -171bp YoY
Total Assets
$630M
▲ +45.5% YoY
EPS (Diluted)
$0.57
▼ -14.9% YoY
Operating Cash Flow
$85M
▼ -6.2% YoY
Source: XBRL data from A10 Networks, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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