A10 Networks, Inc. is an American public company specializing in the manufacturing of application delivery controllers (software and hardware). Founded in 2004 by Lee Chen, co-founder of Foundry Networks, A10 originally serviced just the identity management market with its line of ID Series products. In early 2007, they added bandwidth management appliances (EX Series).3 Its shares trade on NYSE under the symbol ATEN.1Wikipedia text CC BY-SA 4.0
A10 Networks, Inc. is an American public company specializing in the manufacturing of application delivery controllers (software and hardware). Founded in 2004 by Lee Chen, co-founder of Foundry Networks, A10 originally serviced just the identity management market with its line of ID Series products. In early 2007, they added bandwidth management appliances (EX Series). The company had its initial public offering on March 21, 2014, raising $187.5 million.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Capital spendingDividends paidShare buybacks
Capital spending19¢$20.1M
Dividends paid16¢$17.4M
Share buybacks65¢$68.9M
Out of $84.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8
Financial statements
Revenue91011128$290.6M in 2025+37% since 2019Gross profit91011128$230.5M in 2025+41% since 2019Operating income91011128$47.1M in 2025Net income91011128$42.1M in 2025
Revenue1314$80.1M in Q2 FY2026+7% since Q1 FY2026Gross profit1314$63.4M in Q2 FY2026+6% since Q1 FY2026Operating income1314$9.0M in Q2 FY2026−31% since Q1 FY2026Net income1314$8.9M in Q2 FY2026−26% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenue
$290.6M
$261.7M
$251.7M
Total cost of revenue
$60.0M
$51.4M
$48.0M
Gross profit
$230.5M
$210.3M
$203.7M
Sales and marketing
$84.5M
$83.3M
$86.0M
Research and development
$69.1M
$57.7M
$55.2M
General and administrative
$29.8M
$25.3M
$23.9M
Total operating expenses
$183.4M
$166.3M
$165.1M
Income from operations
$47.1M
$44.0M
$38.6M
Interest income
$11.6M
$6.7M
$5.1M
Interest and other income (expense), net
$6.3M
-$7.4M
-$69.0K
Total non-operating income, net
$5.3M
$14.1M
$5.1M
Income before income taxes
$52.4M
$58.1M
$43.8M
Provision for income taxes
$10.3M
$8.0M
$3.8M
Net income
$42.1M
$50.1M
$40.0M
Net income (loss) per share - basic (in dollars per share)
$0.58
$0.68
$0.54
Net income (loss) per share - diluted (in dollars per share)
$0.57
$0.67
$0.53
Weighted Average Number of Shares Outstanding, Basic
72.3M shares
74.1M shares
74.2M shares
Weighted Average Number of Shares Outstanding, Diluted
73.6M shares
75.3M shares
75.5M shares
No quarter-by-quarter statement was filed.
Total assets1591011128$629.8M in 2025+130% since 2019Total liabilities1591011128$418.3M in 2025+153% since 2019Shareholders’ equity1011128$211.5M in 2025+94% since 2019Cash161598$71.1M in 2025+56% since 2019Long-term debt8$218.8M in 2025
Total assets1314$677.7M in Q2 FY2026+8% since Q1 FY2025Total liabilities1314$439.7M in Q2 FY2026+5% since Q1 FY2025Shareholders’ equity1314$238.0M in Q2 FY2026+12% since Q1 FY2025Cash1314$54.7M in Q2 FY2026−23% since Q1 FY2025Long-term debt1314$0 in Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$71.1M
$95.1M
$97.2M
$68.0M
Marketable securities
$306.7M
$100.4M
Accounts receivable, net of allowances of $66 and $465, respectively
$62.1M
$76.7M
$74.3M
Inventory
$18.0M
$22.0M
Prepaid expenses and other current assets
$18.0M
$13.0M
Total current assets
$476.0M
$307.3M
Property and equipment, net
$50.2M
$39.1M
Goodwill
$15.1M
$1.3M
Intangible assets
$6.3M
$0
Other non-current assets
$20.1M
$22.7M
Total assets
$629.8M
$432.8M
Accounts payable
$11.7M
$12.5M
Accrued and other liabilities
$41.1M
$32.7M
Deferred revenue, current
$80.8M
$78.3M
$82.7M
Total current liabilities
$133.7M
$123.6M
Deferred revenue, non-current
$62.0M
$69.9M
$58.7M
Other non-current liabilities
$3.8M
$7.5M
Total liabilities
$418.3M
$201.0M
Common stock, $0.00001 par value: 500,000 shares authorized; 91,996 and 90,520 shares issued and 71,498 and 73,693 shares outstanding, respectively
$1.0K
$1.0K
Treasury stock, at cost: 20,498 and 16,827 shares, respectively
-$249.9M
-$181.0M
Additional paid-in-capital
$531.8M
$508.4M
Dividends paid
-$72.8M
-$55.4M
Accumulated other comprehensive income
$659.0K
$194.0K
Retained earnings (accumulated deficit)
$1.8M
-$40.3M
Total stockholders' equity
$211.5M
$231.8M
$207.9M
$181.0M
Total liabilities and stockholders' equity
$629.8M
$432.8M
Deferred Tax Assets, Net
$62.1M
$62.4M
Long-Term Debt
$218.8M
$0
Allowance for doubtful accounts receivable
$66.0K
$465.0K
Common Stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
500.0M shares
500.0M shares
Common stock, shares issued (in shares)
92.0M shares
90.5M shares
Common stock, shares outstanding (in shares)
71.5M shares
73.7M shares
Treasury Stock, Shares, Acquired
20.5M shares
16.8M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$71.1M
$95.1M
$97.2M
$68.0M
Marketable securities
$306.7M
$100.4M
Accounts receivable, net of allowances of $66 and $465, respectively
$62.1M
$76.7M
$74.3M
Inventory
$18.0M
$22.0M
Prepaid expenses and other current assets
$18.0M
$13.0M
Total current assets
$476.0M
$307.3M
Property and equipment, net
$50.2M
$39.1M
Goodwill
$15.1M
$1.3M
Intangible assets
$6.3M
$0
Other non-current assets
$20.1M
$22.7M
Total assets
$629.8M
$432.8M
Accounts payable
$11.7M
$12.5M
Accrued and other liabilities
$41.1M
$32.7M
Deferred revenue, current
$80.8M
$78.3M
$82.7M
Total current liabilities
$133.7M
$123.6M
Deferred revenue, non-current
$62.0M
$69.9M
$58.7M
Other non-current liabilities
$3.8M
$7.5M
Total liabilities
$418.3M
$201.0M
Common stock, $0.00001 par value: 500,000 shares authorized; 91,996 and 90,520 shares issued and 71,498 and 73,693 shares outstanding, respectively
$1.0K
$1.0K
Treasury stock, at cost: 20,498 and 16,827 shares, respectively
-$249.9M
-$181.0M
Additional paid-in-capital
$531.8M
$508.4M
Dividends paid
-$72.8M
-$55.4M
Accumulated other comprehensive income
$659.0K
$194.0K
Retained earnings (accumulated deficit)
$1.8M
-$40.3M
Total stockholders' equity
$211.5M
$231.8M
$207.9M
$181.0M
Total liabilities and stockholders' equity
$629.8M
$432.8M
Deferred Tax Assets, Net
$62.1M
$62.4M
Long-Term Debt
$218.8M
$0
Allowance for doubtful accounts receivable
$66.0K
$465.0K
Common Stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
500.0M shares
500.0M shares
Common stock, shares issued (in shares)
92.0M shares
90.5M shares
Common stock, shares outstanding (in shares)
71.5M shares
73.7M shares
Treasury Stock, Shares, Acquired
20.5M shares
16.8M shares
Cash from operations91011128$84.9M in 2025Capital spending91011128$20.1M in 2025+364% since 2019Free cash flow91011128$64.8M in 2025Dividends paid91011128$17.4M in 2025Share buybacks91011128$68.9M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$42.1M
$50.1M
$40.0M
Depreciation and amortization
$14.9M
$11.3M
$9.3M
Stock-based compensation
$20.0M
$17.0M
$14.1M
Provision for (recovery from) credit losses and sales returns
-$399.0K
$59.0K
-$699.0K
Other non-cash items
$3.3M
-$424.0K
$117.0K
Accounts receivable
$14.6M
-$2.6M
-$679.0K
Inventory
$3.7M
-$760.0K
-$6.3M
Prepaid expenses and other assets
-$8.3M
-$67.0K
-$1.9M
Accounts payable
-$1.5M
$2.2M
-$3.0M
Accrued and other liabilities
$4.6M
$6.6M
-$20.8M
Deferred revenue
-$8.0M
$6.9M
$14.3M
Net cash provided by operating activities
$84.9M
$90.5M
$44.5M
Proceeds from sales of marketable securities
$853.0K
$25.5M
$45.4M
Proceeds from maturities of marketable securities
$136.8M
$81.1M
$64.5M
Purchases of marketable securities
-$342.0M
-$142.8M
-$85.4M
Capital expenditures
-$20.1M
-$12.3M
-$10.9M
Net cash provided by (used in) investing activities
-$243.6M
-$48.4M
$13.6M
Proceeds from issuance of common stock under employee equity incentive plans
$3.4M
$3.6M
$4.9M
Repurchases of common stock
-$68.9M
-$30.1M
-$16.0M
Payments for dividends
-$17.4M
-$17.8M
-$17.8M
Net cash provided by (used in) financing activities
$134.8M
-$44.3M
-$28.8M
Net increase (decrease) in cash and cash equivalents
-$24.0M
-$2.1M
$29.3M
Cash paid for income taxes, net of refunds
$6.8M
$6.3M
$2.4M
Cash paid for interest
$3.3M
$0
$0
Transfers between inventory and property and equipment
$314.0K
$2.3M
$2.5M
Capital expenditures included in accounts payable
$120.0K
$672.0K
$3.3M
Proceeds from Issuance of Long-Term Debt
$225.0M
$0
$0
Payments of Debt Issuance Costs
-$7.3M
$0
$0
Payments to Acquire Businesses, Net of Cash Acquired
A10 Networks sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of A10 Networks
FIRST TRUST PORTFOLIOS LPFiled SCHEDULE 13G on A10 Networks, latest Jul 30, 2026 (6 filings since Jan 28, 2022)
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What A10 Networks reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters is located in San Jose, California, where we currently lease 116,381 square feet of space under a lease agreement that expires on July 31, 2027. We also lease space for offices internationally and for sales offices in locations throughout the U.S. and various international locations, including, among others, Japan, the UK, the Netherlands, Taiwan, South Korea and India. We believe that our current facilities are adequate to meet our current needs.
In mid-2007, A10 Networks launched its AX Series of application delivery controllers/load balancing appliances.
On May 21, 2013, A10 resolved its question of responsibility for intellectual property infringement and unfair competition practices by reaching a settlement with Brocade Communications Systems. Brocade had earlier been awarded $112 million in 2012.
In May 2013, A10 launched its A10 Thunder Series platforms of hardware and software application delivery controllers (ADCs).
A10 Networks released the Harmony design of the Thunder Series ADC in 2015.
Also in 2015, A10 Networks upgraded the Advanced Core Operating System (ACOS). The update allowed 100 percent of software capabilities to be addressed by APIs, whereas the previous ACOS could only address 40 percent through APIs.
In 2016, A10 acquired the cloud-native ADC company Appcito.
In 2021, according to the companies annual report, A10 Networks closed its India and China offices and reduce its headcount.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
404 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 47 major events, 222 insider forms, 25 large holders, 88 other. The latest 20:
129 open-market trades by officers, directors and large owners since October 2021: 0 buys and 129 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks A10 Networks names in Item 1A of its 10-K filed Feb 25, 2026: 57 risks under these headings, as written.17
Risks Related to Our Business, Operations and Industry
If we do not successfully anticipate market needs and opportunities or if the market does not continue to adopt our application delivery solutions, our business, financial condition and results of operations could be significantly harmed.
Our success depends on our timely development of new products and features to address rapid technological changes and evolving customer requirements. If we are unable to timely develop and successfully introduce new products and features that adequately address these changes and requirements, our business and operating results could be adversely affected.
We have experienced net losses in the past and may not maintain profitability in future periods. If we cannot maintain profitability, our financial performance will be harmed and our business may suffer.
Our operating results have varied and are likely to continue to vary significantly from period to period and may be unpredictable, which could cause the trading price of our common stock to decline.
Reliance on shipments at the end of the quarter could cause our revenue for the applicable period to fall below expected levels.
We face intense competition in our market, especially from larger, well-established companies, and we may lack sufficient financial or other resources to maintain or improve our competitive position.
Cloud-based computing trends present competitive and execution risks.
If we are not able to maintain and enhance our brand and reputation, our business and operating results may be harmed in tangible or intangible ways.
A limited number of our end-customers, including service providers, make large and concentrated purchases that comprise a significant portion of our revenue. Any loss or delay of expected purchases by our largest end-customers could adversely affect our operating results.
Our business could be adversely impacted by changes demanded by our customers in the deployment and payment models for our products.
Some of our large end-customers demand favorable terms and conditions from their vendors and may request price or other concessions from us. As we seek to sell more products to these end-customers, we may agree to terms and conditions that may have an adverse effect on our business.
The other 46 risks
Our gross margin may fluctuate from period to period based on the mix of products sold, the geographic location of our customers, price discounts offered, required inventory write downs and exchange rate fluctuations.
We generate a significant amount of revenue from sales to distributors, resellers, and end-customers outside of the United States, and we are therefore subject to a number of risks that could adversely affect these international sources of our revenue.
We have a significant presence in international markets and plan to continue to expand our international operations, which exposes us to a number of risks that could negatively affect our future business.
Our success depends on our key personnel and our ability to hire, retain and motivate qualified product development, sales, marketing and finance personnel.
There can be no assurance that our exploration of strategic alternatives will result in any transaction being consummated, and speculation and uncertainty regarding the outcome of our exploration of strategic alternatives may adversely impact our business.
Adverse general economic conditions or reduced information technology spending may adversely impact our business.
We are dependent on third-party manufacturers, and changes to those relationships, expected or unexpected, may result in delays or disruptions that could harm our business.
Because some of the key components in our products come from limited sources of supply, we are susceptible to supply shortages or supply changes, which could disrupt or delay our scheduled product deliveries to our end-customers and may result in the loss of sales and end-customers.
Real or perceived defects, errors, or vulnerabilities in our products or services or the failure of our products or services to block a threat or prevent a security breach could harm our reputation and adversely impact our results of operations.
Undetected software or hardware errors may harm our business and results of operations.
Our use of open source software and position regarding the potential use of generative AI in our products could negatively affect our ability to sell our products and subject us to possible litigation.
Our products must interoperate with operating systems, software applications and hardware that are developed by others and if we are unable to devote the necessary resources to ensure that our products interoperate with such software and hardware, we may fail to increase, or we may lose market share and we may experience a weakening demand for our products.
Failure to prevent excess inventories or inventory shortages could result in decreased revenue and gross margin and harm our business.
Our ability to sell our products is highly dependent on the quality of our support and services offerings, and our failure to offer high-quality support could have a material adverse effect on our business, revenue and results of operations.
Our failure or the failure of our distribution channels to maintain high-quality support and services could have a material and adverse effect on our business, revenue and operating results.
Our products must conform to industry standards in order to be accepted by end-customers in our markets.
We are dependent on various information technology systems, and failures of or interruptions to those systems could harm our business.
Future acquisitions we may undertake may not result in the financial and strategic goals that are contemplated at the time of the transaction.
We are exposed to the credit risk of our distribution channels and end-customers, which could result in material losses and negatively impact our operating results.
Risks Related to Intellectual Property, Litigation, Laws and Regulations
Enhanced U.S. tariffs, import/export restrictions, Chinese regulations, countermeasures taken by affected countries or other trade barriers may have a negative effect on global economic conditions, financial markets and our business.
We have been, may presently be, or in the future may be, a party to litigation and claims regarding intellectual property rights, resolution of which has been and may in the future be time-consuming, expensive and adverse to us, as well as require a significant amount of resources to prosecute, defend, or make our products non-infringing.
We may not be able to adequately protect our intellectual property, and if we are unable to do so, our competitive position could be harmed, or we could be required to incur significant expenses to enforce our rights.
Failure to protect and ensure the confidentiality and security of data, trade secrets and personally identifiable information (“PII”) could lead to legal liability, adversely affect our reputation and have a material adverse effect on our operating results, business and reputation.
We have incurred, and expect to continue to incur, significant costs to protect against or remedy security breaches. We may incur significant additional costs in the future to address problems caused by any actual or perceived security breaches.
Our failure to adequately protect personal data could have a material adverse effect on our business.
Our sales to governmental organizations are subject to a number of challenges and risks.
Failure to comply with governmental laws and regulations could harm our business.
We are subject to governmental export and import controls that could subject us to liability or impair our ability to compete in international markets.
We are subject to various environmental laws and regulations that could impose substantial costs upon us.
Our ability to use our net operating loss carryforwards may be subject to limitation and may result in increased future tax liability to us.
Changes in tax laws or regulations or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our operating results and financial condition.
Our reported financial results may be adversely affected by changes in accounting principles generally accepted in the United States.
If we are unable to maintain effective internal controls over financial reporting, investor confidence may be adversely affected, which in turn would negatively affect the value of our common stock.
Our charter documents and Delaware law could discourage takeover attempts and lead to management entrenchment.
Our bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
Increasing attention on sustainability, human capital, governance and other corporate responsibility matters may have a negative impact on our business, impose additional costs on us, and expose us to additional risks.
Risks Related to Capitalization and Financial Markets
We are exposed to fluctuations in currency exchange rates, which could negatively affect our results of operations.
We may need to or may elect to raise additional funds in future private or public offerings, and such funds may not be available on acceptable terms, if at all. If we do raise additional funds, existing stockholders will suffer dilution.
The price of our common stock has been and may continue to be volatile, and the value of your investment could decline.
If securities or industry analysts do not publish research or reports about our business, or publish inaccurate or unfavorable research reports about our business, our share price and trading volume could decline.
A reduction in or suspension or elimination of our dividend payments could have a negative effect on our stock price.
There is no assurance that the existence of a stock repurchase program will result in repurchases of our common stock or enhance long term stockholder value, and repurchases, if any, could affect our stock price and increase its volatility and will diminish our cash reserves.
Risks Related to Our Convertible Indebtedness
The issuance of shares of our common stock could depress the trading price of our common stock.
We may be unable to raise the funds necessary to repurchase the 2030 Notes for cash following a fundamental change or to pay the cash amounts due upon maturity or conversion of the 2030 Notes, and our future indebtedness may limit our ability to repurchase the 2030 Notes or to pay any cash amounts due upon their maturity or conversion.
Provisions in the 2030 Notes Indenture could delay or prevent an otherwise beneficial takeover of us.
The conversion of 2030 Notes could impair our financial position and liquidity.
Legal proceedings
We have been and may currently be involved in various legal proceedings, the outcomes of which are not within our complete control or may not be known for prolonged periods of time. Management is required to assess the probability of loss and amount of such loss, if any, in preparing our consolidated financial statements. We evaluate the likelihood of a potential loss from legal proceedings to which we are a party. We record a liability for such claims when a loss is deemed probable and the amount can be reasonably estimated. Significant judgment may be required in the determination of both probability and whether an exposure is reasonably estimable. Our judgments are subjective based on the status of the legal proceedings, the merits of our defenses and consultation with in-house and outside legal counsel. As additional information becomes available, we reassess the potential liability related to pending claims and may revise our estimates. Due to the inherent uncertainties of the legal processes in the multiple jurisdictions in which we operate, our judgments may be materially different than the actual outcomes, which could have material adverse effects on our business, financial conditions and results of operations.
Additional information with respect to this Item may be found in Note 9 Commitments and Contingencies, in the notes to consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated by reference.
