10-K · August 14, 2026
Extreme Networks delivered a clear fiscal 2026 recovery, with revenue up 12.6% to $1.28 billion, operating margin improving to 4.9%, and GAAP diluted EPS returning to $0.31 from a $0.06 loss. The strategic transition…
Earnings analysis · 10-Q
EXTR earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Extreme Networks delivered a $341.1 million revenue quarter, beating consensus by approximately 1.1%, while non-GAAP EPS of $0.33 exceeded the $0.25 estimate. Management’s Q2 FY27 outlook calls for $345.8 million-$350.8…
Read full summary
Extreme Networks delivered a $341.1 million revenue quarter, beating consensus by approximately 1.1%, while non-GAAP EPS of $0.33 exceeded the $0.25 estimate. Management’s Q2 FY27 outlook calls for $345.8 million-$350.8 million of GAAP revenue and $0.19-$0.22 of GAAP EPS, alongside an expectation for 10% growth next quarter and through the remainder of FY27. The principal quantified risks are $200.0 million of variable-rate debt and increased foreign-exchange hedge exposure, while the filing reported no material changes to risk factors since the June 30, 2026 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.12
What stood out
-
Revenue exceeded consensus
Revenue was $341.1 million, approximately $3.7 million above the $337.4 million consensus estimate, a 1.1% beat.
-
Non-GAAP EPS beat estimates
Non-GAAP EPS was $0.33 versus the $0.25 estimate, while reported GAAP EPS was $0.12.
-
Positive near-term outlook
Management issued Q2 FY27 GAAP revenue guidance of $345.8 million-$350.8 million and GAAP EPS guidance of $0.19-$0.22.
-
Management targets continued growth
The company expects 10% growth next quarter and for the rest of FY27; full-year GAAP revenue guidance is $1,402.3 million-$1,412.3 million.
-
Controls remained effective
Disclosure controls and procedures were deemed effective as of September 30, 2026, and management reported no changes to internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
-
Variable-rate debt exposure
The company had $200.0 million of debt outstanding at September 30, 2026, with an underlying interest rate of 5.08%; a 100-basis-point rate increase would raise quarterly interest expense by approximately $0.473 million based on average borrowings of $189.3 million.
-
Foreign-exchange volatility
Foreign-exchange forward contracts had a notional principal amount of $83.4 million at September 30, 2026, up from $68.0 million at June 30, 2026; zero-cost collar contracts had $1.9 million of unrealized losses.
-
Share repurchase consumes liquidity
The company repurchased shares at an average price of $29.62 during the quarter, reducing the remaining authorization from $113.0 million to $88.0 million and potentially reducing liquidity available for other uses.
Management's outlook
Q2 FY27 GAAP revenue guidance is $345.8 million-$350.8 million and GAAP EPS guidance is $0.19-$0.22; management also provided non-GAAP EPS guidance of $0.32-$0.34. FY27 GAAP revenue guidance is $1,402.3 million-$1,412.3 million, with management expecting 10% growth next quarter and for the rest of the year. The prior outlook was not disclosed, so the change in guidance is not determinable.
Earlier filings 4
10-Q · April 30, 2026
Extreme Networks reported strong Q3 2026 results, with revenue of $316.9 million, up 11.4% year-over-year, and diluted EPS of $0.26, surpassing estimates. Gross margins remained steady at 61.7% and SaaS ARR grew…
10-Q · January 29, 2026
Extreme Networks reported quarterly net revenues of $317,925 (in thousands) for the three months ended December 31, 2025, up $38,570 versus $279,355 in the prior-year quarter and modestly higher than the prior quarter.…
10-K · August 18, 2025
Extreme Networks, Inc. has made significant strides in integrating AI and cloud networking solutions, launching the Extreme Platform ONE, which aims to simplify complex network operations while maintaining a competitive…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.