EXTREME NETWORKS INC EXTR
Extreme Networks, Inc. (EXTR) (collectively referred to as "Extreme," "Company," and as "we," "us" and "our") is a leader in AI-powered cloud-based networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging artificial intelligence ("AI"), analytics, and automation in our industry-leading products and services. Tens of thousands of customers globally trust Extreme to drive value, foster innovation, and overcome extreme challenges. Extreme also designs, develops, and manufactures wired, wireless, and software-defined wide area network ("SD-WAN") infrastructure equipment. Our Extreme Platform ONE solution, made generally available in July 2025, is a technology platform designed to reduce operational complexity for enterprises by integrating networking, security, and AI solutions into a single platform. In May 2026, we announced Extreme Agent ONE, a unified AI experience within Extreme Platform ONE that is expected to operate across Coworker and Operator modes. The Coworker mode is expected to provide proactive, context-aware assistance, and the Operator mode is expected to support autonomous execution of certain operator-defined tasks, in each case subject to customer-defined rules, schedules, and governance.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $1.14B | $1.12B | $1.31B | $1.11B | $1.01B | $948.0M | $995.8M | $983.1M | $607.1M |
| Cost of revenue | $494.5M | $430.9M | $486.4M | $557.7M | $482.4M | $424.3M | $430.2M | $444.6M | $448.6M | $276.1M |
| Gross profit | $789.1M | $709.1M | $630.8M | $754.7M | $629.9M | $585.1M | $517.8M | $551.2M | $534.5M | $331.0M |
| R&D | $233.9M | $221.5M | $211.9M | $214.3M | $190.6M | $197.0M | $209.6M | $210.1M | $183.9M | $93.7M |
| SG&A | $125.3M | $139.6M | $99.9M | $89.9M | $68.7M | $66.2M | $61.0M | $55.6M | $51.0M | $37.9M |
| Total operating expenses | $726.4M | $692.2M | $696.0M | $646.4M | $565.8M | $550.7M | $616.7M | $566.0M | $572.7M | $324.9M |
| Operating income | $62.7M | $16.9M | -$65.2M | $108.3M | $64.2M | $34.4M | -$98.9M | -$14.7M | -$38.2M | $6.0M |
| Interest expense | $13.8M | $15.9M | $17.0M | $17.4M | $12.8M | $22.9M | $23.8M | $12.6M | $13.9M | $4.1M |
| Pre-tax income | $51.5M | $4.3M | -$77.5M | $94.1M | $52.2M | $10.2M | -$120.5M | -$25.9M | -$46.6M | $2.6M |
| Income tax | $9.4M | $11.7M | $8.5M | $16.0M | $7.9M | $8.2M | $6.4M | $21.0K | $145.0K | $4.3M |
| Net income | $42.1M | -$7.5M | -$86.0M | $78.1M | $44.3M | $1.9M | -$126.8M | -$25.9M | -$46.8M | -$1.7M |
| EPS, basic | 0.32 | -0.06 | -0.66 | 0.60 | 0.34 | 0.02 | -1.06 | -0.22 | -0.41 | -0.02 |
| EPS, diluted | 0.31 | -0.06 | -0.66 | 0.58 | 0.33 | 0.02 | -1.06 | -0.22 | -0.41 | -0.02 |
| Shares, diluted (wtd. avg.) | $135.0M | $132.3M | $129.3M | $133.6M | $133.5M | $127.7M | $119.8M | $118.0M | $114.2M | $108.3M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $211.8M | $231.7M | $156.7M | $234.8M | $194.5M | — | — | — | $121.1M | $130.4M |
| Receivables | $164.6M | $126.7M | $89.5M | $182.0M | $184.1M | $156.5M | $122.7M | $174.4M | $212.4M | $93.1M |
| Inventory | $70.0M | $102.6M | $141.0M | $89.0M | $49.2M | $32.9M | $62.6M | $63.6M | $63.9M | $47.4M |
| Total current assets | $549.8M | $535.3M | $466.9M | $576.2M | $489.1M | $487.6M | $414.2M | $442.0M | $427.9M | $298.8M |
| Property, plant and equipment | $58.1M | $44.4M | $43.7M | $46.4M | $49.6M | $55.0M | $58.8M | $73.6M | $78.5M | $30.2M |
| Goodwill | $397.8M | $399.6M | $393.7M | $394.8M | $400.1M | $331.2M | $331.2M | $138.6M | $139.1M | $80.2M |
| Other intangibles | $3.1M | $6.5M | $10.6M | $16.1M | $32.5M | $36.0M | $68.4M | $51.1M | $77.1M | $25.3M |
| Total assets | $1.18B | $1.15B | $1.04B | $1.14B | $1.07B | $1.01B | $979.1M | $756.9M | $770.2M | $459.7M |
| Accounts payable | $89.4M | $63.9M | $51.4M | $99.7M | $84.3M | $60.1M | $48.4M | $65.7M | $75.7M | $31.6M |
| Short-term debt | $19.3M | $14.3M | $9.3M | $34.3M | $33.3M | $23.7M | $16.5M | $9.0M | $9.0M | $12.3M |
| Total current liabilities | $592.7M | $587.9M | $517.6M | $575.5M | $500.2M | $455.7M | $397.8M | $356.0M | $359.9M | $213.2M |
| Long-term debt | $144.4M | $163.7M | $178.3M | $187.6M | $270.6M | $315.9M | $394.6M | $169.7M | $188.7M | $80.4M |
| Retained earnings | -$907.3M | -$949.4M | -$942.0M | -$856.0M | -$934.1M | -$978.3M | -$980.3M | -$853.4M | -$828.1M | -$781.3M |
| Total equity | $88.6M | $65.6M | $25.3M | $116.8M | $90.3M | $54.5M | $5.4M | $116.0M | $112.7M | $125.7M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $123.2M | $152.0M | $55.5M | $249.2M | $128.2M | $144.5M | $35.9M | $104.9M | $19.0M | $59.3M |
| Depreciation and amortisation | $15.8M | $14.7M | $24.1M | $19.9M | $20.2M | $23.0M | $28.6M | $26.9M | $23.5M | $10.6M |
| Stock-based compensation | $88.3M | $82.3M | $76.8M | $63.5M | $43.4M | $39.1M | $37.8M | $32.9M | $27.6M | $12.6M |
| Capital expenditure | $27.9M | $24.7M | $18.1M | $13.8M | $15.4M | $17.2M | $15.3M | $22.7M | $40.4M | $10.4M |
| Investing cash flow | -$27.9M | -$24.7M | -$18.1M | -$13.8M | -$85.0M | -$17.2M | -$189.5M | -$21.8M | -$132.5M | -$71.8M |
| Financing cash flow | -$114.5M | -$52.6M | -$115.0M | -$194.8M | -$94.7M | -$74.8M | $178.5M | -$34.4M | $104.7M | $48.7M |
| Buybacks | $87.0M | $38.0M | $49.9M | $99.9M | $45.0M | — | $30.0M | $15.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-352872.
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