Extreme Networks

EXTR · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

EXTR · Last close · November 6, 2026

$24.03

Extreme Networks' revenue rose 12.6% to $1.3 billion in fiscal 2026. Its operating margin was 4.9%, up from 1.5% a year earlier. Free cash flow was $95 million, down 25.2%. It paid out $87 million in dividends and buybacks, 91% of free cash flow. The diluted share count rose 2.0%.

EXTREME NETWORKS, INC. Latest fiscal year ended June 30, 2026 10-K filed August 17, 2026 · 0001193125-26-352872 Updated November 5, 2026

Revenue

$1.3B

12.6%

Operating margin

4.9%

3.4 pts

Net income

$42M

Free cash flow

$95M

25.2%

Return on equity

54.6%

Market cap

$3.2B

Nov 6 close

P/E

61.6x

On $0.39 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Extreme Networks does

Extreme Networks sells computer networking products to businesses and other organizations. It designs and makes wired, wireless and software-defined wide area network (SD-WAN) equipment, and cloud-based software to manage it. Its Extreme Platform ONE, made generally available in July 2025, brings networking, security and AI tools together in one platform meant to cut the work of running a network.

Extreme says it serves customers such as large sports and entertainment venues, hotels, retailers, transport and logistics firms, schools, governments, hospitals, manufacturers and service providers. It earns all of its revenue from sales of networking equipment, software subscriptions and related maintenance contracts.

In May 2026 the company announced Extreme Agent ONE, an AI assistant inside the platform that, it says, is expected to help network staff and to carry out some tasks on its own, within rules customers set.

Its biggest risks, as it describes them

Uncertainty over trade and economic conditions around the world.
Intense competition and consolidation among networking equipment makers.
Reliance on a small number of suppliers and manufacturing partners, and supply disruptions.
Heavy dependence on sales outside the United States.
Forecasting demand wrongly, which could force write-downs of unsold inventory.

From Extreme Networks's annual report on Form 10-K, filed August 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2021 to 2026, earnings per share grew 73.0% a year and net income 85.8% a year, as new shares raised the share count by 6% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	194	235	157	232	212
Debt incl. finance leases	309	225	190	180	165
Net debt (negative means net cash)	114	−10	33	−52	−47
Net debt to EBITDA	1.3x	−0.1x	—	−1.5x	−0.6x
Debt to equity	3.4x	1.9x	—	2.7x	1.9x
Interest coverage	5.0x	6.2x	−3.8x	1.1x	4.5x
Current ratio	1.0x	1.0x	0.9x	0.9x	0.9x
Quick ratio	0.9x	0.8x	0.6x	0.7x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Extreme Networks' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Extreme Networks' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Extreme Networks shares on the open market, and 6 insiders sold $26.0 million, $22.4 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 2, 2026	Edward MeyercordPresident and CEO, Director	Sold plan	50,000	$22.57	$1.1 million	Form 4
Sep 1, 2026	Edward MeyercordPresident and CEO, Director	Sold plan	50,000	$21.90	$1.1 million	Form 4
Aug 21, 2026	Kevin R RhodesEVP Chief Financial Officer	Sold plan	21,825	$22.30	$486,698	Form 4
Aug 10, 2026	Raj KhannaDirector	Sold plan	15,000	$24.20	$363,000	Form 4
Aug 3, 2026	Edward MeyercordPresident and CEO, Director	Sold plan	50,000	$29.79	$1.5 million	Form 4
Jul 1, 2026	Edward MeyercordPresident and CEO, Director	Sold plan	50,000	$31.71	$1.6 million	Form 4
Jun 12, 2026	Katayoun MotieyChief Legal Admin Sust Officer	Sold	30,000	$31.03	$930,900	Form 4
Jun 11, 2026	Kevin R RhodesEVP Chief Financial Officer	Sold	35,000	$30.43	$1.1 million	Form 4
Jun 8, 2026	Katayoun MotieyChief Legal Admin Sust Officer	Sold plan	7,500	$30.00	$225,000	Form 4
Jun 2, 2026	Edward MeyercordPresident and CEO, Director	Sold plan	100,000	$29.20	$2.9 million	Form 4
Jun 2, 2026	Katayoun MotieyChief Legal Admin Sust Officer	Sold plan	7,500	$29.00	$217,500	Form 4
Jun 1, 2026	Edward MeyercordPresident and CEO, Director	Sold plan	50,000	$27.64	$1.4 million	Form 4

The latest 12 of 30 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	4 of 9	7 of 9	7 of 9
Rule of 40	−11.5%	13.2%	20.0%
Altman Z''	−3.66	−2.82	−2.31
Accruals ratio	−12.9%	−14.5%	−7.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	7 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Extreme Networks side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Extreme Networks	FY26	12.6%	4.9%	7.4%	—	−0.6x	7
Viavi Solutions	FY26	40.0%	6.9%	5.5%	4.3%	−0.1x	6	Compare
Adtran	FY25	17.5%	−1.4%	9.0%	—	1.3x	—	Compare
NETSCOUT Systems	FY26	4.5%	12.8%	33.2%	8.6%	−4.0x	7	Compare
Vistance Networks	FY25	39.7%	2.5%	13.1%	0.9%	20.0x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	607	983	996	948	1,009	1,112	1,312	1,117	1,140	1,284
Revenue growth	16.8%	61.9%	1.3%	−4.8%	6.5%	10.2%	18.0%	−14.9%	2.0%	12.6%
Gross profit	331	534	551	518	585	630	755	631	709	789
Research and development	94	184	210	210	197	191	214	212	222	234
Operating income	6	−38	−15	−99	34	64	108	−65	17	63
Net income	−2	−47	−26	−127	2	44	78	−86	−8	42
Diluted EPS (US$)	−0.02	−0.41	−0.22	−1.06	0.02	0.33	0.58	−0.66	−0.06	0.31
Diluted shares (millions)	108	114	118	120	128	134	134	129	132	135
Cash flow
Cash from operations	59	19	105	36	144	128	249	56	152	123
Capital expenditure	10	40	23	15	17	15	14	18	25	28
Free cash flow	49	−21	82	21	127	113	235	37	127	95
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	15	30	0	45	100	50	38	87
Acquisitions	51	98	0	220	0	70	0	0	0	0
Stock-based compensation	13	28	33	38	39	43	64	77	82	88
Balance sheet at fiscal year end
Cash and short-term investments	130	123	170	194	247	194	235	157	232	212
Debt incl. finance leases	94	200	180	421	347	309	225	190	180	165
Total assets	460	770	757	979	1,010	1,068	1,142	1,043	1,153	1,178
Total liabilities	334	658	641	974	956	978	1,025	1,017	1,088	1,089
Shareholders' equity	126	113	116	5	54	90	117	25	66	89
Margins and ratios
Gross margin	54.5%	54.4%	55.4%	54.6%	58.0%	56.6%	57.5%	56.5%	62.2%	61.5%
Operating margin	1.0%	−3.9%	−1.5%	−10.4%	3.4%	5.8%	8.2%	−5.8%	1.5%	4.9%
Net margin	−0.3%	−4.8%	−2.6%	−13.4%	0.2%	4.0%	6.0%	−7.7%	−0.7%	3.3%
Free cash flow margin	8.1%	−2.2%	8.3%	2.2%	12.6%	10.1%	17.9%	3.3%	11.2%	7.4%
Rule of 40 (growth + FCF margin)	24.8%	59.8%	9.5%	−2.6%	19.1%	20.3%	35.9%	−11.5%	13.2%	20.0%
Return on capital	4.0%	−21.6%	−7.3%	−43.5%	8.9%	30.4%	57.7%	—	—	—
Return on equity	−1.5%	−39.2%	−22.6%	−209.0%	—	61.1%	75.4%	−121.0%	—	54.6%
Return on assets	−0.4%	−7.6%	−3.4%	−14.6%	0.2%	4.3%	7.1%	−7.9%	−0.7%	3.6%
Net debt to EBITDA	−1.4x	—	0.6x	—	1.6x	1.3x	−0.1x	—	−1.5x	−0.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Extreme Networks' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Extreme Networks.