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Extreme Networks Inc (EXTR) stock

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NASDAQ: EXTR Nasdaq Communications Equipment Next results ~January 27, 2027

C Fundamentals grade

Extreme Networks Inc is a US-listed company in the communications equipment industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($1.28) was left out of our combined valuation (it is 0.06x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($1.28) was left out of our combined valuation (it is 0.06x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Extreme Networks Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 33 sales by directors and officers, last 12 monthsInsider trades
  • Funds175 adding, 155 cuttingOf 58 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Extreme Networks files

10-Q filed October 29: Extreme Networks

Extreme Networks grew revenue 11.3% over the twelve months to September 2026, taking the top line to $1.31bn. That pace marks a slowdown from the 12.6% growth recorded a quarter earlier. Margins, however, moved in the opposite direction. Free-cash-flow margin climbed to 11.8%, up from 8.0% a year earlier, while operating margin widened to 5.7% from 2.8% over the same period. Profitability, in other words, improved even as top-line momentum eased. Taken together, these shifts have lifted the company's fundamentals grade from C to C+, reflecting the stronger conversion of revenue into cash and operating profit despite the deceleration in sales growth.

Our model value for Extreme Networks is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Extreme Networks stands after its latest 10-K

Revenue for the twelve months to June 2026 was $1.28bn, up 12.6% on a year earlier, slower than the 14.9% growth a quarter earlier. Free-cash-flow margin fell to 7.4% from 11.2% a year earlier. Operating margin widened to 4.9% from 1.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Extreme Networks Inc's trailing-twelve-month revenue grew 11.3% year on year, with a free-cash-flow margin of 11.8%. Where it lags: stock pay as % of revenue of 6.7% ranks 30 of 37 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$1.3 per share in the base case (~$1.1–$1.6 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 63.2% while net income grew 506.9%: a 444pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.0% over 90 days.

Things to watch

  • High earnings multiple. The shares trade at 57 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 1.6 against the S&P 500.
  • Insiders selling. 6 insiders sold $26M of stock over the past 365 days and none bought (86% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 6.7% ranks 30 of 37 communications equipment companies we cover (median 3.9%).
  • Below peers: change in growth rate. Change in growth rate of -1.3pp ranks 31 of 40 communications equipment companies we cover (median +2.0pp).

Latest results: FY2027 Q1

Filed October 29, 2026
Earnings per share
$0.33 against an average estimate of $0.28: beat by 18.6%
Revenue
$341m, up 9.9% on a year earlier
Share reaction
-1.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
total net revenue $345.8m to $350.8m (second quarter of fiscal 2027); gross margin 61.8% to 62.3% (second quarter of fiscal 2027)
Next report
January 27, 2027; average EPS estimate $0.33

Extreme Networks' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.4%
  • 1 week-1.8%
  • 1 month-3.6%
  • This year+33.9%
  • 1 year+17.2%
  • 5 years+87.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
5.7%
Net margin
4.0%
EPS (TTM, diluted)
$0.39

Growth

Revenue growth
+11.3%
Change in growth rate
−1.3 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
$155M
FCF margin
11.8%
Stock pay % of revenue
6.7%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Announcement
  5. Announcement
  6. Insider trade
  7. Announcement
  8. Insider trade
  9. Results
  10. Insider trade
  11. Agreement
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Extreme Networks Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($1.28) was left out of our combined valuation (it is 0.06x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Extreme Networks Inc's free cash flow after stock-based pay ( $6M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Extreme Networks Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1.3 ~$1.1–$1.6 Left out: out of range vs price (0.06x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$25 ~$19–$34 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.5 ~$0.3–$0.7 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.4 ~$0.4–$0.5 Left out: out of range vs price (0.02x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Extreme Networks Inc with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$3.39$9.22$7.96$6.47$4.34$11.16$8.92$26.05$13.45$17.95$32.37$22.29
Market value$349m$998m$909m$763m$520m$1.4bn$1.2bn$3.5bn$1.7bn$2.4bn$4.4bn$3.0bn
+ Net debt (− = net cash)−$39m−$37m$79m$11m$0$0$114m−$10m$33m−$52m−$47m−$45m
Enterprise value$311m$962m$988m$774m$520m$1.4bn$1.3bn$3.5bn$1.8bn$2.3bn$4.3bn$3.0bn
Multiples
Price / sales 0.7x1.6x0.9x0.8x0.5x1.4x1.1x2.7x1.6x2.1x3.4x2.3x
Price / earnings —————n/m26.9x44.6x——103.7x57.3x
Price / free cash flow 14.0x20.4x—9.3x25.2x11.2x10.6x14.8x46.5x18.7x45.9x19.4x
EV / EBITDA —57.7x—63.6x—24.8x15.5x27.1x—73.4x55.1x32.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Extreme Networks's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.5% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 56.5%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.4%; its worst year was -10.2%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 10 years, at a median 7.8% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 3.3% over five years; stock-based pay has been a median 4.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, before the open. Analysts expect revenue of $348m and EPS of $0.33 (range $0.32 to $0.33) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.37 +29% $1.4bn +10%
Next $1.56 +14% $1.5bn +10%

Next year's EPS estimate has moved +6.0% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.7% on 90 days ago. In the last 30 days, 4 analysts raised Extreme Networks Inc's forecast and 3 cut it.

Consensus EPS forecast Extreme Networks Inc, last 90 days
$1.30 $1.40 $1.50 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.31 Current fiscal year, 60 days ago: $1.31 Current fiscal year, 30 days ago: $1.31 Current fiscal year, 7 days ago: $1.31 Current fiscal year, Now: $1.37 $1.37 Next fiscal year, 90 days ago: $1.47 Next fiscal year, 60 days ago: $1.52 Next fiscal year, 30 days ago: $1.52 Next fiscal year, 7 days ago: $1.52 Next fiscal year, Now: $1.56 $1.56

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.31$1.47
60 days ago $1.31$1.52
30 days ago $1.31$1.52
7 days ago $1.31$1.52
Now $1.37$1.56

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.28 $0.33 +18.6%
Jun 2026 $0.29 $0.32 +10.4%
Mar 2026 $0.24 $0.26 +9.6%
Dec 2025 $0.24 $0.26 +7.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Total net revenue full year fiscal 2027 $1,402m to $1,412m
    “Total net revenue $ 1,402.3 $ 1,412.3” source
  • Total net revenue second quarter of fiscal 2027 $346m to $351m
    “Total net revenue $ 345.8 $ 350.8” source
  • Earnings per share full year fiscal 2027 $0.77 to $0.83 GAAP Raised vs 0.68 to 0.74
    “Earnings per share $ 0.77 $ 0.83” source
  • Earnings per share full year fiscal 2027 $1.35 to $1.39 Non-GAAP Raised vs 1.28 to 1.33
    “Earnings per share $ 1.35 $ 1.39” source
  • Earnings per share second quarter of fiscal 2027 $0.19 to $0.22 GAAP
    “Earnings per share $ 0.19 $ 0.22” source
  • Earnings per share second quarter of fiscal 2027 $0.32 to $0.34 Non-GAAP
    “Earnings per share $ 0.32 $ 0.34” source
Show 8 more items
  • Gross margin full year fiscal 2027 61.9% to 62.4% GAAP Raised vs 61.6 to 62.1
    “Gross margin 61.9 % 62.4 %” source
  • Gross margin full year fiscal 2027 62.3% to 62.8% Non-GAAP Raised vs 62.2 to 62.7
    “Gross margin 62.3 % 62.8 %” source
  • Operating margin full year fiscal 2027 9.2% to 9.7% GAAP Raised vs 8.4 to 8.9
    “Operating margin 9.2 % 9.7 %” source
  • Operating margin full year fiscal 2027 17.2% to 17.6% Non-GAAP Raised vs 16.7 to 17.1
    “Operating margin 17.2 % 17.6 %” source
  • Gross margin second quarter of fiscal 2027 61.8% to 62.3% GAAP
    “Gross margin 61.8 % 62.3 %” source
  • Gross margin second quarter of fiscal 2027 62.2% to 62.7% Non-GAAP
    “Gross margin 62.2 % 62.7 %” source
  • Operating margin second quarter of fiscal 2027 9.1% to 10.2% GAAP
    “Operating margin 9.1 % 10.2 %” source
  • Operating margin second quarter of fiscal 2027 16.4% to 17.4% Non-GAAP
    “Operating margin 16.4 % 17.4 %” source

How earlier guidance turned out

  • Earnings per share, first quarter of fiscal 2027 guided $0.00 to $0.02 Above range: $0.12
  • Operating margin, first quarter of fiscal 2027 guided 1.6% to 2.4% Above range: 6.768515%
  • Gross margin, first quarter of fiscal 2027 guided 61.6% to 62.1% Above range: 62.134192%
  • Total net revenue, first quarter of fiscal 2027 guided $334m to $339m Above range: $341m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Extreme Networks Inc's revenue by +8.7% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.8%, weight 44%) , management guidance (+9.7%, weight 33%) and the company's own record (+5.0%, weight 22%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 20261618
  2. Sep 20261618
  3. Aug 20261618

Counts of recommendations published by analysts covering Extreme Networks Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.1%
of tradable shares
Days to cover
3.87
at average volume
Short interest, 1 month
−24%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.1%
of shares
Employees
2,894
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +17.2%

$19.02 on October 31, 2025 to $22.29

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.3bn +12.6%
P/S multiple 2.2x 2.3x +6.2%
Share count 132m 135m −2.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +32.7%

$16.80 on November 3, 2023 to $22.29

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.3bn −2.2%
Net margin 5.9% 3.3% −44.8%
P/E multiple 28.8x 71.4x +148.4%
Share count 134m 135m −1.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EXTR+128%+17%−4%−5%−1%+34%
Industry peers (median)+17%−18%−12%+33%+3%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EXTR50%50%58%42%25%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EXTR−25%−46%−50%−41%−38%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 88% from January 30, 2018 to March 18, 2020. Getting back needed a 702% gain, reached on December 27, 2021, 649 days after the low.

Price behaviour

52-week range
$13.74 – $33.71
From 52-week high
−33.9%
vs 50-day average
−0.8%
vs 200-day average
+0.9%
Volatility (1 year)
54%
Beta vs S&P 500
1.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.2%
After a week
6 up, 5 down
typical move ±15.2%
After a month
5 up, 6 down
typical move ±18.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −1.1% 0.0% — —
August 5, 2026 −24.8% −0.4% −24.5% −32.3%
April 29, 2026 +29.6% +1.0% +38.1% +55.5%
January 28, 2026 −2.2% −0.2% +2.0% −4.9%
October 29, 2025 −12.9% −1.1% −17.0% −17.7%
August 6, 2025 +12.8% +0.7% +16.6% +22.8%
April 30, 2025 +3.7% +0.7% +9.2% +17.6%
January 29, 2025 −4.0% +0.1% −2.8% −4.9%
October 30, 2024 +5.0% −2.3% +15.7% +16.7%
August 7, 2024 +3.6% +1.6% +11.6% +5.8%
May 1, 2024 +2.0% +0.6% −3.5% −0.4%
January 31, 2024 −20.6% −0.3% −26.3% −25.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Extreme Networks Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Extreme Networks Inc
$1B $1.1B $1.2B $1.3B $1.4B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $1.3B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.1B Revenue (TTM), FY25 Q1: $1B Revenue (TTM), FY25 Q2: $1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B Revenue (TTM), FY26 Q3: $1.3B Revenue (TTM), FY26 Q4: $1.3B Revenue (TTM), FY27 Q1: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $1.3B
FY24 Q3 $1.2B
FY24 Q4 $1.1B
FY25 Q1 $1B
FY25 Q2 $1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
FY26 Q3 $1.3B
FY26 Q4 $1.3B
FY27 Q1 $1.3B
Revenue growth, TTM YoY Extreme Networks Inc
-40% -20% 0% 20% 40% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 14.1% Revenue growth, TTM YoY, FY24 Q3: -0.2% Revenue growth, TTM YoY, FY24 Q4: -14.9% Revenue growth, TTM YoY, FY25 Q1: -24.5% Revenue growth, TTM YoY, FY25 Q2: -24.5% Revenue growth, TTM YoY, FY25 Q3: -11.0% Revenue growth, TTM YoY, FY25 Q4: 2.0% Revenue growth, TTM YoY, FY26 Q1: 14.3% Revenue growth, TTM YoY, FY26 Q2: 20.0% Revenue growth, TTM YoY, FY26 Q3: 14.9% Revenue growth, TTM YoY, FY26 Q4: 12.6% Revenue growth, TTM YoY, FY27 Q1: 11.3% 11.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 14.1%
FY24 Q3 -0.2%
FY24 Q4 -14.9%
FY25 Q1 -24.5%
FY25 Q2 -24.5%
FY25 Q3 -11.0%
FY25 Q4 2.0%
FY26 Q1 14.3%
FY26 Q2 20.0%
FY26 Q3 14.9%
FY26 Q4 12.6%
FY27 Q1 11.3%
Operating margin (TTM) Extreme Networks Inc
-15% -10% -5% 0% 5% 10% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 8.4% Operating margin (TTM), FY24 Q3: 1.8% Operating margin (TTM), FY24 Q4: -5.8% Operating margin (TTM), FY25 Q1: -10.2% Operating margin (TTM), FY25 Q2: -10.2% Operating margin (TTM), FY25 Q3: -2.8% Operating margin (TTM), FY25 Q4: 1.5% Operating margin (TTM), FY26 Q1: 2.8% Operating margin (TTM), FY26 Q2: 2.7% Operating margin (TTM), FY26 Q3: 3.2% Operating margin (TTM), FY26 Q4: 4.9% Operating margin (TTM), FY27 Q1: 5.7% 5.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 8.4%
FY24 Q3 1.8%
FY24 Q4 -5.8%
FY25 Q1 -10.2%
FY25 Q2 -10.2%
FY25 Q3 -2.8%
FY25 Q4 1.5%
FY26 Q1 2.8%
FY26 Q2 2.7%
FY26 Q3 3.2%
FY26 Q4 4.9%
FY27 Q1 5.7%
FCF margin (TTM) Extreme Networks Inc
-5% 0% 5% 10% 15% 20% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 16.4% FCF margin (TTM), FY24 Q3: 8.3% FCF margin (TTM), FY24 Q4: 3.3% FCF margin (TTM), FY25 Q1: -2.2% FCF margin (TTM), FY25 Q2: -3.4% FCF margin (TTM), FY25 Q3: 5.8% FCF margin (TTM), FY25 Q4: 11.2% FCF margin (TTM), FY26 Q1: 8.0% FCF margin (TTM), FY26 Q2: 10.0% FCF margin (TTM), FY26 Q3: 8.4% FCF margin (TTM), FY26 Q4: 7.4% FCF margin (TTM), FY27 Q1: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 16.4%
FY24 Q3 8.3%
FY24 Q4 3.3%
FY25 Q1 -2.2%
FY25 Q2 -3.4%
FY25 Q3 5.8%
FY25 Q4 11.2%
FY26 Q1 8.0%
FY26 Q2 10.0%
FY26 Q3 8.4%
FY26 Q4 7.4%
FY27 Q1 11.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Extreme Networks took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Cost of revenue $494M · 38.5%
  3. Gross profit $789M · 61.5%
  4. Research and development $234M · 18.2%
  5. Selling, general and admin $490M · 38.1%
  6. Operating income $62.7M · 4.9%
  7. Income tax $9.4M · 0.7%
  8. Interest and other $11.2M · 0.9%
  9. Net income $42.1M · 3.3%

Shares of revenue. Source: Extreme Networks's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jun 2010 2011 Jul 2011 2012 Jun 2012 2013 Jun 2013 2014 Jun 2014 2015 Jun 2015 2016 Jun 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026 LTM Sept 2026
Income
Revenue 309 334 323 299 520 553 520 607 983 996 948 1,009 1,112 1,312 1,117 1,140 1,284 1,314
Gross profit 176 180 180 163 267 280 265 331 535 551 518 585 630 755 631 709 789 813
EBITDA −7 10 19 15 −40 −50 −19 17 −15 12 −70 57 84 128 −41 32 79 91
Operating income −1 3 14 11 −50 −63 −30 6 −38 −15 −99 34 64 108 −65 17 63 74
Net income 0 3 16 10 −57 −72 −36 −2 −47 −26 −127 2 44 78 −86 −7 42 52
Diluted EPS $0.00 $0.03 $0.17 $0.10 −$0.60 −$0.72 −$0.35 −$0.02 −$0.41 −$0.22 −$1.06 $0.02 $0.33 $0.58 −$0.66 −$0.06 $0.31 $0.39
Growth (year on year)
Revenue — +8.1% −3.5% −7.2% +73.6% +6.4% −6.0% +16.8% +61.9% +1.3% −4.8% +6.5% +10.2% +18.0% −14.9% +2.0% +12.6% +11.3%
EBITDA — — +94.0% −20.1% −357.3% — — — −188.5% — — — +47.2% +51.9% −132.0% — +148.0% +90.7%
Operating income — — — −22.0% −562.9% — — — — — — — +86.7% +68.7% −160.2% — — +126.0%
Net income — — — −39.1% −692.5% — — — — — — — — +76.4% −210.1% — — —
Diluted EPS — — — −41.2% −700.0% — — — — — — — — +75.8% −213.8% — — —
Margins
Gross margin 57.1% 53.8% 55.7% 54.3% 51.5% 50.6% 51.1% 54.5% 54.4% 55.4% 54.6% 58.0% 56.6% 57.5% 56.5% 62.2% 61.5% 61.9%
EBITDA margin −2.3% 3.0% 6.0% 5.1% −7.6% −9.1% −3.7% 2.7% −1.5% 1.2% −7.4% 5.7% 7.6% 9.8% −3.7% 2.8% 6.1% 6.9%
Operating margin −0.5% 0.9% 4.3% 3.6% −9.7% −11.4% −5.8% 1.0% −3.9% −1.5% −10.4% 3.4% 5.8% 8.3% −5.8% 1.5% 4.9% 5.7%
Net margin 0.1% 0.8% 4.9% 3.2% −11.0% −13.0% −7.0% −0.3% −4.8% −2.6% −13.4% 0.2% 4.0% 5.9% −7.7% −0.7% 3.3% 4.0%
Free-cash-flow margin 1.9% 3.3% 2.7% 6.5% −9.5% 5.5% 4.8% 8.0% −2.2% 8.3% 2.2% 12.6% 10.1% 17.9% 3.3% 11.2% 7.4% 11.8%
Cash flow
Cash from operations 11 17 14 32 −27 37 30 59 19 105 36 145 128 249 55 152 123 183
Capital spending 5 6 5 13 22 7 5 10 40 23 15 17 15 14 18 25 28 28
Free cash flow 6 11 9 20 −49 30 25 49 −21 82 21 127 113 235 37 127 95 155
Stock-based pay −6 5 6 7 16 18 15 13 28 33 38 39 43 63 77 82 88 88
Free cash flow after stock pay 12 6 2 12 −65 12 10 36 −49 49 −17 88 69 172 −39 45 7 67
Balance sheet
Cash 52 50 55 96 73 76 94 130 121 170 — — 195 235 157 232 212 245
Total debt — 0 0 0 122 67 56 94 200 181 421 347 309 225 190 180 165 200
Net debt (negative = net cash) −52 −50 −55 −96 48 −9 −39 −37 79 11 — — 114 −10 33 −52 −47 −45
Diluted shares 89m 93m 94m 95m 96m 99m 103m 108m 114m 118m 120m 128m 133m 134m 129m 132m 135m 135m
Returned to shareholders
Buybacks — 0 0 14 0 0 — — — 15 30 — 45 100 50 38 87 100
Total returned — 0 0 14 0 0 — — — 15 30 — 45 100 50 38 87 100

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $1.3bn
Short-term assets $671mLonger-term assets $631m
What it owes, and who funded it · $747m
Short-term liabilities $659mShareholders' equity $88m
  • Short-term assets cover short-term liabilities $671m of assets due within a year against $659m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $245m of cash against $200m of debt.
  • Debt below 40% of shareholders' equity Debt is 227% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 282% to 227% over five years.
  • A year's operating cash flow covers at least 20% of debt $183m of operating cash flow against $200m of debt.
  • Operating profit covers interest at least five times over Operating income of $74m against $15m of interest.

From Extreme Networks Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$100M
Returned to shareholders
65%
of free cash flow
Buybacks, last 3 fiscal years
$175M
Diluted share count
+1.2%
year over year
Total shareholder yield
3.4%
dividends 0.0% + buybacks 3.4% of market value
R&D spending
17.8%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated EXTR ADTN CALX NTCT RBBN NTGR Median
Revenue, last 12 months $1.3bn $1.1bn $1.1bn $883m $801m $694m $324m
Revenue growth, last 12 months 11.3% 15.7% 27.8% 5.8% −7.8% −0.5% 11.0%
Revenue growth, 3-year average −1.3% −5.5% 3.9% −1.2% −1.3% −6.6% 4.1%
Revenue growth, latest quarter 9.9% 6.1% 21.3% 12.7% 1.6% −1.2% 12.9%
Gross margin 61.9% 38.5% 56.6% 79.8% 48.3% 40.0% 43.7%
Operating margin 5.7% −0.2% 5.5% 14.8% −3.6% −4.9% 2.2%
Operating margin, 3-year average −0.6% −20.1% 0.1% −17.1% −0.4% −2.3% −1.4%
Net margin 4.0% −2.3% 4.6% 13.7% 2.3% −3.7% −0.0%
Cash from operations / revenue 13.9% 8.2% 9.9% 30.8% −2.3% 0.5% 9.9%
Free-cash-flow margin 11.8% 5.0% 7.7% 29.6% −3.6% −2.5% 7.7%
Free-cash-flow margin, 3-year average 5.9% 5.4% 7.1% 24.5% 0.5% 9.6% 2.2%
Stock pay / revenue 6.7% 0.8% 7.2% 6.6% 2.7% 5.2% 3.9%
Change in share count 1.2% 1.1% 7.9% 3.3% 2.5% −5.3% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 11.3% 11.3% 20 of 40
Change in growth rate Growth -1.3pp +2.0pp 31 of 40
Gross margin Profitability 61.9% 44.1% 12 of 36
Operating margin Profitability 5.7% 2.4% 15 of 40
Net margin Profitability 4.0% 0.6% 16 of 40
Free-cash-flow margin Cash generation 11.8% 8.2% 14 of 38
Stock pay as % of revenue Cash generation 6.7% 3.9% 30 of 37
Long-term debt as % of assets Balance sheet 15.4% 10.4% 17 of 23
Change in share count Balance sheet 1.2% 1.6% 16 of 36
Days sales outstanding Balance sheet 47 days 75 days 9 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 30, 2026
Products and services
Line of business Revenue Share YoY
Products $810M 63.1% ▲ 14.9%
Subscription and Support $474M 36.9% ▲ 8.8%
Geography
Region Revenue Share YoY
Americas $626M 48.7% ▲ 4.8%
United States $576M 92.1% ▲ 5.2%
Other Americas $49.3M 7.9% ▲ 0.6%
EMEA $534M 41.6% ▲ 18.3%
Asia Pacific $124M 9.6% ▲ 34.9%

From Extreme Networks Inc's 10-K filed August 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.1B
Institutions reporting
339
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
72 / 31

Top buyers and sellers, Q2 2026: 175 institutions bought and 155 sold ; the biggest buyer was Price T Rowe Associates Inc (+5.2M shares) and the biggest seller Alyeska Investment Group, L.P (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $675M 20.8M 16.3% ▲ 3.2%
Vanguard Portfolio Management LLC $416M 12.8M 10.0% ▼ 5.4%
State Street Corp $199M 6.1M 4.8% ▼ 4.8%
Vanguard Capital Management LLC $184M 5.7M 4.4% ▼ 1.7%
Price T Rowe Associates Inc $172M 5.3M 4.2% ▲ 3350.1%
Paradigm Capital Management Inc $137M 4.2M 3.3% ▼ 19.0%
FMR LLC $114M 3.5M 2.7% ▲ 5.6%
Geode Capital Management, LLC $110M 3.4M 2.7% ▲ 2.4%
Arrowstreet Capital, Limited Partnership $109M 3.4M 2.6% ▲ 3.4%
Goldman Sachs Group Inc $97.3M 3.0M 2.3% ▼ 3.9%
Loomis Sayles & Co L P $82.1M 2.5M 2.0% ▼ 6.6%
American Century Companies Inc $80.3M 2.5M 1.9% ▲ 1518.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Extreme Networks Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $26M 33 trades by 6 insiders · 86% under pre-set plans
Net ▼ $26M net selling
Insider Date Trade Shares Price Value
Meyercord Edward PRESIDENT AND CEO October 1, 2026 Sell pre-set plan 50,000 $21.77 $1.1M
Meyercord Edward PRESIDENT AND CEO September 1, 2026 Sell pre-set plan 50,000 $21.90 $1.1M
Rhodes Kevin R EVP Chief Financial Officer August 21, 2026 Sell pre-set plan 21,825 $22.30 $486,698
Khanna Raj Director August 10, 2026 Sell pre-set plan 15,000 $24.20 $363,000
Meyercord Edward PRESIDENT AND CEO August 3, 2026 Sell pre-set plan 24,573 $29.78 $731,784
Meyercord Edward PRESIDENT AND CEO August 3, 2026 Sell pre-set plan 25,427 $29.79 $757,470
Meyercord Edward PRESIDENT AND CEO July 1, 2026 Sell pre-set plan 50,000 $31.71 $1.6M
Motiey Katayoun Chief Legal Admin Sust Officer June 12, 2026 Sell 30,000 $31.03 $930,900
Rhodes Kevin R EVP Chief Financial Officer June 11, 2026 Sell 35,000 $30.43 $1.1M
Motiey Katayoun Chief Legal Admin Sust Officer June 8, 2026 Sell pre-set plan 7,500 $30.00 $225,000
Meyercord Edward PRESIDENT AND CEO June 2, 2026 Sell pre-set plan 100,000 $29.20 $2.9M
Motiey Katayoun Chief Legal Admin Sust Officer June 2, 2026 Sell pre-set plan 7,500 $29.00 $217,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • August 5, 2026
  • April 29, 2026
  • January 28, 2026
  • October 29, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Extreme Networks Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Extreme Networks Inc in brief

What does Extreme Networks Inc do?
Extreme Networks Inc is a US-listed company in the communications equipment industry. Its financial year ends in June.
What is Extreme Networks Inc's stock ticker?
Extreme Networks Inc trades under the ticker EXTR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Extreme Networks Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Extreme Networks Inc reported revenue of $1.3B, 11.3% higher than a year earlier, according to its SEC filings.
What is Extreme Networks Inc's free cash flow?
Extreme Networks Inc's free-cash-flow margin is 11.8% of revenue over the trailing twelve months, ranking 14 of the 38 communications equipment companies we cover.
Who are Extreme Networks Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Extreme Networks Inc buying back stock, and does it pay a dividend?
Extreme Networks Inc spent $100M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.2% over the year.
What is Extreme Networks Inc's market cap?
On November 2, 2026, Extreme Networks Inc's market capitalisation was about $3B, with a price-to-earnings ratio of 57.3 and net debt of -$44.5M. Market figures come from third-party market data and may be delayed.
How much debt does Extreme Networks Inc have?
Extreme Networks Inc's debt-to-equity ratio is 227.3%, from its latest balance sheet (281.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Extreme Networks Inc's competitors?
In our Communications Equipment peer group, the companies closest to Extreme Networks Inc are Adtran Holdings, Inc., Calix, Inc, Netscout Systems Inc, Ribbon Communications Inc. and Netgear, Inc. The side-by-side comparison below sets their revenue, margins and growth against Extreme Networks Inc's.
Are insiders buying or selling Extreme Networks Inc stock?
Over the last 12 months, Extreme Networks Inc's directors and officers reported 0 open-market purchases and 33 sales on Form 4. The insider trading page charts every trade.
When is Extreme Networks Inc's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Extreme Networks Inc announces its own schedule.