Key Highlights

  • F5 (NASDAQ:FFIV) reports fiscal fourth-quarter results after the close on Tuesday, October 27, 2026, with consensus non-GAAP earnings of USD 4.26 per share, equal to the top of its own guidance range of USD 4.14 to USD 4.26.
  • Commvault Systems (NASDAQ:CVLT) reports fiscal second-quarter results before the open against consensus non-GAAP earnings of USD 1.24 per share, after market data showed a close down 19.70% on Tuesday, July 28, 2026.
  • Manhattan Associates (NASDAQ:MANH) reports after the close against consensus adjusted earnings of USD 1.46 per share, with cloud revenue up about 26% and contracted future revenue of USD 2.47 billion in the second quarter.
  • The three sell infrastructure, data protection and supply chain software, and the Federal Reserve decision on Wednesday, October 28, 2026 follows a September 16 increase to 3.75% to 4.00% that weighs on long-duration valuations.

F5 (NASDAQ:FFIV): consensus at the top of guidance

F5 (NASDAQ:FFIV), which sells application delivery and security products used to route and protect traffic in data centres and clouds, reports fiscal fourth-quarter 2026 results after the close on Tuesday, October 27, 2026. Consensus non-GAAP earnings are USD 4.26 per share. In the release of Monday, July 27, 2026 the company reported third-quarter revenue of USD 865 million, up 11%, and product revenue of USD 462.8 million, up 19%, with systems up 32% and software up 7%. Non-GAAP earnings were USD 4.73 per share and the non-GAAP operating margin was 35.0%. Results cannot be known in advance.

July guidance for the fourth quarter was revenue of USD 870 million to USD 890 million, and the full year was lifted to revenue growth of about 9% to 10% and non-GAAP earnings of USD 17.21 to USD 17.33, from USD 16.25 to USD 16.55. Management cited eight consecutive quarters of double-digit product growth, led by hardware systems tied to data centre refreshes. Systems revenue is lumpier than subscription software, so one strong quarter can reverse. The shares were reported down 5.1% since the July report despite the raised outlook.

The bull case is revenue above USD 890 million, a margin near 35% and a fiscal 2027 outlook implying continued growth. The bear case is earnings merely in line, slower systems orders or a cautious outlook, which could trigger a fall even with a beat because expectations sit at the ceiling.

Commvault (NASDAQ:CVLT): a modest bar after a sharp fall

Commvault Systems (NASDAQ:CVLT) sells data protection and cyber resilience software, and it reports fiscal second-quarter results before the open on Tuesday, October 27, 2026. Consensus non-GAAP earnings are USD 1.24 per share, below the USD 1.42 earned in the first quarter, which ended on June 30, 2026. That quarter, reported on Tuesday, July 28, 2026, brought revenue of USD 314.1 million, up 11%, subscription revenue of USD 267.0 million, up 16%, and free cash flow of USD 51.1 million. Market data show the shares closed down 19.70% that day.

For the second quarter it guided to subscription revenue of USD 264 million to USD 268 million and a non-GAAP operating margin near 20%, against about 22.8% in the first quarter. Subscription annual recurring revenue, the yearly value of active contracts, reached USD 1,054 million, up 22%, and the company stopped disclosing total annual recurring revenue. Fiscal 2027 guidance calls for subscription revenue of USD 1,119 million to USD 1,129 million and free cash flow of USD 250 million to USD 260 million. Perpetual support revenue fell 19%.

The bull case is subscription revenue above USD 268 million and a margin at or above 20%, which would suggest the July fall overstated the risk. The bear case is revenue at the low end, a margin below 20% or slower cloud conversion, which could extend the decline.

Manhattan Associates (NASDAQ:MANH): cloud growth against a premium multiple

Manhattan Associates (NASDAQ:MANH) sells supply chain and omnichannel commerce software, and it reports third-quarter 2026 results after the close on Tuesday, October 27, 2026, so the first full trading reaction falls on Wednesday, October 28. Consensus adjusted earnings are USD 1.46 per share, about 5% above the USD 1.39 reported for the second quarter. In its release of Tuesday, July 28, 2026, revenue was USD 297.8 million, up about 9% from USD 272.4 million, cloud subscription revenue was USD 126.7 million, up about 26%, and GAAP diluted earnings were USD 0.85 per share, against USD 0.93 a year earlier. The call is at 4:30 p.m. ET. Results cannot be known in advance.

Cloud subscription revenue grew about 26% while maintenance revenue fell to USD 30.5 million from USD 35.1 million, which implies a rising share of subscription revenue. Remaining performance obligations, the value of signed contracts not yet recognised as revenue, reached USD 2.47 billion from USD 2.35 billion at the end of March. Adjusted operating margin was about 34.9%, and the launch of the Editions tiered adoption model on Tuesday, September 22, 2026 is a further watch point.

The bull case is a result above USD 1.46 with cloud growth near 26% and a raised range. The bear case is cloud growth below 20%, slower contracted revenue or a trimmed outlook, which could pull the shares sharply lower. Investors should also watch the GAAP gap, since GAAP earnings fell while adjusted earnings rose, and whether contracted revenue keeps outpacing sales.

Where Things Stand

The answer is that none of the three can rely on a beat alone, because the bars differ in kind. F5 (NASDAQ:FFIV) must beat the top of its own range at USD 4.26 and then show the product cycle extends into fiscal 2027. Commvault (NASDAQ:CVLT) reports against a modest USD 1.24 consensus after the July fall, so subscription revenue and guidance are likely to decide the reaction. Manhattan Associates (NASDAQ:MANH) needs cloud growth near 26% and contracted revenue above USD 2.47 billion. Higher borrowing costs after the September 16 increase make long-duration software multiples more sensitive for all three.

The next catalysts are the Commvault release before the open and the F5 and Manhattan Associates releases after the close on Tuesday, October 27, 2026, then the Federal Reserve decision on Wednesday, October 28, 2026. Estimates and guidance are not guarantees, and this is not investment advice.