Key Highlights

  • F5 revenue rose 13% to $917 million, with product revenue up 23% to $510 million.
  • Manhattan Associates raised 2026 adjusted EPS guidance to $5.54 to $5.56 from $5.44 to $5.50.
  • ExlService revenue rose 19.7% to $634.0 million, and full-year revenue guidance moved up to $2.430 billion to $2.440 billion.
  • Commvault subscription ARR grew 20% to $1,103.9 million, down from 22% growth in the prior quarter.
  • Sensata adjusted EPS of $1.13 included a $24.0 million customer payment, and was $0.97 without it.

Which Software and IT Services Earnings Raised Outlooks on Tuesday, October 27?

Five technology names reported on Tuesday, October 27, 2026, and four of them pointed to higher or firmer numbers ahead. F5 (NASDAQ:FFIV) reported fiscal fourth-quarter revenue of $917 million, up 13%, and set fiscal 2027 non-GAAP EPS guidance of $18.00 to $18.30. Manhattan Associates (NASDAQ:MANH) lifted its 2026 outlook after cloud subscription revenue rose 28%. ExlService (NASDAQ:EXLS) raised full-year guidance for the second time this year after revenue grew 19.7%.

Commvault (NASDAQ:CVLT) raised its ranges even as subscription ARR growth slowed to 20%. Sensata Technologies (NYSE:ST) reported adjusted EPS of $1.13, helped by a $24.0 million customer payment. Calculated figures below are derived from each company's own numbers, and no share reactions are cited because none are stated.

F5: Can Product Growth of 23% Offset Thinner Margins?

F5 reported non-GAAP EPS of $4.42 against $4.39 and a screened estimate of $4.26. Revenue topped the high end of its own $870 million to $890 million guide. Systems revenue rose 29% to $239 million and software revenue 19% to $271 million, while non-GAAP operating margin eased to 33.7% from 37.0%.

Fiscal 2027 guidance is revenue growth of 8% to 9% and EPS of $18.00 to $18.30, against $17.49 in fiscal 2026, which is calculated growth of about 3% to 5%. The company paid $601.1 million for repurchases in fiscal 2026 and announced an additional $1.5 billion. First-quarter revenue is guided to $875 million to $895 million. Fiscal 2026 free cash flow was about $869 million, a calculated figure.

Manhattan Associates: Did Cloud Growth Lift the 2026 Outlook?

Manhattan Associates reported revenue of $306.2 million, up about 11% (calculated), and adjusted EPS of $1.55 against $1.36 and a screen estimate of $1.46. Cloud subscription revenue rose 28% to $134.4 million, which the chief executive said has now passed services revenue. Remaining performance obligations were $2.59 billion, up 25%. For nine months, revenue was $886.2 million against $811.0 million.

Full-year revenue guidance is now $1,176 million to $1,178 million, with adjusted EPS of $5.54 to $5.56. Operating cash flow slowed to $68.6 million from $93.1 million as days sales outstanding rose to 81 from 67. The company repurchased $50.0 million of stock in the quarter.

ExlService: Did Revenue Growth of 19.7% Beat Expectations and Lift Guidance Again?

ExlService reported revenue of $634.0 million against $529.6 million and adjusted EPS of $0.62 against $0.48, ahead of the $0.56 screen estimate, an as-screened surprise of 11.02%. Full-year revenue guidance rose to $2.430 billion to $2.440 billion, and adjusted EPS to $2.34 to $2.36. Data and AI-led revenue, almost two-thirds of the business, grew 36% reported.

Gross margin eased to 38.0% from 38.5%, with Banking gross margin falling to 34.4%. Borrowings rose to about $511.0 million after the iMerit acquisition, and shares outstanding fell to 151.0 million from 156.4 million at year-end. The call is on Wednesday, October 28 at 10 a.m. ET. The company also won 14 new clients in the quarter.

Commvault: Why Is ARR Growth Slowing While Guidance Rises?

Commvault reported non-GAAP EPS of $1.38 against $0.91 and a $1.24 estimate as screened, on revenue of $312.4 million, up 13%. Subscription ARR grew 20% to $1,103.9 million, below the 22% of the first quarter, and SaaS ARR was $454.4 million, up about 35%. Net new subscription ARR was $49.6 million and subscription net dollar retention was 113%.

Full-year subscription ARR guidance rose to $1,205 million to $1,215 million from $1,200 million to $1,210 million, and free cash flow guidance to $255 million to $265 million. The company repurchased $107.7 million of stock in the quarter. Third-quarter subscription revenue is guided to $293 million to $297 million.

Sensata: Did a $24 Million Termination Payment Flatter the $1.13 Adjusted EPS?

Sensata reported revenue of $1,003.6 million, up 7.7%, and adjusted EPS of $1.13 against $0.89 and a $0.96 screen estimate. Excluding the payment tied to a cancelled electric vehicle program, adjusted EPS was $0.97 and revenue $979.6 million, at the top of the July EPS range of $0.93 to $0.97.

Free cash flow rose to $198.3 million, and a $400 million tender offer cut gross debt to $2,427.1 million from $2,867.2 million. Fourth-quarter revenue is guided to $942 million to $972 million and adjusted EPS to $0.95 to $0.99, with no full-year ranges. The guidance reflects trade policies in effect as of October 26 and excludes any prospective tariff refunds.

Software and IT Services Earnings Compared: Who Raised the Most and Who Beat by the Widest Margin?

ExlService's 19.7% revenue growth is 12.0 percentage points above Sensata's 7.7% (calculated), with F5 and Commvault at 13% and Manhattan Associates at about 11%. On EPS against estimates, ExlService's as-screened surprise was 11.02% and Manhattan Associates' 5.92%, while Commvault's was about 11.3% and F5's about 3.8% (both calculated). Sensata's $1.13 was about 17.7% above $0.96, but only about 1.0% above it on the $0.97 figure excluding the payment (both calculated).

Guidance midpoints show different raise sizes (calculated). ExlService and Manhattan Associates each lifted the EPS midpoint by $0.08, which is about 3.5% for ExlService and 1.5% for Manhattan Associates. ExlService's revenue midpoint rose about 1.4%, Manhattan Associates' about 1.2%, and Commvault's ARR midpoint about 0.4%. F5's fiscal 2027 EPS midpoint of $18.15 is about 3.8% above fiscal 2026.

What to Watch Next: ExlService's Call, Commvault's Third Quarter and Sensata's Margin Without the Payment

ExlService hosts its call on Wednesday, October 28, with attention on iMerit integration and Banking margin. Commvault's next report will test its $293 million to $297 million subscription revenue range and whether SaaS ARR growth holds near 35%. Sensata's fourth-quarter report will show whether a 19.6% to 19.8% adjusted operating margin holds, and F5's first quarter sets the first test of the $4.25 to $4.37 EPS guide. Manhattan Associates' guidance implies fourth-quarter adjusted EPS of about $1.36 to $1.38 (calculated).