Highlights

  • Fiscal 2026 net revenues were $1,283.6 million, up 12.6% from $1,140.1 million, with net income of $42.1 million.
  • SaaS ARR was $244.3 million as of June 30, 2026, compared with $207.6 million as of June 30, 2025.
  • Cash and cash equivalents were $211.8 million, and on July 29, 2026 the company entered a $500.0 million revolving facility.
  • Management expects fiscal 2027 revenue of $1.38 billion to $1.4 billion and non-GAAP earnings per share of $1.28 to $1.33.

Extreme Networks, Inc. (NASDAQ: EXTR) shares were trading at USD 23.79 on October 27, 2026, up 4.80%, with a relative volume at time of 2.27. The networking company entered into a new $500.0 million revolving credit agreement on July 29, 2026, discussed fiscal 2026 results and fiscal 2027 guidance on its August 5, 2026 call, and filed its annual report for the fiscal year ended June 30, 2026 on August 17, 2026.

Extreme Networks is incorporated in Delaware, and its principal executive offices are at 2121 RDU Center Drive in Morrisville, North Carolina. It develops and markets wired, wireless and SD-WAN network infrastructure equipment, software subscriptions and related maintenance contracts, and operates in one segment. Its Extreme Platform ONE solution was made generally available in July 2025. The company's fiscal year ends June 30. As of June 30, 2026, it employed 2,894 people.

Fiscal 2026 Results

The Form 10-K covers the fiscal year ended June 30, 2026. Net revenues were $1,283.6 million, compared with $1,140.1 million in fiscal 2025. Product revenues were $809.6 million, up 14.9%, and subscription and support revenues were $474.0 million, up 8.8%. The company said the product increase reflected average selling price improvements from price increases implemented during fiscal 2026 and changes in product mix.

Total gross margin was 61.5% of net revenues, compared with 62.2%. Operating income was $62.7 million, compared with $16.9 million. Net income was $42.1 million, or $0.31 per diluted share, compared with a net loss of $7.5 million, or $0.06 per share, in fiscal 2025. United States net revenues were $576,200 thousand, compared with $547,658 thousand.

SaaS ARR, an operating metric the company defines in the filing, was $244.3 million as of June 30, 2026, which the company reported as 17.7% higher than $207.6 million a year earlier. Support revenues from maintenance contracts excluded from SaaS ARR were $235.3 million.

Cash Flow, Credit and Capital

Cash flow provided by operating activities was $123.2 million, compared with $152.0 million in fiscal 2025, a decrease of $28.8 million. Cash and cash equivalents were $211.8 million as of June 30, 2026, compared with $231.7 million a year earlier. Net cash used in financing activities was $114,500 thousand for the year.

On July 29, 2026, the company entered into a Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent, providing a five-year revolving facility of $500.0 million. At closing it borrowed $200.0 million, used the proceeds to repay indebtedness under its prior credit agreement, and had $300.0 million of commitments available. The agreement requires a consolidated interest charge coverage ratio of at least 3.00 to 1.00 and a consolidated total net leverage ratio of no more than 3.75 to 1.00, starting with the quarter ending September 30, 2026.

During fiscal 2026, the company repurchased 5,377,808 shares at a total cost of $87.0 million, an average of $16.18 per share. As of June 30, 2026, $113.0 million remained available under its $200.0 million repurchase program, which may be suspended or terminated at any time.

Management Commentary and Fiscal 2027 Outlook

On the August 5, 2026 call, management reported fourth quarter revenue of $338.6 million and said 187 customers booked more than $1 million in fiscal 2026, compared with 168 in fiscal 2025. It said it expects Extreme Platform ONE to account for half of its installed base by the end of fiscal 2027.

For fiscal 2027, management said it expects revenue of $1.38 billion to $1.4 billion and non-GAAP earnings per share of $1.28 to $1.33. For the first quarter of fiscal 2027, it targeted revenue of $334 million to $339 million and non-GAAP earnings per share of $0.27 to $0.29. The company said it plans to release Agent ONE Coworker at the end of August 2026.