Logo

EXTR

Extreme Networks, Inc.

EXTR

Extreme Networks, Inc. • NASDAQ
$17.50 ▲ 0.11% (+0.02)
Market Cap $2.32 B
52w High $22.89
52w Low $10.10
Dividend Yield 0%
P/E 291.67
Volume 468.02K
Outstanding Shares 132.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $310.245M ▲ $176.734M ▼ $6.482M ▲ 2.089% ▲ $0.04 ▲ $12.304M ▲
Q4-2025 $307.003M ▲ $187.128M ▲ $-7.803M ▼ -2.542% ▼ $-0.059 ▼ $9.966M ▼
Q3-2025 $284.505M ▲ $161.766M ▲ $3.458M ▼ 1.215% ▼ $0.026 ▼ $21.218M ▼
Q2-2025 $279.355M ▲ $157.814M ▼ $7.382M ▲ 2.643% ▲ $0.08 ▲ $24.688M ▲
Q1-2025 $269.204M $169.435M $-10.504M -3.902% $-0.08 $5.934M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $209.003M ▼ $1.153B ▼ $1.084B ▼ $68.563M ▲
Q4-2025 $231.745M ▲ $1.153B ▲ $1.088B ▲ $65.584M ▼
Q3-2025 $185.48M ▲ $1.073B ▼ $1.001B ▼ $71.705M ▲
Q2-2025 $170.322M ▲ $1.081B ▲ $1.03B ▲ $51.208M ▲
Q1-2025 $159.546M $1.057B $1.024B $32.721M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $5.611M ▲ $-13.998M ▼ $-6.855M ▼ $-1.716M ▲ $-22.742M ▼ $-20.853M ▼
Q4-2025 $-7.803M ▼ $81.939M ▲ $-6.646M ▼ $-29.484M ▼ $46.265M ▲ $75.293M ▲
Q3-2025 $3.458M ▼ $29.974M ▲ $-5.742M ▼ $-9.107M ▼ $15.158M ▲ $24.232M ▲
Q2-2025 $7.382M ▲ $21.533M ▲ $-5.409M ▲ $-4.874M ▲ $10.776M ▲ $16.124M ▲
Q1-2025 $-10.504M $18.585M $-6.916M $-9.121M $2.847M $11.669M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Product
Product
 $170.00M ▲$180.00M ▲$190.00M ▲$190.00M ▲
Subscription And Support
Subscription And Support
 $110.00M ▲$110.00M ▲$120.00M ▲$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Extreme’s revenue has grown over time but with bumps: a strong up year, then a pullback, and now a partial recovery. Profitability has been much less stable. The company moved from modest, improving profits to losses, and most recently looks closer to break-even again rather than solidly in the black. Gross margins appear reasonably healthy, which suggests the products have decent pricing power, but operating margins are thin, so swings in costs or demand quickly show up in earnings. The main story here is a business that can be profitable but hasn’t yet proven consistent, with limited room for error.

Balance Sheet

Balance Sheet The balance sheet looks generally steady and gradually safer. Total assets have inched up and then flattened, implying controlled growth rather than aggressive expansion. Cash levels have stayed reasonably healthy and move within a fairly narrow band, giving the company day‑to‑day flexibility. Debt has been coming down over the years, which reduces financial risk and interest burden. However, the equity base is quite small and has bounced around, reflecting thin cumulative profits and leaving only a modest cushion against future setbacks. Overall, it’s a cleaner, less leveraged balance sheet, but not a fortress.

Cash Flow

Cash Flow Cash generation is a relative bright spot. The company has produced positive operating cash flow every year in this period, even when reported profits dipped into losses. Free cash flow has also remained positive, helped by modest capital spending needs, which fits a more software‑ and services‑leaning model. This means Extreme has been able to fund its operations, invest in its products, and reduce debt without constantly relying on new outside capital. The cash flows are not huge, but they are resilient compared with the volatility in earnings, suggesting the underlying business model is more solid than the headline net income might imply.

Competitive Edge

Competitive Edge Extreme operates in a brutally competitive market dominated by giants like Cisco and HPE, but it has carved out a distinct niche. Its pitch centers on simplicity and a unified experience: one cloud platform to manage wired, wireless, and wide‑area networking, instead of multiple disjointed systems. Support for mixed-vendor environments and more straightforward licensing can appeal to customers frustrated with complexity from larger rivals. As a smaller player, Extreme can also move faster and exploit moments of disruption, such as major mergers among competitors. The flip side is that it lacks the scale, brand dominance, and marketing muscle of the biggest vendors, so it must keep proving its value and maintain technological differentiation to hold and grow share.

Innovation and R&D

Innovation and R&D Innovation is clearly at the heart of Extreme’s strategy. The company is building around a unified cloud management platform, AI‑driven operations (through tools like CoPilot), and fabric networking that simplifies large, complex environments. Universal hardware that can run different software engines extends equipment life and gives customers flexibility, which can be a real differentiator. The upcoming Extreme Platform ONE is a major strategic bet: an AI‑first, single management layer co-developed with big partners like Microsoft and Intel. If it delivers on its promises—simpler operations, proactive AI assistance, easier licensing—it could deepen customer loyalty and boost recurring software revenue. The risk is execution: platform transitions are hard, and the company has to fund this innovation while keeping costs under control and avoiding further earnings volatility.

Summary

Extreme Networks is a mid‑sized networking specialist trying to win by being simpler, more unified, and more AI‑driven than the industry’s largest players. Financially, it shows modest long‑term revenue growth, inconsistent profitability, but steady positive cash flow and a gradually de‑risked balance sheet as debt comes down. The business appears fundamentally cash‑generative but operates with thin margins and a small equity cushion, leaving it sensitive to downturns or execution missteps. Strategically, its unified cloud platform, AI tools, fabric technology, and the planned Platform ONE give it a clear story and potential differentiation in a crowded market. Key things to watch are whether revenue growth can re‑accelerate, margins can rebuild to more reliable profitability, and customers broadly adopt the new AI‑centric platform without disrupting that hard‑won cash flow stability.

NEWS

October 29, 2025 · 7:05 AM UTC

Extreme Networks Reports First Quarter Fiscal Year 2026 Financial Results

Read more

October 27, 2025 · 7:05 AM UTC

Extreme Empowers Global Customers With the Advantages of Wi-Fi 7 Enabling Faster, Smarter, Secure Connectivity

Read more

October 23, 2025 · 7:05 AM UTC

Extreme Networks Opens Registration for November 10 Investor Day and Announces Investor Conference Participation for November and December 2025

Read more

October 22, 2025 · 7:05 AM UTC

Extreme Networks Accelerates AI-First Networking with Industry's First Service Agent in Extreme Platform ONE, AI Summit in New York City

Read more

October 16, 2025 · 7:05 AM UTC

Extreme Networks Named a Leader in IDC MarketScape: Worldwide Enterprise Wireless LAN 2025 Vendor Assessment

Read more