On this page of StockholderLetter.com we present the latest annual shareholder letter from EXTREME NETWORKS INC — ticker symbol EXTR. Reading current and past EXTR letters to shareholders can bring important insights into the investment thesis.
Extreme Networks Annual Report 2025
Dear Extreme Shareholders: Extreme capped Fiscal 25 with five consecutive quarters of growth, $1.14 billion in total revenue, and non-GAAP EPS of $0.84, as we continue moving upmarket. This momentum highlights the strength of our technology solutions and validates our strategy to deepen our presence in high-value markets and verticals. By leaning into innovation and taking advantage of significant shifts in the competitive landscape, we re winning larger deals and building more strategic relationships with customers. When they see the differentiation of our solutions, going with Extreme becomes a simple choice. We re transforming enterprise networking with AI-driven automation, the most advanced platform and the industry s simplest licensing model. Our platform and unique campus fabric solution position us to accelerate growth, expand market share, and lead the next wave of AI innovation in the networking industry. Net/net: we make it easy for our customers to deliver the highest quality, most secure networking experience for their end users. Tech University, The M nchen Klinik, and the very first high-end luxury resort casino in the Middle East. We continue to be the Wi-Fi and Wi-Fi Analytics vendor of choice with major sports organizations like the MLB, NASCAR, NHL, NFL, United Soccer League, Manchester United, Liverpool and several collegiate level organizations and teams. New customer demand drove record opportunities, reflected in $208M of SaaS ARR at the end of Fiscal 25, up 24% year-over-year. SaaS ARR growth, driven by new subscriptions and higher hardware attach rates, reflects the success of our commercial platforms in attracting new customers, managed service providers, and as-aservice demand. For example, our managed services program (MSP) doubled to 53 partners year-over-year. We offer the industry's first consumptionbased billing for MSPs, eliminating upfront costs and ensuring predictable expenses. Our poolable licensing allows MSPs to flexibly allocate licenses across devices, locations and customers, making it simple to scale. This positions our MSP partners for sustainable growth while helping them deliver unmatched value to their end customers. Geographically, we saw a particularly strong performance in the AsiaPacific region, with major new customer wins that drove year-overyear growth to 36%. In Q4, we achieved our largest bookings quarter ever in APAC and we continue to gain traction in the region as a strategic alternative to incumbents, particularly in the public sector. Heading into Fiscal 26, we re well positioned to build on this success, by accelerating profitable growth, expanding margins, and creating long-term shareholder value as we take the lead in defining the new era of networking. Corporate Responsibility Efforts Extreme Platform ONE: Innovating Ahead of the Market We continue to make significant strides in sustainability. Since 2021, we have had a 66% reduction in Scope 1 emissions, a 65% reduction in natural gas consumption and 22% reduction in Scope 1 and 2 emissions. We ve also reduced our office space footprint by 50% from 2020. Further, 36 of our Universal Switches are ENERGY STAR certified to the Environmental Protection Agency standard, which is the most for any vendor in the large network equipment category. 100% of our product packaging is FSC-certified and recyclable. We ve also diverted 138 metric tons of e-waste from landfills. All of this is why Newsweek recently named Extreme to its list of World s Greenest Companies. In Fiscal 25, we launched Extreme Platform ONE TM the first enterprise networking platform to unify conversational, multimodal, and agentic AI. Our platform reduces tasks from days to minutes, cutting resolution times by up to 98%, providing significantly faster, smarter support. With agentic AI integrated into the platform, it s like having your best support expert always by your side. Named one of the 10 Hottest AI Networking Tools of 2025 by CRN Magazine, Extreme Platform ONE enables our customers to act faster with better visibility and control. Customers can see everything from global environments to individual policies, devices, and subscriptions. Integrated orchestration and workflows eliminate the need for multiple tools and streamline planning, design, troubleshooting, and root cause analysis to minimize downtime. The best part is our all-inone licensing makes upgrades and renewals seamless. Industry Accolades and Recognition Industry analysts have also recognized the significance of Extreme Platform ONE. According to Enterprise Strategy Group, the solution is at the leading edge of the market in terms of completeness and sophistication of AI for networking. Enterprise Management Associates says there is a growing interest in AI-driven network management capabilities, since IT teams are running leaner with heavier workloads. There is less skepticism today toward AI than there was a few years ago especially considering Extreme s human in the loop approach. Extreme Platform ONE brings AI, automation, and simplicity together in one powerful platform. For our customers, it means faster outcomes, higher productivity, and significant ROI. We believe we are in the right place at the right time with the highest quality platform and most modern tools for all enterprise networking customers. We re proud of our continued progress around corporate responsibility and sustainability. Finally, our people are our greatest asset. Our flex-first culture allows us to attract and retain some of the best talent across the globe. It helps strengthen the trust and autonomy of our employees and helps improve work/life balance and well-being. We re proud that we have a 5% global voluntary attrition rate, which is well below the industry average. This was a big reason why U.S. News and World Report recently named Extreme as one of 2025 s Best Companies to Work For. Robust Outlook and Financial Position Fiscal 25 was a pivotal year for Extreme. Our cash position grew to $232 million and net cash grew to $52 million. We spent $38 million on stock buybacks, repurchasing 2.4 million shares. Looking ahead to Fiscal 26, we expect faster growth, driven by maj or customer opportunities and market-leading innovation. Our competitive position is stronger than ever, and we re accelerating investments to boost automation, sharpen differentiation, and drive commercial success. We re excited about the opportunity ahead. With a clear strategy and dedicated team, we are well positioned for continued growth and success in Fiscal 26. Campus Fabric Remains a Decisive Differentiator Extreme Fabric has become a clear market differentiator, influencing large customer wins and revenue growth, including a major Fortune 100 account in Fiscal 25. When customers experience fabric s benefits firsthand, our win rates increase significantly. With features like zero touch provisioning, networks can be deployed in minutes rather than months. As one customer put it, Extreme did in six minutes what it took our incumbent vendor six hours to do. Extreme Fabric delivers stealth networking and exceptional security at enterprise scale, giving us a clear competitive edge. Its ability to reduce cyber risk through granular micro-segmentation and deliver continuous uptime with sub-second convergence differentiates us in the market. These capabilities are driving higher win rates, larger deal sizes, and accelerated market share gains. And now with Fabric visualization in Extreme Platform ONE, our customers have a more intuitive and actionable way to manage their network. Growth and Innovation Nearly 170 customers spent over $1 million with Extreme in Fiscal 25, many of which are new logos. Major wins included ASDA Stores, several branches of the Japanese government, MetLife Stadium, NHS Trust Healthcare, Philadelphia International Airport, Six Flags, Texas Sincerely, Edward Meyercord President and CEO, Extreme Networks, Inc.
 • shareholder letter icon 9/26/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/26/2023 EXTR Stockholder Letter
 • stockholder letter icon 9/27/2024 EXTR Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon EXTR Benford's Law Stock Score = 74


EXTR Shareholder/Stockholder Letter Transcript:

Extreme Networks
Annual Report
2025

Dear Extreme Shareholders:
Extreme capped Fiscal    25 with five
consecutive quarters of growth, $1.14
billion in total revenue, and non-GAAP
EPS of $0.84, as we continue moving
upmarket. This momentum highlights
the strength of our technology solutions
and validates our strategy to deepen our
presence in high-value markets and
verticals. By leaning into innovation and
taking advantage of significant shifts in
the competitive landscape, we   re winning larger deals and building
more strategic relationships with customers. When they see the
differentiation of our solutions, going with Extreme becomes a simple
choice.
We   re transforming enterprise networking with AI-driven automation,
the most advanced platform and the industry   s simplest licensing
model. Our platform and unique campus fabric solution position us to
accelerate growth, expand market share, and lead the next wave of AI
innovation in the networking industry. Net/net: we make it easy for
our customers to deliver the highest quality, most secure networking
experience for their end users.
Tech University, The M  nchen Klinik, and the very first high-end
luxury resort casino in the Middle East. We continue to be the Wi-Fi
and Wi-Fi Analytics vendor of choice with major sports organizations
like the MLB, NASCAR, NHL, NFL, United Soccer League, Manchester
United, Liverpool and several collegiate level organizations and
teams.
New customer demand drove record opportunities, reflected in
$208M of SaaS ARR at the end of Fiscal    25, up 24% year-over-year.
SaaS ARR growth, driven by new subscriptions and higher hardware
attach rates, reflects the success of our commercial platforms in
attracting new customers, managed service providers, and    as-aservice    demand.
For example, our managed services program (MSP) doubled to 53
partners year-over-year. We offer the industry's first consumptionbased billing for MSPs, eliminating upfront costs and ensuring
predictable expenses. Our poolable licensing allows MSPs to flexibly
allocate licenses across devices, locations and customers, making it
simple to scale. This positions our MSP partners for sustainable
growth while helping them deliver unmatched value to their end
customers.
Geographically, we saw a particularly strong performance in the AsiaPacific region, with major new customer wins that drove year-overyear growth to 36%. In Q4, we achieved our largest bookings quarter
ever in APAC and we continue to gain traction in the region as a
strategic alternative to incumbents, particularly in the public sector.
Heading into Fiscal    26, we   re well positioned to build on this success,
by accelerating profitable growth, expanding margins, and creating
long-term shareholder value as we take the lead in defining the new
era of networking.
Corporate Responsibility Efforts
Extreme Platform ONE: Innovating Ahead of the Market
We continue to make significant strides in sustainability. Since 2021, we
have had a 66% reduction in Scope 1 emissions, a 65% reduction in
natural gas consumption and 22% reduction in Scope 1 and 2 emissions.
We   ve also reduced our office space footprint by 50% from 2020.
Further, 36 of our Universal Switches are ENERGY STAR   certified to
the Environmental Protection Agency standard, which is the most for
any vendor in the large network equipment category. 100% of our
product packaging is FSC-certified and recyclable. We   ve also diverted
138 metric tons of e-waste from landfills. All of this is why Newsweek
recently named Extreme to its list of World   s Greenest Companies.
In Fiscal    25, we launched Extreme Platform ONE TM   the first
enterprise networking platform to unify conversational, multimodal,
and agentic AI. Our platform reduces tasks from days to minutes,
cutting resolution times by up to 98%, providing significantly faster,
smarter support. With agentic AI integrated into the platform, it   s like
having your best support expert always by your side.
Named one of the    10 Hottest AI Networking Tools of 2025    by CRN
Magazine, Extreme Platform ONE enables our customers to act faster
with better visibility and control. Customers can see everything from
global environments to individual policies, devices, and subscriptions.
Integrated orchestration and workflows eliminate the need for
multiple tools and streamline planning, design, troubleshooting, and
root cause analysis to minimize downtime. The best part is our all-inone licensing makes upgrades and renewals seamless.
Industry Accolades and Recognition
Industry analysts have also recognized the significance of Extreme
Platform ONE. According to Enterprise Strategy Group, the solution is
   at the leading edge of the market in terms of completeness and
sophistication of AI for networking.   
Enterprise Management Associates says there is    a growing interest in
AI-driven network management capabilities, since IT teams are
running leaner with heavier workloads.       There is less skepticism today
toward AI than there was a few years ago especially considering
Extreme   s    human in the loop    approach.   
Extreme Platform ONE brings AI, automation, and simplicity together
in one powerful platform. For our customers, it means faster
outcomes, higher productivity, and significant ROI. We believe we are
in the right place at the right time with the highest quality platform
and most modern tools for all enterprise networking customers.
We   re proud of our continued progress around corporate
responsibility and sustainability.
Finally, our people are our greatest asset. Our flex-first culture allows us
to attract and retain some of the best talent across the globe. It helps
strengthen the trust and autonomy of our employees and helps
improve work/life balance and well-being. We   re proud that we have a
5% global voluntary attrition rate, which is well below the industry
average. This was a big reason why U.S. News and World Report
recently named Extreme as one of 2025   s Best Companies to Work For.
Robust Outlook and Financial Position
Fiscal    25 was a pivotal year for Extreme. Our cash position grew to
$232 million and net cash grew to $52 million. We spent $38 million
on stock buybacks, repurchasing 2.4 million shares. Looking ahead to
Fiscal    26, we expect faster growth, driven by maj or customer
opportunities and market-leading innovation. Our competitive
position is stronger than ever, and we   re accelerating investments to
boost automation, sharpen differentiation, and drive commercial
success. We   re excited about the opportunity ahead. With a clear
strategy and dedicated team, we are well positioned for continued
growth and success in Fiscal    26.
Campus Fabric Remains a Decisive Differentiator
Extreme Fabric has become a clear market differentiator, influencing
large customer wins and revenue growth, including a major Fortune
100 account in Fiscal    25. When customers experience fabric   s benefits
firsthand, our win rates increase significantly. With features like zero touch provisioning, networks can be deployed in minutes rather than
months. As one customer put it,    Extreme did in six minutes what it
took our incumbent vendor six hours to do.   
Extreme Fabric delivers stealth networking and exceptional security at
enterprise scale, giving us a clear competitive edge. Its ability to
reduce cyber risk through granular micro-segmentation and deliver
continuous uptime with sub-second convergence differentiates us in
the market. These capabilities are driving higher win rates, larger deal
sizes, and accelerated market share gains. And now with Fabric
visualization in Extreme Platform ONE, our customers have a more
intuitive and actionable way to manage their network.
Growth and Innovation
Nearly 170 customers spent over $1 million with Extreme in Fiscal    25,
many of which are new logos. Major wins included ASDA Stores,
several branches of the Japanese government, MetLife Stadium, NHS
Trust Healthcare, Philadelphia International Airport, Six Flags, Texas
Sincerely,
Edward Meyercord
President and CEO, Extreme Networks, Inc.



shareholder letter icon 9/26/2025 Letter Continued (Full PDF)
 

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