At a glance
Extreme Networks Inc is worth $3.21B, about 79 times its fiscal 2026 earnings. Revenue grew 12.6% to $1.28B in fiscal 2026, with 3.3% kept as profit; over 5 years it has grown 4.9% a year. It pays no dividend; it spent $319.7M buying back its shares over FY2022–FY2026. The stock returned +14.9% over the past year with dividends reinvested and +19.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.0% in the 2020 crash (S&P 500: 33.7%) and 45.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 4 months after the lows.
The business in plain English
Extreme Networks makes the equipment and software that connect people and devices inside an organization. Its products include Ethernet switches, Wi-Fi access points and SD-WAN equipment, which links branch offices to each other and to the cloud. Its cloud software, Extreme Platform ONE, was released in July 2025. It lets IT teams manage networking, security and AI tools in one place. In May 2026 the company announced Extreme Agent ONE, AI agents meant to offer proactive help and, within rules customers set, carry out certain tasks on their own.
Customers include large sports and entertainment venues and companies in hospitality, retail, transportation and logistics, education, government, healthcare and manufacturing, plus service providers. All revenue comes from selling networking equipment, software subscriptions and maintenance contracts. The company also promotes its campus fabric technology, which automates how a network is set up and split into secure segments.
In the fiscal year ended June 30, 2026, revenue was about $1.28 billion, up 12.6% from the prior year. Product sales made up 63.1% of revenue. Subscriptions and support, which tend to repeat each year, made up 36.9%. By region, the US accounted for 44.9% of sales, Europe, the Middle East and Africa 41.6%, Asia Pacific 9.6% and the rest of the Americas 3.8%.
Price history
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EXTR +14.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $809.6M | 63.1% |
| Subscription And Support | $474.0M | 36.9% |
By geography
| US | $576.2M | 44.9% |
| EMEA | $534.3M | 41.6% |
| Asia Pacific | $123.7M | 9.6% |
| Other Americas | $49.3M | 3.8% |
Latest results
- In Q1 FY2027 (ended Sep 30, 2026), revenue was $341.1M, up 9.9% from a year earlier, and net income was $16.0M (+184.8%).
- For fiscal 2026, revenue was $1.28B (+12.6% year over year; +4.9% a year from FY2021 to FY2026) with a 3.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +4.9% watch |
|---|---|
| Operating margin | 4.9% weak |
| Free cash flow margin | 7.4% watch |
| Return on equity (FY2026) | 47.5% good |
| Return on assets (FY2026) | 3.6% watch |
| Net cash (cash minus debt) | $44.5M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.01B | $1.9M | $127.4M |
| FY2022 | $1.11B | $44.3M | $112.7M |
| FY2023 | $1.31B | $78.1M | $235.4M |
| FY2024 | $1.12B | $-86.0M | $37.4M |
| FY2025 | $1.14B | $-7.5M | $127.3M |
| FY2026 | $1.28B | $42.1M | $95.2M |
Valuation snapshot
| Market value | $3.21B |
|---|---|
| P/E ratio | 78.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Extreme Networks’s market value went from $538.5M at the end of 2016 to $3.21B on Oct 28, 2026, about 6.0 times as much; since the end of 2025 it is up 44%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.21B | +44.0% |
| 2025 | $2.23B | +0.7% |
| 2024 | $2.21B | -3.3% |
| 2023 | $2.29B | -4.9% |
| 2022 | $2.40B | +17.9% |
| 2021 | $2.04B | +140.6% |
| 2020 | $847.6M | -5.4% |
| 2019 | $895.9M | +24.1% |
| 2018 | $721.9M | -49.2% |
| 2017 | $1.42B | +163.7% |
| 2016 | $538.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXTR price data to Oct 28, 2026 | +46.8% | +14.9% | +6.0% | +19.7% | +19.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +46.8% |
| 2025 | -0.5% |
| 2024 | -5.1% |
| 2023 | -3.7% |
| 2022 | +16.6% |
| 2021 | +127.9% |
| 2020 | -6.5% |
| 2019 | +20.8% |
| 2018 | -51.3% |
| 2017 | +148.9% |
| 2016 | +23.3% |
| 2015 | +15.6% |
| 2014 | -49.4% |
| 2013 | +91.8% |
| 2012 | +24.7% |
| 2011 | -5.5% |
| 2010 | +7.7% |
| 2009 | +22.6% |
| 2008 | -33.9% |
| 2007 | -15.5% |
| 2006 | -11.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 72.3% over that stretch · deepest drop along the way 75.8%, back to its old high 54.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.1% over that stretch · deepest drop along the way 71%, back to its old high 8.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.9% over that stretch · deepest drop along the way 45.5%, back to its old high 4.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 27 sales ($21.0M), 23 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 2, 2026 | Edward Meyercord PRESIDENT AND CEO, Director | sell (plan) | $2.9M |
| May 26, 2026 | Edward Meyercord PRESIDENT AND CEO, Director | sell (plan) | $2.6M |
| May 4, 2026 | Edward Meyercord PRESIDENT AND CEO, Director | sell (plan) | $1.8M |
| Jul 1, 2026 | Edward Meyercord PRESIDENT AND CEO, Director | sell (plan) | $1.6M |
| Jun 1, 2026 | Edward Meyercord PRESIDENT AND CEO, Director | sell (plan) | $1.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.3% | Sep 30, 2026 |
| Vanguard Portfolio Management | 10% | Feb 27, 2026 |
| Vanguard Capital Management | 5.05% | Mar 31, 2026 |
ETFs with the most weight in EXTR
| MGMT Ballast Small/Mid Cap ETF | 0.9% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.48% |
| OASC OneAscent Small Cap Core ETF | 0.32% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.3% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.22% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.16% |
| SMLF iShares U.S. Small‑Cap Equity Factor ETF | 0.15% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.15% |
What could go wrong
- Much larger rivals dominate the market. Cisco, Hewlett Packard Enterprise and Huawei dominate networking and have far more money and brand power. If Extreme cuts prices to keep up and can't lower its costs, revenue and profit margins could shrink.
- Big bet on AI-run networks. Extreme's strategy rests on Extreme Platform ONE and AI agents that can act on their own. If customers hold back, or the AI makes damaging mistakes, sales and reputation could suffer.
- Tariffs and concentrated manufacturing partners. Extreme relies on a few suppliers and manufacturing partners in places like Taiwan, Vietnam, Thailand and the Philippines. Tariffs, part shortages or possible Chinese limits on rare earth minerals could raise costs and delay shipments.
- Public-sector and school budgets. Schools and government agencies purchase under formal procurement rules and depend on public funding. Budget cuts or funding changes could delay or cancel orders, and long sales cycles make results harder to predict.
- Over half of sales come from abroad. Over half of fiscal 2026 revenue came from outside the US, including 41.6% from Europe, the Middle East and Africa. Currency swings, trade disputes and regional conflicts could cut demand or raise costs.
- Thin profits and lender restrictions. Extreme lost money in fiscal 2024 and 2025, and its fiscal 2026 profit margin was a thin 3.3%. Its loan agreement limits its choices, and missed payments could let lenders take nearly all its assets.
Recent events
- Quarterly results released
- Change of auditor
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
Extreme Networks paid no dividends from fiscal 2021 through fiscal 2026. For an income investor, that means no cash payouts. Any return depends on the share price, and the only way to raise cash is to sell shares. The company has repurchased stock instead, spending about $320 million from fiscal 2022 through fiscal 2026, including $87 million in fiscal 2026. Even so, shares outstanding rose 0.8% between August 2021 and August 2026.
The share price has fallen sharply in downturns. It dropped 75.8% in the 2008 financial crisis and took about 54 months from its low to recover. In the 2020 COVID crash it fell 71% and recovered by December 2020. In the 2022 bear market it fell 45.5% and recovered about four months after its low. In the roughly 21 years through October 28, 2026, its worst fall from a peak was 87.5%. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Extreme Networks pay a dividend?
No. Extreme Networks paid no dividends from fiscal 2021 through fiscal 2026. Instead, it returned cash by repurchasing about $320 million of stock from fiscal 2022 through fiscal 2026. Even so, shares outstanding rose 0.8% between August 2021 and August 2026. Any return to shareholders has depended on the share price, so the stock has offered no regular income stream.
How does Extreme Networks make money?
It sells networking equipment, software subscriptions and maintenance contracts. In the fiscal year ended June 30, 2026, product sales brought in $809.6 million, or 63.1% of revenue. Subscriptions and support brought in $474.0 million, or 36.9%. Its products include Ethernet switches, Wi-Fi access points and SD-WAN equipment, managed through its cloud software, Extreme Platform ONE. Customers range from sports venues and hotels to schools, hospitals, government agencies and manufacturers. The US provided 44.9% of revenue.
Is Extreme Networks profitable?
Yes, but only narrowly. In the fiscal year ended June 30, 2026, it earned $42.1 million on revenue of $1.28 billion, or $0.31 per diluted share. That followed losses of $86.0 million in fiscal 2024 and $7.5 million in fiscal 2025. Revenue grew 12.6% in fiscal 2026. Free cash flow, the cash left after running the business and paying for equipment, was $95.2 million, more than its reported profit.
Who are Extreme Networks' main competitors?
Cisco Systems, Hewlett Packard Enterprise and Huawei, which Extreme says dominate the market for network switches, routers and software. It also competes with Arista Networks, RUCKUS Networks, Fortinet and Ubiquiti. The company says most rivals have more money, larger customer bases and stronger brands, and some can sell at a loss for long periods. Extreme tries to stand out with its campus fabric technology, flexible cloud options and the AI tools built into Extreme Platform ONE.
What is Extreme Networks' P/E ratio?
It was about 78.8 as of October 28, 2026, based on fiscal 2026 earnings. The price-to-earnings (P/E) ratio divides the share price by a year's profit per share. A high number can reflect thin recent profits as well as investor hopes for growth. The company's market value was about $3.19 billion on that date. The price swings widely: the stock rose 46.8% in 2026 through October 28 but fell as much as 37.7% from a peak in the 12 months to that date.