January 30, 2025

Cooper Werner
Chief Financial Officer
F5, Inc.
801 5th Avenue
Seattle, WA 98104

        Re: F5, Inc.
            Form 10-K for the year ended September 30, 2024
            Form 8-K Furnished on January 28, 2025
            File No. 000-26041
Dear Cooper Werner:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 10-K for the year ended September 30, 2024
Consolidated Income Statements, page 49

1.     We note subscription revenue, which includes revenue from SaaS and
managed
       services and term-based license subscriptions, was approximately 22.1%
of total
       revenue for the year ended September 30, 2024. Accordingly, and if
material, revise
       to separately present revenue from services, such as SaaS and managed
services, from
       product revenue on the face of your income statement. Relatedly, revise
to also
       separately present cost of revenue related to these sources. Refer to
Rule 5-03(b)(1)
       and (2) of Regulation S-X. As part of your response, please quantify the
revenues
       from SaaS and managed services separately for each period presented.
 January 30, 2025
Page 2
Form 8-K Furnished on January 28, 2025
Non-GAAP Measures

2.     Please revise to provide a reconciliation of your non-GAAP measures
gross profit,
       gross margin, operating profit and operating margin to their respective
GAAP
       measures. Refer to Item 10(e)(1)(i)(B) of Regulation S-K.

        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Brittany Ebbertt at 202-551-3572 or Christine Dietz at
202-551-3408
with any questions.



                                                          Sincerely,

                                                          Division of
Corporation Finance
                                                          Office of Technology
cc:   Scot Rogers