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# Radware Posts $84.4 Million Record Revenue, But GAAP Profit From Continuing Operations Falls To $4.5 Million
- URL: https://www.bullished.co/radware-posts-84-4-million-record-revenue-but-gaap-profit-from-continuing-operations-falls-31d75648/
- Published: 2026-10-28T10:16:35.000Z
- Updated: 2026-10-28T10:16:35.000Z
- Description: A stronger shekel cost the company $4.6 million, and cloud annual recurring revenue climbed 21% to $107 million.
- Author: Matteo Parrino
- Tags: Earnings, RDWR, Industry: Industrials

[Radware](https://www.bullished.co/tag/rdwr/), which makes security and application delivery products that shield companies' websites and networks from cyberattacks, reported [record third-quarter revenue of $84.4 million](https://www.sec.gov/Archives/edgar/data/1094366/000117891326004865/exhibit%5F99-1.htm?ref=bullished.co), up 12% from a year earlier. GAAP net income from continuing operations fell to $4.5 million, and the company said a stronger Israeli shekel raised its expenses.

## Sales up, profit down

Sales rose 12% in each of the three regions, the company said in its Wednesday release. The Americas brought in $39.6 million, up from $35.4 million. EMEA, which covers Europe, the Middle East and Africa, contributed $25.6 million, up from $22.8 million, and Asia-Pacific $19.2 million, up from $17.1 million.

GAAP net income from continuing operations was $4.5 million, or $0.11 per diluted share, against $8.2 million, or $0.19, a year earlier. On an adjusted basis, diluted earnings per share from continuing operations were $0.32, against $0.33\. Operating income under standard accounting was $2.2 million, down from $5.8 million, as research and development and administrative costs outgrew gross profit.

The company blamed currency for part of the squeeze. It put the unfavorable effect of the shekel's rise against the dollar at $4.6 million; without it, adjusted net income from continuing operations would have been $17.8 million, or $0.41 per share. The company said that would be growth of 20% in adjusted net income and 24% in adjusted EPS from the year-earlier $14.8 million and $0.33.

CEO Roy Zisapel said customer demand for application security is "robust," pointing to cloud bookings and large deals.

## Cloud and cash

Cloud annual recurring revenue, the annualized value of booked cloud, subscription and maintenance contracts, reached $107 million, up 21%. Operating cash flow from continuing operations was $15.5 million, and cash, deposits and securities totaled $421.5 million as of September 30.

Radware also sells hardware, software and services such as managed security, mostly through distributors and resellers. Its [cash flow statement](https://www.sec.gov/Archives/edgar/data/1094366/000117891326004865/exhibit%5F99-1.htm?ref=bullished.co) shows $61.8 million of share buybacks in the first nine months of 2026, including $13.7 million in the third quarter, with none in the year-earlier periods.

## A cloud deal and the call

A day earlier, Radware announced a [seven-year agreement](https://finance.yahoo.com/markets/stocks/articles/radware-rdwr-climbed-behind-fresh-001624471.html?ref=bullished.co) with a major global cloud services provider to modernize its DDoS protection, after a review of about 10 vendors. Its market value was about $1.5 billion.

Management holds a call at 8:30 a.m. ET Wednesday on the third-quarter results and the fourth-quarter 2026 outlook.

Americas, at $39.6 million, remained the largest of Radware's three regions this quarter.

### Sources

- [Form 6-K — Cash flow provided by continuing operations activities of $15.5 million dollars](https://www.sec.gov/Archives/edgar/data/1094366/000117891326004865/exhibit%5F99-1.htm?ref=bullished.co) — SEC EDGAR
- [Radware (RDWR) Climbed, So What Is Behind The Fresh Attention?](https://finance.yahoo.com/markets/stocks/articles/radware-rdwr-climbed-behind-fresh-001624471.html?ref=bullished.co) — Yahoo Finance
- [Radware Selected by Major Global Cloud Provider to Modernize DDoS Protection Infrastructure | Nasdaq](https://www.nasdaq.com/press-release/radware-selected-major-global-cloud-provider-modernize-ddos-protection-infrastructure?ref=bullished.co) — nasdaq.com
- [Radware Reports Third Quarter 2026 Financial Results](https://www.globenewswire.com/news-release/2026/10/28/3389938/8980/en/radware-reports-third-quarter-2026-financial-results.html?ref=bullished.co) — globenewswire.com
- [Radware Selected by Major Global Cloud Provider to](https://www.globenewswire.com/news-release/2026/10/27/3388775/0/en/radware-selected-by-major-global-cloud-provider-to-modernize-ddos-protection-infrastructure.html?ref=bullished.co) — globenewswire.com
- [Radware Selected by Major Global Cloud Provider to](https://www.globenewswire.com/news-release/2026/10/27/3388775/8980/en/radware-selected-by-major-global-cloud-provider-to-modernize-ddos-protection-infrastructure.html?ref=bullished.co) — globenewswire.com

### More on Radware

- [Radware Will Report Third Quarter Results On October 28, With Fourth Quarter Outlook On The Call](https://www.bullished.co/radware-will-report-third-quarter-results-on-october-28-with-fourth-quarter-outlook-on-the-285aa0a7/)

[All Radware (RDWR) coverage →](https://www.bullished.co/tag/rdwr/)