SUNNYVALE, Calif.: Juniper Networks (NYSE: JNPR), a leader in secure, AI-Native Networks, today reported preliminary financial results for the three months ended March 31, 2025.

Proposed Merger with Hewlett Packard Enterprise

On January 9, 2024, Hewlett Packard Enterprise (“HPE”) announced plans to acquire Juniper Networks in an all-cash transaction for $40.00 per share, representing an equity value of approximately $14 billion. On January 30, 2025, the U.S. Department of Justice filed a complaint seeking to block the closing of the transaction, and the trial is scheduled to begin on July 9, 2025. Juniper Networks and HPE will vigorously defend the transaction and remain fully committed to completing it.

First Quarter 2025 Financial Performance

Net revenues were $1,280.2 million, an increase of 11% year-over-year, and a decrease of 9% sequentially.

GAAP operating margin was 7.0%, an increase from (1.2)% in the first quarter of 2024, and a decrease from 11.9% in the fourth quarter of 2024.

Non-GAAP operating margin was 14.3%, an increase from 10.6% in the first quarter of 2024, and a decrease from 19.2% in the fourth quarter of 2024.

GAAP net income was $64.1 million, an increase from a $0.8 million net loss in the first quarter of 2024, and a decrease from $162.0 million net income in the fourth quarter of 2024, resulting in diluted net income per share of $0.19.

Non-GAAP net income was $147.2 million, an increase of 52% year-over-year, and a decrease of 32% sequentially, resulting in non-GAAP diluted net income per share of $0.43.

The reconciliation between GAAP and non-GAAP financial measures is provided in a table immediately following the Preliminary Net Revenues by Geographic Region table below.

“Business momentum remained strong during the March quarter, with total product orders rising nearly 40% year-over-year,” said Juniper’s CEO, Rami Rahim. “We continued to see particularly robust demand from our cloud customers which are investing to support AI initiatives that are driving meaningful data center and wide area networking opportunities, many of which remain in the early innings. This strength is being complemented by accelerated enterprise momentum, where we experienced healthy order growth across both campus and data center use cases. Based on the strong execution of our teams, and the demand signals we are seeing in the market, I remain confident in our growth prospects and ability to navigate current market conditions.”

“We delivered solid Q1 financial results that saw a return to double-digit revenue and non-GAAP earnings per share growth on a year-over-year basis,” said Juniper’s CFO, Ken Miller. “I remain confident regarding our financial prospects as revenue visibility is healthy entering the June quarter and we continue to prudently manage costs. While the tariff environment remains dynamic, we are taking actions which we expect will help mitigate the potential impact of tariffs over time.”

Balance Sheet and Other Financial Results

Total cash, cash equivalents, and investments as of March 31, 2025 were $1,970.4 million, compared to $1,534.9 million as of March 31, 2024, and $1,770.0 million as of December 31, 2024.

Net cash flows provided by operations for the first quarter of 2025 were $316.5 million, compared to $325.0 million in the first quarter of 2024, and $279.8 million in the fourth quarter of 2024.

Days sales outstanding in accounts receivable was 65 days in the first quarter of 2025, compared to 64 days in the first quarter of 2024, and 75 days in the fourth quarter of 2024.

Capital expenditures were $24.3 million, and depreciation and amortization expense was $37.8 million during the first quarter of 2025.

Capital Return

Our Board of Directors has declared a cash dividend of $0.22 per share to be paid on June 23, 2025 to stockholders of record as of the close of business on June 2, 2025. We remain committed to paying our dividend; however, we have agreed to suspend repurchases of our shares in accordance with the terms of the merger agreement with HPE.

First Quarter 2025 Financial Commentary Available Online

A CFO Commentary reviewing Juniper Networks’ preliminary first quarter 2025 financial results will be published on Juniper Networks’ website at http://investor.juniper.net.

In light of the proposed transaction with HPE, and as is customary during the pendency of an acquisition, Juniper Networks will not be providing financial guidance for 2025.

About Juniper Networks

Juniper Networks believes that connectivity is not the same as experiencing a great connection. Juniper's AI-Native Networking Platform is built from the ground up to leverage AI to deliver exceptional, highly secure and sustainable user experiences from the edge to the data center and cloud. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on X (formerly Twitter), LinkedIn, and Facebook.

Investors and others should note that Juniper Networks announces material financial and operational information to its investors using its Investor Relations website, press releases, SEC filings and public conference calls and webcasts. Juniper Networks also intends to use the X (formerly Twitter) account @JuniperNetworks and Juniper Networks’ blogs as a means of disclosing information about Juniper Networks and for complying with its disclosure obligations under Regulation FD. The social media channels that Juniper Networks intends to use as a means of disclosing information described above may be updated from time to time as listed on Juniper Networks’ Investor Relations website.

Juniper Networks, the Juniper Networks logo, Juniper, Junos, and other trademarks are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Safe Harbor; Forward-Looking Statements

Statements in this release concerning Juniper Networks’ business, economic and market outlook, our expectations regarding our liquidity and capital return program; deal, customer and product mix; costs and supply constraints; backlog; customer demand; the completion of the proposed transaction with HPE on anticipated terms and timing or at all, including obtaining regulatory approvals and other conditions to the completion of the transaction and the outcome of the legal action taken by the U.S. Department of Justice (“DOJ”) regarding the proposed transaction; and our overall future prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of several factors, including: the completion of the proposed transaction with HPE on anticipated terms and timing or at all, including obtaining regulatory approvals and other conditions to the completion of the transaction and the outcome of the legal action taken by the DOJ regarding the proposed transaction; the fact that if the proposed transaction is completed, Juniper stockholders will forego the opportunity to realize the potential long-term value of the successful execution of Juniper’s current strategy as an independent company, which will also be affected by the ability of HPE to integrate and implement its plans, forecasts and other expectations with respect to Juniper’s business after the completion of the proposed transaction and realize additional opportunities for growth and innovation; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement; Juniper’s ability to implement its business strategies; potential significant transaction costs associated with the proposed transaction; litigation or regulatory actions relating to the proposed transaction; the risk that disruptions from the proposed transaction will harm Juniper’s business, including current plans and operations, and risks related to diverting management’s attention from Juniper’s ongoing business operations and relationships; the ability of Juniper to retain and hire personnel; potential adverse business uncertainty resulting from the announcement, pendency or completion of the proposed transaction, including restrictions during the pendency of the proposed transaction that may impact Juniper’s ability to pursue certain business opportunities or strategic transactions; legal, regulatory, tax and economic developments affecting Juniper’s business; the unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities or current or future pandemics or epidemics, as well as Juniper’s response to any of the aforementioned factors; general economic and political conditions globally or regionally, including the impact of a U.S. federal government shutdown or sovereign debt default and adverse changes in China-Taiwan relations and any impact due to armed conflicts (such as the continuing conflict between Russia and Ukraine and Middle East conflicts and wars, as well as governmental sanctions imposed in response); rising interest rates; inflationary pressures; monetary policy shifts; recession risks; business and economic conditions in the networking industry; changes in overall technology spending by our customers; the network capacity and security requirements of our customers; contractual terms that may result in the deferral of revenue; the timing of orders and their fulfillment; continuing manufacturing and supply chain challenges and logistics costs, constraints, changes or disruptions; availability and pricing of key product components, such as semiconductors; delays in scheduled product availability; order cancellations; adoption of or changes to laws, regulations, standards or policies affecting our operations, products, services or the networking industry; product defects, returns or vulnerabilities; significant effects of tax legislation and judicial or administrative interpretation of new tax regulations, including the potential for corporate tax increases and changes to global tax laws; legal settlements and resolutions, including with respect to enforcing our proprietary rights; the potential impact of activities related to the execution of capital return, restructurings and product rationalization; the impact of trade disputes, including the imposition of tariffs and other trade restrictions; currency exchange rates; and other factors listed in Juniper Networks’ most recent report on Form 10-Q or 10-K filed with the Securities and Exchange Commission. Note that our estimates as to the tax rate on our business are based on current tax law and regulations, including current interpretations thereof, and could be materially affected by changing interpretations as well as additional legislation and guidance. All statements made in this release are made only as of the date set forth at the beginning of this release. Juniper Networks undertakes no obligation to update the information made in this release in the event facts or circumstances subsequently change after the date of this release. We have not filed our Form 10-Q for the quarter ended March 31, 2025. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.

Use of Non-GAAP Financial Information

Juniper Networks believes that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to Juniper Networks’ financial condition and results of operations. For further information regarding why Juniper Networks believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the "Discussion of Non-GAAP Financial Measures" section of this press release. The following tables and reconciliations can also be found on our Investor Relations website at http://investor.juniper.net.

Juniper Networks, Inc. Preliminary Reconciliations between GAAP and non-GAAP Financial Measures (in millions, except percentages and per share amounts) (unaudited)
		Three Months Ended
		March 31, 2025				December 31, 2024				March 31, 2024
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