Calix

CALX · NYSE · Information Technology · Financials, fiscal 2016 to 2025

CALX · Last close · November 6, 2026

$30.60

Calix's revenue rose 20.3% to $1.0 billion in fiscal 2025. Its operating margin was 2.1%, up from −5.2% a year earlier. Free cash flow was $116 million, up 129.4%. It paid out $94 million in dividends and buybacks, 81% of free cash flow. The diluted share count rose 5.2%.

Calix, Inc Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001406666-26-000005 Updated November 5, 2026

Revenue

$1.0B

20.3%

Operating margin

2.1%

7.3 pts

Net income

$18M

Free cash flow

$116M

129.4%

Return on equity

2.2%

6.2 pts

Market cap

$2.0B

Nov 6 close

P/E

44.3x

On $0.69 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Calix does

Calix sells a platform of software, cloud services, equipment and managed services to broadband providers, such as small telephone companies, cable and fiber operators and municipal networks. It calls them communication service providers, and wants them to become what it calls experience providers, which focus on the quality of service their subscribers get rather than speed alone. Its platform uses artificial intelligence agents to help providers find and keep subscribers.

The company sells network hardware, software that runs the network, cloud products, and managed services such as SmartLife, plus customer support and consulting to help providers change how they operate. It also works with partners that add to its platform. It says no customer represented more than 10% of its revenue in 2025, 2024 or 2023.

Calix says it competes with several companies, including ADTRAN, in many markets, and expects competition to grow.

Its biggest risks, as it describes them

Failing to get customers to adopt its platform, cloud and managed services.
Depending on outside vendors and parts, which can run short.
New tariffs and trade barriers that raise its costs.
Gross margins and results that change a lot from period to period.
Risks of building and using artificial intelligence in its products.

From Calix's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2025, earnings per share fell 13.6% a year and net income 11.8% a year, as new shares raised the share count by 12% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	204	242	220	297	388
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	117.2x	91.2x	101.1x	—	—
Current ratio	3.2x	3.3x	3.2x	4.5x	4.2x
Quick ratio	2.5x	2.4x	2.5x	3.7x	3.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Calix's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Calix's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Calix shares on the open market, and 2 insiders sold $6.5 million, $5.0 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 27, 2026	Carl RussoDirector, 10% owner	Sold plan	75,000	$36.20	$2.7 million	Form 4
Apr 27, 2026	Carl RussoDirector, 10% owner	Sold plan	25,000	$43.26	$1.1 million	Form 4
Feb 3, 2026	Carl RussoDirector, 10% owner	Sold plan	25,000	$47.27	$1.2 million	Form 4
Nov 10, 2025	Shane Todd Marshall EleniakChief Product Officer	Sold	24,000	$64.14	$1.5 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	23.5%	−14.0%	31.8%
Altman Z''	5.18	6.69	6.79
Accruals ratio	−3.0%	−10.4%	−11.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Calix side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Calix	FY25	20.3%	2.1%	11.6%	—	—	—
Tenable	FY25	11.0%	−0.9%	25.5%	—	—	—	Compare
SentinelOne	FY26	21.9%	−32.1%	7.6%	−28.9%	—	3	Compare
Alarm.Com	FY25	7.6%	13.2%	13.6%	15.1%	0.2x	5	Compare
ServiceTitan	FY26	24.5%	−17.6%	11.0%	−12.1%	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	459	510	441	424	541	679	868	1,040	832	1,000
Revenue growth	12.6%	11.2%	−13.5%	−3.9%	27.6%	25.5%	27.7%	19.8%	−20.0%	20.3%
Gross profit	201	173	197	188	267	357	435	518	454	568
Research and development	107	128	90	81	85	102	132	178	180	190
Operating income	−28	−82	−18	−15	37	74	53	26	−43	21
Net income	−27	−83	−19	−18	34	238	41	29	−30	18
Diluted EPS (US$)	−0.56	−1.66	−0.37	−0.32	0.54	3.51	0.60	0.42	−0.45	0.26
Diluted shares (millions)	49	50	53	55	62	68	69	69	66	69
Cash flow
Cash from operations	24	−63	4	5	51	57	27	56	68	135
Capital expenditure	10	8	10	13	8	10	14	18	18	19
Free cash flow	15	−71	−7	−9	44	46	13	38	50	116
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	13	0	0	0	0	0	0	86	11	94
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	14	12	18	11	14	24	45	63	71	88
Balance sheet at fiscal year end
Cash and short-term investments	78	40	50	47	81	204	242	220	297	388
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	356	295	317	317	427	742	885	942	939	1,058
Total liabilities	142	150	165	163	147	174	205	223	158	199
Shareholders' equity	213	145	152	154	280	568	680	719	781	859
Margins and ratios
Gross margin	43.9%	33.9%	44.7%	44.3%	49.3%	52.5%	50.2%	49.9%	54.5%	56.8%
Operating margin	−6.1%	−16.0%	−4.2%	−3.6%	6.8%	10.9%	6.1%	2.5%	−5.2%	2.1%
Net margin	−6.0%	−16.3%	−4.4%	−4.2%	6.2%	35.1%	4.7%	2.8%	−3.6%	1.8%
Free cash flow margin	3.2%	−13.9%	−1.6%	−2.0%	8.1%	6.8%	1.5%	3.7%	6.0%	11.6%
Rule of 40 (growth + FCF margin)	15.8%	−2.6%	−15.1%	−5.9%	35.6%	32.4%	29.2%	23.5%	−14.0%	31.8%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−12.2%	−46.4%	−13.0%	−11.6%	15.4%	56.2%	6.6%	4.2%	−4.0%	2.2%
Return on assets	−8.1%	−25.5%	−6.3%	−5.6%	9.0%	40.8%	5.0%	3.2%	−3.2%	1.8%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Calix's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Calix.