ADTRAN (ADTN) financial statements
ADTRAN reported revenue of $1.1B in fiscal 2025, up 6.1% a year over 9 years.
Net income was -$46M and the operating margin -1.4%, against 5.4% in 2016.
Free cash flow was $98M.
The diluted share count rose 63% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ADTRAN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $637M | $667M | $529M | $530M | $507M | $563M | $1.0B | $1.1B | $923M | $1.1B |
| Cost of revenue | $345M | $363M | $326M | $311M | $289M | $345M | $698M | $818M | $599M | $669M |
| Gross profit | $291M | $304M | $204M | $219M | $218M | $218M | $327M | $331M | $324M | $415M |
| Research and development | $125M | $131M | $125M | $126M | $113M | $109M | $174M | $258M | $221M | $204M |
| Selling, general and admin | $132M | $136M | $124M | $130M | $114M | $124M | $209M | $259M | $233M | $226M |
| Operating income | $35M | $37M | -$45M | -$40M | -$10M | -$15M | -$73M | -$224M | -$428M | -$16M |
| Interest expense | $572,000 | $556,000 | $533,000 | $511,000 | $5,000 | $34,000 | $3M | $16M | $22M | $19M |
| Pre-tax income | $47M | $45M | -$33M | -$25M | -$6M | -$6M | -$71M | -$234M | -$443M | -$31M |
| Income tax | $12M | $21M | -$14M | $28M | -$9M | $2M | -$62M | $28M | $7M | $5M |
| Net income | $35M | $24M | -$19M | -$53M | $2M | -$9M | -$2M | -$269M | -$460M | -$46M |
| EPS (diluted) | $0.72 | $0.49 | -$0.40 | -$1.11 | $0.05 | -$0.18 | -$0.03 | -$3.43 | -$5.79 | -$0.52 |
| Diluted shares | 49M | 49M | 48M | 48M | 48M | 49M | 62M | 78M | 79M | 80M |
| Gross margin | 45.8% | 45.5% | 38.5% | 41.3% | 43.0% | 38.8% | 31.9% | 28.8% | 35.1% | 38.3% |
| Operating margin | 5.4% | 5.6% | -8.6% | -7.5% | -1.9% | -2.6% | -7.1% | -19.5% | -46.3% | -1.4% |
| Net margin | 5.5% | 3.6% | -3.7% | -10.0% | 0.5% | -1.5% | -0.2% | -23.4% | -49.8% | -4.2% |
Balance sheet
Fiscal years, from ADTRAN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $123M | $103M | $109M | $107M | $63M | $57M | $109M | $87M | $76M | $96M |
| Receivables | $92M | $144M | $99M | $91M | $99M | $159M | $279M | $210M | $178M | $211M |
| Inventory | $105M | $123M | $100M | $98M | $125M | $140M | $428M | $360M | $262M | $216M |
| Total current assets | $353M | $413M | $355M | $320M | $317M | $376M | $882M | $719M | $599M | $635M |
| Property, plant and equipment | $84M | $85M | $81M | $68M | $62M | $56M | $111M | $118M | $106M | $124M |
| Goodwill | $3M | $3M | $7M | $7M | $7M | $7M | $386M | $358M | $53M | $60M |
| Total assets | $667M | $669M | $628M | $545M | $526M | $569M | $1.9B | $1.7B | $1.2B | $1.2B |
| Total current liabilities | $127M | $107M | $118M | $113M | $94M | $155M | $429M | $274M | $293M | $362M |
| Long-term debt | $27M | $26M | $25M | — | — | — | — | — | — | — |
| Total liabilities | $188M | $171M | $182M | $165M | $153M | $212M | $640M | $629M | $622M | $685M |
| Shareholders' equity | $480M | $498M | $446M | $380M | $373M | $357M | $1.3B | $605M | $127M | $146M |
| Net debt | -$52M | -$60M | -$80M | -$49M | -$60M | -$57M | -$109M | -$87M | -$76M | -$96M |
Cash flow
Fiscal years, from ADTRAN's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $42M | -$42M | $55M | -$2M | -$17M | $3M | -$44M | -$43M | $104M | $130M |
| Capital spending | $21M | $15M | $8M | $9M | $6M | $6M | $17M | $36M | $35M | $32M |
| Free cash flow | $21M | -$57M | $47M | -$12M | -$23M | -$3M | -$61M | -$79M | $69M | $98M |
| Stock-based compensation | $7M | $7M | $7M | $7M | $7M | $7M | $28M | $16M | $16M | $10M |
| Dividends paid | $18M | $17M | $17M | $17M | $17M | $18M | $23M | $21M | $0 | — |
| Share buybacks (net) | -$26M | -$17M | -$16M | -$184,000 | — | — | — | — | — | — |
| Net borrowing | -$1M | -$1M | -$1M | -$1M | -$25M | — | — | — | — | $201M |
| Free cash flow margin | 3.2% | -8.6% | 8.9% | -2.3% | -4.5% | -0.5% | -6.0% | -6.9% | 7.5% | 9.0% |
| Dividends per share | $0.36 | $0.36 | $0.36 | $0.36 | $0.36 | $0.36 | $0.37 | $0.27 | — | — |
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Open ADTN in InvestinglyQuestions
What was ADTRAN's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does ADTRAN generate?
$98M in fiscal 2025 (operating cash flow minus capital spending).
From ADTRAN's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.