AudioCodes (AUDC) financial statements
AudioCodes reported revenue of $246M in fiscal 2025, up 6.0% a year over 9 years.
Net income was $9M and the operating margin 5.7%, against 5.3% in 2016.
Free cash flow was $23M, and the company returned $11M in dividends and $31M in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AudioCodes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $146M | $157M | $176M | $200M | $221M | $249M | $275M | $244M | $242M | $246M |
| Cost of revenue | $57M | $59M | $66M | $105M | $71M | $78M | $96M | $86M | $84M | $86M |
| Gross profit | $88M | $98M | $111M | $95M | $150M | $171M | $179M | $158M | $158M | $160M |
| Research and development | $29M | $30M | $35M | $41M | $46M | $53M | $60M | $57M | $52M | $53M |
| Selling, general and admin | $51M | $58M | $60M | $63M | $65M | $78M | $88M | $87M | $89M | $93M |
| Operating income | $8M | $10M | $16M | -$10M | $38M | $40M | $31M | $14M | $17M | $14M |
| Interest expense | $262,000 | $294,000 | $266,000 | $198,000 | $657,000 | $621,000 | $325,000 | $2M | — | — |
| Pre-tax income | $8M | $10M | $17M | -$11M | $37M | $40M | $34M | $14M | $15M | $14M |
| Income tax | -$9M | $6M | $3M | -$15M | $9M | $6M | $6M | $6M | -$215,000 | $5M |
| Net income | $16M | $4M | $13M | $4M | $27M | $34M | $28M | $9M | $15M | $9M |
| EPS (diluted) | $0.45 | $0.13 | $0.45 | $0.13 | $0.83 | $1.00 | $0.88 | $0.28 | $0.50 | $0.31 |
| Diluted shares | 36M | 32M | 30M | 31M | 33M | 34M | 33M | 32M | 31M | 29M |
| Gross margin | 60.7% | 62.4% | 62.8% | 47.4% | 67.9% | 68.7% | 65.0% | 64.8% | 65.3% | 65.0% |
| Operating margin | 5.3% | 6.2% | 9.3% | -4.8% | 17.4% | 15.9% | 11.4% | 5.9% | 7.1% | 5.7% |
| Net margin | 11.2% | 2.6% | 7.7% | 2.0% | 12.3% | 13.6% | 10.3% | 3.6% | 6.3% | 3.6% |
Balance sheet
Fiscal years, from AudioCodes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $24M | $24M | $32M | $65M | $41M | $80M | $27M | $38M | $59M | $45M |
| Receivables | $25M | $22M | $22M | $28M | $35M | $49M | $56M | $51M | $56M | $67M |
| Inventory | $16M | $17M | $23M | $28M | $29M | $24M | $36M | $44M | $31M | $22M |
| Total current assets | $80M | $77M | $114M | $133M | $204M | $168M | $150M | $143M | $163M | $181M |
| Property, plant and equipment | $4M | $4M | $4M | $4M | $5M | $4M | $4M | $11M | $27M | $29M |
| Goodwill | $36M | $36M | $36M | $36M | $36M | $38M | $38M | $38M | $38M | $38M |
| Total assets | $187M | $171M | $179M | $244M | $358M | $349M | $324M | $338M | $336M | $323M |
| Total current liabilities | $45M | $45M | $55M | $87M | $95M | $96M | $94M | $84M | $78M | $82M |
| Total liabilities | $78M | $79M | $85M | $152M | $148M | $144M | $134M | $149M | $144M | $152M |
| Shareholders' equity | $109M | $92M | $95M | $92M | $210M | $205M | $190M | $188M | $192M | $171M |
| Net debt | -$24M | -$24M | -$32M | -$65M | -$41M | -$79M | -$25M | -$31M | -$59M | -$45M |
Cash flow
Fiscal years, from AudioCodes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $18M | $18M | $26M | $23M | $38M | $47M | $8M | $15M | $35M | $29M |
| Capital spending | $1M | $2M | $1M | $2M | $2M | $1M | $1M | $6M | $24M | $6M |
| Free cash flow | $17M | $16M | $24M | $21M | $37M | $46M | $7M | $9M | $11M | $23M |
| Stock-based compensation | $2M | $2M | $3M | $5M | $9M | $14M | $15M | $11M | $8M | $7M |
| Dividends paid | $0 | $0 | $6M | $7M | $8M | $11M | $12M | $11M | $11M | $11M |
| Share buybacks (net) | -$29M | -$26M | -$14M | -$8M | $0 | -$42M | -$38M | -$18M | -$14M | -$31M |
| Net borrowing | $2M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 11.6% | 10.3% | 13.8% | 10.6% | 16.7% | 18.5% | 2.5% | 3.7% | 4.5% | 9.3% |
| Dividends per share | — | — | $0.19 | $0.22 | $0.26 | $0.32 | $0.36 | $0.36 | $0.36 | $0.38 |
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Open AUDC in InvestinglyQuestions
What was AudioCodes's revenue in 2025?
$246M in fiscal 2025, from its 10-K filing.
How much free cash flow does AudioCodes generate?
$23M in fiscal 2025 (operating cash flow minus capital spending).
From AudioCodes's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.