Aviat Networks (AVNW) financial statements
Aviat Networks reported revenue of $440M in fiscal 2026, up 6.9% a year over 9 years.
Net income was $3M and the operating margin 4.4%, against -0.4% in 2017.
Free cash flow was $6M.
The diluted share count rose 23% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aviat Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $242M | $243M | $244M | $239M | $275M | $303M | $344M | $408M | $435M | $440M |
| Cost of revenue | $166M | $162M | $165M | $154M | $172M | $194M | $222M | $263M | $295M | $301M |
| Gross profit | $75M | $81M | $79M | $85M | $103M | $109M | $122M | $145M | $139M | $138M |
| Research and development | $19M | $20M | $21M | $19M | $22M | $23M | $25M | $36M | $36M | $28M |
| Selling, general and admin | $57M | $58M | $56M | $58M | $56M | $58M | $70M | $85M | $89M | $89M |
| Operating income | -$985,000 | $1M | $1M | $3M | $22M | $29M | $25M | $19M | $11M | $19M |
| Interest expense | $50,000 | $29,000 | $102,000 | $54,000 | $0 | — | — | — | — | — |
| Pre-tax income | -$605,000 | $1M | $2M | $4M | $22M | $30M | $21M | $17M | $4M | $13M |
| Income tax | $16,000 | -$1M | -$8M | $3M | -$88M | $9M | $11M | $6M | $2M | $11M |
| Net income | -$823,000 | $2M | $10M | $257,000 | $110M | $21M | $10M | $11M | $1M | $3M |
| EPS (diluted) | -$0.08 | $0.17 | $0.87 | $0.02 | $9.42 | $1.79 | $0.86 | $0.86 | $0.10 | $0.19 |
| Diluted shares | 11M | 11M | 11M | 11M | 12M | 12M | 12M | 12M | 13M | 13M |
| Gross margin | 31.2% | 33.2% | 32.5% | 35.5% | 37.3% | 36.1% | 35.5% | 35.5% | 32.1% | 31.5% |
| Operating margin | -0.4% | 0.5% | 0.6% | 1.4% | 8.1% | 9.5% | 7.1% | 4.8% | 2.4% | 4.4% |
| Net margin | -0.3% | 0.8% | 4.0% | 0.1% | 40.1% | 7.0% | 3.0% | 2.6% | 0.3% | 0.6% |
Balance sheet
Fiscal years, from Aviat Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $36M | $37M | $32M | $42M | $48M | $48M | $22M | $65M | $60M | $73M |
| Receivables | $46M | $43M | $52M | $45M | $48M | $73M | $101M | $158M | $180M | $192M |
| Inventory | $22M | $21M | $9M | — | — | — | — | — | — | — |
| Total current assets | $125M | $123M | $126M | $140M | $170M | $206M | $236M | $405M | $464M | $439M |
| Property, plant and equipment | $16M | $17M | $17M | $17M | $12M | $9M | $9M | $9M | $17M | $19M |
| Goodwill | — | — | — | — | — | $0 | $5M | $8M | $20M | $19M |
| Total assets | $153M | $156M | $169M | $180M | $298M | $324M | $363M | $535M | $633M | $599M |
| Total current liabilities | $86M | $86M | $82M | $94M | $96M | $104M | $130M | $219M | $282M | $223M |
| Long-term debt | — | — | — | — | — | — | $0 | $46M | $69M | $89M |
| Total liabilities | $98M | $99M | $98M | $111M | $114M | $122M | $144M | $279M | $370M | $332M |
| Shareholders' equity | $54M | $58M | $72M | $69M | $183M | $202M | $219M | $256M | $263M | $267M |
| Net debt | -$36M | -$37M | -$32M | -$42M | -$48M | -$37M | -$22M | -$16M | $28M | $24M |
Cash flow
Fiscal years, from Aviat Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9M | $8M | $3M | $17M | $17M | $3M | -$2M | $31M | $6M | $14M |
| Capital spending | $4M | $7M | $5M | $5M | $3M | $2M | $5M | $3M | $13M | $7M |
| Free cash flow | $5M | $2M | -$2M | $13M | $14M | $997,000 | -$7M | $28M | -$7M | $6M |
| Stock-based compensation | $2M | $2M | $2M | $2M | $3M | $4M | $7M | $7M | $7M | $6M |
| Share buybacks (net) | $0 | -$8,000 | -$2M | -$2M | $0 | $0 | — | — | — | — |
| Net borrowing | $0 | $0 | $0 | $0 | -$9M | $0 | $102M | -$1M | -$51M | -$6M |
| Free cash flow margin | 2.2% | 0.7% | -0.9% | 5.4% | 5.3% | 0.3% | -2.0% | 6.8% | -1.7% | 1.4% |
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Open AVNW in InvestinglyQuestions
What was Aviat Networks's revenue in 2026?
$440M in fiscal 2026, from its 10-K filing.
How much free cash flow does Aviat Networks generate?
$6M in fiscal 2026 (operating cash flow minus capital spending).
From Aviat Networks's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.