Bandwidth (BAND) financial statements
Bandwidth reported revenue of $754M in fiscal 2025, up 19.5% a year over 9 years.
Net income was -$13M and the operating margin -1.9%, against 10.0% in 2016.
Free cash flow was $77M.
The diluted share count rose 133% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bandwidth's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $152M | $163M | $204M | $233M | $343M | $491M | $573M | $601M | $748M | $754M |
| Cost of revenue | $85M | $89M | $108M | $125M | $189M | $277M | $335M | $365M | $469M | $459M |
| Gross profit | $67M | $74M | $96M | $108M | $154M | $214M | $238M | $236M | $280M | $295M |
| Research and development | $9M | $11M | $21M | $31M | $55M | $70M | $98M | $104M | $119M | $133M |
| Selling, general and admin | $43M | $48M | $68M | $94M | $113M | $147M | $165M | $167M | $181M | $177M |
| Operating income | $15M | $15M | $7M | -$18M | -$14M | -$2M | -$24M | -$35M | -$20M | -$14M |
| Interest expense | — | — | — | — | $16M | $29M | $5M | $4M | $3M | $2M |
| Pre-tax income | $14M | $13M | $7M | -$15M | -$29M | -$28M | $31M | $759,000 | $8M | -$3M |
| Income tax | -$11M | $7M | -$11M | -$18M | $15M | -$4M | -$2M | -$3M | -$2M | -$4M |
| Net income | $22M | $6M | $18M | $2M | -$44M | -$27M | $20M | -$16M | -$7M | -$13M |
| EPS (diluted) | $1.51 | $0.37 | $0.85 | $0.10 | -$1.83 | -$1.09 | -$0.48 | -$0.64 | -$0.24 | -$0.43 |
| Diluted shares | 13M | 15M | 21M | 24M | 24M | 25M | 31M | 26M | 27M | 30M |
| Gross margin | 44.0% | 45.2% | 47.0% | 46.3% | 44.9% | 43.6% | 41.6% | 39.3% | 37.4% | 39.1% |
| Operating margin | 10.0% | 9.0% | 3.3% | -7.6% | -3.9% | -0.5% | -4.2% | -5.9% | -2.7% | -1.9% |
| Net margin | 14.7% | 3.7% | 8.8% | 1.1% | -12.8% | -5.6% | 3.4% | -2.7% | -0.9% | -1.7% |
Balance sheet
Fiscal years, from Bandwidth's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $7M | $38M | $59M | $184M | $72M | $331M | $185M | $153M | $84M | $111M |
| Receivables | $17M | $21M | $24M | $30M | $55M | $62M | $74M | $78M | $86M | $91M |
| Total current assets | $28M | $65M | $92M | $227M | $194M | $413M | $280M | $253M | $188M | $219M |
| Property, plant and equipment | $11M | $15M | $25M | $42M | $52M | $70M | $100M | $178M | $177M | $174M |
| Goodwill | $7M | $7M | $7M | $7M | $372M | $344M | $326M | $336M | $317M | $357M |
| Total assets | $70M | $104M | $150M | $341M | $891M | $1.1B | $929M | $1.1B | $989M | $1.1B |
| Total current liabilities | $30M | $25M | $33M | $46M | $92M | $93M | $114M | $123M | $140M | $154M |
| Long-term debt | $38M | $0 | — | $0 | $282M | $486M | $481M | $419M | $281M | $248M |
| Total liabilities | $71M | $28M | $42M | $71M | $461M | $653M | $657M | $804M | $677M | $653M |
| Shareholders' equity | -$22M | $77M | $109M | $270M | $430M | $413M | $272M | $297M | $313M | $400M |
| Net debt | $31M | -$38M | -$41M | -$184M | $210M | $155M | $367M | $287M | $199M | $145M |
Cash flow
Fiscal years, from Bandwidth's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5M | $15M | $25M | -$1M | $5M | $41M | $35M | $39M | $84M | $89M |
| Capital spending | $6M | $8M | $14M | $26M | $15M | $9M | $10M | $68M | $11M | $13M |
| Free cash flow | -$907,000 | $7M | $10M | -$27M | -$10M | $32M | $25M | -$29M | $72M | $77M |
| Stock-based compensation | $1M | $2M | $3M | $7M | $10M | $15M | $21M | $37M | $48M | $52M |
| Free cash flow margin | -0.6% | 4.1% | 5.0% | -11.6% | -2.9% | 6.6% | 4.4% | -4.8% | 9.7% | 10.2% |
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Open BAND in InvestinglyQuestions
What was Bandwidth's revenue in 2025?
$754M in fiscal 2025, from its 10-K filing.
How much free cash flow does Bandwidth generate?
$77M in fiscal 2025 (operating cash flow minus capital spending).
From Bandwidth's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.