Calix (CALX) financial statements
Calix reported revenue of $1.0B in fiscal 2025, up 9.0% a year over 9 years.
Net income was $18M and the operating margin 2.1%, against -6.1% in 2016.
Free cash flow was $116M, and the company returned $94M in net buybacks.
The diluted share count rose 42% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Calix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $459M | $510M | $441M | $424M | $541M | $679M | $868M | $1.0B | $832M | $1.0B |
| Cost of revenue | $258M | $337M | $244M | $236M | $274M | $323M | $432M | $521M | $378M | $432M |
| Gross profit | $201M | $173M | $197M | $188M | $267M | $357M | $435M | $518M | $454M | $568M |
| Research and development | $107M | $128M | $90M | $81M | $85M | $102M | $132M | $178M | $180M | $190M |
| Selling, general and admin | $125M | $123M | $127M | $120M | $139M | $182M | $251M | $315M | $317M | $357M |
| Operating income | -$28M | -$82M | -$19M | -$15M | $37M | $74M | $53M | $26M | -$43M | $21M |
| Interest expense | $585,000 | — | — | — | — | — | — | — | — | — |
| Pre-tax income | -$27M | -$82M | -$19M | -$17M | $34M | $73M | $54M | $35M | -$32M | $34M |
| Income tax | $347,000 | $1M | $530,000 | $1M | $800,000 | -$166M | $13M | $5M | -$2M | $16M |
| Net income | -$27M | -$83M | -$19M | -$18M | $33M | $238M | $41M | $29M | -$30M | $18M |
| EPS (diluted) | -$0.56 | -$1.66 | -$0.37 | -$0.32 | $0.54 | $3.51 | $0.60 | $0.42 | -$0.45 | $0.26 |
| Diluted shares | 49M | 50M | 53M | 55M | 62M | 68M | 69M | 69M | 66M | 69M |
| Gross margin | 43.9% | 33.9% | 44.7% | 44.3% | 49.3% | 52.5% | 50.2% | 49.9% | 54.6% | 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% |
Balance sheet
Fiscal years, from Calix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $78M | $40M | $50M | $47M | $81M | $51M | $79M | $63M | $43M | $388M |
| Receivables | $51M | $80M | $67M | $47M | $69M | $85M | $94M | $126M | $79M | $99M |
| Inventory | $45M | $32M | $50M | $40M | $52M | $89M | $149M | $133M | $103M | $134M |
| Total current assets | $219M | $162M | $175M | $144M | $267M | $409M | $547M | $598M | $585M | $692M |
| Property, plant and equipment | $18M | $16M | $25M | $22M | $20M | $22M | $26M | $29M | $31M | $38M |
| Goodwill | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M | $116M |
| Total assets | $355M | $295M | $317M | $317M | $427M | $742M | $885M | $942M | $939M | $1.1B |
| Total current liabilities | $121M | $128M | $144M | $115M | $101M | $128M | $165M | $188M | $131M | $163M |
| Total liabilities | $143M | $150M | $165M | $163M | $147M | $174M | $205M | $223M | $158M | $199M |
| Shareholders' equity | $213M | $145M | $152M | $154M | $280M | $568M | $680M | $719M | $781M | $859M |
| Net debt | -$50M | -$40M | -$50M | -$47M | -$81M | -$51M | -$79M | -$63M | -$43M | -$143M |
Cash flow
Fiscal years, from Calix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $24M | -$63M | $4M | $5M | $51M | $57M | $27M | $56M | $68M | $135M |
| Capital spending | $10M | $8M | $10M | $13M | $8M | $10M | $14M | $18M | $18M | $19M |
| Free cash flow | $15M | -$71M | -$7M | -$9M | $44M | $46M | $13M | $38M | $50M | $116M |
| Stock-based compensation | $14M | $12M | $17M | $11M | $14M | $24M | $45M | $63M | $71M | $88M |
| Share buybacks (net) | -$13M | $0 | $0 | — | — | $0 | $0 | -$86M | -$11M | -$94M |
| Free cash flow margin | 3.2% | -13.9% | -1.6% | -2.1% | 8.1% | 6.8% | 1.5% | 3.7% | 6.1% | 11.6% |
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Open CALX in InvestinglyQuestions
What was Calix's revenue in 2025?
$1.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Calix generate?
$116M in fiscal 2025 (operating cash flow minus capital spending).
From Calix's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.