Harmonic (HLIT) financial statements
Harmonic reported revenue of $361M in fiscal 2025, down 1.3% a year over 9 years.
Net income was -$43M and the operating margin 3.9%, against -16.5% in 2016.
Free cash flow was $97M, and the company returned $79M in net buybacks.
The diluted share count rose 47% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Harmonic's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $406M | $358M | $404M | $403M | $379M | $507M | $625M | $388M | $488M | $361M |
| Cost of revenue | $205M | $188M | $194M | $180M | $184M | $247M | $309M | $210M | $248M | $186M |
| Gross profit | $201M | $170M | $209M | $223M | $195M | $260M | $316M | $178M | $240M | $175M |
| Research and development | $98M | $96M | $89M | $85M | $82M | $102M | $120M | $70M | $73M | $76M |
| Selling, general and admin | $144M | $136M | $119M | $119M | $120M | $138M | $147M | $78M | $79M | $81M |
| Operating income | -$67M | -$71M | -$5M | $13M | -$12M | $19M | $46M | $30M | $75M | $14M |
| Interest expense | $10M | $11M | $11M | $12M | $12M | $11M | $5M | $3M | $6M | $4M |
| Pre-tax income | -$80M | -$85M | -$17M | -$7M | -$26M | $9M | $44M | $28M | $72M | $9M |
| Income tax | -$8M | -$2M | $4M | -$672,000 | $3M | -$4M | $16M | -$60M | $21M | $8M |
| Net income | -$72M | -$83M | -$21M | -$6M | -$29M | $13M | $28M | $84M | $39M | -$43M |
| EPS (diluted) | -$0.93 | -$1.02 | -$0.25 | -$0.07 | -$0.30 | $0.12 | $0.25 | $0.72 | $0.33 | -$0.38 |
| Diluted shares | 78M | 81M | 86M | 90M | 97M | 106M | 112M | 117M | 117M | 114M |
| Gross margin | 49.5% | 47.4% | 51.8% | 55.4% | 51.5% | 51.2% | 50.5% | 45.9% | 49.2% | 48.5% |
| Operating margin | -16.5% | -19.8% | -1.2% | 3.2% | -3.3% | 3.7% | 7.3% | 7.7% | 15.3% | 3.9% |
| Net margin | -17.8% | -23.2% | -5.2% | -1.5% | -7.7% | 2.6% | 4.5% | 21.6% | 8.0% | -12.0% |
Balance sheet
Fiscal years, from Harmonic's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $56M | $57M | $66M | $93M | $99M | $133M | $90M | $84M | $101M | $124M |
| Receivables | $87M | $70M | $82M | $88M | $66M | $89M | $108M | $142M | $144M | $86M |
| Inventory | $41M | $26M | $26M | $29M | $35M | $71M | $121M | $84M | $43M | $48M |
| Total current assets | $217M | $172M | $197M | $251M | $238M | $323M | $345M | $331M | $565M | $494M |
| Property, plant and equipment | $32M | $29M | $22M | $23M | $43M | $43M | $40M | $37M | $25M | $26M |
| Goodwill | $237M | $243M | $241M | $240M | $244M | $240M | $238M | $61M | $61M | $61M |
| Total assets | $554M | $508M | $511M | $587M | $592M | $694M | $710M | $768M | $797M | $718M |
| Total current liabilities | $145M | $142M | $136M | $192M | $147M | $224M | $322M | $272M | $192M | $198M |
| Long-term debt | $14M | $15M | $13M | $11M | — | — | — | $0 | $112M | $109M |
| Total liabilities | $283M | $290M | $283M | $332M | $333M | $397M | $386M | $331M | $331M | $335M |
| Shareholders' equity | $271M | $230M | $228M | $252M | $258M | $296M | $325M | $437M | $465M | $383M |
| Net debt | -$42M | -$42M | -$53M | -$83M | -$99M | -$133M | -$90M | -$84M | $13M | -$12M |
Cash flow
Fiscal years, from Harmonic's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $438,000 | $3M | $12M | $31M | $39M | $41M | $5M | $7M | $62M | $108M |
| Capital spending | $15M | $11M | $7M | $10M | $32M | $13M | $9M | $8M | $9M | $11M |
| Free cash flow | -$15M | -$8M | $5M | $21M | $7M | $28M | -$4M | -$1M | $53M | $97M |
| Stock-based compensation | $13M | $17M | $17M | $12M | $18M | $24M | $25M | $27M | $28M | $32M |
| Dividends paid | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Share buybacks (net) | $0 | $0 | — | — | $0 | $0 | -$5M | $0 | -$30M | -$79M |
| Net borrowing | — | — | — | — | — | — | $0 | $0 | $115M | $135M |
| Free cash flow margin | -3.6% | -2.3% | 1.3% | 5.2% | 1.8% | 5.5% | -0.6% | -0.4% | 10.8% | 26.9% |
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What was Harmonic's revenue in 2025?
$361M in fiscal 2025, from its 10-K filing.
How much free cash flow does Harmonic generate?
$97M in fiscal 2025 (operating cash flow minus capital spending).
From Harmonic's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.