Bandwidth Inc Financials

BAND

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 52/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Bandwidth Inc has an operating margin of -2.7%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -5.9% the prior year.

Growth

Bandwidth Inc's revenue surged 24.5% year-over-year to $748.5M, reflecting rapid business expansion. This strong growth earns a score of 99/100.

Leverage

Bandwidth Inc carries a low D/E ratio of 0.90, meaning only $0.90 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Bandwidth Inc's current ratio of 1.34 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Piotroski F-Score Neutral

5/9

Bandwidth Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-12.86x

For every $1 of reported earnings, Bandwidth Inc generates $-12.86 in operating cash flow ($83.9M OCF vs -$6.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-6.7x

Bandwidth Inc earns $-6.7 in operating income for every $1 of interest expense (-$20.1M vs $3.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Bandwidth Inc (BAND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$748.5M

YoY+24.5%

5Y CAGR+26.3%

Bandwidth Inc generated $748.5M in revenue in fiscal year 2024. This represents an increase of 24.5% from the prior year.

EBITDA

$29.2M

YoY+366.2%

Bandwidth Inc's EBITDA was $29.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 366.2% from the prior year.

Free Cash Flow

N/A

Net Income

-$6.5M

YoY+60.1%

Bandwidth Inc reported -$6.5M in net income in fiscal year 2024. This represents an increase of 60.1% from the prior year.

EPS (Diluted)

$-0.24

YoY+62.5%

Bandwidth Inc earned $-0.24 per diluted share (EPS) in fiscal year 2024. This represents an increase of 62.5% from the prior year.

Cash & Debt

$81.8M

YoY-38.0%

5Y CAGR-15.0%

Bandwidth Inc held $81.8M in cash against $281.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.00

Bandwidth Inc paid $0.00 per share in dividends in fiscal year 2024.

Shares Outstanding

N/A

Gross Margin

37.4%

YoY-1.9pp

5Y CAGR-8.9pp

Bandwidth Inc's gross margin was 37.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.

Operating Margin

-2.7%

YoY+3.2pp

5Y CAGR+4.9pp

Bandwidth Inc's operating margin was -2.7% in fiscal year 2024, reflecting core business profitability. This is up 3.2 percentage points from the prior year.

Net Margin

-0.9%

YoY+1.8pp

5Y CAGR-1.9pp

Bandwidth Inc's net profit margin was -0.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$118.6M

YoY+13.9%

5Y CAGR+30.4%

Bandwidth Inc invested $118.6M in research and development in fiscal year 2024. This represents an increase of 13.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BAND Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$748.5M+24.5%	$601.1M+4.9%	$573.2M+16.8%	$490.9M+43.1%	$343.1M+47.5%	$232.6M
Cost of Revenue	$468.5M+28.4%	$365.0M+9.0%	$334.8M+20.8%	$277.1M+46.5%	$189.2M+51.4%	$125.0M
Gross Profit	$280.0M+18.5%	$236.2M-0.9%	$238.4M+11.5%	$213.8M+38.9%	$153.9M+43.0%	$107.6M
R&D Expenses	$118.6M+13.9%	$104.2M+6.3%	$98.0M+41.0%	$69.5M+27.4%	$54.6M+73.4%	$31.5M
SG&A Expenses	$71.7M+9.7%	$65.4M-3.9%	$68.0M+5.9%	$64.2M+24.3%	$51.6M-12.2%	$58.8M
Operating Income	-$20.1M+43.4%	-$35.5M-45.8%	-$24.3M-987.3%	-$2.2M+83.4%	-$13.5M+23.7%	-$17.7M
Interest Expense	$3.0M-19.8%	$3.7M-28.8%	$5.2M-81.8%	$28.7M+74.7%	$16.4M	N/A
Income Tax	-$2.4M+17.9%	-$3.0M-30.7%	-$2.3M+40.9%	-$3.8M-125.5%	$15.0M+184.7%	-$17.7M
Net Income	-$6.5M+60.1%	-$16.3M-183.5%	$19.6M+171.5%	-$27.4M+37.8%	-$44.0M-1863.3%	$2.5M
EPS (Diluted)	$-0.24+62.5%	$-0.64-33.3%	$-0.48+56.0%	$-1.09+40.4%	$-1.83-1930.0%	$0.10

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Revenue	$191.9M+6.6%	$180.0M+3.3%	$174.2M-17.0%	$210.0M+20.9%	$173.6M+1.5%	$171.0M+3.4%	$165.4M+13.4%	$145.9M
Cost of Revenue	$118.1M+9.0%	$108.3M+5.5%	$102.7M-23.0%	$133.5M+22.7%	$108.8M+3.1%	$105.5M+2.1%	$103.3M+18.9%	$86.9M
Gross Profit	$73.8M+3.0%	$71.7M+0.2%	$71.5M-6.5%	$76.5M+18.0%	$64.8M-1.0%	$65.5M+5.5%	$62.0M+5.2%	$59.0M
R&D Expenses	$33.0M+4.0%	$31.7M+3.6%	$30.6M-2.5%	$31.4M+11.7%	$28.1M-2.7%	$28.9M+0.1%	$28.9M+16.2%	$24.9M
SG&A Expenses	$18.1M-4.0%	$18.8M-1.4%	$19.1M-2.3%	$19.6M+17.1%	$16.7M-6.4%	$17.8M+5.4%	$16.9M+6.7%	$15.9M
Operating Income	-$2.0M+46.4%	-$3.7M+20.0%	-$4.7M-75.5%	-$2.7M+56.0%	-$6.1M+41.7%	-$10.4M-3.8%	-$10.0M-33.5%	-$7.5M
Interest Expense	$596K0.0%	$596K-5.7%	$632K-2.0%	$645K-17.8%	$785K-13.5%	$907K+0.3%	$904K+0.9%	$896K
Income Tax	-$2.3M-1777.2%	$136K+294.3%	-$70K+94.0%	-$1.2M-251.7%	-$331K-65.5%	-$200K-185.5%	$234K+52.9%	$153K
Net Income	-$1.2M+74.8%	-$4.9M-31.8%	-$3.7M-112.6%	-$1.8M-143.4%	$4.1M+143.9%	-$9.2M+15.6%	-$10.9M-181.1%	-$3.9M
EPS (Diluted)	$-0.04+75.0%	$-0.16-23.1%	$-0.13-148.1%	$0.27+258.8%	$-0.17+51.4%	$-0.35-3400.0%	$-0.01+93.3%	$-0.15

BAND Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$989.2M-10.2%	$1.1B+18.5%	$929.3M-12.8%	$1.1B+19.6%	$890.6M+160.9%	$341.4M
Current Assets	$187.8M-25.7%	$252.8M-9.6%	$279.6M-32.3%	$412.9M+113.3%	$193.6M-14.7%	$226.9M
Cash & Equivalents	$81.8M-38.0%	$132.0M+16.1%	$113.6M-65.7%	$331.5M+359.3%	$72.2M-60.9%	$184.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$86.5M+10.6%	$78.2M+5.0%	$74.5M+20.9%	$61.6M+11.5%	$55.2M+83.0%	$30.2M
Goodwill	$317.2M-5.5%	$335.9M+2.9%	$326.4M-5.2%	$344.4M-7.5%	$372.2M+5320.7%	$6.9M
Total Liabilities	$676.6M-15.8%	$803.7M+22.3%	$657.1M+0.6%	$652.9M+41.7%	$460.7M+545.9%	$71.3M
Current Liabilities	$140.3M+14.3%	$122.8M+7.7%	$114.0M+21.9%	$93.5M+1.4%	$92.2M+101.6%	$45.7M
Long-Term Debt	$281.3M-32.8%	$418.5M-12.9%	$480.5M-1.2%	$486.4M+72.4%	$282.2M	$0
Total Equity	$312.5M+5.1%	$297.4M+9.3%	$272.2M-34.0%	$412.6M-4.0%	$429.9M+59.2%	$270.1M
Retained Earnings	-$71.4M-10.1%	-$64.9M-33.7%	-$48.5M+36.8%	-$76.9M-55.3%	-$49.5M-795.5%	-$5.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Total Assets	$1.0B+1.1%	$1.0B+6.0%	$964.4M-2.5%	$989.2M-1.3%	$1.0B-7.7%	$1.1B-1.4%	$1.1B+20.0%	$917.3M
Current Assets	$193.0M+9.4%	$176.4M+16.5%	$151.4M-19.4%	$187.8M+3.5%	$181.4M-29.4%	$257.0M+1.7%	$252.8M+14.7%	$220.3M
Cash & Equivalents	$73.4M+22.0%	$60.1M+67.4%	$35.9M-56.1%	$81.8M+31.9%	$62.0M-41.1%	$105.4M-20.2%	$132.0M+43.7%	$91.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$93.4M+4.7%	$89.2M+2.5%	$87.0M+0.6%	$86.5M+1.0%	$85.6M-4.3%	$89.5M+14.5%	$78.2M+4.4%	$74.9M
Goodwill	$357.0M+0.2%	$356.2M+8.2%	$329.3M+3.8%	$317.2M-2.8%	$326.2M-0.7%	$328.6M-2.2%	$335.9M+1.7%	$330.1M
Total Liabilities	$640.6M+0.4%	$637.9M+3.1%	$619.0M-8.5%	$676.6M-2.6%	$694.7M-11.8%	$787.3M-2.0%	$803.7M+28.5%	$625.4M
Current Liabilities	$139.3M+3.2%	$134.9M+16.5%	$115.7M-17.5%	$140.3M-10.3%	$156.5M+43.9%	$108.7M-11.5%	$122.8M+25.5%	$97.8M
Long-Term Debt	$247.3M+0.1%	$247.0M+0.1%	$246.8M-12.3%	$281.3M+0.2%	$280.7M-33.0%	$419.0M+0.1%	$418.5M+0.2%	$417.6M
Total Equity	$392.7M+2.1%	$384.5M+11.3%	$345.4M+10.5%	$312.5M+1.7%	$307.4M+3.1%	$298.2M+0.3%	$297.4M+1.9%	$291.9M
Retained Earnings	-$81.3M-1.5%	-$80.1M-6.6%	-$75.2M-5.2%	-$71.4M-1.9%	-$70.1M+5.5%	-$74.1M-14.2%	-$64.9M-32.9%	-$48.8M

BAND Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$83.9M+115.1%	$39.0M+11.7%	$34.9M-14.5%	$40.8M+803.1%	$4.5M+460.6%	-$1.3M
Capital Expenditures	N/A	N/A	N/A	N/A	$12.3M-44.8%	$22.2M
Free Cash Flow	N/A	N/A	N/A	N/A	-$7.8M+67.0%	-$23.5M
Investing Cash Flow	-$1.4M-104.7%	$30.8M+123.1%	-$133.4M-4810.5%	$2.8M+100.6%	-$455.1M-5846.5%	-$7.7M
Financing Cash Flow	-$131.3M-148.7%	-$52.8M+56.0%	-$120.0M-158.0%	$207.0M-40.3%	$346.9M+127.6%	$152.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Operating Cash Flow	$22.2M-29.9%	$31.7M+1128.9%	-$3.1M-108.4%	$36.5M+49.4%	$24.4M+891.3%	$2.5M-87.2%	$19.3M+524.4%	$3.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$8.0M+2.9%	-$8.2M+40.5%	-$13.8M-341.6%	-$3.1M-114.4%	$21.7M+180.4%	-$27.0M-780.9%	$4.0M+9.5%	$3.6M
Financing Cash Flow	-$9K+73.5%	-$34K+99.9%	-$29.0M-15.5%	-$25.1M+71.8%	-$89.2M-4837.1%	-$1.8M-3309.4%	-$53K-142.1%	$126K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BAND Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	37.4%-1.9pp	39.3%-2.3pp	41.6%-2.0pp	43.5%-1.3pp	44.9%-1.4pp	46.3%
Operating Margin	-2.7%+3.2pp	-5.9%-1.7pp	-4.2%-3.8pp	-0.5%+3.5pp	-3.9%+3.7pp	-7.6%
Net Margin	-0.9%+1.8pp	-2.7%-6.1pp	3.4%+9.0pp	-5.6%+7.3pp	-12.8%-13.9pp	1.1%
Return on Equity	N/A	N/A	7.2%	N/A	N/A	0.9%
Return on Assets	-0.7%+0.8pp	-1.5%-3.6pp	2.1%+4.7pp	-2.6%+2.4pp	-4.9%-5.7pp	0.7%
Current Ratio	1.34-0.7	2.06-0.4	2.45-2.0	4.42+2.3	2.10-2.9	4.96
Debt-to-Equity	0.90-0.5	1.41-0.4	1.77+0.6	1.18+0.5	0.66+0.7	0.00
FCF Margin	N/A	N/A	N/A	N/A	-2.3%+7.8pp	-10.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Gross Margin	38.5%-1.4pp	39.8%-1.2pp	41.0%+4.6pp	36.4%-0.9pp	37.3%-1.0pp	38.3%+0.8pp	37.5%-2.9pp	40.4%
Operating Margin	-1.1%+1.0pp	-2.1%+0.6pp	-2.7%-1.4pp	-1.3%+2.2pp	-3.5%+2.6pp	-6.1%-0.0pp	-6.1%-0.9pp	-5.1%
Net Margin	-0.7%+2.1pp	-2.7%-0.6pp	-2.1%-1.3pp	-0.8%-3.2pp	2.3%+7.7pp	-5.4%+1.2pp	-6.6%-3.9pp	-2.7%
Return on Equity	N/A	N/A	N/A	0.1%-1.2pp	1.3%	N/A	N/A	N/A
Return on Assets	-0.1%+0.4pp	-0.5%-0.1pp	-0.4%-0.2pp	-0.2%-0.6pp	0.4%+1.3pp	-0.9%+0.1pp	-1.0%-0.6pp	-0.4%
Current Ratio	1.39+0.1	1.310.0	1.31-0.0	1.34+0.2	1.16-1.2	2.36+0.3	2.06-0.2	2.25
Debt-to-Equity	0.63-0.0	0.64-0.1	0.71-0.2	0.90-0.0	0.91-0.5	1.410.0	1.41-0.0	1.43
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Bandwidth Inc's annual revenue?

Bandwidth Inc (BAND) reported $748.5M in total revenue for fiscal year 2024. This represents a 24.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bandwidth Inc's revenue growing?

Bandwidth Inc (BAND) revenue grew by 24.5% year-over-year, from $601.1M to $748.5M in fiscal year 2024.

Is Bandwidth Inc profitable?

No, Bandwidth Inc (BAND) reported a net income of -$6.5M in fiscal year 2024, with a net profit margin of -0.9%.

What is Bandwidth Inc's earnings per share (EPS)?

Bandwidth Inc (BAND) reported diluted earnings per share of $-0.24 for fiscal year 2024. This represents a 62.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Bandwidth Inc's EBITDA?

Bandwidth Inc (BAND) had EBITDA of $29.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Bandwidth Inc have?

As of fiscal year 2024, Bandwidth Inc (BAND) had $81.8M in cash and equivalents against $281.3M in long-term debt.

What is Bandwidth Inc's gross margin?

Bandwidth Inc (BAND) had a gross margin of 37.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bandwidth Inc's operating margin?

Bandwidth Inc (BAND) had an operating margin of -2.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Bandwidth Inc's net profit margin?

Bandwidth Inc (BAND) had a net profit margin of -0.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Bandwidth Inc's operating cash flow?

Bandwidth Inc (BAND) generated $83.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Bandwidth Inc's total assets?

Bandwidth Inc (BAND) had $989.2M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Bandwidth Inc spend on research and development?

Bandwidth Inc (BAND) invested $118.6M in research and development during fiscal year 2024.

What is Bandwidth Inc's current ratio?

Bandwidth Inc (BAND) had a current ratio of 1.34 as of fiscal year 2024, which is considered adequate.

What is Bandwidth Inc's debt-to-equity ratio?

Bandwidth Inc (BAND) had a debt-to-equity ratio of 0.90 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bandwidth Inc's return on assets (ROA)?

Bandwidth Inc (BAND) had a return on assets of -0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Bandwidth Inc's Piotroski F-Score?

Bandwidth Inc (BAND) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bandwidth Inc's earnings high quality?

Bandwidth Inc (BAND) has an earnings quality ratio of -12.86x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bandwidth Inc cover its interest payments?

Bandwidth Inc (BAND) has an interest coverage ratio of -6.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Bandwidth Inc?

Bandwidth Inc (BAND) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.