This page shows Calix Networks (CALX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Calix Networks has an operating margin of 2.1%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is up from -5.2% the prior year.
Calix Networks's revenue surged 20.3% year-over-year to $1.0B, reflecting rapid business expansion. This strong growth earns a score of 67/100.
Calix Networks carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.24, Calix Networks holds $4.24 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 84/100.
Calix Networks has a free cash flow margin of 11.6%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Calix Networks generates a 2.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 16/100. This is up from -3.8% the prior year.
Calix Networks scores 10.13, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($199.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Calix Networks passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Calix Networks generates $7.55 in operating cash flow ($135.0M OCF vs $17.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Calix Networks generated $1.0B in revenue in fiscal year 2025. This represents an increase of 20.3% from the prior year.
Calix Networks's EBITDA was $38.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 264.8% from the prior year.
Calix Networks reported $17.9M in net income in fiscal year 2025. This represents an increase of 160.1% from the prior year.
Calix Networks earned $0.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 157.8% from the prior year.
Cash & Balance Sheet
Calix Networks generated $115.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 129.4% from the prior year.
Calix Networks held $143.1M in cash against $0 in long-term debt as of fiscal year 2025.
Calix Networks paid $0.00 per share in dividends in fiscal year 2025.
Calix Networks had 66M shares outstanding in fiscal year 2025. This represents a decrease of 1.6% from the prior year.
Margins & Returns
Calix Networks's gross margin was 56.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.3 percentage points from the prior year.
Calix Networks's operating margin was 2.1% in fiscal year 2025, reflecting core business profitability. This is up 7.3 percentage points from the prior year.
Calix Networks's net profit margin was 1.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.4 percentage points from the prior year.
Calix Networks's ROE was 2.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.9 percentage points from the prior year.
Capital Allocation
Calix Networks invested $190.4M in research and development in fiscal year 2025. This represents an increase of 5.8% from the prior year.
Calix Networks spent $93.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 775.5% from the prior year.
Calix Networks invested $19.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7.6% from the prior year.
CALX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $272.4M+2.6% | $265.4M+9.7% | $241.9M+9.8% | $220.2M+6.8% | $206.1M+2.6% | $200.9M+1.4% | $198.1M-12.4% | $226.3M |
| Cost of Revenue | $115.1M+1.5% | $113.4M+7.4% | $105.6M+8.3% | $97.5M+5.2% | $92.8M+2.0% | $90.9M+0.4% | $90.5M-12.7% | $103.7M |
| Gross Profit | $157.3M+3.5% | $152.0M+11.5% | $136.3M+11.1% | $122.7M+8.2% | $113.4M+3.0% | $110.0M+2.3% | $107.6M-12.2% | $122.6M |
| R&D Expenses | $53.5M+13.8% | $47.1M+2.8% | $45.8M+4.1% | $44.0M-4.1% | $45.9M+0.9% | $45.5M+3.0% | $44.1M-0.7% | $44.4M |
| SG&A Expenses | $27.8M+2.0% | $27.3M+3.1% | $26.5M-1.1% | $26.8M-0.2% | $26.8M+15.7% | $23.2M+2.6% | $22.6M-14.0% | $26.3M |
| Operating Income | $9.3M-46.7% | $17.4M+4351.4% | $391K+106.4% | -$6.1M+67.6% | -$18.8M-72.1% | -$10.9M+4.1% | -$11.4M-458.9% | -$2.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $6.2M+32.3% | $4.7M+29.0% | $3.6M+101.8% | $1.8M-21.3% | $2.3M+159.7% | -$3.8M-428.2% | -$724K-298.4% | $365K |
| Net Income | $7.2M-53.9% | $15.7M+7968.3% | -$199K+95.8% | -$4.8M+73.3% | -$17.9M-351.7% | -$4.0M+50.1% | -$8.0M-7826.2% | $103K |
| EPS (Diluted) | N/A | $0.22 | $0.00+100.0% | $-0.07 | N/A | $-0.06+50.0% | $-0.12 | $0.00 |
CALX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+8.4% | $976.4M+6.0% | $921.4M+0.5% | $917.1M-2.4% | $939.3M+0.2% | $937.5M+2.1% | $917.9M-0.5% | $922.8M |
| Current Assets | $691.6M+12.4% | $615.5M+9.5% | $562.3M+0.1% | $562.0M-3.9% | $584.7M0.0% | $585.0M+2.6% | $570.2M-1.5% | $578.8M |
| Cash & Equivalents | $143.1M+50.6% | $95.0M+24.1% | $76.5M+80.9% | $42.3M-2.0% | $43.2M-30.8% | $62.4M-26.2% | $84.5M-4.4% | $88.4M |
| Inventory | $133.7M+23.9% | $108.0M-2.3% | $110.5M+9.6% | $100.8M-1.8% | $102.7M+2.1% | $100.6M-11.3% | $113.5M-5.3% | $119.8M |
| Accounts Receivable | $99.4M+13.6% | $87.5M+38.7% | $63.1M-16.5% | $75.5M-4.8% | $79.3M-7.0% | $85.3M+3.9% | $82.1M-18.2% | $100.3M |
| Goodwill | $116.2M0.0% | $116.2M0.0% | $116.2M0.0% | $116.2M0.0% | $116.2M0.0% | $116.2M0.0% | $116.2M0.0% | $116.2M |
| Total Liabilities | $199.3M+29.5% | $153.9M+3.4% | $148.7M-0.8% | $150.0M-5.3% | $158.3M-0.3% | $158.8M-3.0% | $163.7M-9.1% | $180.1M |
| Current Liabilities | $163.2M+33.1% | $122.6M-0.8% | $123.6M+0.7% | $122.8M-6.3% | $131.1M+1.0% | $129.9M-2.4% | $133.1M-8.9% | $146.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $859.2M+4.5% | $822.5M+6.4% | $772.7M+0.7% | $767.2M-1.8% | $780.9M+0.3% | $778.7M+3.2% | $754.2M+1.6% | $742.7M |
| Retained Earnings | -$372.2M+1.9% | -$379.5M+4.0% | -$395.1M-0.1% | -$394.9M-1.2% | -$390.1M-4.8% | -$372.2M-1.1% | -$368.2M-2.2% | -$360.3M |
CALX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $46.0M+42.5% | $32.3M-17.9% | $39.4M+128.8% | $17.2M+12.0% | $15.4M-4.0% | $16.0M-28.4% | $22.3M+52.1% | $14.7M |
| Capital Expenditures | $5.8M+2.5% | $5.6M+50.6% | $3.7M-13.3% | $4.3M-16.3% | $5.1M+58.7% | $3.2M-45.5% | $6.0M+60.5% | $3.7M |
| Free Cash Flow | $40.3M+50.9% | $26.7M-25.1% | $35.6M+176.3% | $12.9M+26.3% | $10.2M-19.9% | $12.8M-22.2% | $16.4M+49.3% | $11.0M |
| Investing Cash Flow | -$5.5M+79.5% | -$26.8M-279.8% | $14.9M+35.5% | $11.0M+132.7% | -$33.6M+31.3% | -$48.9M-61.4% | -$30.3M-1023.5% | $3.3M |
| Financing Cash Flow | $7.8M-41.0% | $13.1M+165.1% | -$20.2M+30.6% | -$29.1M-3550.3% | -$798K-107.5% | $10.6M+163.7% | $4.0M-43.2% | $7.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $16.6M+377.7% | $3.5M-89.6% | $33.6M-16.1% | $40.0M+474.6% | $7.0M | $0 | $0-100.0% | $3.7M |
CALX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.7%+0.5pp | 57.3%+0.9pp | 56.4%+0.6pp | 55.7%+0.7pp | 55.0%+0.2pp | 54.8%+0.4pp | 54.3%+0.2pp | 54.2% |
| Operating Margin | 3.4%-3.2pp | 6.6%+6.4pp | 0.2%+2.9pp | -2.8%+6.3pp | -9.1%-3.7pp | -5.4%+0.3pp | -5.7%-4.8pp | -0.9% |
| Net Margin | 2.6%-3.3pp | 5.9%+6.0pp | -0.1%+2.1pp | -2.2%+6.5pp | -8.7%-6.7pp | -2.0%+2.1pp | -4.0%-4.1pp | 0.1% |
| Return on Equity | 0.8%-1.1pp | 1.9%+1.9pp | -0.0%+0.6pp | -0.6%+1.7pp | -2.3%-1.8pp | -0.5%+0.5pp | -1.1%-1.1pp | 0.0% |
| Return on Assets | 0.7%-0.9pp | 1.6%+1.6pp | -0.0%+0.5pp | -0.5%+1.4pp | -1.9%-1.5pp | -0.4%+0.4pp | -0.9%-0.9pp | 0.0% |
| Current Ratio | 4.24-0.8 | 5.02+0.5 | 4.55-0.0 | 4.58+0.1 | 4.46-0.0 | 4.50+0.2 | 4.28+0.3 | 3.96 |
| Debt-to-Equity | 0.23+0.0 | 0.190.0 | 0.190.0 | 0.200.0 | 0.200.0 | 0.20-0.0 | 0.22-0.0 | 0.24 |
| FCF Margin | 14.8%+4.7pp | 10.1%-4.7pp | 14.7%+8.9pp | 5.9%+0.9pp | 5.0%-1.4pp | 6.3%-1.9pp | 8.3%+3.4pp | 4.9% |
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Frequently Asked Questions
What is Calix Networks's annual revenue?
Calix Networks (CALX) reported $1.0B in total revenue for fiscal year 2025. This represents a 20.3% 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 Calix Networks's revenue growing?
Calix Networks (CALX) revenue grew by 20.3% year-over-year, from $831.5M to $1.0B in fiscal year 2025.
Is Calix Networks profitable?
Yes, Calix Networks (CALX) reported a net income of $17.9M in fiscal year 2025, with a net profit margin of 1.8%.
What is Calix Networks's EBITDA?
Calix Networks (CALX) had EBITDA of $38.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Calix Networks's gross margin?
Calix Networks (CALX) had a gross margin of 56.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Calix Networks's operating margin?
Calix Networks (CALX) had an operating margin of 2.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Calix Networks's net profit margin?
Calix Networks (CALX) had a net profit margin of 1.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Calix Networks's return on equity (ROE)?
Calix Networks (CALX) has a return on equity of 2.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Calix Networks's free cash flow?
Calix Networks (CALX) generated $115.5M in free cash flow during fiscal year 2025. This represents a 129.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Calix Networks's operating cash flow?
Calix Networks (CALX) generated $135.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Calix Networks's total assets?
Calix Networks (CALX) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Calix Networks's capital expenditures?
Calix Networks (CALX) invested $19.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Calix Networks spend on research and development?
Calix Networks (CALX) invested $190.4M in research and development during fiscal year 2025.
What is Calix Networks's current ratio?
Calix Networks (CALX) had a current ratio of 4.24 as of fiscal year 2025, which is generally considered healthy.
What is Calix Networks's debt-to-equity ratio?
Calix Networks (CALX) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Calix Networks's return on assets (ROA)?
Calix Networks (CALX) had a return on assets of 1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Calix Networks's Altman Z-Score?
Calix Networks (CALX) has an Altman Z-Score of 10.13, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Calix Networks's Piotroski F-Score?
Calix Networks (CALX) has a Piotroski F-Score of 7 out of 9, indicating strong 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 Calix Networks's earnings high quality?
Calix Networks (CALX) has an earnings quality ratio of 7.55x, considered cash-backed (high 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.
How financially healthy is Calix Networks?
Calix Networks (CALX) scores 57 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.