[8-K] CALIX, INC. Reports Material Event

Rhea-AI Filing Summary

FedEx Corporation’s FY25 Form 10-K outlines several structural and strategic shifts but provides limited current-year P&L detail. Key disclosures include:

• One FedEx integration: On 1 Jun 2024 FedEx Ground and FedEx Corporate Services were merged into Federal Express, creating a unified air-ground network now reported as two segments: Federal Express and FedEx Freight.
• Planned spin-off: In Dec 2024 the Board approved a tax-free spin-off of FedEx Freight, targeting completion by Jun 2026.
• Fiscal-year change: Effective 1 Jun 2026 the company will shift its year-end from 31 May to 31 Dec.
• Network 2.0 & DRIVE: Efficiency program now active in ~290 locations; Canada rollout finished and ~130 U.S. facilities converted.
• Pricing actions: U.S. domestic & international list rates rose 5.9% on 6 Jan 2025; most pandemic-era demand surcharges were suspended 31 May 2025.
• Fuel profile: Jet-fuel spend fell to $2.83 bn (3.2 % of revenue) from $3.60 bn in FY24; FedEx remains un-hedged.
• Capital structure: 235.9 m shares outstanding (17 Jul 2025); non-affiliate market value c.$66.8 bn.
• Labor: 440 k employees at Federal Express; pilot contract talks continue under NMB mediation after July 2023 vote.

No revenue, EPS or cash-flow figures are provided in the excerpt; investors must review the full financial statements in Item 8 for performance metrics.

Positive

• Board-approved spin-off of FedEx Freight targeted for completion by June 2026, potentially unlocking shareholder value.
• Network 2.0 and DRIVE rollout has reached ~290 sites, indicating traction on cost-efficiency initiatives.
• Jet-fuel expense declined 21 % YoY, easing cost pressure without hedging complexity.

Negative

• Filing excerpt lacks revenue, EPS and cash-flow figures, limiting immediate assessment of financial health.
• Pilot contract remains unresolved; mediation continues after failed ratification, carrying future labor-cost uncertainty.

Insights

Corporate Strategy Analyst

TL;DR: Filing signals portfolio reshaping via Freight spin-off and network optimization; absent financials keep immediate valuation impact neutral.

The Freight spin-off could unlock a pure-play LTL entity and let core express focus on margin recovery, yet timelines (FY26) limit near-term catalysts. One FedEx and Network 2.0 show execution progress—290 sites converted—but benefits hinge on parcel-volume recovery. Fuel and surcharge data confirm cost tailwinds versus FY24. The fiscal-year change will shorten the next reporting period, complicating YoY comparability. Ongoing pilot negotiations pose limited operational risk at present. Overall, strategic direction is positive but incremental, with valuation implications dependent on future earnings detail.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

 CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2025

CALIX, INC.

(Exact name of Registrant as specified in its charter)

Delaware

001-34674

68-0438710

(State or other jurisdiction of incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

2777 Orchard Parkway, San Jose, California

95134

(Address of principal executive offices)

(Zip Code)

(408) 514-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.025 per share

CALX

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).  o

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Item 2.02     Results of Operations and Financial Condition.

On July 21, 2025, Calix, Inc. (the “Company”) issued a press release announcing it has publicly disseminated a stockholder letter with its financial results for the second quarter ended June 28, 2025. The press release is attached hereto as Exhibit 99.1. The stockholder letter, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference, includes reference to the non-GAAP measures of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP sales and marketing investments, non-GAAP research and development investments, non-GAAP general and administrative investments, non-GAAP effective income tax rate, non-GAAP net income or profitability, non-GAAP net income per diluted common share and non-GAAP free cash flow. These non-GAAP measures are provided to enhance the reader’s understanding of the Company’s operating performance as they primarily exclude non-cash stock-based compensation, U.S. tariff and tariff-related costs, intangible asset amortization and the impact from changes in income taxes, which the Company believes are not indicative of its core operating results. Management believes that the non-GAAP measures used in this stockholder letter provide investors with important perspectives into the Company’s ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with those GAAP results. A reconciliation of the non-GAAP results to the most directly comparable U.S. GAAP results is contained in tabular form in Exhibit 99.2. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits 

Exhibit No.						Description
99.1						Press Release, dated July 21, 2025 announcing second quarter 2025 financial results.
99.2						Stockholder Letter dated July 21, 2025 announcing financial results of the Company.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

July 21, 2025

CALIX, INC.

By:

/s/ Cory Sindelar

Cory Sindelar

Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.						Description
99.1						Press Release, dated July 21, 2025 announcing second quarter 2025 financial results.
99.2						Stockholder Letter dated July 21, 2025 announcing financial results of the Company.

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FAQ

Why is FedEx (FDX) spinning off FedEx Freight?

The Board believes a separate publicly traded LTL company will enhance strategic focus and could unlock shareholder value; completion is targeted by June 2026.

What is FedEx’s new fiscal year end?

December 31; the change becomes effective for the period beginning June 1 2026.

How far along is the Network 2.0 optimization project?

FedEx reports implementation in ~290 locations, including full rollout in Canada and 130 U.S. sites.

How much did FedEx spend on jet fuel in FY25?

Jet fuel cost was $2.83 billion, representing 3.2 % of consolidated revenue, down from $3.60 billion in FY24.

What was FedEx’s market capitalization used in the filing?

Non-affiliate market value was approximately $66.8 billion based on the 30 Nov 2024 closing price.

Is there any change to FedEx’s rate structure for 2025?

Yes, average list prices for U.S. domestic and international services rose 5.9 % on 6 Jan 2025; most pandemic demand surcharges were later suspended.