Calix (CALX) FY2025 results: revenue $1.0 billion, up 20.3% on the year

Calix, Inc. (CALX) reported revenue of $1.0 billion for fiscal 2025, the year ended 31 December 2025, up 20.3% on the year before. Net income was $18 million, and diluted earnings per share $0.26. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$1.0 billion

+20.3% on the year

FY2018FY2025

Operating margin

2.1%

-5.2% a year earlier

FY2018FY2025

Net income

$18 million

FY2018FY2025

Diluted EPS

$0.26

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	1,000	832	1,040	+20.3%
Cost of revenue	432	378	521	+14.2%
Gross profit	568	454	518	+25.3%
Gross margin	56.8%	54.6%	49.9%
Research and development	190	180	178	+5.8%
Operating income	21.0	-43.0	25.6
Operating margin	2.1%	-5.2%	2.5%
Pre-tax income	34.2	-31.6	34.8
Income tax	16.3	-1.9	5.4
Effective tax rate	47.7%	n/a	15.6%
Net income	17.9	-29.7	29.3
Net margin	1.8%	-3.6%	2.8%
Diluted EPS	$0.26	-$0.45	$0.42

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	135	68.4	56.3	+97.3%
Capital expenditure	19.4	18.1	17.9	+7.6%
Free cash flow	116	50.3	38.4	+129.4%
Free cash flow margin	11.6%	6.1%	3.7%
Cash from investing	-6.4	-110	-6.2
Cash from financing	-28.4	20.9	-65.9
Depreciation and amortisation	17.7	19.6	16.6	-9.4%
Share-based compensation	87.9	70.8	62.8	+24.3%
Buybacks	93.6	10.7	86.4	+775.5%
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	69m	66m	69m	+5.2%
Shares outstanding at period end	67m	66m	65m	+1.0%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	859	781	719	+10.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	12.8	3.7	7.4	+242.9%
Other liabilities	187	155	215	+20.7%
Total liabilities and equity	1,059	939	942	+12.7%
Fixed assets	37.8	31.2	29.5	+21.4%
Goodwill	116	116	116	0.0%
Investments	245	n/a	n/a
Cash and equivalents	143	43.2	63.4	+231.5%
Receivables	99.4	79.3	126	+25.3%
Inventory	134	103	133	+30.2%
Other assets	283	567	474	-50.0%
Total assets	1,059	939	942	+12.7%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.