Harmonic (HLIT) FY2025 results: revenue $361 million, down 26.2% on the year
Harmonic Inc. (HLIT) reported revenue of $361 million for fiscal 2025, the year ended 31 December 2025, down 26.2% on the year before. Net income was -$43 million, and diluted earnings per share $-0.38. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$361 million
-26.2% on the year
FY2018FY2025
Operating margin
3.9%
15.3% a year earlier
FY2018FY2025
Net income
-$43 million
FY2018FY2025
Diluted EPS
-$0.38
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 15 new.
Bookings and backlog rose sharply: Management said Broadband bookings in Q4 drove a 3.5 book-to-bill and a substantial year-over-year increase in backlog, which it said improves visibility into 2026.
Total-company loss includes Video impairment: Including Video, total-company Q4 net revenue was $157.3 million. GAAP net loss per share was $(0.49) for Q4, which includes a $57.5 million goodwill impairment on the Video business.
Video sale priced at $145 million: The Video business is to be sold to Leone Media (MediaKind) for $145 million in cash, subject to adjustment for working capital, cash and debt, and selling expenses at closing.
Top two customers held 59%: Top two customers, measured by largest subscriber footprint, were 59% of Q4 continuing revenue, against 65% in Q3 and 82% a year earlier. Full-year share was 62%.
COS deployed at 146 customers: Management said cOS is commercially deployed with 146 customers, serving 41.3 million cable modems.
$ million except per share. Read moreFree 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
Last 8 years
Operating cash flow
108
61.9
7.1
+74.4%
Capital expenditure
11.1
9.2
8.5
+20.6%
Free cash flow
96.9
52.7
-1.4
+83.7%
Free cash flow margin
26.9%
10.8%
-0.4%
Cash from investing
-11.1
-9.2
-8.5
Cash from financing
-81.4
-33.3
-5.0
Depreciation and amortisation
n/a
n/a
12.3
Share-based compensation
31.9
28.1
27.3
+13.6%
Buybacks
79.0
30.0
0.0
+163.0%
Dividends paid
n/a
0.0
0.0
Diluted shares, weighted
114m
117m
117m
-2.8%
Shares outstanding at period end
111m
117m
112m
-4.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
383
465
437
-17.6%
Debt
112
114
130
-1.9%
Operating lease liabilities
14.7
14.7
19.0
-0.4%
Other liabilities
208
202
182
+3.1%
Total liabilities and equity
718
797
768
-9.8%
Fixed assets
25.6
25.2
36.7
+1.9%
Goodwill
60.9
60.8
60.8
+0.2%
Cash and equivalents
124
101
84.3
+22.3%
Receivables
85.9
144
142
-40.2%
Inventory
47.8
43.1
84.0
+11.1%
Other assets
374
422
361
-11.4%
Total assets
718
797
768
-9.8%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.