AVIAT NETWORKS, INC. AVNW
Aviat Networks, Inc., together with its subsidiaries, is a global supplier of microwave networking and wireless access networking solutions, backed by an extensive suite of professional services and support. Aviat Networks, Inc. may be referred to as "the Company," "AVNW," "Aviat Networks," "Aviat," "we," "us" and "our" in this Annual Report on Form 10-K.
Aviat was incorporated in Delaware in 2006 to combine the businesses of Harris Corporation's Microwave Communications Division ("MCD") and Stratex Networks, Inc. ("Stratex"). On January 28, 2010, we changed our corporate name from Harris Stratex Networks, Inc. to Aviat Networks, Inc.
Aviat's principal executive offices are located at 200C Parker Dr., Suite 100A, Austin, Texas 78728, and its telephone number is (512) 265-3680. Aviat's common stock is listed on the NASDAQ Global Select Market under the symbol AVNW. As of July 3, 2026, the Company had 900 employees.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $439.7M | $434.6M | $408.1M | $344.4M | $303.0M | $274.9M | $238.6M | $243.9M | $242.5M | $241.9M |
| Cost of revenue | $301.4M | $295.2M | $263.4M | $222.1M | $193.7M | $172.3M | $153.9M | $164.6M | $162.0M | $166.4M |
| Gross profit | $138.3M | $139.4M | $144.7M | $122.4M | $109.2M | $102.6M | $84.7M | $79.3M | $80.5M | $75.5M |
| R&D | $28.4M | $35.8M | $36.4M | $24.9M | $22.6M | $21.8M | $19.3M | $21.1M | $19.8M | $18.7M |
| SG&A | $88.5M | $89.5M | $85.0M | $69.8M | $57.7M | $56.3M | $58.0M | $56.1M | $58.2M | $57.2M |
| Total operating expenses | $119.1M | $128.9M | $125.3M | $97.8M | $80.5M | $80.4M | $81.3M | $77.9M | $79.2M | $76.5M |
| Operating income | $19.2M | $10.6M | $19.4M | $24.6M | $28.7M | $22.2M | $3.4M | $1.4M | $1.3M | -$985.0K |
| Interest expense | — | — | — | — | — | $0 | $54.0K | $102.0K | $29.0K | $50.0K |
| Pre-tax income | $13.2M | $3.6M | $16.9M | $21.3M | $30.4M | $22.4M | $3.7M | $1.6M | $1.3M | -$605.0K |
| Income tax | $10.7M | $2.2M | $6.1M | $11.1M | $9.3M | $87.7M | $3.5M | $8.2M | $1.0M | $16.0K |
| Net income | $2.5M | $1.3M | $10.8M | $10.2M | $21.2M | $110.1M | $257.0K | $9.7M | $1.8M | -$823.0K |
| EPS, basic | 0.20 | 0.11 | 0.88 | 0.90 | 1.89 | 9.98 | 0.02 | 0.91 | 0.35 | -0.16 |
| EPS, diluted | 0.19 | 0.10 | 0.86 | 0.86 | 1.79 | 9.42 | 0.02 | 0.87 | 0.33 | -0.16 |
| Shares, diluted (wtd. avg.) | $13.0M | $12.8M | $12.5M | $11.9M | $11.8M | $11.7M | $10.9M | $11.2M | $5.6M | $5.3M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $72.8M | $59.7M | $64.9M | $22.5M | $37.1M | $48.2M | $41.9M | $32.2M | $37.8M | $36.6M |
| Short-term investments | — | — | — | $2.0K | $10.9M | $0 | — | — | $0 | $264.0K |
| Receivables | $192.2M | $180.3M | $158.0M | $100.9M | $73.2M | $48.1M | $44.7M | $51.9M | $45.6M | $45.9M |
| Inventory | — | — | — | — | — | — | — | $8.6M | $21.3M | $21.8M |
| Total current assets | $439.2M | $463.6M | $405.2M | $235.9M | $206.4M | $170.2M | $139.9M | $126.0M | $123.5M | $124.6M |
| Property, plant and equipment | $18.8M | $17.5M | $9.5M | $9.5M | $8.9M | $11.7M | $16.9M | $17.3M | $17.2M | $16.4M |
| Goodwill | $19.4M | $19.7M | $8.2M | $5.1M | $0 | — | — | — | — | — |
| Other intangibles | $23.6M | $26.9M | $13.6M | $9.0M | $0 | — | — | — | — | — |
| Total assets | $599.0M | $633.3M | $535.2M | $363.1M | $323.9M | $297.7M | $179.8M | $169.2M | $156.1M | $152.6M |
| Accounts payable | $119.5M | $148.1M | $92.9M | $60.1M | $42.4M | $32.4M | $32.0M | $35.6M | $30.9M | $33.6M |
| Short-term debt | $7.9M | $18.6M | $2.4M | $0 | — | $0 | $9.0M | $9.0M | $9.0M | $9.0M |
| Total current liabilities | $223.2M | $282.2M | $218.9M | $130.1M | $104.5M | $96.4M | $94.0M | $82.2M | $86.5M | $86.0M |
| Long-term debt | $89.1M | $69.0M | $46.0M | $0 | — | — | — | — | — | — |
| Total liabilities | $331.6M | $370.1M | $279.3M | $144.4M | $122.2M | $114.3M | $111.1M | $97.7M | $98.5M | $98.2M |
| Retained earnings | -$574.6M | -$577.2M | -$578.5M | -$589.3M | -$599.4M | -$620.6M | -$730.7M | -$731.0M | -$740.7M | -$748.2M |
| Total equity | $267.4M | $263.2M | $255.9M | $218.7M | $201.8M | $183.3M | $68.7M | $71.5M | $57.5M | $54.3M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.6M | $5.7M | $30.5M | -$1.6M | $2.8M | $17.3M | $17.5M | $2.9M | $8.2M | $9.4M |
| Depreciation and amortisation | $3.3M | $5.3M | $4.0M | $5.5M | $4.5M | $5.4M | $4.4M | $4.5M | $5.2M | $5.8M |
| Stock-based compensation | $6.2M | $7.1M | $7.3M | $6.7M | $3.8M | $2.9M | $1.7M | $1.7M | $2.4M | $2.1M |
| Capital expenditure | $7.5M | $13.0M | $2.7M | $5.3M | $1.8M | $2.8M | $4.6M | $5.2M | $6.6M | $4.0M |
| Investing cash flow | -$7.3M | -$28.5M | -$35.2M | -$11.9M | -$7.8M | -$2.8M | -$4.6M | -$5.2M | -$6.3M | -$4.0M |
| Financing cash flow | $6.3M | $18.7M | $48.7M | -$681.0K | -$4.9M | -$8.0M | -$2.5M | -$3.0M | $12.0K | $21.0K |
| Buybacks | $2.7M | $598.0K | $332.0K | $0 | $5.4M | $787.0K | $1.8M | $2.3M | $8.0K | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-059187.
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