CALIX, INC CALX

Communication services SIC 4899 - Communications Services, NEC NAICS Information › Telecommunications › All Other Telecommunications derived NYSE

Calix was founded in 1999. We develop, market and sell platform, cloud and managed services, which are powered by agentic AI, that enable communication service providers ("CSPs") of all types and sizes to innovate and transform their businesses to focus on delivering outstanding subscriber experiences and become CXPs. The platform combines the Calix Agent Workforce™ with intelligent appliances, software, cloud and fully integrated SmartLife™ managed services to enable simplified business models that acquire, retain and grow subscribers and revenue. Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights. Our partner community extends innovation so customers can grow their businesses across markets at scale. With deep broadband expertise and an end-to-end approach from the datacenters' access edge to every residential, business and municipal subscriber location, Calix enables any service provider to simplify operations, engagement, and service; innovate for their subscribers; and grow value for members, investors, and the communities they serve. This focus on subscriber experience allows CXPs to expand their brand through increased subscriber acquisition, loyalty and revenue while reducing their operating costs.

Last close 36.47 2026-10-23
Market cap $2.30B 2026-06-27 share count
52-week range 32.35 - 71.22

Valuation FY2025 figures against the last close

P/S2.3x
P/E140.3x
P/FCF19.9x
EV/EBITDA59.3x
Dividend yield—
Diluted EPS0.26

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Americas excluding U.S.
  • Other
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 934.8M (93.5%) 93% United States Europe, FY2025: 33.4M (3.3%) Americas excluding U.S., FY2025: 25.3M (2.5%) Other, FY2025: 6.5M (0.6%) FY2024 United States, FY2024: 764.6M (92.0%) 92% Europe, FY2024: 34.3M (4.1%) 4% Americas excluding U.S., FY2024: 25.6M (3.1%) Other, FY2024: 7M (0.8%) FY2023 United States, FY2023: 944.2M (90.8%) 91% Europe, FY2023: 54.3M (5.2%) 5% Americas excluding U.S., FY2023: 32.7M (3.1%) Other, FY2023: 8.4M (0.8%)
Region FY2025FY2024FY2023
United States $934.8M $764.6M $944.2M
Europe $33.4M $34.3M $54.3M
Americas excluding U.S. $25.3M $25.6M $32.7M
Other $6.5M $7.0M $8.4M

As the company reported it, from the “Segment Information - Schedule of Revenue by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.00B$831.5M$1.04B$867.8M$679.4M$541.2M$424.3M$441.3M$510.4M$458.8M
Cost of revenue $431.7M$377.9M$521.3M$432.4M$322.8M$274.2M$236.4M$243.9M$337.5M$257.6M
Gross profit $568.3M$453.6M$518.3M$435.4M$356.6M$267.0M$187.9M$197.4M$172.9M$201.2M
R&D $190.4M$179.9M$177.8M$132.0M$101.7M$85.3M$81.2M$90.0M$127.5M$106.9M
SG&A $108.3M$98.9M$100.4M$76.3M$55.8M$44.4M$37.1M$40.5M$39.9M$41.6M
Total operating expenses $547.3M$496.6M$492.7M$382.8M$282.6M$230.2M$203.3M$215.9M$254.4M$229.3M
Operating income $21.0M-$43.0M$25.6M$52.6M$73.9M$36.8M-$15.4M-$18.5M-$81.6M-$28.1M
Interest expense —————————$585.0K
Pre-tax income $34.2M-$31.6M$34.8M$54.0M$72.7M$34.3M-$16.5M-$18.8M-$81.8M-$27.1M
Income tax $16.3M$1.9M$5.4M$13.0M$165.7M$800.0K$1.2M$530.0K$1.2M$347.0K
Net income $17.9M-$29.7M$29.3M$41.0M$238.4M$33.5M-$17.7M-$19.3M-$83.0M-$27.4M
EPS, basic 0.27-0.450.440.633.770.57-0.32-0.37——
EPS, diluted 0.26-0.450.420.603.510.54-0.32-0.37-1.66-0.56
Shares, diluted (wtd. avg.) 69.3M65.9M69.3M68.9M67.9M62.0M55.0M52.6M——

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $143.1M$43.2M$63.4M$79.1M$51.3M$80.8M$47.5M$50.3M$39.8M$50.4M
Short-term investments ————————$0$27.7M
Receivables $99.4M$79.3M$126.0M$93.8M$85.2M$69.4M$46.5M$67.0M$80.4M$51.3M
Inventory $133.7M$102.7M$133.0M$149.2M$88.9M$52.3M$40.2M$50.2M$31.5M$44.5M
Total current assets $691.6M$584.7M$598.0M$547.4M$409.2M$266.9M$143.8M$174.8M$162.5M$219.3M
Property, plant and equipment $37.8M$31.2M$29.5M$25.8M$21.8M$20.4M$21.5M$24.9M$15.7M$18.0M
Goodwill $116.2M$116.2M$116.2M$116.2M$116.2M$116.2M$116.2M$116.2M$116.2M$116.2M
Other intangibles ———$4.3M$6.9M$9.5M$12.1M$0—$813.0K
Total assets $1.06B$939.3M$941.9M$884.8M$742.0M$427.4M$316.8M$317.1M$295.1M$355.5M
Accounts payable $41.5M$20.2M$34.7M$41.4M$29.1M$13.1M$10.8M$40.2M$36.0M$23.8M
Total current liabilities $163.2M$131.1M$187.6M$165.4M$128.1M$101.0M$115.5M$143.7M$128.3M$121.4M
Total liabilities $199.3M$158.3M$222.9M$205.3M$173.6M$147.0M$162.8M$165.1M$150.1M$142.5M
Retained earnings -$372.2M-$390.1M-$360.4M-$389.7M-$430.7M-$669.1M-$702.6M-$684.9M-$667.4M-$584.3M
Total equity $859.2M$780.9M$719.0M$679.6M$568.4M$280.3M$154.0M$151.9M$145.0M$213.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $135.0M$68.4M$56.3M$27.2M$56.8M$51.4M$4.7M$3.6M-$62.8M$24.4M
Depreciation and amortisation $17.7M$19.6M$16.6M$14.3M$15.0M$13.7M$10.3M$9.2M$11.0M$8.3M
Stock-based compensation $87.9M$70.8M$62.8M$44.8M$24.2M$14.0M$11.2M$17.5M$12.4M$14.3M
Capital expenditure $19.4M$18.1M$17.9M$14.1M$10.5M$7.8M$13.4M$10.4M$8.0M$9.8M
Investing cash flow -$6.4M-$109.5M-$6.2M-$24.1M-$110.7M-$60.8M-$13.4M-$76.0K$19.7M$12.1M
Financing cash flow -$28.4M$20.9M-$65.9M$25.1M$24.4M$42.1M$6.0M$7.5M$32.0M-$9.2M
Buybacks $93.6M$10.7M$86.4M$0$0——$0$0$12.8M

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 0001406666-26-000005.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 458.8M Gross profit, FY2016: 201.2M Net income, FY2016: -27.4M Revenue, FY2017: 510.4M Gross profit, FY2017: 172.9M Net income, FY2017: -83M Revenue, FY2018: 441.3M Gross profit, FY2018: 197.4M Net income, FY2018: -19.3M Revenue, FY2019: 424.3M Gross profit, FY2019: 187.9M Net income, FY2019: -17.7M Revenue, FY2020: 541.2M Gross profit, FY2020: 267M Net income, FY2020: 33.5M Revenue, FY2021: 679.4M Gross profit, FY2021: 356.6M Net income, FY2021: 238.4M Revenue, FY2022: 867.8M Gross profit, FY2022: 435.4M Net income, FY2022: 41M Revenue, FY2023: 1B Gross profit, FY2023: 518.3M Net income, FY2023: 29.3M Revenue, FY2024: 831.5M Gross profit, FY2024: 453.6M Net income, FY2024: -29.7M Revenue, FY2025: 1B Gross profit, FY2025: 568.3M Net income, FY2025: 17.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $458.8M $510.4M $441.3M $424.3M $541.2M $679.4M $867.8M $1.04B $831.5M $1.00B
Gross profit $201.2M $172.9M $197.4M $187.9M $267.0M $356.6M $435.4M $518.3M $453.6M $568.3M
Net income -$27.4M -$83.0M -$19.3M -$17.7M $33.5M $238.4M $41.0M $29.3M -$29.7M $17.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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