CALIX, INC CALX
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.45 | 0.44 | 0.63 | 3.77 | 0.57 | -0.32 | -0.37 | — | — |
| EPS, diluted | 0.26 | -0.45 | 0.42 | 0.60 | 3.51 | 0.54 | -0.32 | -0.37 | -1.66 | -0.56 |
| Shares, diluted (wtd. avg.) | $69.3M | $65.9M | $69.3M | $68.9M | $67.9M | $62.0M | $55.0M | $52.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 4899
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| VSAT | VIASAT INC | $10.38B | — | 2.7% |
| IRDM | Iridium Communications Inc. | $5.00B | 44.5x | 4.9% |
| CCOI | COGENT COMMUNICATIONS HOLDINGS, INC. | $514.7M | — | -5.8% |
| SPIR | Spire Global, Inc. | $458.8M | 8.0x | -35.2% |
| GOGO | Gogo Inc. | $384.8M | 31.6x | 104.7% |