HARMONIC INC. HLIT
We are a leading global provider of broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice and video services for their customers.
Our Broadband business provides broadband access solutions and related services, including our cOS software-based broadband access solution, to broadband operators globally.
We derived approximately 89% of our revenue from the Americas in 2025. The Europe, Middle East and Africa ("EMEA") and Asia Pacific ("APAC") regions accounted for 9% and 2% of our 2025 revenue, respectively.
On December 8, 2025, the Company entered into a Put Option Agreement (the "Put Option Agreement") to sell its Video business to Leone Media Inc. (d/b/a MediaKind) (the "Buyer"). Under the Put Option Agreement, the Buyer has irrevocably provided the Company with the right to require the Buyer to purchase the Company's Video business for a purchase price of $145 million in cash (the "Disposition"). The purchase price is subject to a potential adjustment based on the amount, on the date the Disposition is consummated, of net working capital of the Video business, the cash and debt of the entities to be sold in the Disposition, as well as the amount of specified selling expenses. In accordance with the authoritative guidance for discontinued operations (Accounting Standards Codification (ASC) 205-20), the Company determined that the Disposition of the Video business met the held-for-sale and discontinued operations accounting criteria upon execution of the Put Option Agreement. Accordingly, the Company classified the results of the Video Business as discontinued operations in its consolidated statements of operations for all periods presented. Additionally, the related assets and liabilities associated with the Video Business were classified as held-for-sale in the consolidated balance sheet as of December 31, 2025.
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 | $360.5M | $488.2M | $388.5M | $625.0M | $507.1M | $378.8M | $402.9M | $403.6M | $358.2M | $405.9M |
| Cost of revenue | $185.8M | $248.1M | $210.4M | $309.1M | $247.4M | $183.8M | $179.9M | $194.3M | $188.4M | $205.2M |
| Gross profit | $174.7M | $240.1M | $178.1M | $315.9M | $259.7M | $195.0M | $223.0M | $209.2M | $169.8M | $200.8M |
| R&D | $76.3M | $72.6M | $69.7M | $120.3M | $102.2M | $82.5M | $84.6M | $89.2M | $96.0M | $98.4M |
| SG&A | $81.4M | $79.2M | $78.3M | $146.7M | $138.1M | $119.6M | $119.0M | $119.0M | $136.3M | $144.4M |
| Total operating expenses | $160.7M | $165.4M | $148.1M | $270.4M | $240.9M | $207.4M | $209.9M | $214.2M | $240.7M | $267.8M |
| Operating income | $14.1M | $74.7M | $30.0M | $45.5M | $18.8M | -$12.4M | $13.1M | -$5.0M | -$70.9M | -$67.0M |
| Interest expense | $3.8M | $6.5M | $2.0M | $5.0M | $10.6M | $11.5M | $11.7M | $11.4M | — | — |
| Pre-tax income | $8.9M | $71.5M | $27.8M | $44.5M | $8.9M | -$26.2M | -$6.6M | -$16.9M | -$84.7M | -$80.4M |
| Income tax | $7.6M | $20.8M | $60.5M | $16.3M | $4.4M | $3.1M | $672.0K | $4.1M | $1.8M | $8.1M |
| Net income | $1.2M | $39.2M | $84.0M | $28.2M | $13.3M | -$29.3M | -$5.9M | -$21.0M | -$83.0M | -$72.3M |
| EPS, basic | -0.38 | 0.34 | 0.75 | 0.27 | 0.13 | -0.30 | -0.07 | — | — | — |
| EPS, diluted | -0.38 | 0.33 | 0.72 | 0.25 | 0.12 | -0.30 | -0.07 | -0.25 | -1.02 | -0.93 |
| Shares, diluted (wtd. avg.) | 114.2M | 117.5M | 117.4M | 112.4M | 106.2M | 97.0M | 89.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $124.1M | $101.5M | $84.3M | $89.6M | $133.4M | $98.6M | $93.1M | $66.0M | $58.8M | $57.4M |
| Receivables | $85.9M | $143.7M | $141.5M | $108.4M | $88.5M | $66.2M | $88.5M | $81.8M | $69.8M | $86.8M |
| Inventory | $47.8M | $43.1M | $84.0M | $120.9M | $71.2M | $35.0M | $29.0M | $25.6M | $26.0M | $41.2M |
| Total current assets | $494.4M | $565.1M | $330.7M | $345.3M | $323.1M | $238.0M | $251.4M | $196.7M | $171.8M | $216.8M |
| Property, plant and equipment | $25.6M | $25.2M | $36.7M | $39.8M | $42.7M | $43.1M | $22.9M | $22.3M | $29.3M | $32.2M |
| Goodwill | $60.9M | $60.8M | $60.8M | $237.7M | $240.2M | $243.7M | $239.8M | $240.6M | $242.8M | $237.3M |
| Other intangibles | — | — | — | — | — | $508.0K | $4.5M | $12.8M | $21.3M | $29.2M |
| Total assets | $718.5M | $796.5M | $768.2M | $710.0M | $693.7M | $591.5M | $587.3M | $510.8M | $508.1M | $554.1M |
| Accounts payable | $23.1M | $28.3M | $38.6M | $67.5M | $64.4M | $23.5M | $40.9M | $33.8M | $33.1M | $28.9M |
| Short-term debt | $2.9M | $2.2M | — | — | — | — | — | — | — | — |
| Total current liabilities | $197.9M | $192.3M | $272.4M | $322.1M | $224.5M | $147.3M | $191.9M | $136.4M | $142.1M | $144.9M |
| Long-term debt | $109.1M | $112.1M | $0 | $15.9M | $18.0M | $21.8M | $17.2M | $19.7M | $21.8M | $19.3M |
| Total liabilities | $335.2M | $331.2M | $331.3M | $385.5M | $396.9M | $333.2M | $332.5M | $282.6M | $289.7M | $283.4M |
| Retained earnings | -$2.08B | -$1.95B | -$1.96B | -$2.05B | -$2.09B | -$2.10B | -$2.07B | -$2.07B | -$2.06B | -$1.98B |
| Total equity | $383.2M | $465.3M | $436.9M | $324.5M | $295.9M | $258.3M | $252.4M | $228.2M | $229.8M | $270.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $108.0M | $61.9M | $7.1M | $5.5M | $41.0M | $39.2M | $31.3M | $12.3M | $3.1M | $438.0K |
| Depreciation and amortisation | $11.1M | $12.1M | $12.3M | $12.3M | $12.5M | $11.7M | $11.3M | $13.0M | $14.6M | $18.8M |
| Stock-based compensation | $31.9M | $28.1M | $27.3M | $25.2M | $24.1M | $18.0M | $12.1M | $17.3M | $16.6M | $13.1M |
| Capital expenditure | $11.1M | $9.2M | $8.5M | $9.2M | $13.0M | $32.2M | $10.3M | $7.0M | $11.4M | $15.1M |
| Investing cash flow | -$11.1M | -$9.2M | -$8.5M | -$1.3M | -$13.0M | -$32.2M | -$10.3M | -$6.9M | -$4.5M | -$69.7M |
| Financing cash flow | -$81.4M | -$33.3M | -$5.0M | -$43.1M | $7.9M | -$2.1M | $6.3M | $2.7M | $895.0K | -$152.0K |
| Dividends paid | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Buybacks | $79.0M | $30.0M | $0 | $5.1M | $0 | $0 | — | — | $0 | $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 0001140361-26-016701.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $405.9M | $358.2M | $403.6M | $402.9M | $378.8M | $507.1M | $625.0M | $388.5M | $488.2M | $360.5M |
| Gross profit | $200.8M | $169.8M | $209.2M | $223.0M | $195.0M | $259.7M | $315.9M | $178.1M | $240.1M | $174.7M |
| Net income | -$72.3M | -$83.0M | -$21.0M | -$5.9M | -$29.3M | $13.3M | $28.2M | $84.0M | $39.2M | $1.2M |
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
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- 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
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- 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
- Officer or director change Item 5.02
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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