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Telecom services · Communication Services · Fiscal year ends Dec 31
CALIX reported revenue of $1B in the fiscal year ended Dec 2025, up 20.3% from the year before. Operating income was $21M, an operating margin of 2.1%, and net income was $18M. Operating cash flow of $135M less capital expenditure of $19M left free cash flow of $116M.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 679 | 868 | 1,040 | 832 | 1,000 |
| Cost of revenue | 323 | 432 | 521 | 378 | 432 |
| Gross profit | 357 | 435 | 518 | 454 | 568 |
| Research & development | 102 | 132 | 178 | 180 | 190 |
| Selling, general & admin | 182 | 251 | 315 | 317 | 357 |
| Operating income | 73.9 | 52.6 | 25.6 | −43.0 | 21.0 |
| Pre-tax income | 72.7 | 54.0 | 34.8 | −31.6 | 34.2 |
| Income tax | −166 | 13.0 | 5.4 | −1.9 | 16.3 |
| Net income | 238 | 41.0 | 29.3 | −29.7 | 17.9 |
| Diluted EPS | 3.51 | 0.60 | 0.42 | −0.45 | 0.26 |
| Diluted shares | 67.9 | 68.9 | 69.3 | 65.9 | 69.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 51.3 | 79.1 | 63.4 | 43.2 | 143 |
| Receivables | 85.2 | 93.8 | 126 | 79.3 | 99.4 |
| Inventory | 88.9 | 149 | 133 | 103 | 134 |
| Current assets | 409 | 547 | 598 | 585 | 692 |
| Net PP&E | 21.8 | 25.8 | 29.5 | 31.2 | 37.8 |
| Goodwill | 116 | 116 | 116 | 116 | 116 |
| Total assets | 742 | 885 | 942 | 939 | 1,059 |
| Payables | 29.1 | 41.4 | 34.7 | 20.2 | 41.5 |
| Deferred revenue | 27.5 | 33.5 | 36.7 | 26.8 | 30.4 |
| Current liabilities | 128 | 165 | 188 | 131 | 163 |
| Total liabilities | 174 | 205 | 223 | 158 | 199 |
| Shareholders' equity | 568 | 680 | 719 | 781 | 859 |
| Backlog (remaining obligations) | 125 | 199 | 243 | 326 | 385 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 56.8 | 27.2 | 56.3 | 68.4 | 135 |
| Capital expenditure | 10.5 | 14.1 | 17.9 | 18.1 | 19.4 |
| Free cash flow | 46.3 | 13.1 | 38.4 | 50.3 | 116 |
| Depreciation & amortisation | 15.0 | 14.3 | 16.6 | 19.6 | 17.7 |
| Stock-based compensation | 24.2 | 44.8 | 62.8 | 70.8 | 87.9 |
| Share buybacks | 0.0 | 0.0 | 86.4 | 10.7 | 93.6 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.7% | 19.8% | −20.0% | 20.3% |
| Operating income growth (YoY) | – | −28.8% | −51.4% | −268.2% | – |
| EPS growth (YoY) | – | −82.9% | −30.0% | −207.1% | – |
| Gross margin | 52.5% | 50.2% | 49.9% | 54.6% | 56.8% |
| Operating margin | 10.9% | 6.1% | 2.5% | −5.2% | 2.1% |
| Net margin | 35.1% | 4.7% | 2.8% | −3.6% | 1.8% |
| Return on equityBlank when equity is negative | 41.9% | 6.0% | 4.1% | −3.8% | 2.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.0% | 7.3% | 3.4% | −5.3% | 2.3% |
| Free cash flow margin | 6.8% | 1.5% | 3.7% | 6.1% | 11.6% |
| Cash conversion (CFO ÷ net income) | 0.24x | 0.66x | 1.92x | −2.30x | 7.55x |
| Receivable days | 46 | 39 | 44 | 35 | 36 |
| Inventory days | 100 | 126 | 93 | 99 | 113 |
| Payable days | 33 | 35 | 24 | 20 | 35 |
| Current ratio | 3.19x | 3.31x | 3.19x | 4.46x | 4.24x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.