Calix supplies broadband service providers with access-network and subscriber-premises appliances, software, cloud applications and managed services. Its Calix One platform supports residential, business, municipal and multi-dwelling-unit services. Calix reports one operating segment; appliances and software-and-service revenue are product categories, not separate reporting segments.
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A snapshot of what CALIX, INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001406666-24-000012 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001406666-25-000008 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001406666-26-000005 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Calix’s recovery is real, but revenue growth, profitability and cash generation are moving differently. In 2025, stronger appliance demand and software-and-service growth restored GAAP operating profit, although revenue and operating income remained below 2023 levels. Growth continued into the first half of 2026, while higher memory costs and zero-profit surcharges complicated the revenue and margin picture. Earnings improved, but inventory and receivables absorbed cash; substantial repurchases reduced cash and marketable securities. Software margins recovered sequentially after the platform migration, without establishing that all cloud-cost pressure had ended. The central question is whether customer expansion and recurring services can support sustained profits and cash generation despite component inflation, investment requirements and discretionary capital returns. Securities litigation and conditional FCC product-support restrictions add uncertainty.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31 · 10-Q · 2026-06-27 · EX-99.2 · 2026-07-20
Calix sells to service providers, not directly to household broadband subscribers. Appliances establish its network footprint; software, cloud applications and managed services create opportunities to expand spending as providers add subscribers and services. The annual report describes approximately 1,600 active customers. However, most revenue remains nonrecurring and customers generally have no committed purchase requirements. Software-and-service revenue also includes upfront licenses and delivered professional services, so it is not a pure subscription measure. Customer budgets, deployment schedules and financing remain important demand drivers.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-03-28
For the year ended December 31, 2025, revenue recovered to $1,000.010 million from $831.518 million. Management attributed appliance growth to new customers and expansion within existing accounts, and software-and-service growth to customers adding subscribers. Gross margin improved to 56.8% from 54.6%. Gross-profit growth exceeded the increase in operating expenses, restoring GAAP operating income to $20.990 million from a $43.034 million loss. Nevertheless, both revenue and operating income remained below 2023. Net income was $17.884 million; a 47.6% effective tax rate, including nondeductible compensation effects, limited the earnings recovery.
Sources: 10-K · 2025-12-31
Operating cash flow reached $134.953 million in 2025, supported by improved results, noncash expense adjustments and reduced supplier deposits, with inventory and receivables providing offsets. That is not equivalent to profit. In the six months ended June 27, 2026, operating cash flow fell to $31.146 million from $56.593 million despite higher earnings. Inventory and receivables absorbed cash, partly financed by increased payables. First-half cash capital expenditure was $12.698 million. These movements show that growth and supply protection required working capital rather than automatically producing stronger cash conversion.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-27
First-half 2026 cash repurchases totaled $240.227 million, substantially exceeding operating cash generation. Cash and equivalents fell to $68.914 million and separately classified marketable securities to $125.388 million, together $194.302 million at June 27 versus $388.104 million at year-end. Securities sales and maturities supplied liquidity but were not operating cash generation. Purchase and lease commitments due within a year totaled $263.535 million. This indicates funding demands, not insolvency: future receipts, payment timing and discretionary buybacks matter. Management expected sufficient liquidity for at least twelve months. No current committed credit facility or covenant headroom is established.
Sources: 10-Q · 2026-06-27
Second-quarter 2026 revenue was $293.329 million and GAAP net income $17.111 million, versus $241.882 million and a small loss a year earlier. Higher gross-profit dollars and lower stock compensation supported operating profit. Yet consolidated gross margin fell to 54.6%, primarily because of memory costs. Surcharges recovered only part of those costs and added revenue without gross profit, mechanically depressing margin percentage. Software-and-service margin recovered sequentially after migration-related dual-cloud spending, but remained below the prior-year quarter. The disclosures do not separate surcharge revenue from underlying price, volume and mix.
Sources: 10-Q · 2026-06-27 · EX-99.2 · 2026-07-20
Calix relies on a small group of outside manufacturers and limited-source components. Shortages can raise costs; excess forecasts can create obsolete inventory and supplier obligations. Government broadband funding remains conditional customer demand, not Calix backlog. The July quarterly filing also disclosed a securities class action concerning memory supply and non-GAAP margins; allegations are unproven and possible losses could not be estimated. Calix described potential FCC restrictions on future products and support after early 2027, while explicitly distinguishing currently authorized models whose importation and sale would not be affected. These are conditional exposures, not established prohibitions or adjudicated liability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-27
USD 1.00001 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.00001 bn | 20.3% |
| 2024 | USD 831.518 m | -20.0% |
| 2023 | USD 1.039593 bn | — |
Consolidated appliance plus software and service revenue.
Sources: 10-K · 2025-12-31
USD 17.884 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 17.884 m | — |
| 2023 | USD 29.325 m | — |
Consolidated net income after income taxes; losses negative.
Sources: 10-K · 2025-12-31
USD -29.747 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -29.747 m | — |
Consolidated net income after income taxes; losses negative.
Sources: 10-K · 2025-12-31
USD 134.953 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 134.953 m | 97.3% |
| 2024 | USD 68.4 m | 21.6% |
| 2023 | USD 56.251 m | — |
Net cash provided by operating activities.
Sources: 10-K · 2025-12-31
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