Revenue rebounded 4.8% year-over-year to $120.9M in 2026Q4, but gross margin slipped to 30.8% from 34.2% in 2025Q4 and a $1.3M net loss persisted despite $5.8M of operating income, suggesting operating leverage remains unproven.
Aviat Networks, Inc. (AVNW) annual income statement — 30-year revenue, gross profit & net income history
| Metric | Jul'26 | Jun'25 | Jun'24 | Jun'23 | Jul'22 | Jul'21 | Jul'20 | Jun'19 | Jun'18 | Jun'17 | Jul'16 | Jul'15 | Jun'14 | Jun'13 | Jun'12 | Jul'11 | Jul'10 | Jul'09 | Jun'08 | Jun'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 439.68M | 434.61M | 408.08M | 344.43M | 302.96M | 302.96M | 238.64M | 243.86M | 242.51M | 241.87M | 268.69M | 335.9M | 346.5M | 471.3M | 444M | 452.1M | 478.9M | 679.9M | 718.4M | 507.9M | 230.89M | 180.3M | 157.35M | 197.7M | 228.84M | 417.66M | 300.5M | 236.5M | 310.49M | 178.34M |
| Revenue Growth % | 1.17% | 6.5% | 18.48% | 13.69% | 0% | 26.95% | -2.14% | 0.56% | 0.26% | -9.98% | -20.01% | -3.06% | -26.48% | 6.15% | -1.79% | -5.6% | -29.56% | -5.36% | 41.45% | 119.97% | 28.06% | 14.59% | -20.41% | -13.61% | -45.21% | 38.99% | 27.06% | -23.83% | 74.1% | 18.56% |
| Cost of Goods Sold | 301.39M | 295.17M | 263.35M | 222.05M | 193.72M | 193.72M | 153.95M | 164.59M | 162M | 166.4M | 206.97M | 255.2M | 260.9M | 331.2M | 312.3M | 324M | 345.5M | 505.5M | 528.2M | 352.2M | 167.3M | 151.4M | 129.69M | 149.16M | 184.53M | 288.87M | 209.65M | 185.49M | 197.05M | 118.78M |
| COGS % of Revenue | 68.55% | 67.92% | 64.53% | 64.47% | 63.94% | 63.94% | 64.51% | 67.49% | 66.8% | 68.8% | 77.03% | 75.98% | 75.3% | 70.27% | 70.34% | 71.67% | 72.14% | 74.35% | 73.52% | 69.34% | 72.46% | 83.97% | 82.42% | 75.45% | 80.63% | 69.16% | 69.77% | 78.43% | 63.46% | 66.6% |
| Gross Profit | 138.29M | 139.44M | 144.73M | 122.38M | 109.23M | 109.23M | 84.7M | 79.27M | 80.5M | 75.47M | 61.72M | 80.7M | 85.6M | 140.1M | 131.7M | 128.1M | 133.4M | 174.4M | 190.2M | 155.7M | 63.59M | 28.9M | 27.66M | 48.54M | 44.32M | 128.8M | 90.85M | 51.01M | 113.44M | 59.57M |
| Gross Margin % | 31.45% | 32.08% | 35.47% | 35.53% | 36.06% | 36.06% | 35.49% | 32.51% | 33.2% | 31.2% | 22.97% | 24.02% | 24.7% | 29.73% | 29.66% | 28.33% | 27.86% | 25.65% | 26.48% | 30.66% | 27.54% | 16.03% | 17.58% | 24.55% | 19.37% | 30.84% | 30.23% | 21.57% | 36.54% | 33.4% |
| Gross Profit Growth % | -0.82% | -3.66% | 18.26% | 12.04% | 0% | 28.97% | 6.84% | -1.53% | 6.67% | 22.29% | -23.52% | -5.72% | -38.9% | 6.38% | 2.81% | -3.97% | -23.51% | -8.31% | 22.16% | 144.85% | 120% | 4.5% | -43.02% | 9.53% | -65.59% | 41.77% | 78.12% | -55.04% | 90.45% | 95.29% |
| Operating Expenses | 118.71M | 150.01M | 164.13M | 147M | 80.49M | 80.49M | 81.32M | 77.9M | 79.19M | 76.46M | 89.16M | 106.62M | 135.83M | 138.4M | 144.4M | 162.7M | 187.7M | 184.3M | 203.9M | 142.6M | 61.27M | 72.63M | 62.2M | 99.43M | 204.34M | 124.09M | 76.33M | 147.15M | 92.53M | 45.67M |
| OpEx % of Revenue | 27% | 34.52% | 40.22% | 42.68% | 26.57% | 26.57% | 34.08% | 31.95% | 32.65% | 31.61% | 33.18% | 31.74% | 39.2% | 29.37% | 32.52% | 35.99% | 39.19% | 27.11% | 28.38% | 28.08% | 26.53% | 40.28% | 39.53% | 50.29% | 89.29% | 29.71% | 25.4% | 62.22% | 29.8% | 25.61% |
| Selling, General & Admin | 88.51M | 89.48M | 85.04M | 69.84M | 57.66M | 57.66M | 57.98M | 56.05M | 58.16M | 57.18M | 65.9M | 76M | 88.8M | 95.5M | 98.9M | 104M | 141M | 138.3M | 141.4M | 98.9M | 46.79M | 44.38M | 39.27M | 58.92M | 58.49M | 62.72M | 51.95M | 55.34M | 58.05M | 35.07M |
| SG&A % of Revenue | 20.13% | 20.59% | 20.84% | 20.28% | 19.03% | 19.03% | 24.3% | 22.99% | 23.98% | 23.64% | 24.53% | 22.63% | 25.63% | 20.26% | 22.27% | 23% | 29.44% | 20.34% | 19.68% | 19.47% | 20.27% | 24.61% | 24.96% | 29.8% | 25.56% | 15.02% | 17.29% | 23.4% | 18.7% | 19.66% |
| Research & Development | 28.4M | 35.77M | 36.43M | 24.91M | 22.6M | 22.6M | 19.28M | 21.11M | 19.75M | 18.68M | 20.81M | 25.4M | 35.5M | 39.4M | 36M | 40.5M | 41.1M | 40.4M | 46.1M | 39.4M | 14.47M | 16.66M | 17.15M | 14.39M | 18.53M | 24.01M | 24.37M | 24.13M | 19.88M | 10.6M |
| R&D % of Revenue | 6.46% | 8.23% | 8.93% | 7.23% | 7.46% | 7.46% | 8.08% | 8.66% | 8.14% | 7.72% | 7.74% | 7.56% | 10.25% | 8.36% | 8.11% | 8.96% | 8.58% | 5.94% | 6.42% | 7.76% | 6.27% | 9.24% | 10.9% | 7.28% | 8.1% | 5.75% | 8.11% | 10.2% | 6.4% | 5.94% |
| Other Operating Expenses | 1.8M | 24.76M | 42.67M | 52.25M | 238K | 238K | 4.05M | 736K | 1.28M | 589K | 2.46M | 5.22M | 11.53M | 3.5M | 9.5M | 18.2M | 5.6M | 5.6M | 16.4M | 4.3M | 0 | 11.59M | 5.78M | 26.12M | 127.32M | 37.37M | 0 | 67.68M | 14.6M | 0 |
| Operating Income | 19.58M | -10.57M | -19.4M | -24.62M | 28.75M | 28.75M | 3.38M | 1.37M | 1.32M | -985K | -27.45M | -26M | -50.64M | 6M | -5M | -17M | -54.3M | -9.9M | -7.7M | -3.4M | 2.32M | -36.3M | -29.06M | -50.89M | -160.03M | 4.71M | 14.53M | -96.15M | 19.73M | 13.9M |
| Operating Margin % | 4.45% | -2.43% | -4.75% | -7.15% | 9.49% | 9.49% | 1.42% | 0.56% | 0.54% | -0.41% | -10.21% | -7.74% | -14.62% | 1.27% | -1.13% | -3.76% | -11.34% | -1.46% | -1.07% | -0.67% | 1.01% | -20.13% | -18.47% | -25.74% | -69.93% | 1.13% | 4.83% | -40.65% | 6.35% | 7.79% |
| Operating Income Growth % | 285.16% | 45.49% | 21.2% | -185.65% | 0% | 750.95% | 146.93% | 3.87% | 233.71% | 96.41% | -5.56% | 48.66% | -944.07% | 220% | 70.59% | 68.69% | -448.48% | -28.57% | -126.47% | -246.43% | 106.4% | -24.92% | 42.91% | 68.2% | -3499.72% | -67.59% | 115.11% | -587.29% | 41.96% | 273.24% |
| EBITDA | 25.7M | -2.53M | -14.41M | -18.44M | 33.21M | 33.79M | 7.76M | 5.84M | 6.52M | 4.86M | -20.8M | -18.4M | -43.14M | 12.6M | 2.2M | -4.9M | -15.8M | 28.2M | 26M | 36.9M | 9.74M | -24.84M | -19.59M | -40.08M | -139.74M | 22.57M | 31.12M | -70.23M | 33.14M | 19.69M |
| EBITDA Margin % | 5.84% | -0.58% | -3.53% | -5.35% | 10.96% | 11.15% | 3.25% | 2.39% | 2.69% | 2.01% | -7.74% | -5.48% | -12.45% | 2.67% | 0.5% | -1.08% | -3.3% | 4.15% | 3.62% | 7.27% | 4.22% | -13.78% | -12.45% | -20.27% | -61.06% | 5.4% | 10.36% | -29.7% | 10.67% | 11.04% |
| EBITDA Growth % | 1115.77% | 82.44% | 21.87% | -155.53% | -1.71% | 335.11% | 33.05% | -10.44% | 34.21% | 123.34% | -13.03% | 57.35% | -442.41% | 472.73% | 144.9% | 68.99% | -156.03% | 8.46% | -29.54% | 278.85% | 139.21% | -26.81% | 51.13% | 71.32% | -719.12% | -27.47% | 144.31% | -311.92% | 68.33% | 1264.34% |
| D&A (Non-Cash Add-back) | 6.12M | 8.04M | 4.99M | 6.18M | 4.46M | 5.04M | 4.39M | 4.47M | 5.2M | 5.84M | 6.65M | 7.6M | 7.5M | 6.6M | 7.2M | 12.1M | 38.5M | 38.1M | 33.7M | 40.3M | 7.42M | 11.46M | 9.47M | 10.81M | 20.29M | 17.86M | 16.59M | 25.91M | 13.41M | 5.79M |
| EBIT | 20.9M | 9.63M | 19.24M | 21.85M | 28.98M | 28.98M | 7.43M | 1.65M | 2.6M | -555K | -28.44M | -25.57M | -50.16M | 3.2M | -12.7M | -42.5M | -131.8M | -334.4M | -11.3M | -25.6M | 2.32M | -33.72M | -29.55M | 197.7M | -37.7M | 20.07M | 14.53M | -58.41M | 25.58M | 13.9M |
| Net Interest Income | -7.68M | -6.06M | -2.34M | -532K | 0 | 0 | 331K | 165K | 169K | 211K | 148K | -28K | 91K | 0 | -700K | -1.9M | -1.9M | -1.9M | -200K | -500K | -500K | -925K | 886K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 385K | 267K | 198K | 261K | 252K | 360K | 480K | 800K | 600K | 300K | 300K | 900K | 2.4M | 1.8M | 500K | 737K | 886K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.68M | 6.06M | 2.34M | 532K | 0 | 0 | 54K | 102K | 29K | 50K | 104K | 388K | 389K | 800K | 1.3M | 2.2M | 2.2M | 2.8M | 2.6M | 2.3M | 1M | 1.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.36M | 14.15M | 36.31M | 45.93M | 1.69M | 1.69M | 331K | 182K | -51K | 380K | -1.1M | 0 | 91K | -3.6M | -9M | -27.7M | -79.7M | -327.3M | -6.2M | -24.5M | -3.04M | -9.19M | -5.88M | -738K | -7.42M | -10.66M | 645K | 25K | 2.94M | -891K |
| Pretax Income | 13.22M | 3.58M | 16.91M | 21.31M | 30.43M | 30.43M | 3.71M | 1.55M | 1.27M | -605K | -28.54M | -26M | -50.55M | 2.4M | -14M | -44.7M | -134M | -337.2M | -13.9M | -27.9M | -721K | -45.49M | -34.94M | -51.63M | -167.45M | -5.95M | 15.17M | -96.12M | 22.68M | 13.01M |
| Pretax Margin % | 3.01% | 0.82% | 4.14% | 6.19% | 10.05% | 10.05% | 1.55% | 0.64% | 0.52% | -0.25% | -10.62% | -7.74% | -14.59% | 0.51% | -3.15% | -9.89% | -27.98% | -49.6% | -1.93% | -5.49% | -0.31% | -25.23% | -22.2% | -26.12% | -73.17% | -1.43% | 5.05% | -40.64% | 7.3% | 7.29% |
| Income Tax | 10.68M | 2.23M | 6.15M | 11.14M | 9.28M | 9.28M | 3.45M | -8.19M | -1.04M | 16K | 1.64M | -1.3M | 1.47M | 13.3M | 1.5M | 14.1M | -3.8M | 17.8M | -2M | -6.1M | 1.58M | 455K | 2.13M | -77K | 1.42M | 1.04M | 3.03M | 607K | 3.86M | 1.3M |
| Effective Tax Rate % | 80.79% | 62.5% | 36.35% | 52.29% | 30.47% | 30.47% | 93.07% | -528.26% | -81.83% | -2.64% | -5.73% | 5% | -2.9% | 554.17% | -10.71% | -31.54% | 2.84% | -5.28% | 14.39% | 21.86% | -218.59% | -1% | -6.11% | 0.15% | -0.85% | -17.52% | 20% | -0.63% | 17.01% | 10% |
| Net Income | 2.54M | 1.34M | 10.76M | 10.17M | 21.16M | 21.16M | 257K | 9.74M | 1.84M | -823K | -29.91M | -24.7M | -51.1M | -15M | -24.1M | -90.5M | -130.2M | -355M | -11.9M | -21.8M | -2.3M | -45.95M | -37.07M | -51.55M | -168.87M | -7M | 12.14M | -96.73M | 18.82M | 11.71M |
| Net Margin % | 0.58% | 0.31% | 2.64% | 2.95% | 6.98% | 6.98% | 0.11% | 3.99% | 0.76% | -0.34% | -11.13% | -7.35% | -14.75% | -3.18% | -5.43% | -20.02% | -27.19% | -52.21% | -1.66% | -4.29% | -0.99% | -25.48% | -23.56% | -26.08% | -73.79% | -1.67% | 4.04% | -40.9% | 6.06% | 6.56% |
| Net Income Growth % | 89.34% | -87.54% | 5.81% | -51.94% | 0% | 8133.46% | -97.36% | 427.8% | 324.18% | 97.25% | -21.08% | 51.66% | -240.67% | 37.76% | 73.37% | 30.49% | 63.32% | -2883.19% | 45.41% | -849.06% | 95% | -23.95% | 28.1% | 69.47% | -2314.2% | -157.64% | 112.55% | -614.02% | 60.74% | 296.59% |
| Net Income (Continuing) | 2.54M | 1.34M | 10.76M | 10.17M | 21.16M | 21.16M | 257K | 9.74M | 2.3M | -621K | -30.18M | -24.7M | -52.02M | -10.9M | -15.5M | -58.8M | -130.2M | -355M | -11.9M | -21.8M | -2.3M | -45.95M | -37.07M | -51.55M | -168.87M | -7M | 12.14M | -96.73M | 18.82M | 11.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 541K | 94K | 918K | -4.1M | -8.6M | -31.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 543K | 341K | 71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.19 | 0.10 | 0.86 | 0.86 | 1.79 | 9.42 | 0.02 | 0.87 | 0.16 | -0.08 | -2.85 | -2.38 | -4.98 | -1.50 | -2.45 | -9.27 | -13.15 | -36.29 | -1.22 | -5.28 | -0.14 | -3.08 | -2.67 | -3.75 | -12.52 | -0.57 | 1.02 | -9.42 | 2.10 | 2.07 |
| EPS Growth % | 90% | -88.37% | 0% | -51.96% | -81% | 39985.11% | -97.3% | 443.75% | 305.66% | 97.27% | -19.75% | 52.21% | -232% | 38.78% | 73.57% | 29.51% | 63.76% | -2874.59% | 76.89% | -3671.43% | 95.45% | -15.36% | 28.8% | 70.05% | -2096.49% | -155.88% | 110.83% | -548.57% | 1.45% | 272.5% |
| EPS (Basic) | 0.20 | 0.11 | 0.88 | 0.90 | 1.89 | 9.98 | 0.02 | 0.91 | 0.17 | -0.08 | -2.85 | -2.38 | -4.98 | -1.50 | -2.45 | -9.27 | -13.15 | -36.29 | -1.22 | -5.28 | -0.14 | -3.08 | -2.67 | -3.75 | -12.80 | -0.57 | 1.08 | -9.42 | 2.22 | 2.07 |
| Diluted Shares Outstanding | 12.92M | 12.83M | 12.46M | 11.86M | 11.82M | 11.82M | 10.94M | 11.24M | 11.29M | 10.58M | 10.48M | 10.37M | 10.27M | 10M | 9.83M | 9.77M | 9.9M | 9.78M | 9.73M | 4.12M | 15.93M | 14.94M | 13.89M | 13.76M | 13.49M | 12.23M | 11.94M | 10.27M | 9.08M | 5.65M |
| Basic Shares Outstanding | 12.92M | 12.68M | 12.18M | 11.36M | 11.17M | 11.17M | 10.78M | 10.75M | 11.18M | 10.29M | 10.48M | 10.37M | 10.27M | 10M | 9.83M | 9.77M | 9.9M | 9.78M | 9.73M | 4.12M | 15.93M | 14.94M | 13.89M | 13.76M | 13.19M | 12.23M | 10.99M | 10.27M | 8.55M | 5.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AVNW stock.
For fiscal year 2026, Aviat Networks, Inc. (AVNW) reported total revenue of $439.7M. This represents a 146.5% increase compared to $178.3M in 1997.
Aviat Networks, Inc. (AVNW) is profitable, generating $2.5M in net income for the fiscal year ending 2026 with a net profit margin of 0.6%.
Aviat Networks, Inc. (AVNW) reported an operating income of $19.6M, resulting in an operating profit margin of 4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Aviat Networks, Inc. (AVNW) generated $138.3M in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile margins with recurring net losses
Metrics are mathematically derived from official filings.
Revenue Swings Undercut Momentum
Quarterly revenue swings between $88M and $121M, with 2026Q4 rebounding 4.8% year-over-year to $120.9M, per Aviat Networks' reported quarterly income statements. Two prior quarters posted contractions of 5.7% and 11.2%, suggesting order timing lumpiness rather than a dependable organic growth trajectory.
The revenue pattern does not resemble a scaling business; it looks project-driven, with sharp sequential reversals (a 21.4% jump into 2026Q1 followed by a 5.7% decline). Investors should treat the 2026Q4 recovery cautiously because it may reflect backlog drawdown rather than a demand inflection. Without visibility into backlog or contract mix, extrapolating 4.8% forward growth appears unwarranted.
Structural Margin Gap Versus Peers
Gross margin slipped from 33.2% in 2026Q1 to 30.8% in 2026Q4, while troughing at 22.4% in 2025Q1, based on Aviat Networks' disclosed financials. Peers such as Ciena (42.0%) and Calix (56.8%) sustain materially higher spreads, implying AVNW lacks equivalent pricing power or product mix richness.
The 2025Q1 margin collapse to 22.4% followed by recovery to the low-30s suggests mix volatility rather than stable unit economics, but the renewed slide in 2026Q4 may indicate renewed price competition or cost pass-through friction in components. This margin band, roughly 800-2,600 basis points below comparable telecom equipment vendors, structurally caps operating leverage and makes AVNW disproportionately exposed to input cost inflation.
Operating Profit Fails to Reach Bottom Line
Aviat Networks posted $5.8M of operating income in 2026Q4 yet still reported a $1.3M net loss, according to recent SEC filings. This disconnect has repeated across quarters and is compounded by quarterly stock-based compensation running $1.3M-$2.0M, which represents a meaningful share of gross profit and depresses true per-share economics.
A persistent operating-profit-to-net-loss gap suggests non-operating burdens—potentially interest expense, foreign exchange, or tax items—are absorbing operating gains, though the specific drivers are not itemized in the supplied data. EPS volatility from -$0.94 to +$0.44 within consecutive quarters underscores that reported profitability lacks durability, and investors should treat headline EPS as an unreliable indicator of intrinsic earning power.
R&D Cuts Raise Durability Questions
R&D expense declined from $11.0M in 2024Q4 to $7.2M in 2026Q4, a 35% reduction, based on Aviat Networks' reported income statements. SG&A was recorded as zero in 2026Q2 and 2026Q3, rendering operating leverage analysis for those two periods inconclusive and warranting investigation into data completeness.
The sustained R&D compression may be propping up near-term operating margins (2026Q4 op margin of 4.8% versus -10.6% in 2025Q4), but for a communications equipment vendor competing against Ciena and Calix, this looks more like under-investment than efficiency. If the R&D trajectory persists, it could weaken AVNW's ability to win next-generation contracts, making today's margin recovery potentially self-limiting.
Short Thesis Centers on Loss Persistence
A short-seller would highlight that AVNW recorded net losses in four of ten quarters—including -$11.9M in 2025Q1 and -$2.1M in 2026Q3—despite generating gross profit above $29M in every period since 2025Q2, based on Aviat Networks' quarterly disclosures.
The core challenge to the bull narrative is that $100M-plus revenue quarters repeatedly fail to produce meaningful net income, suggesting fixed-cost absorption or non-operating drag is a structural, not cyclical, issue. Combined with gross margin compression in the latest quarter and data gaps in SG&A, the near-term profitability improvement appears fragile and may not survive another soft demand quarter.