Revenue growth accelerated to 27.1% in 2026Q1, though operating margins remain constrained at 4.5% due to elevated R&D and SG&A spending.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 1.06B | 1B | 831.52M | 1.04B | 867.83M | 679.39M | 541.24M | 424.33M | 441.32M | 510.37M | 458.79M | 407.46M | 401.23M | 382.62M | 330.22M | 344.67M | 287.04M | 232.95M | 250.46M | 193.82M |
| Revenue Growth % | 28.38% | 20.26% | -20.02% | 19.79% | 27.74% | 25.53% | 27.55% | -3.85% | -13.53% | 11.24% | 12.6% | 1.55% | 4.86% | 15.87% | -4.19% | 20.08% | 23.22% | -6.99% | 29.23% | - |
| Cost of Goods Sold | 454.85M | 431.69M | 377.92M | 521.28M | 432.4M | 322.81M | 274.22M | 236.41M | 243.94M | 337.48M | 257.57M | 217.03M | 223.44M | 211.54M | 192.64M | 225.22M | 174.31M | 156.3M | 171.37M | 133.47M |
| COGS % of Revenue | - | 43.17% | 45.45% | 50.14% | 49.83% | 47.51% | 50.67% | 55.71% | 55.27% | 66.12% | 56.14% | 53.26% | 55.69% | 55.29% | 58.34% | 65.34% | 60.73% | 67.1% | 68.42% | 68.86% |
| Gross Profit | 604.9M | 568.32M | 453.59M | 518.32M | 435.43M | 356.59M | 267.02M | 187.93M | 197.38M | 172.89M | 201.22M | 190.43M | 177.79M | 171.07M | 137.58M | 119.45M | 112.73M | 76.64M | 79.1M | 60.35M |
| Gross Margin % | 57.08% | 56.83% | 54.55% | 49.86% | 50.17% | 52.49% | 49.33% | 44.29% | 44.73% | 33.88% | 43.86% | 46.74% | 44.31% | 44.71% | 41.66% | 34.66% | 39.27% | 32.9% | 31.58% | 31.14% |
| Gross Profit Growth % | - | 25.29% | -12.49% | 19.04% | 22.11% | 33.54% | 42.09% | -4.79% | 14.17% | -14.08% | 5.67% | 7.11% | 3.93% | 24.35% | 15.17% | 5.96% | 47.08% | -3.1% | 31.06% | - |
| Operating Expenses | 565.12M | 547.33M | 496.63M | 492.73M | 382.82M | 282.65M | 230.17M | 203.33M | 215.9M | 254.45M | 229.34M | 216.94M | 198.17M | 189.53M | 166.6M | 171.77M | 130.21M | 95.97M | 91.97M | 85.72M |
| OpEx % of Revenue | - | 54.73% | 59.73% | 47.4% | 44.11% | 41.6% | 42.53% | 47.92% | 48.92% | 49.86% | 49.99% | 53.24% | 49.39% | 49.53% | 50.45% | 49.84% | 45.36% | 41.2% | 36.72% | 44.23% |
| Selling, General & Admin | 364.1M | 356.97M | 316.76M | 314.96M | 250.82M | 181.69M | 138.63M | 119.67M | 126.93M | 122.66M | 125.27M | 117.02M | 106.4M | 100.02M | 88.24M | 82.55M | 70.12M | 49.1M | 46.88M | 40.54M |
| SG&A % of Revenue | - | 35.7% | 38.09% | 30.3% | 28.9% | 26.74% | 25.61% | 28.2% | 28.76% | 24.03% | 27.3% | 28.72% | 26.52% | 26.14% | 26.72% | 23.95% | 24.43% | 21.08% | 18.72% | 20.92% |
| Research & Development | 201.02M | 190.36M | 179.87M | 177.77M | 131.99M | 101.75M | 85.26M | 81.18M | 89.96M | 127.54M | 106.87M | 89.71M | 80.31M | 79.3M | 66.75M | 67.72M | 55.41M | 46.13M | 44.35M | 44.44M |
| R&D % of Revenue | - | 19.04% | 21.63% | 17.1% | 15.21% | 14.98% | 15.75% | 19.13% | 20.39% | 24.99% | 23.29% | 22.02% | 20.02% | 20.73% | 20.21% | 19.65% | 19.3% | 19.8% | 17.71% | 22.93% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -786K | 6.29M | 2.47M | -999K | 4.25M | -2.8M | 10.21M | 10.21M | 10.21M | 11.61M | 21.5M | 4.68M | 740K | 740K | 740K |
| Operating Income | 39.79M | 20.99M | -43.03M | 25.59M | 52.61M | 73.94M | 36.85M | -15.4M | -18.51M | -81.56M | -28.12M | -26.51M | -20.38M | -18.45M | -29.02M | -52.32M | -17.48M | -19.33M | -12.87M | -25.37M |
| Operating Margin % | 3.75% | 2.1% | -5.18% | 2.46% | 6.06% | 10.88% | 6.81% | -3.63% | -4.2% | -15.98% | -6.13% | -6.51% | -5.08% | -4.82% | -8.79% | -15.18% | -6.09% | -8.3% | -5.14% | -13.09% |
| Operating Income Growth % | - | 148.78% | -268.2% | -51.37% | -28.85% | 100.67% | 339.24% | 16.81% | 77.3% | -190.04% | -6.07% | -30.05% | -10.46% | 36.42% | 44.53% | -199.27% | 9.54% | -50.17% | 49.26% | - |
| EBITDA | 57.32M | 38.7M | -23.48M | 42.22M | 66.92M | 88.95M | 50.56M | -5.08M | -9.33M | -70.56M | -13.99M | 2.31M | 7.44M | 10.29M | -2.71M | -26.25M | -6.29M | -8.21M | -1.27M | -12.99M |
| EBITDA Margin % | 5.41% | 3.87% | -2.82% | 4.06% | 7.71% | 13.09% | 9.34% | -1.2% | -2.11% | -13.83% | -3.05% | 0.57% | 1.85% | 2.69% | -0.82% | -7.61% | -2.19% | -3.52% | -0.51% | -6.7% |
| EBITDA Growth % | 303.79% | 264.79% | -155.63% | -36.92% | -24.76% | 75.92% | 1094.38% | 45.48% | 86.78% | -404.22% | -705.06% | -68.91% | -27.69% | 478.97% | 89.66% | -317.4% | 23.36% | -547.59% | 90.24% | - |
| D&A (Non-Cash Add-back) | 13.41M | 17.71M | 19.55M | 16.63M | 14.31M | 15.01M | 13.72M | 10.32M | 9.19M | 10.99M | 14.12M | 28.82M | 27.82M | 28.74M | 26.31M | 26.07M | 11.2M | 11.12M | 11.6M | 12.38M |
| EBIT | 46.84M | 34.17M | -43.03M | 25.59M | 52.61M | 73.06M | 35.87M | -15.57M | -18.14M | -77.31M | -32.62M | -26.51M | -19.43M | -17.11M | -27.98M | -52.14M | -17.28M | -18.93M | -10.91M | -22.51M |
| Net Interest Income | 13.01M | 13.43M | 12.34M | 9.7M | 2.01M | -402K | -1.58M | -958K | -632K | -160K | 152K | 141K | -77K | -160K | -170K | -97K | -804K | -3.62M | -1.47M | -1.24M |
| Interest Income | 13.01M | 13.43M | 12.34M | 9.7M | 2.01M | 0 | 0 | 0 | 0 | 0 | 737K | 1.28M | 729K | 7K | 15K | 87K | 384K | 245K | 620K | 1.09M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 402K | 1.58M | 958K | 632K | 160K | 585K | 1.14M | 806K | 167K | 185K | 184K | 1.19M | 3.87M | 2.09M | 2.33M |
| Other Income/Expense | 12.6M | 13.18M | 11.39M | 9.17M | 1.43M | -1.28M | -2.56M | -1.13M | -254K | -233K | 1.06M | 712K | 151K | 1.17M | 856K | -5K | -989K | -3.47M | -130K | 530K |
| Pretax Income | 52.39M | 34.17M | -31.65M | 34.76M | 54.04M | 72.65M | 34.28M | -16.53M | -18.77M | -81.79M | -27.05M | -25.8M | -20.23M | -17.28M | -28.17M | -52.33M | -18.47M | -22.79M | -13M | -24.84M |
| Pretax Margin % | 4.94% | 3.42% | -3.81% | 3.34% | 6.23% | 10.69% | 6.33% | -3.9% | -4.25% | -16.03% | -5.9% | -6.33% | -5.04% | -4.52% | -8.53% | -15.18% | -6.44% | -9.78% | -5.19% | -12.81% |
| Income Tax | 18.51M | 16.28M | -1.9M | 5.43M | 13.03M | -165.72M | 800K | 1.16M | 530K | 1.24M | 347K | 535K | 581K | -14K | 158K | 224K | 81K | -352K | -81K | 102K |
| Effective Tax Rate % | 35.33% | 47.66% | 6% | 15.63% | 24.11% | -228.1% | 2.33% | -7.03% | -2.82% | -1.52% | -1.28% | -2.07% | -2.87% | 0.08% | -0.56% | -0.43% | -0.44% | 1.54% | 0.62% | -0.41% |
| Net Income | 33.88M | 17.88M | -29.75M | 29.32M | 41.01M | 238.38M | 33.48M | -17.69M | -19.3M | -83.03M | -27.4M | -26.33M | -20.81M | -17.27M | -28.33M | -52.55M | -18.55M | -22.44M | -12.92M | -24.94M |
| Net Margin % | 3.2% | 1.79% | -3.58% | 2.82% | 4.73% | 35.09% | 6.19% | -4.17% | -4.37% | -16.27% | -5.97% | -6.46% | -5.19% | -4.51% | -8.58% | -15.25% | -6.46% | -9.63% | -5.16% | -12.87% |
| Net Income Growth % | 197.82% | 160.12% | -201.44% | -28.49% | -82.8% | 611.92% | 289.24% | 8.31% | 76.76% | -203.01% | -4.06% | -26.52% | -20.56% | 39.05% | 46.1% | -183.24% | 17.33% | -73.71% | 48.2% | - |
| Net Income (Continuing) | 33.88M | 17.88M | -29.75M | 29.32M | 41.01M | 238.38M | 33.48M | -17.69M | -19.3M | -83.03M | -27.4M | -26.33M | -20.81M | -17.27M | -28.33M | -52.55M | -18.55M | -22.44M | -12.92M | -24.94M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.52 | 0.26 | -0.45 | 0.42 | 0.60 | 3.51 | 0.54 | -0.32 | -0.37 | -1.66 | -0.56 | -0.51 | -0.38 | -0.35 | -0.59 | -1.15 | -0.62 | -5.55 | -3.25 | -6.17 |
| EPS Growth % | 197% | 157.78% | -207.14% | -30% | -82.91% | 550% | 268.75% | 13.51% | 77.71% | -196.43% | -9.8% | -34.21% | -8.57% | 40.68% | 48.7% | -85.48% | 88.83% | -70.77% | 47.33% | - |
| EPS (Basic) | - | 0.27 | -0.45 | 0.44 | 0.63 | 3.77 | 0.57 | -0.32 | -0.37 | -1.66 | -0.56 | -0.51 | -0.38 | -0.35 | -0.59 | -1.15 | -0.62 | -5.55 | -3.25 | -6.17 |
| Diluted Shares Outstanding | 65.59M | 70.43M | 65.88M | 69.32M | 68.91M | 67.86M | 62M | 54.99M | 52.61M | 50.16M | 48.73M | 51.49M | 50.81M | 49.42M | 48.18M | 45.55M | 29.78M | 4.04M | 3.98M | 4.04M |
| Basic Shares Outstanding | 65.59M | 66.81M | 65.88M | 65.98M | 65.06M | 63.28M | 59.07M | 54.99M | 52.16M | 50.16M | 48.73M | 51.49M | 50.81M | 49.42M | 48.18M | 45.55M | 29.78M | 4.04M | 3.98M | 4.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Federal funding policy uncertainty
According to recent quarterly filings, Calix has successfully reversed a period of contraction, achieving 27.1% year-over-year revenue growth in 2026Q1, which suggests that the company is emerging from the inventory-related headwinds that suppressed top-line performance throughout the 2024 fiscal year and early 2025.
The return to double-digit growth indicates that the underlying demand for the company's software-defined platforms remains resilient despite the lumpy nature of hardware-centric broadband deployments. Investors should monitor whether this acceleration is driven by sustained software adoption or merely a normalization of customer inventory levels following the supply chain disruptions of previous periods.
As reported in financial statements, Calix has demonstrated a clear upward trend in gross margins, which reached 56.9% in 2026Q1, reflecting a successful strategic pivot toward higher-margin software and cloud-based services that decouple the company from traditional, lower-margin hardware manufacturing cycles seen in the broader networking industry.
The expansion from the 54% range in early 2024 to current levels suggests that the company's architectural shift is yielding tangible pricing power. However, the persistence of significant variable costs associated with hardware components warrants caution, as these may continue to act as a ceiling on overall profitability until the software mix becomes more dominant.
Based on the provided income statement data, Calix continues to struggle with achieving meaningful operating leverage, as evidenced by a narrow 4.5% operating margin in 2026Q1 despite significant revenue growth, suggesting that high R&D and SG&A investments are currently offsetting the gains from improved gross profitability.
The company appears to be prioritizing market share and platform integration over immediate bottom-line expansion, which may be necessary to lock in customers within its ecosystem. Analysts should investigate whether these elevated operating expenses are permanent structural requirements or if they represent a temporary phase of aggressive investment in the cloud platform.
Analysis of recent filings reveals that Calix consistently utilizes stock-based compensation, with $20.6 million recorded in 2026Q1, a factor that significantly impacts the quality of reported net income and complicates the assessment of true operational profitability for shareholders monitoring the company's bottom-line performance.
The reliance on equity-based incentives suggests that management is heavily incentivized toward long-term growth, yet this practice creates a persistent drag on EPS that investors must reconcile. The volatility in net income, which swung from negative to positive over the last ten quarters, further highlights the need to look beyond headline earnings to understand the underlying cash-generating capability of the business.
Quick answers to the most common questions about buying CALX stock.
For fiscal year 2025, Calix, Inc. (CALX) reported total revenue of $1.00B. This represents a 416.0% increase compared to $193.8M in 2007.
Calix, Inc. (CALX) is profitable, generating $17.9M in net income for the fiscal year ending 2025 with a net profit margin of 1.8%.
Calix, Inc. (CALX) reported an operating income of $21.0M, resulting in an operating profit margin of 2.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Calix, Inc. (CALX) generated $568.3M in gross profit for the year, representing a gross profit margin of 56.8%. This demonstrates the company's core pricing power and production efficiency.