Revenue growth accelerated to 21.3% YoY in 2026Q2, with operating margin expanding to 7.4% from -9.1% in 2024Q4, though gross margin dipped to 54.6% from a 57.7% peak.
Calix, Inc. (CALX) annual income statement — 19-year revenue, gross profit & net income history
| 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 | 1.11B | 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 % | 27.84% | 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 | 482.47M | 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 | 628.73M | 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 % | 56.58% | 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 | 567.49M | 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 | 359.5M | 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 | 207.99M | 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 | 61.24M | 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 % | 5.51% | 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 | 74.72M | 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 % | 6.72% | 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 % | 535.39% | 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) | 13.47M | 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 | 70.81M | 34.17M | -31.65M | 34.76M | 54.04M | 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 | 12M | 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 | 12M | 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 | 11.31M | 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 | 72.56M | 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 % | 6.53% | 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 | 21.37M | 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 % | 29.45% | 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 | 51.19M | 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 % | 4.61% | 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 % | 290.46% | 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) | 51.19M | 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) | 0.78 | 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 % | 289.8% | 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 | 65.51M | 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 | 63.52M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
SBC dilution and margin sustainability
Metrics are mathematically derived from official filings.
Revenue Rebound Accelerates
CALX revenue grew 21.3% YoY in 2026Q2 to $293.3M, marking the fourth consecutive quarter of accelerating growth from a -22.1% trough in 2024Q4, according to reported financials.
The revenue trajectory shows a clear V-shaped recovery, with growth rates improving from -22.1% in 2024Q4 to +32.2% in 2025Q4 and +21.3% in 2026Q2. This suggests the company has regained momentum after a demand downturn, likely driven by renewed customer spending. The sequential growth from $272.4M to $293.3M indicates sustained demand, but investors should monitor whether this pace is sustainable given the cyclical nature of telecom capital spending.
Gross Margin Expansion Nears Peak
Gross margin improved from 54.2% in 2024Q1 to 54.6% in 2026Q2, with a peak of 57.7% in 2025Q4, as reported in quarterly statements, indicating pricing power and cost efficiencies.
Gross margin has expanded by roughly 300 basis points from the trough, reaching 57.7% in 2025Q4 before settling at 54.6% in 2026Q2. This suggests the company has been able to pass through costs or benefit from product mix shifts. However, the recent sequential decline from 56.9% to 54.6% may indicate competitive pressure or input cost inflation, warranting close monitoring.
Operating Leverage Emerges
Operating income swung from -$18.8M in 2024Q4 to $21.8M in 2026Q2, with operating margin expanding from -9.1% to 7.4%, as per financial statements, demonstrating significant operating leverage.
The company has achieved a remarkable turnaround in operating profitability, with operating margin improving from -9.1% to 7.4% over six quarters. This was driven by revenue growth outpacing fixed cost increases, as SG&A grew only modestly from $86.3M to $85.5M while revenue grew 42%. The operating leverage is evident, but the sustainability depends on maintaining revenue growth while controlling costs.
SBC Dilutes Reported Earnings
Stock-based compensation averaged $20M per quarter, exceeding net income in several quarters, as reported in financials, suggesting reported EPS may overstate underlying profitability.
SBC has been consistently high, ranging from $15.5M to $25.6M per quarter, which often exceeds net income, especially in loss-making quarters. For example, in 2025Q2, SBC was $25.6M while net income was -$0.2M. This indicates that reported EPS is significantly diluted by non-cash charges, and cash-based profitability may be stronger. Investors should adjust for SBC to assess true earnings power.
SG&A Efficiency Improves
SG&A as a percentage of revenue declined from 39.0% in 2024Q1 to 29.1% in 2026Q2, as per income statement data, indicating improved cost discipline despite rising absolute spending.
While SG&A dollars have remained relatively flat around $85-95M, revenue growth has driven a significant improvement in SG&A intensity. This suggests the company is leveraging its fixed cost base effectively. R&D spending has also increased modestly, reflecting continued investment in product development, but at a slower pace than revenue, contributing to margin expansion.
2025Q2 Marks Profitability Turn
The inflection point occurred in 2025Q2 when operating income turned positive at $391K, after four consecutive quarters of losses, as reported in financial statements, signaling the start of sustained profitability.
The transition from -$18.8M operating loss in 2024Q4 to positive operating income in 2025Q2 was driven by a combination of revenue recovery and cost containment. This inflection has been sustained, with operating income growing to $21.8M by 2026Q2. The lasting impact is a structurally higher margin profile, but the durability depends on maintaining revenue growth and managing cost inflation.
What Could Invalidate the Base Case
Despite the strong recovery, the recent gross margin decline from 57.7% to 54.6% and heavy SBC dilution suggest that reported profitability may not be sustainable, as per financial data.
The sequential gross margin contraction of 310 basis points from 2025Q4 to 2026Q2 could signal intensifying competition or rising input costs, which would pressure the operating leverage narrative. Additionally, SBC consistently exceeding net income in several quarters implies that cash earnings are weaker than reported, and the reliance on revenue growth to absorb fixed costs leaves the model vulnerable to any demand slowdown. Investors should monitor whether margin compression is a temporary blip or the start of a structural trend.