Revenue grew roughly 52% over ten quarters and gross margin held near 53% to 58%, yet operating margin of 5.5% in 2026Q3 indicates that opex growth, including SG&A of $90.1M, has absorbed most of the operating leverage.
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 | 1.15B | 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 % | 22.9% | 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 | 509.98M | 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 | 637.49M | 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 % | 55.56% | 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 | 577.1M | 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 | 362.1M | 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 | 215M | 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 | 60.39M | 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 % | 5.26% | 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 | 78.04M | 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 % | 6.8% | 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 % | 608.17% | 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) | 17.65M | 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 | 68.54M | 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 | 10.49M | 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 | 10.49M | 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 | 9.89M | 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 | 70.29M | 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 % | 6.13% | 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 | 24.54M | 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 % | 34.91% | 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 | 45.75M | 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 % | 3.99% | 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 % | 730.87% | 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) | 45.75M | 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) | 0.71 | 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 % | 753.41% | 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 | 64.45M | 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 | 62.75M | 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
Margin compression from SBC rise
Metrics are mathematically derived from official filings.
Revenue Re-Accelerated After Prior Contraction
Based on reported figures, Calix's quarterly revenue climbed from $198.1M in 2024Q2 to $301.7M in 2026Q3, a roughly 52% expansion over ten quarters that reverses a stretch of double-digit declines.
The trajectory suggests a genuine demand recovery rather than a single-quarter spike, with year-over-year growth sustaining between 13.7% and 32.2% across the most recent five quarters. The reported data does not isolate volume versus pricing contribution, so investors should monitor whether growth durability holds once comparisons toughen in the coming periods.
Gross Margin Holding Above Mid-50s
Calix's gross margin moved from 54.3% in 2024Q2 to a peak of 57.7% in 2025Q4 before settling at 53.3% in 2026Q3, according to reported income statement figures.
The recent 4.4-point retreat from peak gross margin may indicate rising component or mix pressure as revenue scaled, though the reported figures do not disclose the underlying cause. Compared with the peer set, where Viavi reports a 56.8% gross margin, Calix sits in a comparable range, suggesting its pricing power is adequate rather than clearly differentiated.
Operating Leverage Largely Absorbed by Opex
As reported in financial statements, Calix's operating margin improved from -11.4M operating loss in 2024Q2 to $16.6M operating income in 2026Q3, yet margin remains only 5.5%.
Operating income scaled faster than gross profit in the turnaround period, indicating favorable operating leverage, but SG&A rose from $74.8M to $90.1M over the same span, absorbing much of the gross profit gain. The modest 5.5% operating margin suggests the company has not yet demonstrated sustained overhead efficiency at this revenue level.
Net Income Quality Dependent on Stock Compensation
Based on Calix's reported figures, stock-based compensation of $21.0M in 2026Q3 equals roughly 2.1 times the quarter's $10.2M net income, a meaningful share of reported profitability.
The gap between operating income and net income in several quarters, combined with recurring SBC in the $15M to $26M range, suggests that a large portion of economic cost is excluded from the operating line, warranting careful review. Quarterly EPS swings between negative and positive values further indicate that reported earnings remain sensitive to non-operating and tax items.
Thin Margins Leave Little Room for Error
The strongest bear argument is that Calix's 3.4% net margin in 2026Q3, against a peer net margin of 2.6% to 3.2%, offers little cushion if revenue growth slows.
If revenue growth decelerates from its recent 13.7% pace, the fixed-leaning SG&A base of roughly $90M per quarter could compress operating margin back toward breakeven, as occurred in 2025Q1 and 2024 quarters. Short-sellers would likely focus on whether the recovery reflects cyclical demand that may reverse rather than structurally improved unit economics.