ADTRAN Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ADTRAN Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	637	667	529	530	507	563	1,026	1,149	923	1,084
Cost of revenue	345	363	326	311	289	345	698	818	599	669
Gross profit	291	304	204	219	218	218	327	331	324	415
Research and development	125	131	125	126	113	109	174	258	221	204
Selling, general and administrative	132	136	124	130	114	124	209	259	233	226
Operating income	34.6	37.4	-45.4	-40	-9.77	-14.7	-72.8	-224	-428	-15.6
Interest expense	0.57	0.56	0.53	0.51	0.01	0.03	3.44	16.3	22.1	19.3
Interest income	3.92	4.38	4.03	2.77	1.94	2.84	2.12	2.34	3.06	2.32
Other non-operating income	-0.49	-1.21	1.29	1.5	-3.25	3.82	14.5	1.27	0.25	-1.63
Pre-tax income	46.9	44.7	-33.4	-24.8	-6.25	-6.31	-71	-234	-443	-31.3
Income tax	11.7	20.8	-14	28.2	-8.62	2.33	-62.1	28.3	7.34	4.99
Net income to minority interests							-6.85	6.95	9.82	9.41
Net income	35.2	23.8	-19.3	-53	2.38	-8.64	-2.04	-269	-460	-45.7
EBITDA	49	53.1	-29.5	-22.2	6.85	1.38	-5.27	-111	-337	77
EPS, basic	0.72	0.50	-0.40	-1.11	0.05	-0.18	-0.03	-3.43	-5.79	-0.52
EPS, diluted	0.72	0.49	-0.40	-1.11	0.05	-0.18	-0.03	-3.43	-5.79	-0.52
Shares, basic (weighted)	48.7	48.2	47.9	47.8	48	48.6	62.3	78.4	78.9	79.7
Shares, diluted (weighted)	48.9	48.7	47.9	47.8	48.3	48.6	62.3	78.4	78.9	79.7
Dividend per share		0.09	0.09	0.09	0.09	0.09	0.09	0.09

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	79.9	86.4	106	73.8	60.2	56.6	109	87.2	76	95.7
Short-term investments	43.2	16.1	3.25	33.2	3.13	0.35	0.34	0
Receivables	92.3	144	99.4	90.5	98.8	159	279	210	178	211
Inventory	105	123	99.8	98.3	125	140	428	360	262	216
Other current assets	16.5	17.3	10.7	7.89	8.29	9.3	33.6	41	56.4	55.3
Total current assets	353	413	355	320	317	376	882	719	599	635
Property, plant and equipment	84.5	85.1	80.6	68.1	62.4	55.8	111	118	106	124
Lease right-of-use assets				8.45	5.31	4.92	30.3	37.5	30.3	32.1
Goodwill	3.49	3.49	7.11	6.97	6.97	6.97	386	358	52.9	60
Intangible assets	7.27	4.66	33.2	27.8	23.5	19.3	401	337	285	294
Long-term investments	176	130	109	94.5	80.1	70.6	32.7	27.7	32.1	1.02
Other non-current assets	12.2	9.06	5.67	19.9	25.4	31	67	87.7	78.1	73.4
Total assets	667	669	628	545	526	569	1,943	1,677	1,171	1,204
Accounts payable	77.3	60.6	60.1	44.9	49.9	102	238	163	172	167
Accrued liabilities	12.4	13.2	11.7	13.9	15.3	14.9	44.9	27.2	32.9	32.2
Deferred revenue	16.3	13.1	17.9	12	14.1	17.7	41.2	42.5	52.7	87.5
Short-term debt	1	1.1	1	24.6
Total current liabilities	127	107	118	113	94.2	155	429	274	293	362
Long-term debt	26.8	25.6	24.6
Lease liabilities				5.82	3.57	3.27	22.8	31.4	25.9	27
Other non-current liabilities	28.1	34.2	2.5	8.39	7.12	1.23	10.3	28.7	17.9	17.6
Total liabilities	188	171	182	165	153	212	640	629	622	685
Total debt	27.8	26.7	25.6	24.6
Paid-in capital	253	261	268	275	281	289	896	794	809	801
Retained earnings	922	922	884	807	782	741	55.3	-232	-689	-730
Treasury stock	-684	-682	-692	-685	-679	-662	-4.13	-5.83	-5.2	-5.11
Other comprehensive income	-12.2	-3.3	-14.4	-16.4	-11.6	-11.9	26.1	47.5	11.3	78.9
Shareholders' equity	480	498	446	380	373	357
Minority interests							330
Total equity	480	498	446	380	373	357	1,304	605	127	146
Total liabilities and equity	667	669	628	545	526	569	1,943	1,677	1,171	1,204
Shares outstanding	48.5	48.5	47.8	48	48.2	49.1	77.9	78.7	79.2	79.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	35.2	23.8	-19.3	-53	2.38	-8.64	-8.89	-262	-450	-36.2
Depreciation and amortization	14.4	15.7	15.9	17.8	16.6	16.1	67.6	113	90.5	92.5
Stock-based compensation	6.7	7.43	7.16	6.96	6.83	7.48	28.3	16.4	16	10.1
Deferred income tax	-2.69	14.1	-17.3	30.1	-1.36	-1.78	-62.4	15.7	5.58	-3.85
Change in receivables	-21.3	-49.1	49.2	8.28	-7.27	-60.9	0.79	72.3	46.1	-18.3
Change in inventory	-10.9	-15.5	24.2	5.41	-20.2	-10.6	-73.2	22.4	80	64.5
Change in payables	26.7	-17.7	-3.8	-13.5	4.54	53.3	28.1	-91.9	10.2	18
Cash from operations	42	-42.4	55.5	-2.47	-16.5	3.01	-44.2	-43	104	130
Capital expenditures	-21.4	-14.7	-8.11	-9.49	-6.41	-5.67	-17.1	-36.3	-34.5	-31.7
Acquisitions	-0.94		-22
Purchases of investments	-209	-93.1	-123	-48.6	-56.8	-35	-23.9	-0.87	-0.27	-0.38
Cash from investing	-6.48	66	0.29	-9.79	41.4	10.3	55.8	-34.9	-64.3	-69.2
Debt issued										201
Debt repaid	-1.1	-1.1	-1.1	-1	-24.6
Stock issued	4.72	13.4	1.48	0.53		6.43	6.9	0.54	0.82	1.83
Share buybacks	-25.8	-17.3	-15.5	-0.18
Dividends paid	-17.6	-17.4	-17.3	-17.2	-17.3	-17.5	-22.9	-21.2	0
Cash from financing	-39.8	-22.4	-32.4	-17.9	-43	-13	52.9	58.9	-50	-46.7
Exchange rate effect	-0.39	5.28
Net change in cash	-0.39	5.28	-4.25	-30.1	-18.1	0.32	64.5	-19	-10.7	13.9
Free cash flow	20.6	-57.1	47.3	-12	-22.9	-2.66	-61.3	-79.4	69.1	98
Interest paid	0.58	0.56	0.53	0.51	0.02	0.01	1.73	12.6	20.9	13.3
Income taxes paid	18.7	2.99	4.1	9.36	7.61	1.78	3.83	18.6	6.7	5.44

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.5%	Gross profit / revenue.
Operating margin	-0.2%	Operating income / revenue.
EBITDA margin	5.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.9%	Pre-tax income / revenue.
Net margin	-2.3%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Return on assets (ROA)	-2.3%	Net income / average total assets.
R&D / revenue	18.3%	Research and development expense / revenue.
SG&A / revenue	20.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	28.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	62.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	25.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	41.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.79x	Current assets / current liabilities.
Quick ratio	0.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.5%	Total liabilities / total assets.
Interest coverage	-0.11x	Operating income / interest expense.
Working capital	$273.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.99x	Revenue / average total assets.
Fixed asset turnover	9.25x	Revenue / average property, plant and equipment.
Inventory turnover	3.35x	Cost of revenue / average inventory.
Days inventory	109 days	365 x average inventory / cost of revenue.
Receivables turnover	5.53x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	88 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	87 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	38.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.06	Revenue / diluted weighted shares.
FCF per share	$0.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.15	Cash from operations / diluted weighted shares.
Cash per share	$0.98	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$581.0M	Share price x shares outstanding.
Enterprise value	$501.7M	Market cap + total debt - cash - short-term investments.
P/S	0.51x	Market cap / revenue.
P/FCF	10.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.25x	Market cap / cash from operations, when positive.
EV/Sales	0.44x	Enterprise value / revenue.
EV/EBITDA	7.95x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.81x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.8%	Free cash flow / market cap.
Earnings yield	-4.5%	Net income / market cap (the inverse of P/E).

What was ADTRAN Holdings, Inc.'s revenue in fiscal 2025?

ADTRAN Holdings, Inc. reported revenue of $1.08B for fiscal 2025, 17.5% higher than the year before.

Was ADTRAN Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $45.7M.

How much free cash flow did ADTRAN Holdings, Inc. generate in fiscal 2025?

Cash from operations of $129.8M minus capital expenditures of $31.7M left free cash flow of $98.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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