Bandwidth Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Bandwidth 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	152	163	204	233	343	491	573	601	748	754
Cost of revenue	85.2	89.3	108	125	189	277	335	365	469	459
Gross profit	66.9	73.7	96	108	154	214	238	236	280	295
Research and development	8.52	10.8	20.9	31.5	54.6	69.5	98	104	119	133
Selling and marketing	9.29	11.2	20.7	35	61.2	82.3	96.7	102	110	102
General and administrative	33.9	37.1	47.6	58.8	51.6	64.2	68	65.4	71.7	75.2
Operating expenses	51.7	59.1	89.2	125	167	216	263	272	300	309
Operating income	15.2	14.6	6.75	-17.7	-13.5	-2.24	-24.3	-35.5	-20.1	-14.4
Interest expense					16.4	28.7	5.22	3.72	2.98	2.42
Interest income		0	0.08	0.1	0	0	1.2	2	1	0.3
Other non-operating income	-0.91	-1.73	0.3	2.47	-15.5	-29	41.6	16.2	11.1	-2.22
Pre-tax income	14.3	12.9	7.05	-15.2	-29	-27.5	30.6	0.76	7.67	-3.49
Income tax	-11.1	6.92	-10.9	-17.7	15	-3.83	-2.26	-2.96	-2.43	-3.68
Income from continuing operations	25.4	5.97	17.9	2.49
Net income	22.4	5.97	17.9	2.49	-44	-27.4	19.6	-16.3	-6.52	-12.9
EBITDA	20.5	19.5	12	-8.68	-0.37	15.3	-5.91	-11	11.7	21.3
EPS, basic	1.66	0.42	0.96	0.11	-1.83	-1.09	0.77	-0.64	-0.24	-0.43
EPS, diluted	1.51	0.37	0.85	0.10	-1.83	-1.09	-0.48	-0.64	-0.24	-0.43
Shares, basic (weighted)	11.7	12.6	18.6	22.6	24.1	25.1	25.3	25.6	27.2	30
Shares, diluted (weighted)	12.9	14.5	21.1	23.9	24.1	25.1	30.9	25.6	27.2	30
Dividend per share		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.79	37.6	41.3	184	72.2	331	114	132	81.8	103
Short-term investments		0	17.4	0		0	71.2	21.5	1.98	8.48
Receivables	16.8	21.2	24	30.2	55.2	61.6	74.5	78.2	86.5	91.4
Other current assets	2.32	3.77	6.11	9.26	14.5	15.8	16.7	17	13.8	11.6
Total current assets	28	65.3	91.7	227	194	413	280	253	188	219
Property, plant and equipment	11.2	14.9	25.1	41.7	51.6	69.6	99.8	178	177	174
Lease right-of-use assets				21	19.5	14.1	9.99	158	154	153
Goodwill	6.87	6.87	6.87	6.87	372	344	326	336	317	357
Intangible assets	8.48	7.64	7.09	6.57	248	211	177	167	145	139
Other non-current assets	1.01	1.19	0.49	1.53	1.98	8.67	31.3	5.53	3.98	7.75
Total assets	70	104	150	341	891	1,066	929	1,101	989	1,053
Accounts payable	4.69	3.03	3.42	4.19	11.7	9.14	26.8	34.2	28.4	42.6
Accrued liabilities	14.6	15.7	21.4	27.3	63.1	65.9	62.6	69	102	91.2
Deferred revenue	4.03	5.77	5.32	5.18	6.52	6.25	7.18	8.06	7.03	8.74
Short-term debt	2.1	0.09
Total current liabilities	30.5	24.5	32.7	45.7	92.2	93.5	114	123	140	154
Long-term debt	37.7	0		0	282	486	481	419	281	248
Lease liabilities				19.9	17.2	11	4.64	221	219	221
Other non-current liabilities	0.61	0.72		0	1.71	6.02	11.2	0.39	0.58	0.56
Total liabilities	70.5	27.8	41.7	71.3	461	653	657	804	677	653
Total debt	39.8	0.09		0	282	486	481	419	281	248
Paid-in capital	9.36	102	117	276	451	502	365	391	436	486
Retained earnings	-31.7	-25.8	-7.85	-5.53	-49.5	-76.9	-48.5	-64.9	-71.4	-84.3
Treasury stock										0
Other comprehensive income		0	-0	0.04	27.9	-13	-44.2	-28.8	-52	-1.57
Shareholders' equity	-22.4	76.7	109	270	430	413	272	297	313	400
Total equity	-22.4	76.7	109	270	430	413	272	297	313	400
Total liabilities and equity	70	104	150	341	891	1,066	929	1,101	989	1,053

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	22.4	5.97	17.9	2.49	-44	-27.4	19.6	-16.3	-6.52	-12.9
Depreciation and amortization	5.25	4.87	5.27	9.02	13.1	17.5	18.4	24.4	31.7	35.7
Stock-based compensation	1.37	1.8	3.34	6.63	9.88	14.5	20.7	37	48.4	52.3
Deferred income tax	-11.1	6.17	-10.8	-17.5	14.3	-8.32	-6.6	-7.14	-5.41	-5.1
Change in receivables	-4.04	-4.39	-2.78	-6.18	-18.8	-6.71	-13.3	-3.45	-8.73	-3.96
Change in payables	0.24	-2.43	-0.17	1.15	0.32	1.99	17.2	5.39	-4.64	13.1
Cash from operations	5.15	14.6	24.6	-1.25	4.52	40.8	34.9	39	83.9	89.5
Capital expenditures	-3.83	-5.02	-12.4	-22.2	-12.3
Acquisitions			0	0	-400	0	0
Purchases of investments	0	0	-35.2	-68.4	0	0	-180	-80.6	-34.1	-16.1
Sales and maturities of investments	0	0	18	69	0	0	74.3	91.8	53.5	9.7
Cash from investing	-7.37	-7.96	-31.7	-7.65	-455	2.83	-133	30.8	-1.44	-39.1
Stock issued	0.97	0	0	147	0	0	0.16	0.41	0.17	0.11
Cash from financing	-1.53	24.2	10.7	152	347	207	-120	-52.8	-131	-29.1
Exchange rate effect		0	0	-0.01	0.11	0.19	0.88	0.61	-1.24	-0.44
Net change in cash	-3.75	30.8	3.63	144	-104	251	-218	17.7	-50.1	20.9
Free cash flow	1.32	9.6	12.2	-23.5	-7.76
Interest paid	1.31	1.54	0.11	0.34	0.58	1.48	0.02
Income taxes paid	0.01	0.86	0.16	-0.18	0.45	2	3.93	7.2	3.82	-0.06

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $61.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.2%	Gross profit / revenue.
Operating margin	-1.8%	Operating income / revenue.
EBITDA margin	2.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-0.6%	Net income / revenue.
Operating cash flow margin	12.9%	Cash from operations / revenue.
Return on equity (ROE)	-1.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.5%	Net income / average total assets.
Return on invested capital (ROIC)	-2.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.8%	Research and development expense / revenue.
Stock-based pay / revenue	6.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.4%	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	13.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	82.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	6.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	81.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	28.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	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	3.4%	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	10.2%	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	-1.0%	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	4.5%	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	0.94x	Current assets / current liabilities.
Quick ratio	0.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.1%	Total debt / total assets.
Liabilities / assets	58.8%	Total liabilities / total assets.
Net debt	$98.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$10.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$71.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	4.58x	Revenue / average property, plant and equipment.
Receivables turnover	7.79x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.15	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	$23.92	Revenue / diluted weighted shares.
Operating cash flow per share	$3.07	Cash from operations / diluted weighted shares.
Book value per share	$12.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.18	Tangible book value / shares outstanding.
Cash per share	$1.53	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.99B	Share price x shares outstanding.
Enterprise value	$2.09B	Market cap + total debt - cash - short-term investments.
P/S	2.52x	Market cap / revenue.
P/B	4.90x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	19.6x	Market cap / cash from operations, when positive.
EV/Sales	2.65x	Enterprise value / revenue.
EV/EBITDA	91.0x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).

What was Bandwidth Inc.'s revenue in fiscal 2025?

Bandwidth Inc. reported revenue of $753.8M for fiscal 2025, 0.7% higher than the year before.

Was Bandwidth Inc. profitable in fiscal 2025?

No. It reported a net loss of $12.9M.

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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