CALIX, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CALIX, 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	459	510	441	424	541	679	868	1,040	832	1,000
Cost of revenue	258	337	244	236	274	323	432	521	378	432
Gross profit	201	173	197	188	267	357	435	518	454	568
Research and development	107	128	90	81.2	85.3	102	132	178	180	190
Selling and marketing	83.7	82.8	86.4	82.6	94.2	126	175	215	218	249
General and administrative	41.6	39.9	40.5	37.1	44.4	55.8	76.3	100	98.9	108
Operating expenses	229	254	216	203	230	283	383	493	497	547
Operating income	-28.1	-81.6	-18.5	-15.4	36.8	73.9	52.6	25.6	-43	21
Interest expense	0.59
Interest income	0.74
Other non-operating income	1.06	-0.23	-0.25	-1.13	-2.56	-1.28	1.43	9.17	11.4	13.2
Pre-tax income	-27.1	-81.8	-18.8	-16.5	34.3	72.7	54	34.8	-31.6	34.2
Income tax	0.35	1.24	0.53	1.16	0.8	-166	13	5.43	-1.9	16.3
Net income	-27.4	-83	-19.3	-17.7	33.5	238	41	29.3	-29.7	17.9
EBITDA	-19.8	-70.6	-9.33	-5.09	50.6	89	66.9	42.2	-23.5	38.7
EPS, basic	-0.56	-1.66	-0.37	-0.32	0.57	3.77	0.63	0.44	-0.45	0.27
EPS, diluted	-0.56	-1.66	-0.37	-0.32	0.54	3.51	0.60	0.42	-0.45	0.26
Shares, basic (weighted)	48.7	50.2	52.6	55	59.1	63.3	65.1	66	65.9	66
Shares, diluted (weighted)	48.7	50.2	52.6	55	62	67.9	68.9	69.3	65.9	69.3
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	50.4	39.8	49.6	46.8	80.8	51.3	79.1	63.4	43.2	143
Short-term investments	27.7	0								245
Receivables	51.3	80.4	67	46.5	69.4	85.2	93.8	126	79.3	99.4
Inventory	44.5	31.5	50.2	40.2	52.3	88.9	149	133	103	134
Other current assets	10.6	10.8	7.31	9.7	11.4	30.8	62.7	119	106	70.3
Total current assets	219	162	175	144	267	409	547	598	585	692
Property, plant and equipment	18	15.7	24.9	21.5	20.4	21.8	25.8	29.5	31.2	37.8
Lease right-of-use assets			0	15.9	11.7	12.2	9.28	9.26	6.22	14.7
Goodwill	116	116	116	116	116	116	116	116	116	116
Intangible assets	0.81		0	12.1	9.52	6.89	4.25
Other non-current assets	1.99	0.76	1.2	19.4	12.2	13.7	19.1	21.3	23.4	32.7
Total assets	355	295	317	317	427	742	885	942	939	1,059
Accounts payable	23.8	36	40.2	10.8	13.1	29.1	41.4	34.7	20.2	41.5
Accrued liabilities	69.7	49.3	57.9	57.5	68.7	71.6	90.5	116	84.2	91.3
Deferred revenue	27.9	13.1	15.6	17.2	19.2	27.5	33.5	36.7	26.8	30.4
Total current liabilities	121	128	144	115	101	128	165	188	131	163
Lease liabilities			0	14.3	12.9	12.4	8.44	7.42	3.72	12.8
Other non-current liabilities	0.88	1.13	3.97	14.6	13.1	11.1	6.33	2.96	2.58	3.41
Total liabilities	143	150	165	163	147	174	205	223	158	199
Paid-in capital	837	851	876	896	948	998	1,070	1,078	1,170	1,230
Retained earnings	-584	-667	-685	-703	-669	-431	-390	-360	-390	-372
Treasury stock	-40	-40	-40	-40	0
Other comprehensive income	-0.66	-0.17	-0.75	-0.85	-0.19	-0.32	-2.47	-0.66	-0.61	-0.41
Shareholders' equity	213	145	152	154	280	568	680	719	781	859
Total equity	213	145	152	154	280	568	680	719	781	859
Total liabilities and equity	355	295	317	317	427	742	885	942	939	1,059
Shares outstanding	49.4	51.5	54	56.4	62.1	64.3	65.7	65.1	66.4	67.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-27.4	-83	-19.3	-17.7	33.5	238	41	29.3	-29.7	17.9
Depreciation and amortization	8.32	11	9.19	10.3	13.7	15	14.3	16.6	19.6	17.7
Stock-based compensation	14.3	12.4	17.5	11.2	14	24.2	44.8	62.8	70.8	87.9
Deferred income tax	-0.43	0.55		0.01	0.01	-169	1.93	-0.66	-9.97	12.9
Change in receivables	-4.19	-29.1	13.9	20.5	-22.9	-15.8	-8.59	-32.2	46.7	-20
Change in inventory	3.12	13	-20.6	10	-12.1	-36.6	-60.3	16.2	30.3	-31
Change in payables	4.24	11.8	4.6	-29.4	2.19	16	12.1	-6.37	-15.1	21.5
Cash from operations	24.4	-62.8	3.56	4.65	51.4	56.8	27.2	56.3	68.4	135
Capital expenditures	-9.84	-8.03	-10.4	-13.4	-7.82	-10.5	-14.1	-17.9	-18.1	-19.4
Purchases of investments	-16.5	-8.73	0	0	-73	-298	-191	-216	-302	-221
Sales and maturities of investments	38.4	31.4	0	0	20	198	181	228	160	206
Cash from investing	12.1	19.7	-0.08	-13.4	-60.8	-111	-24.1	-6.25	-110	-6.37
Stock issued	0.02	0.06	0	0	60.1	0	0	32.1	31.6	65.2
Share buybacks	-12.8	0	0			0	0	-86.4	-10.7	-93.6
Cash from financing	-9.24	32	7.49	5.97	42.1	24.4	25.1	-65.9	20.9	-28.4
Exchange rate effect	-0.53	0.46	-0.48	-0.09	0.6	0.01	-0.42	0.26	-0.01	-0.22
Net change in cash	26.7	-10.6	10.5	-2.82	33.4	-29.5	27.7	-15.7	-20.2	99.9
Free cash flow	14.6	-70.8	-6.87	-8.7	43.6	46.3	13.1	38.4	50.3	116
Interest paid	0.13	0.31	0.65	1.12	1.69	0.63	0.58	0.25	0	0
Income taxes paid	0.97	0.92	0.56	0.4	0.75	5.2	9.61	11.9	5.88	6.88

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $33.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.6%	Gross profit / revenue.
Operating margin	5.5%	Operating income / revenue.
EBITDA margin	7.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	7.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	29.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	6.7%	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	18.7%	Research and development expense / revenue.
Stock-based pay / revenue	7.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.3%	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	16.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-26.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-10.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-16.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-24.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-11.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-24.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-13.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	97.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	70.6%	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	21.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	129.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	106.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	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	25.1%	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	12.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.2%	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	19.9%	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	5.2%	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	0.2%	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	2.3%	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	2.83x	Current assets / current liabilities.
Quick ratio	1.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.92x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	25.6%	Total liabilities / total assets.
Working capital	$384.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$593.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.16x	Revenue / average total assets.
Fixed asset turnover	29.6x	Revenue / average property, plant and equipment.
Inventory turnover	2.67x	Cost of revenue / average inventory.
Days inventory	137 days	365 x average inventory / cost of revenue.
Receivables turnover	8.15x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	111 days	Days inventory + days sales outstanding - days payables.
FCF conversion	166.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.78	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	$16.96	Revenue / diluted weighted shares.
FCF per share	$1.30	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.67	Cash from operations / diluted weighted shares.
Book value per share	$11.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.43	Tangible book value / shares outstanding.
Cash per share	$3.09	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	304.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.09B	Share price x shares outstanding.
Enterprise value	$1.89B	Market cap + total debt - cash - short-term investments.
P/E	40.8x	Market cap / net income. Only when net income is positive.
P/S	1.88x	Market cap / revenue.
P/B	2.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.51x	Market cap / tangible book value, when positive.
P/FCF	24.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.1x	Market cap / cash from operations, when positive.
EV/Sales	1.70x	Enterprise value / revenue.
EV/EBIT	30.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.5%	(Dividends paid + share buybacks) / market cap.

What was CALIX, INC's revenue in fiscal 2025?

CALIX, INC reported revenue of $1.00B for fiscal 2025, 20.3% higher than the year before.

Was CALIX, INC profitable in fiscal 2025?

Yes. Net income was $17.9M, a net margin of 1.8%.

How much free cash flow did CALIX, INC generate in fiscal 2025?

Cash from operations of $135.0M minus capital expenditures of $19.4M left free cash flow of $115.5M.

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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