HARMONIC INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HARMONIC 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	406	358	404	403	379	507	625	388	488	361
Cost of revenue	205	188	194	180	184	247	309	210	248	186
Gross profit	201	170	209	223	195	260	316	178	240	175
Research and development	98.4	96	89.2	84.6	82.5	102	120	69.7	72.6	76.3
Selling, general and administrative	144	136	119	119	120	138	147	78.3	79.2	81.4
Operating expenses	268	241	214	210	207	241	270	148	165	161
Operating income	-67	-70.9	-5.01	13.1	-12.4	18.8	45.5	30	74.7	14.1
Interest expense	10.1	10.6	11.4	11.7	11.5	10.6	5.04	2.7	6.47	3.8
Other non-operating income	-13.4	-13.8	-11.9	-14	-12.4	-9.94	-1.03	-2.18	-3.2	-5.22
Pre-tax income	-80.4	-84.7	-16.9	-6.6	-26.2	8.87	44.5	27.8	71.5	8.86
Income tax	-8.12	-1.75	4.09	-0.67	3.05	-4.38	16.3	-60.5	20.8	7.65
Income from continuing operations								88.3	50.7	1.22
Net income	-72.3	-83	-21	-5.92	-29.3	13.3	28.2	84	39.2	-43.3
EBITDA	-48.2	-56.3	7.96	24.4	-0.71	31.4	57.8	42.3	86.9	25.2
EPS, basic	-0.93	-1.02	-0.25	-0.07	-0.30	0.13	0.27	0.75	0.34	-0.38
EPS, diluted	-0.93	-1.02	-0.25	-0.07	-0.30	0.12	0.25	0.72	0.33	-0.38
Shares, basic (weighted)	77.7	81	85.6	89.6	97	101	105	112	115	114
Shares, diluted (weighted)	77.7	81	85.6	89.6	97	106	112	117	117	114

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	55.6	57	66	93.1	98.6	133	89.6	84.3	101	124
Short-term investments							0
Receivables	86.8	69.8	81.8	88.5	66.2	88.5	108	142	144	85.9
Inventory	41.2	26	25.6	29	35	71.2	121	84	43.1	47.8
Other current assets	26.3	18.9	23.3	40.8	38.1	30	26.3	21	9.89	12.5
Total current assets	217	172	197	251	238	323	345	331	565	494
Property, plant and equipment	32.2	29.3	22.3	22.9	43.1	42.7	39.8	36.7	25.2	25.6
Lease right-of-use assets				27.5	27.6	31	25.5	20.8	12.4	13.7
Goodwill	237	243	241	240	244	240	238	60.8	60.8	60.9
Intangible assets	29.2	21.3	12.8	4.46	0.51
Other non-current assets	38.6	42.9	38.4	41.3	39.1	56.7	49.9	36.1	19.1	19.8
Total assets	554	508	511	587	592	694	710	768	797	718
Accounts payable	28.9	33.1	33.8	40.9	23.5	64.4	67.5	38.6	28.3	23.1
Accrued liabilities	55.2	48.7	52.8	54.9	50.3	53.6	66.7	61	72.4	13.6
Deferred revenue	52.4	52.4	41.6	37.1	54.3	57.2	62.4	46.2	14.4	31.5
Short-term debt	7.28	7.61	7.18	6.71					2.19	2.94
Total current liabilities	145	142	136	192	147	224	322	272	192	198
Long-term debt	13.9	15.3	12.7	10.5				0	112	109
Lease liabilities				25.8	26.1	29.1	24.1	19	14.7	14.7
Other non-current liabilities	18.4	22.6	18.2	15.7	20.3	31.4	28.2	29.5	12.2	13.5
Total liabilities	283	290	283	332	333	397	386	331	331	335
Total debt	19.3	21.8	19.7	17.2	21.8	18	15.9	0	114	112
Paid-in capital	2,254	2,273	2,297	2,327	2,354	2,387	2,381	2,405	2,433	2,466
Retained earnings	-1,976	-2,058	-2,067	-2,072	-2,101	-2,088	-2,047	-1,963	-1,953	-2,076
Other comprehensive income	-7.27	3.38	-1.22	-3.07	5.86	-3.27	-9.69	-5.71	-14.1	-6.64
Shareholders' equity	271	230	228	252	258	296	325	437	465	383
Total equity	271	230	228	252	258	296	325	437	465	383
Total liabilities and equity	554	508	511	587	592	694	710	768	797	718
Shares outstanding	78.5	82.6	87.1	91.9	98.2	103	110	112	117	111

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-72.3	-83	-21	-5.92	-29.3	13.3	28.2	84	39.2	-43.3
Depreciation and amortization	18.8	14.6	13	11.3	11.7	12.5	12.3	12.3	12.1	11.1
Stock-based compensation	13.1	16.6	17.3	12.1	18	24.1	25.2	27.3	28.1	31.9
Deferred income tax	-10.1	2.19	0.66	-2.08	-0.11	-6.2	4.89	-92.9	-16.4	8.48
Change in receivables	-2.56	12.6	-14.7	-8.39	21.2	-26.7	-21.2	-32.7	-38.2	53.9
Change in inventory	-4.11	11.7	-2.05	-4.82	-8.2	-39.3	-54.4	35.4	8.37	-7.1
Change in payables	5.79	3.43	1.02	5.09	-18.2	42.3	5.84	-29.4	-3.11	-5.97
Cash from operations	0.44	3.06	12.3	31.3	39.2	41	5.48	7.06	61.9	108
Capital expenditures	-15.1	-11.4	-7.04	-10.3	-32.2	-13	-9.25	-8.48	-9.19	-11.1
Acquisitions	-74.3	0	0
Purchases of investments	0	0				0	0	-6.31	0	0
Sales and maturities of investments						0	0	6.31	0	0
Cash from investing	-70.5	-4.5	-6.94	-10.3	-32.2	-13	-1.29	-8.48	-9.19	-11.1
Debt issued							0	0	115	135
Share buybacks	0	0			0	0	-5.13	0	-30	-79
Dividends paid			0	0	0	0	0	0	0
Cash from financing	-0.15	0.9	2.65	6.31	-2.11	7.94	-43.1	-4.99	-33.3	-81.4
Exchange rate effect	-0.42	1.88	-0.76	-0.2	0.74	-1.2	-4.9	1.09	-1.94	7.18
Net change in cash	-69.9	1.34	7.23	27.1	5.59	34.8	-43.8	-5.32	17.5	22.7
Free cash flow	-14.7	-8.34	5.24	21	6.96	28	-3.77	-1.42	52.7	96.9
Interest paid	5.28	5.52	5.27	4.26	4.22	4.1	3.8	1.63	6.28	4.07
Income taxes paid	-0.05	2.14	2.03	1.14	-0.02	2.53	9.04	18.1	27.3	12.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $11.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.0%	Gross profit / revenue.
Operating margin	11.7%	Operating income / revenue.
EBITDA margin	14.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.7%	Pre-tax income / revenue.
Net margin	-10.6%	Net income / revenue.
FCF margin	0.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.2%	Cash from operations / revenue.
Effective tax rate	50.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.5%	Net income / average total assets.
Return on invested capital (ROIC)	17.1%	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	13.0%	Research and development expense / revenue.
SG&A / revenue	11.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-26.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-16.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-27.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-17.9%	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	-2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-81.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-32.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-71.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-24.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-210.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-215.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	74.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	170.2%	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	22.5%	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	83.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	69.3%	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	-17.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.7%	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	8.2%	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	-9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	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	4.0%	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	-2.8%	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	0.5%	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	3.3%	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	3.05x	Current assets / current liabilities.
Quick ratio	2.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.69x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.5%	Total debt / total assets.
Liabilities / assets	43.0%	Total liabilities / total assets.
Net debt	-$121.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.93x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.0x	Operating income / interest expense.
Working capital	$280.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	9.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$299.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	18.9x	Revenue / average property, plant and equipment.
Inventory turnover	2.84x	Cost of revenue / average inventory.
Days inventory	129 days	365 x average inventory / cost of revenue.
Receivables turnover	4.94x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	76 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	127 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	85.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.43	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	$4.05	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.09	Cash from operations / diluted weighted shares.
Book value per share	$3.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.74	Tangible book value / shares outstanding.
Cash per share	$2.13	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	5,190.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.20B	Share price x shares outstanding.
Enterprise value	$1.08B	Market cap + total debt - cash - short-term investments.
P/S	2.70x	Market cap / revenue.
P/B	3.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.01x	Market cap / tangible book value, when positive.
P/FCF	867x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	123x	Market cap / cash from operations, when positive.
EV/Sales	2.43x	Enterprise value / revenue.
EV/EBIT	20.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	779x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.1%	Free cash flow / market cap.
Earnings yield	-3.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.0%	(Dividends paid + share buybacks) / market cap.

What was HARMONIC INC.'s revenue in fiscal 2025?

HARMONIC INC. reported revenue of $360.5M for fiscal 2025, 26.2% lower than the year before.

Was HARMONIC INC. profitable in fiscal 2025?

No. It reported a net loss of $43.3M.

How much free cash flow did HARMONIC INC. generate in fiscal 2025?

Cash from operations of $108.0M minus capital expenditures of $11.1M left free cash flow of $96.9M.

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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