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ADTRAN vs Audiocodes: revenue, profit, margins and growth compared

ADTRAN brought in $1.1B of revenue in fiscal 2025, Audiocodes $245.6M in fiscal 2025. Revenue changed by +17.5% at ADTRAN and +1.4% at Audiocodes on the year before, so ADTRAN grew faster. ADTRAN kept -4.2% of its revenue as net profit, Audiocodes 3.6%. Free cash flow was $98M at ADTRAN and $22.9M at Audiocodes.

Side by side, latest fiscal year

ADTNAUDC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.1B$245.6M
Revenue growth+17.5%+1.4%
Net income-$45.7M$9M
Net margin-4.2%3.6%
Free cash flow$98M$22.9M
Free cash flow margin9.0%9.3%
Earnings per share (diluted)-$0.52$0.31
Cash$95.7M$45.3M
Debtn/an/a
Price to earningsn/an/a
Market value$581M$262.1M
Dividend yieldn/an/a
Rank by revenue in sector#77 of 109 · Utilities#93 of 109 · Utilities

Over the years

Revenue
ADTN FY2018: $529.3MADTN FY2019: $530.1MADTN FY2020: $506.5MADTN FY2021: $563MADTN FY2022: $1BADTN FY2023: $1.1BADTN FY2024: $922.7MADTN FY2025: $1.1BAUDC FY2018: $176.2MAUDC FY2019: $200.3MAUDC FY2020: $220.8MAUDC FY2021: $248.9MAUDC FY2022: $275.1MAUDC FY2023: $244.4MAUDC FY2024: $242.2MAUDC FY2025: $245.6MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN $1.1BAUDC $245.6M
Net income
ADTN FY2018: -$19.3MADTN FY2019: -$53MADTN FY2020: $2.4MADTN FY2021: -$8.6MADTN FY2022: -$2MADTN FY2023: -$268.9MADTN FY2024: -$459.9MADTN FY2025: -$45.7MAUDC FY2018: $13.5MAUDC FY2019: $4MAUDC FY2020: $27.2MAUDC FY2021: $33.8MAUDC FY2022: $28.5MAUDC FY2023: $8.8MAUDC FY2024: $15.3MAUDC FY2025: $9MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN -$45.7MAUDC $9M
Net margin
ADTN FY2018: -3.7%ADTN FY2019: -10.0%ADTN FY2020: 0.5%ADTN FY2021: -1.5%ADTN FY2022: -0.2%ADTN FY2023: -23.4%ADTN FY2024: -49.8%ADTN FY2025: -4.2%AUDC FY2018: 7.7%AUDC FY2019: 2.0%AUDC FY2020: 12.3%AUDC FY2021: 13.6%AUDC FY2022: 10.3%AUDC FY2023: 3.6%AUDC FY2024: 6.3%AUDC FY2025: 3.6%FY18FY19FY20FY21FY22FY23FY24FY25
ADTN -4.2%AUDC 3.6%
Revenue growth
ADTN FY2019: +0.1%ADTN FY2020: -4.4%ADTN FY2021: +11.2%ADTN FY2022: +82.2%ADTN FY2023: +12.0%ADTN FY2024: -19.7%ADTN FY2025: +17.5%AUDC FY2019: +13.7%AUDC FY2020: +10.2%AUDC FY2021: +12.7%AUDC FY2022: +10.5%AUDC FY2023: -11.2%AUDC FY2024: -0.9%AUDC FY2025: +1.4%FY19FY20FY21FY22FY23FY24FY25
ADTN +17.5%AUDC +1.4%
Free cash flow
ADTN FY2018: $47.3MADTN FY2019: -$12MADTN FY2020: -$22.9MADTN FY2021: -$2.7MADTN FY2022: -$61.3MADTN FY2023: -$79.4MADTN FY2024: $69.1MADTN FY2025: $98MAUDC FY2018: $24.2MAUDC FY2019: $21.2MAUDC FY2020: $36.9MAUDC FY2021: $46.2MAUDC FY2022: $6.8MAUDC FY2023: $8.9MAUDC FY2024: $11MAUDC FY2025: $22.9MFY18FY19FY20FY21FY22FY23FY24FY25
ADTN $98MAUDC $22.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about ADTRAN and Audiocodes

Which is bigger by revenue, ADTRAN or Audiocodes?

ADTRAN is bigger by revenue: $1.1B in fiscal 2025, against $245.6M for Audiocodes in fiscal 2025.

Which keeps more of its revenue as profit, ADTRAN or Audiocodes?

ADTRAN had a net margin of -4.2% in fiscal 2025; Audiocodes had 3.6% in fiscal 2025.

Which grew revenue faster, ADTRAN or Audiocodes?

In their latest fiscal years revenue changed by +17.5% at ADTRAN and +1.4% at Audiocodes.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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