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ADTRAN (ADTN) Financials

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$4.83 -0.03 (-0.62%)
Closing price 11/13/2026 04:00 PM Eastern
Extended Trading
$4.82 0.00 (-0.10%)
As of 11/13/2026 07:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ADTRAN

Annual Income Statements for ADTRAN

This table shows ADTRAN's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 19 35 24 -19 -53 2.38 -8.64 -2.04 -269 -460 -46
Consolidated Net Income / (Loss)		 19 35 24 -19 -53 2.38 -8.64 -8.89 -262 -450 -36
Net Income / (Loss) Continuing Operations		 19 35 24 -19 -53 2.38 -8.64 -8.89 -262 -450 -36
Total Pre-Tax Income 		26 47 45 -33 -25 -6.25 -6.31 -71 -234 -443 -31
Total Operating Income		 13 35 37 -45 -40 -9.77 -15 -73 -224 -428 -16
Total Gross Profit		 267 291 304 204 219 218 218 327 331 324 415
Total Revenue		 600 637 667 529 530 507 563 1,026 1,149 923 1,084
Operating Revenue		 600 637 667 529 530 507 563 1,026 1,149 923 1,084
Total Cost of Revenue		 333 345 363 326 311 289 345 698 818 599 669
Operating Cost of Revenue		 333 345 363 326 311 289 345 698 818 599 669
Total Operating Expenses		 253 257 266 249 259 227 233 400 555 752 431
Selling, General & Admin Expense		 124 132 136 124 130 114 124 209 259 233 226
Research & Development Expense		 130 125 131 125 126 113 109 174 258 221 204
Impairment Charge		 - - 0.00 0.00 3.87 0.07 0.00 17 38 297 0.00
Total Other Income / (Expense), net		 12 12 7.30 12 15 3.53 8.40 1.86 -9.94 -15 -16
Interest Expense		 0.60 0.57 0.56 0.53 0.51 0.01 0.03 3.44 16 22 19
Interest & Investment Income		 14 9.84 9.07 -0.02 14 6.79 4.61 -9.22 5.09 6.65 5.32
Other Income / (Expense), net		 -1.47 3.05 -1.21 13 1.50 -3.25 3.82 15 1.27 0.25 -1.63
Income Tax Expense		 7.06 12 21 -14 28 -8.62 2.33 -62 28 7.34 4.99
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - 0.00 0.00 -6.85 6.95 9.82 9.41
Basic Earnings per Share		 $0.36 $0.72 $0.50 ($0.40) ($1.11) $0.05 ($0.18) ($0.03) ($3.43) ($5.79) ($0.52)
Weighted Average Basic Shares Outstanding		 51.15M 48.72M 48.15M 47.88M 47.84M 48.00M 48.58M 62.35M 78.42M 78.93M 79.74M
Diluted Earnings per Share		 $0.36 $0.72 $0.49 ($0.40) ($1.11) $0.05 ($0.18) ($0.03) ($3.43) ($5.79) ($0.52)
Weighted Average Diluted Shares Outstanding		 51.27M 48.95M 48.70M 47.88M 47.84M 48.29M 48.58M 62.35M 78.42M 78.93M 79.74M
Weighted Average Basic & Diluted Shares Outstanding		 51.80M 48.90M 47.70M 47.78M 48.09M 48.34M 49.12M 78.63M 79.12M 79.86M 80.66M

Quarterly Income Statements for ADTRAN

This table shows ADTRAN's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -331 -50 -33 -45 -11 -21 -10 -3.60 -1.32 -11 -9.23
Consolidated Net Income / (Loss)		 -328 -47 -31 -44 -8.95 -18 -7.76 -1.28 0.93 -8.70 -7.14
Net Income / (Loss) Continuing Operations		 -328 -47 -31 -44 -8.95 -18 -7.76 -1.28 0.93 -8.70 -7.14
Total Pre-Tax Income 		-347 -45 -31 -19 -9.35 -17 -6.56 1.89 2.85 -7.92 -4.56
Total Operating Income		 -346 -38 -26 -15 -3.97 -13 -2.79 4.48 6.38 -10 -0.75
Total Gross Profit		 70 81 83 91 95 99 107 114 113 104 108
Total Revenue		 226 226 228 243 248 265 279 292 286 281 281
Operating Revenue		 226 226 228 243 248 265 279 292 286 281 281
Total Cost of Revenue		 156 145 145 152 153 166 172 178 173 177 173
Operating Cost of Revenue		 156 145 145 152 153 166 172 178 173 177 173
Total Operating Expenses		 417 120 109 106 99 112 110 109 107 114 109
Selling, General & Admin Expense		 59 59 58 57 50 60 58 57 56 60 57
Research & Development Expense		 60 60 52 49 49 52 52 52 51 54 52
Total Other Income / (Expense), net		 -0.64 -6.57 -4.48 -3.47 -5.38 -3.92 -3.77 -2.59 -3.53 2.16 -3.81
Interest Expense		 4.60 6.91 5.68 4.87 4.76 4.56 5.50 4.52 4.24 4.23 5.25
Interest & Investment Income		 2.65 1.24 2.05 0.71 -1.56 3.28 2.48 1.13 -0.55 5.67 0.45
Other Income / (Expense), net		 1.31 -0.90 -0.85 0.69 0.94 -2.64 -0.75 0.81 1.26 0.72 0.99
Income Tax Expense		 -19 2.14 0.39 25 -0.40 1.02 1.20 3.17 1.92 0.79 2.58
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.53 2.51 2.38 1.71 2.32 2.27 2.51 2.32 2.25 2.20 2.09
Basic Earnings per Share		 ($4.20) ($0.63) ($0.38) ($0.56) ($0.14) ($0.24) ($0.12) ($0.02) ($0.01) ($0.13) ($0.10)
Weighted Average Basic Shares Outstanding		 78.81M 78.85M 78.95M 78.93M 79.53M 79.75M 79.80M 79.74M 80.32M 80.95M 81.22M
Diluted Earnings per Share		 ($4.20) ($0.63) ($0.38) ($0.56) ($0.14) ($0.24) ($0.12) ($0.02) ($0.01) ($0.13) ($0.10)
Weighted Average Diluted Shares Outstanding		 78.81M 78.85M 78.95M 78.93M 79.53M 79.75M 79.80M 79.74M 80.32M 80.95M 81.22M
Weighted Average Basic & Diluted Shares Outstanding		 79.12M 79.23M 79.25M 79.86M 79.98M 80.05M 80.12M 80.66M 81.00M 81.48M 81.50M

Annual Cash Flow Statements for ADTRAN

This table details how cash moves in and out of ADTRAN's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 14 -4.26 1.26 23 -30 -18 0.32 65 -19 -11 14
Net Cash From Operating Activities		 19 42 -42 55 -2.47 -17 3.01 -44 -43 104 130
Net Cash From Continuing Operating Activities		 19 42 -42 55 -2.47 -17 3.01 -44 -43 104 130
Net Income / (Loss) Continuing Operations		 19 35 24 -19 -53 2.38 -8.64 -8.89 -262 -450 -36
Consolidated Net Income / (Loss)		 19 35 24 -19 -53 2.38 -8.64 -8.89 -262 -450 -36
Depreciation Expense		 14 14 16 16 18 17 16 68 113 91 93
Amortization Expense		 2.40 0.64 0.43 - - 0.00 0.11 0.31 0.86 3.95 1.79
Non-Cash Adjustments To Reconcile Net Income		 -3.02 -2.75 2.60 -0.10 -7.02 -4.09 -2.67 53 99 319 3.01
Changes in Operating Assets and Liabilities, net		 -14 -5.53 -85 59 40 -31 -1.88 -157 6.37 140 69
Net Cash From Investing Activities		 80 -6.48 66 0.29 -9.79 41 10 56 -35 -64 -69
Net Cash From Continuing Investing Activities		 80 -6.48 66 0.29 -9.79 41 10 56 -35 -64 -69
Purchase of Property, Plant & Equipment		 -12 -21 -15 -8.11 -9.49 -6.41 -5.67 -17 -36 -35 -32
Acquisitions		 - -0.94 - -22 0.01 0.00 0.00 44 -9.44 -31 -38
Purchase of Investments		 -189 -209 -93 -123 -49 -57 -35 -24 -0.87 -0.27 -0.38
Sale and/or Maturity of Investments		 280 225 174 154 47 105 50 52 11 1.24 1.02
Other Investing Activities, net		 - - - 0.00 1.00 -0.52 0.50 1.13 1.22 -0.06 -0.54
Net Cash From Financing Activities		 -85 -40 -22 -32 -18 -43 -13 53 59 -50 -47
Net Cash From Continuing Financing Activities		 -85 -40 -22 -32 -18 -43 -13 53 59 -50 -47
Repayment of Debt		 -1.10 -1.10 -1.10 -1.10 -1.00 -25 -10 -69 -76 -48 -223
Repurchase of Common Equity		 -66 -26 -17 -16 -0.18 - 0.00 0.00 -1.22 -17 -47
Payment of Dividends		 -18 -18 -17 -17 -17 -17 -18 -23 -21 0.00 0.00
Issuance of Debt		 - - - - 0.00 0.00 10 142 164 26 250
Other Financing Activities, net		 0.96 4.72 13 1.48 0.53 -1.04 4.57 2.65 -5.92 -10 -27
Cash Interest Paid		 0.60 0.58 0.56 0.53 0.51 0.02 0.01 1.73 13 21 13
Cash Income Taxes Paid		 20 19 2.99 4.10 9.36 7.61 1.78 3.83 0.00 0.00 0.00

Quarterly Cash Flow Statements for ADTRAN

This table details how cash moves in and out of ADTRAN's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 13 3.24 -21 -11 25 -1.41 -3.43 -6.42 -4.87 -8.57 -6.97
Net Cash From Operating Activities		 38 20 42 4.54 43 32 12 42 13 26 -24
Net Cash From Continuing Operating Activities		 31 20 42 4.54 43 32 12 42 13 26 -24
Net Income / (Loss) Continuing Operations		 -328 -47 -29 -44 -8.95 -18 -7.76 -1.28 0.93 -8.70 -7.14
Consolidated Net Income / (Loss)		 -328 -47 -29 -44 -8.95 -18 -7.76 -1.28 0.93 -8.70 -7.14
Depreciation Expense		 22 23 23 23 22 23 23 24 25 26 26
Amortization Expense		 1.01 - - 2.94 0.32 0.32 0.38 0.77 0.76 0.77 2.17
Non-Cash Adjustments To Reconcile Net Income		 305 4.98 5.08 1.88 8.19 5.39 0.12 -11 2.84 -2.35 5.33
Changes in Operating Assets and Liabilities, net		 31 39 43 21 22 21 -3.88 29 -17 11 -51
Net Cash From Investing Activities		 -14 -16 -18 -15 -18 -14 -17 -20 -16 -17 -15
Net Cash From Continuing Investing Activities		 -14 -16 -18 -15 -18 -14 -17 -20 -16 -17 -15
Purchase of Property, Plant & Equipment		 -14 -16 -19 16 -7.40 -4.69 -7.98 -12 -7.51 -8.94 -5.76
Acquisitions		 -1.19 - - - -11 -9.15 -9.05 -8.04 -8.44 -8.30 -9.16
Purchase of Investments		 -0.04 -0.08 -0.07 -0.07 -0.17 -0.07 -0.08 -0.07 -0.08 -0.07 -0.06
Sale and/or Maturity of Investments		 0.87 0.08 0.24 0.05 0.66 0.07 0.23 0.06 0.74 0.08 0.30
Other Investing Activities, net		 0.00 - 0.28 -0.34 -0.13 0.08 -0.18 -0.31 -0.57 0.10 0.07
Net Cash From Financing Activities		 -4.16 -0.67 -45 -0.35 0.32 -20 1.44 -29 -1.68 -17 32
Net Cash From Continuing Financing Activities		 -4.16 -0.67 -45 -0.35 0.32 -20 1.44 -29 -1.68 -17 32
Repayment of Debt		 -34 -39 -17 43 - -24 -172 -27 - - -36
Repurchase of Common Equity		 -0.01 -0.02 -17 -0.00 -0.01 -19 -0.00 -27 -0.01 -14 -18
Issuance of Debt		 0.00 38 - -43 - 24 201 25 - - 88
Other Financing Activities, net		 30 -0.01 -10 -0.35 0.34 -0.40 -28 0.23 -1.68 -3.60 -1.29
Cash Interest Paid		 5.24 1.31 12 2.66 4.13 3.92 5.29 -0.06 4.45 0.57 6.13
Cash Income Taxes Paid		 0.60 5.12 1.69 -2.43 2.37 1.79 -1.75 -2.41 -0.81 3.39 1.47

Annual Balance Sheets for ADTRAN

This table presents ADTRAN's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 633 667 669 628 545 526 569 1,943 1,677 1,171 1,204
Total Current Assets		 312 353 413 355 320 317 376 882 719 599 635
Cash & Equivalents		 85 80 86 106 74 60 57 109 87 76 96
Restricted Cash		 - - - - 0.00 0.02 0.22 - - - 0.00
Short-Term Investments		 34 43 16 3.25 33 3.13 0.35 0.34 - 0.00 35
Accounts Receivable		 91 108 171 136 107 120 170 312 227 188 218
Inventories, net		 92 105 123 100 98 125 140 428 360 262 216
Prepaid Expenses		 10 16 17 11 7.89 8.29 9.30 34 41 56 55
Current Deferred & Refundable Income Taxes		 - - - - - - - 0.00 3.20 5.46 3.67
Other Current Assets		 - - - - - - - - 0.00 12 12
Plant, Property, & Equipment, net		 73 84 85 81 68 62 56 111 118 106 124
Total Noncurrent Assets		 248 230 171 192 157 146 137 950 840 466 445
Long-Term Investments		 198 176 130 109 94 80 71 33 28 32 1.02
Goodwill		 3.49 3.49 3.49 7.11 6.97 6.97 6.97 382 358 53 60
Intangible Assets		 - - 4.66 33 28 23 19 401 337 285 294
Noncurrent Deferred & Refundable Income Taxes		 37 38 23 37 7.56 9.87 9.08 68 29 18 16
Other Noncurrent Operating Assets		 9.28 12 9.06 5.67 20 25 31 67 88 78 73
Total Liabilities & Shareholders' Equity		 633 667 669 628 545 526 569 1,943 1,677 1,171 1,204
Total Liabilities		 153 188 171 182 165 153 212 640 629 622 685
Total Current Liabilities		 93 127 107 118 113 94 155 429 274 293 362
Accounts Payable		 49 77 61 60 45 50 102 238 163 172 167
Accrued Expenses		 12 12 13 12 14 14 14 35 36 34 34
Current Deferred Revenue		 17 16 13 18 12 14 18 41 43 53 88
Current Deferred & Payable Income Tax Liabilities		 2.40 - 3.94 13 3.51 1.30 6.56 9.03 5.22 1.94 3.64
Current Employee Benefit Liabilities		 13 20 16 15 14 15 15 45 27 33 70
Total Noncurrent Liabilities		 60 61 64 64 52 59 57 211 355 328 323
Long-Term Debt		 28 27 26 25 - - 0.00 60 195 190 218
Capital Lease Obligations		 - - - - - - 3.27 23 31 26 27
Noncurrent Deferred Revenue		 7.97 6.33 4.56 5.30 6.01 6.89 9.27 19 23 22 27
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - 0.00 62 36 30 27
Noncurrent Employee Benefit Liabilities		 - - - 31 38 45 43 37 42 42 6.28
Other Noncurrent Operating Liabilities		 24 28 34 2.50 8.39 7.12 1.23 10 29 18 18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 0.00 443 423 373
Total Equity & Noncontrolling Interests		 480 480 498 446 380 373 357 1,304 605 127 146
Total Preferred & Common Equity		 480 480 498 446 380 373 357 974 605 127 146
Total Common Equity		 480 480 498 446 380 373 357 974 605 127 146
Common Stock		 248 254 261 268 275 282 290 897 795 810 802
Retained Earnings		 907 922 922 884 807 782 741 55 -232 -689 -730
Treasury Stock		 -665 -684 -682 -692 -685 -679 -662 -4.13 -5.83 -5.20 -5.11
Accumulated Other Comprehensive Income / (Loss)		 -8.97 -12 -3.30 -14 -16 -12 -12 26 48 11 79

Quarterly Balance Sheets for ADTRAN

This table presents ADTRAN's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 1,883 1,742 1,327 1,286 1,267 1,193 1,216 1,209 1,185 1,150 1,177
Total Current Assets		 850 780 688 656 630 612 607 603 634 618 657
Cash & Equivalents		 124 116 107 111 88 101 106 94 88 79 65
Restricted Cash		 - - - - 0.00 - - 7.55 - - 7.10
Short-Term Investments		 3.09 0.00 - - - - - - 34 39 39
Accounts Receivable		 272 254 203 198 185 176 173 187 226 215 244
Inventories, net		 417 374 318 284 276 254 240 224 209 209 227
Prepaid Expenses		 34 36 56 55 67 62 68 72 62 60 60
Current Deferred & Refundable Income Taxes		 - - 3.98 8.32 13 6.63 8.14 6.48 2.97 3.54 2.53
Other Current Assets		 - - 0.00 0.00 0.00 12 12 12 12 12 12
Plant, Property, & Equipment, net		 116 119 131 138 151 110 112 121 124 123 120
Total Noncurrent Assets		 917 844 508 492 487 472 497 484 427 409 400
Long-Term Investments		 31 25 29 30 32 30 33 35 0.94 1.02 1.04
Goodwill		 388 339 55 55 57 55 60 60 59 58 58
Intangible Assets		 355 329 306 291 286 293 310 302 281 269 259
Noncurrent Deferred & Refundable Income Taxes		 82 90 29 29 26 18 18 18 16 16 16
Other Noncurrent Operating Assets		 61 61 88 87 87 76 76 69 70 64 66
Total Liabilities & Shareholders' Equity		 1,883 1,742 1,327 1,286 1,267 1,193 1,216 1,209 1,185 1,150 1,177
Total Liabilities		 655 625 623 629 639 631 645 665 679 661 717
Total Current Liabilities		 310 285 285 288 310 303 310 308 359 345 348
Accounts Payable		 172 149 159 159 173 172 178 189 171 169 179
Accrued Expenses		 27 30 35 35 34 38 38 31 32 25 26
Current Deferred Revenue		 48 50 58 55 55 66 63 58 91 79 72
Current Deferred & Payable Income Tax Liabilities		 15 10 6.27 2.21 6.89 1.00 1.02 1.45 5.61 3.80 5.11
Current Employee Benefit Liabilities		 37 36 26 38 40 26 30 29 61 68 66
Total Noncurrent Liabilities		 345 340 338 341 329 328 335 357 319 316 369
Long-Term Debt		 200 200 195 190 190 190 190 218 218 219 277
Capital Lease Obligations		 21 24 28 27 26 26 28 26 25 24 24
Noncurrent Deferred Revenue		 24 24 23 27 25 24 24 23 26 25 29
Noncurrent Deferred & Payable Income Tax Liabilities		 45 38 16 21 18 31 33 32 27 26 26
Noncurrent Employee Benefit Liabilities		 39 38 41 42 44 40 44 46 6.31 6.36 6.41
Other Noncurrent Operating Liabilities		 16 17 35 34 26 17 16 12 17 16 7.47
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 445 432 443 443 423 423 402 402 369 359 340
Total Equity & Noncontrolling Interests		 782 685 261 214 206 139 170 142 138 129 120
Total Preferred & Common Equity		 782 685 261 214 206 139 170 142 138 129 120
Total Common Equity		 782 685 261 214 206 139 170 142 138 129 120
Common Stock		 788 792 799 803 806 813 816 801 804 807 810
Retained Earnings		 -41 -113 -562 -612 -643 -701 -719 -729 -731 -736 -744
Treasury Stock		 -5.94 -5.97 -5.20 -5.20 -5.20 -5.11 -5.11 -5.11 -5.02 -5.02 -5.02
Accumulated Other Comprehensive Income / (Loss)		 41 12 30 28 47 32 78 75 70 64 59

Annual Metrics And Ratios for ADTRAN

This table displays calculated financial ratios and metrics derived from ADTRAN's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -4.75% 6.12% 4.73% -20.64% 0.15% -4.44% 11.15% 82.15% 12.05% -19.70% 17.46%
EBITDA Growth		 -57.53% 83.79% -0.72% -132.36% -22.28% 117.40% 47.67% 79.65% -1,212.21% -203.08% 123.17%
EBIT Growth		 -75.12% 213.18% -3.85% -190.70% -17.22% 66.13% 16.51% -436.13% -277.30% -89.48% 95.97%
NOPAT Growth		 -72.14% 165.67% -23.21% -259.42% 12.02% 75.54% -50.41% -395.42% -203.83% -88.50% 96.35%
Net Income Growth		 -58.21% 88.94% -32.33% -181.13% -173.92% 104.49% -463.12% -2.93% -2,817.90% -70.06% 91.95%
EPS Growth		 -55.00% 100.00% -31.94% -181.63% -177.50% 104.50% -460.00% 83.33% -11,200.00% -67.26% 91.02%
Operating Cash Flow Growth		 -66.78% 126.43% -200.90% 230.85% -104.46% -568.20% 118.21% -1,570.35% -3.11% 326.01% 25.29%
Free Cash Flow Firm Growth		 -112.58% 320.35% -740.75% 107.22% 396.93% -243.89% 59.26% -8,302.09% 99.28% 2,617.30% -93.07%
Invested Capital Growth		 8.08% 8.40% 40.34% -12.52% -19.97% 12.77% 1.34% 461.21% -11.25% -42.75% -3.80%
Revenue Q/Q Growth		 -0.82% 3.91% -5.14% -17.82% 24.34% -19.00% 38.73% 24.85% -10.36% 1.92% 4.71%
EBITDA Q/Q Growth		 -16.11% 4.59% -13.97% 9.28% -135.24% 154.44% -27.06% 329.46% -40.98% 8.62% 36.93%
EBIT Q/Q Growth		 -27.63% 5.05% -17.97% 4.40% -47.65% 44.79% -20.04% -35.32% -9.87% 6.00% 55.36%
NOPAT Q/Q Growth		 -13.41% 5.90% -46.30% 0.81% -34.66% 52.37% -36.29% -54.32% -2.19% 5.11% 57.67%
Net Income Q/Q Growth		 -16.08% 5.56% -43.93% 12.10% -6.38% 115.48% -617.38% 81.50% -120.98% 12.59% 53.93%
EPS Q/Q Growth		 -12.20% 5.88% -44.32% 13.04% -6.73% 115.15% -550.00% 95.31% -127.52% 12.90% 51.85%
Operating Cash Flow Q/Q Growth		 -51.29% 81.72% -217.09% 452.96% -114.68% 7.57% -83.00% 35.54% -48.02% 25.33% 44.24%
Free Cash Flow Firm Q/Q Growth		 -123.76% 290.02% -830.52% 110.78% 17.95% -39.11% -376.28% -13.50% 96.02% 19.07% -70.18%
Invested Capital Q/Q Growth		 8.47% 0.59% 24.05% 3.85% -0.61% 7.25% 15.37% 12.67% -4.24% -9.31% -2.87%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 44.48% 45.75% 45.53% 38.46% 41.35% 42.95% 38.79% 31.91% 28.98% 35.80% 38.29%
EBITDA Margin		 4.78% 8.27% 7.84% -3.20% -3.90% 0.71% 0.94% 0.93% -9.24% -34.89% 7.11%
Operating Margin		 2.25% 5.43% 5.61% -8.58% -7.54% -1.93% -2.61% -7.10% -19.26% -45.20% -1.44%
EBIT Margin		 2.00% 5.91% 5.42% -6.20% -7.26% -2.57% -1.93% -5.69% -19.15% -45.18% -1.59%
Profit (Net Income) Margin		 3.11% 5.53% 3.57% -3.65% -10.00% 0.47% -1.53% -0.87% -22.57% -47.80% -3.34%
Tax Burden Percent		 72.53% 75.12% 53.35% 57.96% 213.84% -38.07% 136.95% 12.52% 112.17% 102.03% 115.98%
Interest Burden Percent		 213.98% 124.63% 123.52% 101.70% 64.41% 47.95% 57.97% 121.70% 105.09% 103.70% 181.39%
Effective Tax Rate		 27.47% 24.88% 46.65% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 5.31% 13.04% 8.01% -11.67% -12.22% -3.16% -4.45% -6.63% -12.57% -32.05% -1.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.63% 9.75% 6.39% -17.91% 1.34% -8.92% -5.69% -75.17% -197.12% -169.21% -24.66%
Return on Net Nonoperating Assets (RNNOA)		 -1.69% -5.70% -3.13% 7.57% -0.60% 3.79% 2.09% 5.56% -9.49% -22.93% -5.09%
Return on Equity (ROE)		 3.62% 7.34% 4.88% -4.10% -12.82% 0.63% -2.37% -1.07% -22.07% -54.98% -6.78%
Cash Return on Invested Capital (CROIC)		 -2.45% 4.99% -25.56% 1.68% 9.97% -15.16% -5.79% -146.13% -0.66% 22.32% 2.19%
Operating Return on Assets (OROA)		 1.75% 5.79% 5.41% -5.06% -6.56% -2.43% -1.99% -4.64% -12.13% -29.13% -1.45%
Return on Assets (ROA)		 2.72% 5.42% 3.57% -2.98% -9.03% 0.44% -1.58% -0.71% -14.30% -30.82% -3.05%
Return on Common Equity (ROCE)		 3.62% 7.34% 4.88% -4.10% -12.82% 0.63% -2.37% -0.86% -14.82% -25.33% -1.73%
Return on Equity Simple (ROE_SIMPLE)		 3.88% 7.35% 4.79% -4.33% -13.93% 0.64% -2.42% -0.91% -42.88% -328.13% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.78 26 20 -32 -28 -6.84 -10 -51 -155 -292 -11
NOPAT Margin		 1.63% 4.08% 2.99% -6.01% -5.28% -1.35% -1.83% -4.97% -13.48% -31.64% -1.01%
Net Nonoperating Expense Percent (NNEP)		 2.68% 3.30% 1.62% 6.24% -13.56% 5.76% 1.24% 68.54% 184.54% 137.16% 22.96%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -3.52% -18.63% -83.44% -2.79%
Cost of Revenue to Revenue		 55.52% 54.25% 54.47% 61.54% 58.65% 57.05% 61.21% 68.09% 71.02% 64.20% 61.71%
SG&A Expenses to Revenue		 20.59% 20.71% 20.33% 23.51% 24.58% 22.50% 22.10% 20.37% 22.47% 25.29% 20.88%
R&D to Revenue		 21.64% 19.61% 19.59% 23.53% 23.81% 22.37% 19.30% 16.94% 22.48% 24.00% 18.85%
Operating Expenses to Revenue		 42.23% 40.32% 39.92% 47.04% 48.89% 44.88% 41.40% 39.01% 48.24% 81.00% 39.73%
Earnings before Interest and Taxes (EBIT)		 12 38 36 -33 -38 -13 -11 -58 -220 -417 -17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 29 53 52 -17 -21 3.60 5.32 9.55 -106 -322 77
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.50 1.94 1.64 1.03 1.15 1.81 2.43 1.46 0.96 4.91 4.77
Price to Tangible Book Value (P/TBV)		 1.51 1.95 1.66 1.13 1.26 1.97 2.63 7.44 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.20 1.46 1.22 0.87 0.82 1.33 1.54 1.39 0.50 0.72 0.64
Price to Earnings (P/E)		 38.58 26.39 34.15 0.00 0.00 283.67 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 2.48% 1.87% 2.13% 3.75% 3.95% 2.56% 2.02% 0.98% 4.90% 0.00% 0.00%
Earnings Yield		 2.59% 3.79% 2.93% 0.00% 0.00% 0.35% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.25 3.17 2.09 1.05 1.27 2.31 3.20 1.34 0.98 1.79 1.87
Enterprise Value to Revenue (EV/Rev)		 0.72 1.03 0.91 0.50 0.49 1.05 1.32 1.71 0.98 1.29 1.09
Enterprise Value to EBITDA (EV/EBITDA)		 15.02 12.48 11.61 0.00 0.00 147.53 140.03 183.45 0.00 0.00 15.34
Enterprise Value to EBIT (EV/EBIT)		 35.82 17.47 16.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 44.02 25.31 30.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.20 15.65 0.00 4.80 0.00 0.00 247.48 0.00 0.00 11.54 9.11
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 66.21 0.00 57.94 11.35 0.00 0.00 0.00 0.00 5.85 83.92
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.06 0.06 0.05 0.06 0.06 0.00 0.01 0.11 0.22 0.39 0.47
Long-Term Debt to Equity		 0.06 0.06 0.05 0.06 0.00 0.00 0.01 0.06 0.22 0.39 0.47
Financial Leverage		 -0.64 -0.59 -0.49 -0.42 -0.45 -0.43 -0.37 -0.07 0.05 0.14 0.21
Leverage Ratio		 1.33 1.35 1.37 1.37 1.42 1.42 1.50 1.51 1.54 1.78 2.22
Compound Leverage Factor		 2.85 1.69 1.69 1.40 0.91 0.68 0.87 1.84 1.62 1.85 4.03
Debt to Total Capital		 5.49% 5.29% 4.89% 5.43% 6.07% 0.00% 0.91% 9.91% 17.78% 27.88% 32.06%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.21% 6.07% 0.00% 0.00% 4.18% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 5.49% 5.29% 4.89% 5.21% 0.00% 0.00% 0.91% 5.72% 17.78% 27.88% 32.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 22.78% 34.72% 54.72% 48.85%
Common Equity to Total Capital		 94.51% 94.71% 95.11% 94.57% 93.93% 100.00% 99.09% 67.31% 47.50% 17.39% 19.08%
Debt to EBITDA		 0.97 0.51 0.49 -1.51 -1.19 0.00 0.61 15.01 -2.13 -0.67 3.18
Net Debt to EBITDA		 -10.09 -5.17 -3.96 11.34 8.55 0.00 -23.42 0.18 -1.05 -0.33 1.47
Long-Term Debt to EBITDA		 0.97 0.51 0.49 -1.45 0.00 0.00 0.61 8.67 -2.13 -0.67 3.18
Debt to NOPAT		 2.85 1.03 1.28 -0.81 -0.88 0.00 -0.32 -2.81 -1.46 -0.74 -22.45
Net Debt to NOPAT		 -29.57 -10.49 -10.39 6.04 6.32 0.00 12.10 -0.03 -0.72 -0.36 -10.36
Long-Term Debt to NOPAT		 2.85 1.03 1.28 -0.77 0.00 0.00 -0.32 -1.62 -1.46 -0.74 -22.45
Altman Z-Score		 6.26 6.45 6.51 4.61 4.86 6.12 5.68 2.08 0.93 -0.23 0.89
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.85% 32.83% 53.92% 74.48%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.37 2.79 3.87 3.01 2.84 3.37 2.42 2.06 2.65 2.08 1.76
Quick Ratio		 2.27 1.83 2.56 2.07 1.90 1.95 1.46 0.98 1.15 0.90 0.96
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4.51 9.93 -64 4.59 23 -33 -13 -1,124 -8.08 203 14
Operating Cash Flow to CapEx		 160.33% 195.90% -290.88% 683.77% -26.04% -257.65% 53.06% -259.25% -135.39% 317.59% 408.88%
Free Cash Flow to Firm to Interest Expense		 -7.56 17.36 -114.42 8.61 44.64 -6,564.82 -393.35 -326.94 -0.50 9.22 0.73
Operating Cash Flow to Interest Expense		 31.12 73.43 -76.22 104.04 -4.84 -3,303.60 88.47 -12.87 -2.80 4.67 6.71
Operating Cash Flow Less CapEx to Interest Expense		 11.71 35.95 -102.42 88.83 -23.42 -4,585.80 -78.26 -17.83 -4.86 3.20 5.07
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.88 0.98 1.00 0.82 0.90 0.95 1.03 0.82 0.63 0.64 0.91
Accounts Receivable Turnover		 5.63 6.38 4.78 3.45 4.36 4.45 3.88 4.25 4.21 4.38 5.35
Inventory Turnover		 3.75 3.51 3.19 2.93 3.14 2.58 2.60 2.46 2.07 1.88 2.80
Fixed Asset Turnover		 8.11 8.08 7.87 6.39 7.13 7.76 9.53 12.32 10.25 8.52 9.39
Accounts Payable Turnover		 6.34 5.48 5.27 5.40 5.93 6.10 4.52 4.11 4.07 3.55 3.94
Days Sales Outstanding (DSO)		 64.79 57.17 76.34 105.79 83.73 81.95 94.11 85.82 86.74 83.41 68.29
Days Inventory Outstanding (DIO)		 97.22 103.89 114.37 124.61 116.32 141.32 140.52 148.30 176.64 194.58 130.23
Days Payable Outstanding (DPO)		 57.56 66.57 69.32 67.62 61.59 59.87 80.71 88.91 89.60 102.70 92.54
Cash Conversion Cycle (CCC)		 104.45 94.49 121.40 162.78 138.45 163.40 153.91 145.21 173.78 175.29 105.98
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 191 207 291 254 204 230 233 1,305 1,158 663 632
Invested Capital Turnover		 3.26 3.20 2.68 1.94 2.32 2.34 2.44 1.33 0.93 1.01 1.68
Increase / (Decrease) in Invested Capital		 14 16 84 -36 -51 26 3.08 1,073 -147 -495 -25
Enterprise Value (EV)		 430 657 607 266 259 531 744 1,752 1,131 1,189 1,183
Market Capitalization		 719 930 814 458 436 675 869 1,421 578 660 696
Book Value per Share		 $9.69 $9.91 $10.34 $9.37 $7.95 $7.78 $7.34 $12.54 $7.69 $1.70 $1.82
Tangible Book Value per Share		 $9.62 $9.84 $10.17 $8.52 $7.23 $7.14 $6.80 $2.46 ($1.09) ($2.57) ($2.60)
Total Capital		 508 506 524 472 405 373 360 1,447 1,273 773 764
Total Debt		 28 27 26 26 25 0.00 3.27 143 226 216 245
Total Long-Term Debt		 28 27 26 25 0.00 0.00 3.27 83 226 216 245
Net Debt		 -289 -272 -207 -192 -177 -143 -125 1.69 112 106 113
Capital Expenditures (CapEx)		 12 21 15 8.11 9.49 6.41 5.67 17 34 32 32
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 100 103 204 130 125 160 164 405 372 239 142
Debt-free Net Working Capital (DFNWC)		 219 226 306 238 232 223 221 514 459 317 273
Net Working Capital (NWC)		 219 226 306 237 208 223 221 454 459 317 273
Net Nonoperating Expense (NNE)		 -8.87 -9.26 -3.89 -12 25 -9.22 -1.66 -42 104 149 25
Net Nonoperating Obligations (NNO)		 -289 -272 -207 -192 -177 -143 -125 1.69 112 106 113
Total Depreciation and Amortization (D&A)		 17 15 16 16 18 17 16 68 114 95 94
Debt-free, Cash-free Net Working Capital to Revenue		 16.71% 16.22% 30.56% 24.50% 23.62% 31.57% 29.09% 39.52% 32.34% 25.94% 13.15%
Debt-free Net Working Capital to Revenue		 36.53% 35.55% 45.93% 45.05% 43.81% 44.07% 39.25% 50.15% 39.92% 34.35% 25.22%
Net Working Capital to Revenue		 36.53% 35.55% 45.93% 44.86% 39.17% 44.07% 39.25% 44.25% 39.92% 34.35% 25.22%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.36 $0.72 $0.50 ($0.40) ($1.11) $0.05 ($0.18) $0.00 ($3.41) ($5.67) ($0.52)
Adjusted Weighted Average Basic Shares Outstanding		 51.15M 48.72M 48.15M 47.88M 47.84M 48.00M 48.58M 0.00 78.42M 78.93M 79.74M
Adjusted Diluted Earnings per Share		 $0.36 $0.72 $0.49 ($0.40) ($1.11) $0.05 ($0.18) $0.00 ($3.41) ($5.67) ($0.52)
Adjusted Weighted Average Diluted Shares Outstanding		 51.27M 48.95M 48.70M 47.88M 47.84M 48.29M 48.58M 0.00 78.42M 78.93M 79.74M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 49.24M 48.52M 48.42M 47.78M 48.09M 48.34M 49.12M 0.00 79.12M 79.86M 80.66M
Normalized Net Operating Profit after Tax (NOPAT)		 9.78 26 20 -32 -26 -6.80 -10 -39 -128 -87 -11
Normalized NOPAT Margin		 1.63% 4.08% 2.99% -6.01% -4.93% -1.34% -1.83% -3.78% -11.17% -9.45% -1.01%
Pre Tax Income Margin		 4.28% 7.36% 6.70% -6.31% -4.67% -1.23% -1.12% -6.92% -20.12% -46.85% -2.88%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 20.16 65.78 65.07 -61.56 -75.27 -2,605.40 -319.88 -16.97 -13.50 -18.90 -0.89
NOPAT to Interest Expense		 16.40 45.41 35.87 -59.65 -54.74 -1,368.22 -302.65 -14.83 -9.50 -13.24 -0.56
EBIT Less CapEx to Interest Expense		 0.75 28.30 38.87 -76.78 -93.85 -3,887.60 -486.62 -21.93 -15.56 -20.37 -2.53
NOPAT Less CapEx to Interest Expense		 -3.01 7.92 9.67 -74.87 -73.32 -2,650.42 -469.38 -19.80 -11.57 -14.71 -2.21
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 98.94% 49.91% 72.85% -89.27% -32.49% 728.93% -203.00% -257.48% -8.19% 0.00% 0.00%
Augmented Payout Ratio		 453.76% 123.19% 145.62% -169.57% -32.83% 728.93% -203.00% -257.48% -8.66% -3.94% -128.51%

Quarterly Metrics And Ratios for ADTRAN

This table displays calculated financial ratios and metrics derived from ADTRAN's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 - - - - 159,720,066.00 79,977,574.00 80,052,167.00 - 80,659,651.00 80,998,100.00 81,481,407.00
DEI Adjusted Shares Outstanding		 - - - - 159,720,066.00 79,977,574.00 80,052,167.00 - 80,659,651.00 80,998,100.00 81,481,407.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - -0.07 -0.26 -0.13 - -0.02 -0.13 -0.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -30.17% -30.97% -16.39% 7.70% 9.54% 17.29% 22.72% 20.06% 15.48% 6.07% 0.62%
EBITDA Growth		 -1,809.55% -109.23% 97.49% 157.28% 105.88% 145.90% 618.35% 219.19% 76.34% 118.83% 41.70%
EBIT Growth		 -576.26% 6.95% 71.38% 64.82% 99.12% 59.46% 86.89% 132.85% 352.58% 41.38% 106.76%
NOPAT Growth		 -583.02% 14.17% 73.14% 59.77% 98.85% 65.37% 89.32% 74.19% 174.97% 24.38% 72.96%
Net Income Growth		 -695.17% -29.81% 61.85% 59.35% 97.27% 61.29% 74.95% 97.07% 110.39% 52.33% 7.92%
EPS Growth		 -707.84% -26.00% 64.00% 59.42% 96.67% 61.90% 68.42% 96.55% 92.86% 45.83% 16.67%
Operating Cash Flow Growth		 283.67% 222.57% 513.94% 127.89% 13.86% 61.74% -71.87% 1,632.49% -70.66% -19.42% -300.77%
Free Cash Flow Firm Growth		 124.59% 149.83% 506.12% 302.27% -48.03% -86.55% -84.79% -95.52% -84.27% -57.13% -97.88%
Invested Capital Growth		 -39.13% -43.47% -39.55% -42.75% -18.19% -11.22% -10.09% -3.80% -3.11% -5.89% -0.31%
Revenue Q/Q Growth		 0.31% -0.08% 0.76% 6.65% 2.01% 6.99% 5.42% 4.34% -1.88% -1.73% 0.01%
EBITDA Q/Q Growth		 -1,530.98% 94.73% 90.54% 804.65% 13,791.18% -58.93% 160.01% 50.12% 10.00% -49.03% 68.36%
EBIT Q/Q Growth		 -724.02% 88.41% 36.66% 41.83% 87.86% -427.58% 77.86% 249.53% 44.58% -222.45% 102.56%
NOPAT Q/Q Growth		 -803.04% 88.72% 37.39% 36.91% 84.50% -235.64% 79.07% -55.23% 168.74% -438.53% 92.51%
Net Income Q/Q Growth		 -200.55% 85.39% 38.62% -50.78% 82.97% -104.05% 57.51% 83.50% 172.66% -1,035.91% 17.93%
EPS Q/Q Growth		 -194.29% 84.71% 42.86% -55.56% 79.41% -71.43% 50.00% 83.33% 50.00% -1,200.00% 23.08%
Operating Cash Flow Q/Q Growth		 324.67% -45.63% 111.23% -89.19% 755.92% -25.52% -62.10% 246.55% -70.00% 104.54% -194.42%
Free Cash Flow Firm Q/Q Growth		 123.78% 97.51% -14.31% 4.99% -70.91% -48.35% -2.42% -69.09% 0.92% 40.81% -95.18%
Invested Capital Q/Q Growth		 -31.37% -7.38% -0.57% -9.31% -1.57% 0.51% 0.11% -2.87% -0.86% -2.38% 6.04%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 31.95% 36.10% 37.44% 37.57% 38.42% 37.32% 38.34% 39.01% 39.49% 36.97% 38.49%
EBITDA Margin		 -139.20% -7.34% -0.69% 4.55% 7.63% 2.93% 7.22% 10.39% 11.64% 6.04% 10.17%
Operating Margin		 -150.19% -16.95% -10.53% -6.23% -1.60% -5.02% -1.00% 1.54% 2.23% -3.58% -0.27%
EBIT Margin		 -149.61% -17.35% -10.91% -5.95% -1.22% -6.02% -1.26% 1.81% 2.67% -3.33% 0.09%
Profit (Net Income) Margin		 -142.22% -20.80% -12.67% -17.92% -3.61% -6.89% -2.78% -0.44% 0.33% -3.10% -2.54%
Tax Burden Percent		 94.52% 104.76% 101.37% 233.87% 95.75% 105.89% 118.34% -67.65% 32.67% 109.95% 156.64%
Interest Burden Percent		 100.58% 114.46% 114.63% 128.79% 309.03% 108.07% 185.54% 35.81% 37.27% 84.64% -1,907.95%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 167.65% 67.33% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -105.33% -11.07% -6.88% -4.42% -1.47% -5.00% -1.05% -1.75% 1.28% -4.52% -0.33%
ROIC Less NNEP Spread (ROIC-NNEP)		 -235.97% -38.24% -19.69% -34.70% -8.66% -16.60% -6.78% -0.16% 0.16% -6.16% -4.79%
Return on Net Nonoperating Assets (RNNOA)		 -15.38% -3.01% -2.12% -4.70% -1.17% -2.08% -1.17% -0.03% 0.03% -1.17% -1.42%
Return on Equity (ROE)		 -120.71% -14.08% -8.99% -9.12% -2.65% -7.08% -2.22% -1.78% 1.31% -5.70% -1.74%
Cash Return on Invested Capital (CROIC)		 14.55% 20.83% 17.59% 22.32% 11.70% 5.80% 6.87% 2.19% 2.58% 5.84% 0.32%
Operating Return on Assets (OROA)		 -96.31% -10.39% -6.55% -3.84% -0.91% -4.73% -1.06% 1.65% 2.52% -3.20% 0.08%
Return on Assets (ROA)		 -91.55% -12.45% -7.61% -11.55% -2.71% -5.41% -2.32% -0.40% 0.31% -2.98% -2.43%
Return on Common Equity (ROCE)		 -66.53% -7.48% -4.61% -4.20% -0.84% -2.21% -0.66% -0.45% 0.34% -1.61% -0.45%
Return on Equity Simple (ROE_SIMPLE)		 -203.38% -250.36% -235.78% 0.00% -94.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -238 -27 -17 -11 -2.78 -9.32 -1.95 -3.03 2.08 -7.05 -0.53
NOPAT Margin		 -105.13% -11.87% -7.37% -4.36% -1.12% -3.52% -0.70% -1.04% 0.73% -2.51% -0.19%
Net Nonoperating Expense Percent (NNEP)		 130.64% 27.17% 12.81% 30.29% 7.18% 11.60% 5.72% -1.59% 1.12% 1.64% 4.46%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -3.03% -0.78% -2.41% -0.51% -0.78% 0.55% -1.89% -0.13%
Cost of Revenue to Revenue		 68.05% 63.90% 62.56% 62.43% 61.58% 62.68% 61.66% 60.99% 60.51% 63.03% 61.51%
SG&A Expenses to Revenue		 26.13% 26.33% 25.30% 23.54% 20.30% 22.77% 20.84% 19.69% 19.52% 21.43% 20.27%
R&D to Revenue		 26.64% 26.72% 22.67% 20.26% 19.72% 19.58% 18.49% 17.78% 17.75% 19.13% 18.50%
Operating Expenses to Revenue		 182.13% 53.05% 47.97% 43.80% 40.02% 42.34% 39.33% 37.47% 37.27% 40.56% 38.76%
Earnings before Interest and Taxes (EBIT)		 -338 -39 -25 -14 -3.02 -16 -3.53 5.28 7.64 -9.35 0.24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -315 -17 -1.57 11 19 7.76 20 30 33 17 29
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.62 1.89 2.20 4.91 5.01 4.23 5.30 4.77 7.38 8.69 4.66
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.41 0.44 0.52 0.72 0.74 0.73 0.73 0.64 0.90 0.99 0.49
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 6.62% 6.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.21 1.27 1.35 1.79 1.86 1.84 1.94 1.87 2.40 2.63 1.67
Enterprise Value to Revenue (EV/Rev)		 0.91 0.98 1.09 1.29 1.28 1.22 1.22 1.09 1.34 1.41 0.95
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 158.84 37.15 22.38 15.34 16.43 15.96 9.95
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 45,953.45 285.33
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55,421.91
Enterprise Value to Operating Cash Flow (EV/OCF)		 87.79 19.80 12.00 11.54 11.07 9.89 14.01 9.11 15.15 17.29 19.28
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.28 4.39 5.78 5.85 14.32 29.89 26.66 83.92 91.58 43.61 529.22
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.31 0.33 0.34 0.39 0.39 0.38 0.45 0.47 0.48 0.50 0.65
Long-Term Debt to Equity		 0.31 0.33 0.34 0.39 0.39 0.38 0.45 0.47 0.48 0.50 0.65
Financial Leverage		 0.07 0.08 0.11 0.14 0.14 0.13 0.17 0.21 0.19 0.19 0.30
Leverage Ratio		 1.66 1.68 1.72 1.78 1.99 2.04 2.11 2.22 2.23 2.23 2.38
Compound Leverage Factor		 1.67 1.92 1.97 2.30 6.15 2.20 3.92 0.80 0.83 1.89 -45.36
Debt to Total Capital		 23.94% 24.73% 25.31% 27.88% 27.81% 27.60% 30.96% 32.06% 32.45% 33.18% 39.54%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 23.94% 24.73% 25.31% 27.88% 27.81% 27.60% 30.96% 32.06% 32.45% 33.18% 39.54%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 47.48% 50.15% 49.55% 54.72% 54.34% 50.92% 51.06% 48.85% 49.21% 49.11% 44.73%
Common Equity to Total Capital		 28.58% 25.12% 25.14% 17.39% 17.85% 21.48% 17.98% 19.08% 18.34% 17.71% 15.73%
Debt to EBITDA		 -0.55 -0.52 -0.61 -0.67 28.54 6.76 4.33 3.18 2.66 2.41 2.75
Net Debt to EBITDA		 -0.21 -0.18 -0.27 -0.33 11.23 2.44 1.91 1.47 1.31 1.22 1.73
Long-Term Debt to EBITDA		 -0.55 -0.52 -0.61 -0.67 28.54 6.76 4.33 3.18 2.66 2.41 2.75
Debt to NOPAT		 -0.62 -0.61 -0.70 -0.74 -3.63 -5.18 -9.45 -22.45 -66.18 -172.81 15,341.58
Net Debt to NOPAT		 -0.24 -0.21 -0.31 -0.36 -1.43 -1.87 -4.16 -10.36 -32.73 -87.83 9,648.93
Long-Term Debt to NOPAT		 -0.62 -0.61 -0.70 -0.74 -3.63 -5.18 -9.45 -22.45 -66.18 -172.81 15,341.58
Altman Z-Score		 0.15 0.73 0.71 0.89 0.93 0.90 0.97 0.95 1.28 1.37 0.86
Noncontrolling Interest Sharing Ratio		 44.88% 46.89% 48.71% 53.92% 68.42% 68.81% 70.38% 74.48% 74.13% 71.79% 73.97%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.47 2.31 2.10 2.08 2.02 1.96 1.96 1.76 1.77 1.79 1.89
Quick Ratio		 1.08 1.07 0.90 0.90 0.91 0.90 0.91 0.96 0.97 0.97 1.00
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 273 539 462 485 141 73 71 22 22 31 1.51
Operating Cash Flow to CapEx		 273.65% 124.40% 223.40% 0.00% 583.61% 686.45% 152.69% 361.91% 168.82% 290.04% -424.97%
Free Cash Flow to Firm to Interest Expense		 59.32 78.01 81.29 99.52 29.63 15.97 12.93 4.86 5.23 7.38 0.29
Operating Cash Flow to Interest Expense		 7.96 2.88 7.40 0.93 9.07 7.05 2.22 9.34 2.99 6.12 -4.66
Operating Cash Flow Less CapEx to Interest Expense		 5.05 0.57 4.09 4.16 7.52 6.02 0.76 6.76 1.22 4.01 -5.75
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.64 0.60 0.60 0.64 0.75 0.79 0.84 0.91 0.94 0.96 0.96
Accounts Receivable Turnover		 4.27 4.05 4.13 4.38 4.98 5.31 5.56 5.35 5.58 5.87 5.28
Inventory Turnover		 1.99 1.83 1.79 1.88 2.08 2.36 2.58 2.80 2.98 3.12 3.11
Fixed Asset Turnover		 8.80 7.59 6.81 8.52 7.85 7.87 7.61 9.39 9.61 9.69 9.45
Accounts Payable Turnover		 4.10 3.90 3.65 3.55 3.60 3.66 3.56 3.94 4.03 4.03 3.81
Days Sales Outstanding (DSO)		 85.52 90.21 88.41 83.41 73.31 68.80 65.63 68.29 65.36 62.20 69.12
Days Inventory Outstanding (DIO)		 183.64 199.86 203.95 194.58 175.33 154.99 141.64 130.23 122.48 116.95 117.44
Days Payable Outstanding (DPO)		 88.95 93.68 100.06 102.70 101.48 99.68 102.62 92.54 90.67 90.57 95.80
Cash Conversion Cycle (CCC)		 180.21 196.39 192.30 175.29 147.16 124.11 104.65 105.98 97.16 88.58 90.76
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 794 736 731 663 647 650 651 632 627 612 649
Invested Capital Turnover		 1.00 0.93 0.93 1.01 1.31 1.42 1.51 1.68 1.76 1.80 1.75
Increase / (Decrease) in Invested Capital		 -511 -566 -478 -495 -144 -82 -73 -25 -20 -38 -2.03
Enterprise Value (EV)		 959 931 987 1,189 1,204 1,198 1,260 1,183 1,504 1,608 1,086
Market Capitalization		 430 416 470 660 696 717 751 696 1,015 1,126 557
Book Value per Share		 $3.36 $2.78 $2.70 $1.70 $1.74 $2.12 $1.77 $1.82 $1.71 $1.60 $1.47
Tangible Book Value per Share		 ($1.21) ($1.59) ($1.63) ($2.57) ($2.62) ($2.51) ($2.76) ($2.60) ($2.51) ($2.45) ($2.42)
Total Capital		 930 877 851 773 778 790 788 764 750 731 761
Total Debt		 223 217 215 216 216 218 244 245 243 243 301
Total Long-Term Debt		 223 217 215 216 216 218 244 245 243 243 301
Net Debt		 87 76 96 106 85 79 107 113 120 123 189
Capital Expenditures (CapEx)		 13 16 19 -16 7.40 4.69 7.98 12 7.51 8.94 5.76
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 307 267 246 239 207 191 194 142 153 155 198
Debt-free Net Working Capital (DFNWC)		 414 379 334 317 308 298 295 273 275 273 309
Net Working Capital (NWC)		 414 379 334 317 308 298 295 273 275 273 309
Net Nonoperating Expense (NNE)		 84 20 12 33 6.17 8.94 5.81 -1.75 1.15 1.65 6.62
Net Nonoperating Obligations (NNO)		 87 76 96 106 85 79 107 113 120 123 189
Total Depreciation and Amortization (D&A)		 24 23 23 26 22 24 24 25 26 26 28
Debt-free, Cash-free Net Working Capital to Revenue		 29.24% 28.15% 27.13% 25.94% 21.93% 19.45% 18.76% 13.15% 13.63% 13.59% 17.37%
Debt-free Net Working Capital to Revenue		 39.40% 39.85% 36.90% 34.35% 32.66% 30.26% 28.54% 25.22% 24.51% 23.98% 27.07%
Net Working Capital to Revenue		 39.40% 39.85% 36.90% 34.35% 32.66% 30.26% 28.54% 25.22% 24.51% 23.98% 27.07%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($4.12) ($0.63) ($0.36) ($0.56) ($0.14) ($0.24) ($0.12) ($0.02) ($0.01) ($0.13) ($0.10)
Adjusted Weighted Average Basic Shares Outstanding		 78.81M 78.85M 78.95M 78.93M 79.53M 79.75M 79.80M 79.74M 80.32M 80.95M 81.22M
Adjusted Diluted Earnings per Share		 ($4.12) ($0.63) ($0.36) ($0.56) ($0.14) ($0.24) ($0.12) ($0.02) ($0.01) ($0.13) ($0.10)
Adjusted Weighted Average Diluted Shares Outstanding		 78.81M 78.85M 78.95M 78.93M 79.53M 79.75M 79.80M 79.74M 80.32M 80.95M 81.22M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 79.12M 79.23M 79.25M 79.86M 79.98M 80.05M 80.12M 80.66M 81.00M 81.48M 81.50M
Normalized Net Operating Profit after Tax (NOPAT)		 -33 -27 -17 -11 -2.78 -9.32 -1.95 3.13 4.46 -7.05 -0.53
Normalized NOPAT Margin		 -14.58% -11.87% -7.37% -4.36% -1.12% -3.52% -0.70% 1.08% 1.56% -2.51% -0.19%
Pre Tax Income Margin		 -150.47% -19.86% -12.50% -7.66% -3.77% -6.50% -2.35% 0.65% 1.00% -2.82% -1.62%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -73.59 -5.68 -4.37 -2.97 -0.64 -3.50 -0.64 1.17 1.80 -2.21 0.05
NOPAT to Interest Expense		 -51.71 -3.88 -2.96 -2.18 -0.58 -2.04 -0.35 -0.67 0.49 -1.67 -0.10
EBIT Less CapEx to Interest Expense		 -76.50 -7.99 -7.69 0.26 -2.19 -4.52 -2.09 -1.41 0.03 -4.32 -1.05
NOPAT Less CapEx to Interest Expense		 -54.62 -6.20 -6.27 1.05 -2.14 -3.07 -1.81 -3.25 -1.28 -3.78 -1.20
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -2.62% -1.28% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -2.63% -1.29% -3.45% -3.94% -13.31% -36.06% -24.62% -128.51% -176.64% -243.76% -364.96%

Financials Breakdown Chart

Key Financial Trends

ADTRAN’s financial results show a meaningful recovery from the severe losses recorded in 2023 and early 2024, but the company has not yet returned to consistent GAAP profitability. Revenue increased to $281.1 million in Q2 2026, up from $265.1 million in Q2 2025 and $226.0 million in Q1 2024. However, revenue remains below the $327.4 million reported in Q2 2023.

Profitability has improved substantially over the period. Q2 2026 gross profit was $104.0 million, representing a gross margin of approximately 37.0%, compared with roughly 28.3% in Q2 2023 and 36.0% in Q2 2024. Operating expenses remain high at $114.0 million, though they are below the $119.7 million recorded in Q2 2024. ADTRAN posted a $10.1 million operating loss and an $8.7 million consolidated net loss in Q2 2026, while the net loss attributable to common shareholders was $10.9 million, or $0.13 per diluted share.

Cash generation has been more resilient than reported earnings. ADTRAN generated $25.9 million of operating cash flow in Q2 2026, following $12.7 million in Q1 2026 and $42.2 million in Q4 2025. Operating cash flow has generally remained positive since Q2 2024 despite recurring net losses, helped by depreciation, amortization, and changes in working capital. Still, much of this cash has been absorbed by capital expenditures, acquisitions, share repurchases, and debt-related activity.

The balance sheet provides some liquidity but has weakened from 2023 levels. At June 30, 2026, ADTRAN had $79.2 million in cash and $39.1 million in short-term investments, or approximately $118.3 million of immediately available liquidity. Total current assets of $617.8 million exceeded current liabilities of $344.8 million. However, cash and equivalents have declined from $106.3 million in Q2 2025 and $136.5 million in Q1 2023. Total debt, including capital lease obligations, was approximately $242.7 million, leaving the company with meaningful net debt after considering cash and short-term investments.

  • Revenue recovery: Q2 2026 revenue rose approximately 6% year over year to $281.1 million, extending the improvement from the low point reached in early 2024.
  • Gross margin improvement: The Q2 2026 gross margin was approximately 37%, well above the margins reported during 2023 and early 2024.
  • Smaller operating losses: The $10.1 million operating loss in Q2 2026 was substantially better than the $44.6 million loss in Q2 2023 and the $38.5 million loss in Q2 2024.
  • Positive operating cash flow: ADTRAN generated $25.9 million of operating cash flow in Q2 2026, marking another quarter in which cash generation exceeded reported net income.
  • Working-capital support: Q2 2026 changes in operating assets and liabilities contributed $10.6 million of cash, while inventory declined modestly from Q1 2026 and accounts receivable fell by approximately $10.9 million.
  • Improved liquidity position versus the recent trough: Cash plus short-term investments totaled approximately $118.3 million at the end of Q2 2026, providing a buffer against ongoing losses and investment needs.
  • Continued investment: ADTRAN spent $8.9 million on property and equipment and $8.3 million on acquisitions in Q2 2026. These outlays could support future growth, but they also contributed to the company’s $8.6 million quarterly decline in cash.
  • High non-cash expense base: Depreciation and amortization totaled approximately $26.3 million in Q2 2026. This supports operating cash flow but also indicates that reported cash generation is materially higher than earnings because of substantial non-cash charges.
  • Profitability remains unresolved: ADTRAN has reported recurring net losses, including an $8.7 million consolidated loss and a $10.9 million loss attributable to common shareholders in Q2 2026.
  • Debt and equity risks: Debt and capital lease obligations totaled approximately $242.7 million, while retained earnings remained deeply negative at approximately $736.4 million. The company also recorded a $13.8 million common-stock repurchase in Q2 2026 despite reporting a net loss and ending the quarter with less cash.

Overall, ADTRAN’s trend is improving operationally: revenue is recovering, gross margins are stronger, operating losses are narrower, and operating cash flow is consistently positive. However, investors should continue to monitor whether the company can convert that cash flow into sustainable GAAP earnings, reduce its reliance on balance-sheet liquidity, and manage acquisition, capital-spending, and share-repurchase activity without further pressuring cash.

11/15/26 10:17 AM ETAI Generated. May Contain Errors.

ADTRAN Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ADTRAN's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ADTRAN's net income appears to be on a downward trend, with a most recent value of -$36.24 million in 2025, compared with $18.65 million in 2015. The previous period was -$450.07 million in 2024. View ADTRAN's forecast to see where analysts expect ADTRAN to go next.

ADTRAN's total operating income in 2025 was -$15.60 million, based on the following breakdown:
  • Total Gross Profit: $414.96 million
  • Total Operating Expenses: $430.55 million

Over the last 10 years, ADTRAN's total revenue changed from $600.06 million in 2015 to $1.08 billion in 2025, a change of 80.6%.

In the past 13 quarters, ADTRAN's cash and equivalents has ranged from $64.63 million in Q3 2026 to $124.29 million in Q2 2023, and is currently $64.63 million as of their latest financial filing in Q3 2026.

ADTRAN had total debt of $245.04 million at the end of 2025, a 13.7% increase from 2024, and a 778.3% increase since 2015.

Over the last 10 years, ADTRAN's book value per share changed from 9.69 in 2015 to 1.82 in 2025, a change of -81.2%.


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Financial statements for NASDAQ:ADTN last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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