ADTRAN (ADTN) Financials

$15.28 -0.49 (-3.11%)

Closing price 05/14/2026 04:00 PM Eastern

Extended Trading

$14.83 -0.45 (-2.96%)

As of 04:36 AM Eastern

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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-78	-109	-331	-50	-33	-45	-11	-21	-10	-3.60	-1.32
Consolidated Net Income / (Loss)	-76	-107	-328	-47	-31	-44	-8.95	-18	-7.76	-1.28	0.93
Net Income / (Loss) Continuing Operations	-76	-107	-328	-47	-31	-44	-8.95	-18	-7.76	-1.28	0.93
Total Pre-Tax Income	-92	-43	-347	-45	-31	-19	-9.35	-17	-6.56	1.89	2.85
Total Operating Income	-89	-38	-346	-38	-26	-15	-3.97	-13	-2.79	4.48	6.38
Total Gross Profit	74	78	70	81	83	91	95	99	107	114	113
Total Revenue	272	225	226	226	228	243	248	265	279	292	286
Operating Revenue	272	225	226	226	228	243	248	265	279	292	286
Total Cost of Revenue	198	147	156	145	145	152	153	166	172	178	173
Operating Cost of Revenue	198	147	156	145	145	152	153	166	172	178	173
Total Operating Expenses	164	116	417	120	109	106	99	112	110	109	107
Selling, General & Admin Expense	63	61	59	59	58	57	50	60	58	57	56
Research & Development Expense	63	55	60	60	52	49	49	52	52	52	51
Total Other Income / (Expense), net	-2.91	-5.05	-0.64	-6.57	-4.48	-3.47	-5.38	-3.92	-3.77	-2.59	-3.53
Interest Expense	4.51	4.44	4.60	6.91	5.68	4.87	4.76	4.56	5.50	4.52	4.24
Interest & Investment Income	-0.92	2.84	2.65	1.24	2.05	0.71	-1.56	3.28	2.48	1.13	-0.55
Other Income / (Expense), net	2.52	-3.45	1.31	-0.90	-0.85	0.69	0.94	-2.64	-0.75	0.81	1.26
Income Tax Expense	-17	64	-19	2.14	0.39	25	-0.40	1.02	1.20	3.17	1.92
Net Income / (Loss) Attributable to Noncontrolling Interest	2.56	1.87	2.53	2.51	2.38	1.71	2.32	2.27	2.51	2.32	2.25
Basic Earnings per Share	($1.00)	($1.38)	($4.20)	($0.63)	($0.38)	($0.56)	($0.14)	($0.24)	($0.12)	($0.02)	($0.01)
Weighted Average Basic Shares Outstanding	78.39M	78.42M	78.81M	78.85M	78.95M	78.93M	79.53M	79.75M	79.80M	79.74M	80.32M
Diluted Earnings per Share	($1.00)	($1.38)	($4.20)	($0.63)	($0.38)	($0.56)	($0.14)	($0.24)	($0.12)	($0.02)	($0.01)
Weighted Average Diluted Shares Outstanding	78.39M	78.42M	78.81M	78.85M	78.95M	78.93M	79.53M	79.75M	79.80M	79.74M	80.32M
Weighted Average Basic & Diluted Shares Outstanding	78.70M	79.12M	79.12M	79.23M	79.25M	79.86M	79.98M	80.05M	80.12M	80.66M	81.00M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Change in Cash & Equivalents	-6.31	-27	13	3.24	-21	-11	25	-1.41	-3.43	-6.42	-4.87
Net Cash From Operating Activities	6.85	-16	38	20	42	4.54	43	32	12	42	13
Net Cash From Continuing Operating Activities	6.85	-16	31	20	42	4.54	43	32	12	42	13
Net Income / (Loss) Continuing Operations	-76	-107	-328	-47	-29	-44	-8.95	-18	-7.76	-1.28	0.93
Consolidated Net Income / (Loss)	-76	-107	-328	-47	-29	-44	-8.95	-18	-7.76	-1.28	0.93
Depreciation Expense	24	22	22	23	23	23	22	23	23	24	25
Amortization Expense	0.32	0.23	1.01	-	-	2.94	0.32	0.32	0.38	0.77	0.76
Non-Cash Adjustments To Reconcile Net Income	73	0.50	305	4.98	5.08	1.88	8.19	5.39	0.12	-11	2.84
Changes in Operating Assets and Liabilities, net	-15	68	31	39	43	21	22	21	-3.88	29	-17
Net Cash From Investing Activities	-5.29	-9.45	-14	-16	-18	-15	-18	-14	-17	-20	-16
Net Cash From Continuing Investing Activities	-5.29	-9.45	-14	-16	-18	-15	-18	-14	-17	-20	-16
Purchase of Property, Plant & Equipment	-14	-0.01	-14	-16	-19	16	-7.40	-4.69	-7.98	-12	-7.51
Acquisitions	-	-	-1.19	-	-	-	-11	-9.15	-9.05	-8.04	-8.44
Purchase of Investments	-0.23	-0.06	-0.04	-0.08	-0.07	-0.07	-0.17	-0.07	-0.08	-0.07	-0.08
Sale and/or Maturity of Investments	8.47	0.02	0.87	0.08	0.24	0.05	0.66	0.07	0.23	0.06	0.74
Other Investing Activities, net	0.02	0.04	0.00	-	0.28	-0.34	-0.13	0.08	-0.18	-0.31	-0.57
Net Cash From Financing Activities	-7.87	-1.44	-4.16	-0.67	-45	-0.35	0.32	-20	1.44	-29	-1.68
Net Cash From Continuing Financing Activities	-7.87	-1.44	-4.16	-0.67	-45	-0.35	0.32	-20	1.44	-29	-1.68
Repurchase of Common Equity	0.01	-0.03	-0.01	-0.02	-17	-0.00	-0.01	-19	-0.00	-27	-0.01
Other Financing Activities, net	0.01	0.23	30	-0.01	-10	-0.35	0.34	-0.40	-28	0.23	-1.68
Cash Interest Paid	3.82	4.06	5.24	1.31	12	2.66	4.13	3.92	5.29	-0.06	4.45
Cash Income Taxes Paid	-	19	0.60	5.12	1.69	-2.43	2.37	1.79	-1.75	-2.41	-0.81

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
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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	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
Total Assets	1,851	1,939	1,883	1,742	1,327	1,286	1,267	1,193	1,216	1,209	1,185
Total Current Assets	876	884	850	780	688	656	630	612	607	603	634
Cash & Equivalents	111	136	124	116	107	111	88	101	106	94	88
Short-Term Investments	0.80	1.06	3.09	0.00	-	-	-	-	-	-	34
Accounts Receivable	317	293	272	254	203	198	185	176	173	187	226
Inventories, net	416	416	417	374	318	284	276	254	240	224	209
Prepaid Expenses	31	37	34	36	56	55	67	62	68	72	62
Current Deferred & Refundable Income Taxes	-	-	-	-	3.98	8.32	13	6.63	8.14	6.48	2.97
Other Current Assets	-	-	-	-	0.00	0.00	0.00	12	12	12	12
Plant, Property, & Equipment, net	105	112	116	119	131	138	151	110	112	121	124
Total Noncurrent Assets	871	943	917	844	508	492	487	472	497	484	427
Long-Term Investments	50	33	31	25	29	30	32	30	33	35	0.94
Goodwill	358	386	388	339	55	55	57	55	60	60	59
Intangible Assets	394	379	355	329	306	291	286	293	310	302	281
Noncurrent Deferred & Refundable Income Taxes	13	82	82	90	29	29	26	18	18	18	16
Other Noncurrent Operating Assets	56	63	61	61	88	87	87	76	76	69	70
Total Liabilities & Shareholders' Equity	1,851	1,939	1,883	1,742	1,327	1,286	1,267	1,193	1,216	1,209	1,185
Total Liabilities	666	676	655	625	623	629	639	631	645	665	679
Total Current Liabilities	465	342	310	285	285	288	310	303	310	308	359
Accounts Payable	276	199	172	149	159	159	173	172	178	189	171
Accrued Expenses	26	27	27	30	35	35	34	38	38	31	32
Current Deferred Revenue	41	56	48	50	58	55	55	66	63	58	91
Current Deferred & Payable Income Tax Liabilities	27	19	15	10	6.27	2.21	6.89	1.00	1.02	1.45	5.61
Current Employee Benefit Liabilities	42	30	37	36	26	38	40	26	30	29	61
Total Noncurrent Liabilities	201	334	345	340	338	341	329	328	335	357	319
Long-Term Debt	60	180	200	200	195	190	190	190	190	218	218
Capital Lease Obligations	21	21	21	24	28	27	26	26	28	26	25
Noncurrent Deferred Revenue	18	25	24	24	23	27	25	24	24	23	26
Noncurrent Deferred & Payable Income Tax Liabilities	50	52	45	38	16	21	18	31	33	32	27
Noncurrent Employee Benefit Liabilities	42	39	39	38	41	42	44	40	44	46	6.31
Other Noncurrent Operating Liabilities	9.70	16	16	17	35	34	26	17	16	12	17
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	-	443	445	432	443	443	423	423	402	402	369
Total Equity & Noncontrolling Interests	1,185	820	782	685	261	214	206	139	170	142	138
Total Preferred & Common Equity	871	820	782	685	261	214	206	139	170	142	138
Total Common Equity	871	820	782	685	261	214	206	139	170	142	138
Common Stock	884	784	788	792	799	803	806	813	816	801	804
Retained Earnings	32	8.01	-41	-113	-562	-612	-643	-701	-719	-729	-731
Treasury Stock	-4.08	-5.92	-5.94	-5.97	-5.20	-5.20	-5.20	-5.11	-5.11	-5.11	-5.02
Accumulated Other Comprehensive Income / (Loss)	-40	35	41	12	30	28	47	32	78	75	70

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	159,720,066.00	79,977,574.00	80,052,167.00	-	80,659,651.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	159,720,066.00	79,977,574.00	80,052,167.00	-	80,659,651.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.07	-0.26	-0.13	-	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.07%	-37.06%	-30.17%	-30.97%	-16.39%	7.70%	9.54%	17.29%	22.72%	20.06%	15.48%
EBITDA Growth	-251.61%	-266.82%	-1,809.55%	-109.23%	97.49%	157.28%	105.88%	145.90%	618.35%	219.19%	76.34%
EBIT Growth	-90.61%	-92.73%	-576.26%	6.95%	71.38%	64.82%	99.12%	59.46%	86.89%	132.85%	352.58%
NOPAT Growth	-85.96%	-14.42%	-583.02%	14.17%	73.14%	59.77%	98.85%	65.37%	89.32%	74.19%	174.97%
Net Income Growth	-68.64%	-406.18%	-695.17%	-29.81%	61.85%	59.35%	97.27%	61.29%	74.95%	97.07%	110.39%
EPS Growth	-75.44%	-365.38%	-707.84%	-26.00%	64.00%	59.42%	96.67%	61.90%	68.42%	96.55%	92.86%
Operating Cash Flow Growth	118.60%	-989.63%	283.67%	222.57%	513.94%	127.89%	13.86%	61.74%	-71.87%	1,632.49%	-70.66%
Free Cash Flow Firm Growth	88.52%	111.00%	124.59%	149.83%	506.12%	302.27%	-48.03%	-86.55%	-84.79%	-95.52%	-84.27%
Invested Capital Growth	4.42%	-11.25%	-39.13%	-43.47%	-39.55%	-42.75%	-18.19%	-11.22%	-10.09%	-3.80%	-3.11%
Revenue Q/Q Growth	-16.81%	-17.20%	0.31%	-0.08%	0.76%	6.65%	2.01%	6.99%	5.42%	4.34%	-1.88%
EBITDA Q/Q Growth	-688.77%	69.12%	-1,530.98%	94.73%	90.54%	804.65%	13,791.18%	-58.93%	160.01%	50.12%	10.00%
EBIT Q/Q Growth	-105.95%	52.68%	-724.02%	88.41%	36.66%	41.83%	87.86%	-427.58%	77.86%	249.53%	44.58%
NOPAT Q/Q Growth	-100.09%	57.88%	-803.04%	88.72%	37.39%	36.91%	84.50%	-235.64%	79.07%	-55.23%	168.74%
Net Income Q/Q Growth	-108.89%	-41.48%	-200.55%	85.39%	38.62%	-50.78%	82.97%	-104.05%	57.51%	83.50%	172.66%
EPS Q/Q Growth	-100.00%	-38.00%	-194.29%	84.71%	42.86%	-55.56%	79.41%	-71.43%	50.00%	83.33%	50.00%
Operating Cash Flow Q/Q Growth	142.17%	-337.95%	324.67%	-45.63%	111.23%	-89.19%	755.92%	-25.52%	-62.10%	246.55%	-70.00%
Free Cash Flow Firm Q/Q Growth	89.49%	205.99%	123.78%	97.51%	-14.31%	4.99%	-70.91%	-48.35%	-2.42%	-69.09%	0.92%
Invested Capital Q/Q Growth	-7.02%	-4.24%	-31.37%	-7.38%	-0.57%	-9.31%	-1.57%	0.51%	0.11%	-2.87%	-0.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.26%	34.80%	31.95%	36.10%	37.44%	37.57%	38.42%	37.32%	38.34%	39.01%	39.49%
EBITDA Margin	-22.95%	-8.56%	-139.20%	-7.34%	-0.69%	4.55%	7.63%	2.93%	7.22%	10.39%	11.64%
Operating Margin	-32.79%	-16.68%	-150.19%	-16.95%	-10.53%	-6.23%	-1.60%	-5.02%	-1.00%	1.54%	2.23%
EBIT Margin	-31.86%	-18.21%	-149.61%	-17.35%	-10.91%	-5.95%	-1.22%	-6.02%	-1.26%	1.81%	2.67%
Profit (Net Income) Margin	-27.78%	-47.47%	-142.22%	-20.80%	-12.67%	-17.92%	-3.61%	-6.89%	-2.78%	-0.44%	0.33%
Tax Burden Percent	82.05%	250.86%	94.52%	104.76%	101.37%	233.87%	95.75%	105.89%	118.34%	-67.65%	32.67%
Interest Burden Percent	106.26%	103.90%	100.58%	114.46%	114.63%	128.79%	309.03%	108.07%	185.54%	35.81%	37.27%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	167.65%	67.33%
Return on Invested Capital (ROIC)	-24.85%	-10.89%	-105.33%	-11.07%	-6.88%	-4.42%	-1.47%	-5.00%	-1.05%	-1.75%	1.28%
ROIC Less NNEP Spread (ROIC-NNEP)	-64.27%	-153.46%	-235.97%	-38.24%	-19.69%	-34.70%	-8.66%	-16.60%	-6.78%	-0.16%	0.16%
Return on Net Nonoperating Assets (RNNOA)	-1.86%	-7.39%	-15.38%	-3.01%	-2.12%	-4.70%	-1.17%	-2.08%	-1.17%	-0.03%	0.03%
Return on Equity (ROE)	-26.71%	-18.28%	-120.71%	-14.08%	-8.99%	-9.12%	-2.65%	-7.08%	-2.22%	-1.78%	1.31%
Cash Return on Invested Capital (CROIC)	-17.12%	-0.66%	14.55%	20.83%	17.59%	22.32%	11.70%	5.80%	6.87%	2.19%	2.58%
Operating Return on Assets (OROA)	-22.73%	-11.54%	-96.31%	-10.39%	-6.55%	-3.84%	-0.91%	-4.73%	-1.06%	1.65%	2.52%
Return on Assets (ROA)	-19.82%	-30.08%	-91.55%	-12.45%	-7.61%	-11.55%	-2.71%	-5.41%	-2.32%	-0.40%	0.31%
Return on Common Equity (ROCE)	-18.06%	-12.28%	-66.53%	-7.48%	-4.61%	-4.20%	-0.84%	-2.21%	-0.66%	-0.45%	0.34%
Return on Equity Simple (ROE_SIMPLE)	-17.14%	0.00%	-203.38%	-250.36%	-235.78%	0.00%	-94.16%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-63	-26	-238	-27	-17	-11	-2.78	-9.32	-1.95	-3.03	2.08
NOPAT Margin	-22.95%	-11.68%	-105.13%	-11.87%	-7.37%	-4.36%	-1.12%	-3.52%	-0.70%	-1.04%	0.73%
Net Nonoperating Expense Percent (NNEP)	39.43%	142.57%	130.64%	27.17%	12.81%	30.29%	7.18%	11.60%	5.72%	-1.59%	1.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.17%	-	-	-	-3.03%	-0.78%	-2.41%	-0.51%	-0.78%	0.55%
Cost of Revenue to Revenue	72.74%	65.20%	68.05%	63.90%	62.56%	62.43%	61.58%	62.68%	61.66%	60.99%	60.51%
SG&A Expenses to Revenue	23.10%	27.17%	26.13%	26.33%	25.30%	23.54%	20.30%	22.77%	20.84%	19.69%	19.52%
R&D to Revenue	23.04%	24.31%	26.64%	26.72%	22.67%	20.26%	19.72%	19.58%	18.49%	17.78%	17.75%
Operating Expenses to Revenue	60.05%	51.48%	182.13%	53.05%	47.97%	43.80%	40.02%	42.34%	39.33%	37.47%	37.27%
Earnings before Interest and Taxes (EBIT)	-87	-41	-338	-39	-25	-14	-3.02	-16	-3.53	5.28	7.64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-63	-19	-315	-17	-1.57	11	19	7.76	20	30	33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.95	0.96	1.62	1.89	2.20	4.91	5.01	4.23	5.30	4.77	7.38
Price to Tangible Book Value (P/TBV)	37.84	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)	0.51	0.50	0.41	0.44	0.52	0.72	0.74	0.73	0.73	0.64	0.90
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	4.37%	4.90%	6.62%	6.84%	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)	0.97	0.98	1.21	1.27	1.35	1.79	1.86	1.84	1.94	1.87	2.40
Enterprise Value to Revenue (EV/Rev)	0.91	0.98	0.91	0.98	1.09	1.29	1.28	1.22	1.22	1.09	1.34
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	158.84	37.15	22.38	15.34	16.43
Enterprise Value to EBIT (EV/EBIT)	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 NOPAT (EV/NOPAT)	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 Operating Cash Flow (EV/OCF)	0.00	0.00	87.79	19.80	12.00	11.54	11.07	9.89	14.01	9.11	15.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	6.28	4.39	5.78	5.85	14.32	29.89	26.66	83.92	91.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.22	0.31	0.33	0.34	0.39	0.39	0.38	0.45	0.47	0.48
Long-Term Debt to Equity	0.20	0.22	0.31	0.33	0.34	0.39	0.39	0.38	0.45	0.47	0.48
Financial Leverage	0.03	0.05	0.07	0.08	0.11	0.14	0.14	0.13	0.17	0.21	0.19
Leverage Ratio	1.56	1.54	1.66	1.68	1.72	1.78	1.99	2.04	2.11	2.22	2.23
Compound Leverage Factor	1.66	1.60	1.67	1.92	1.97	2.30	6.15	2.20	3.92	0.80	0.83
Debt to Total Capital	17.33%	17.78%	23.94%	24.73%	25.31%	27.88%	27.81%	27.60%	30.96%	32.06%	32.45%
Short-Term Debt to Total Capital	0.78%	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	16.55%	17.78%	23.94%	24.73%	25.31%	27.88%	27.81%	27.60%	30.96%	32.06%	32.45%
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	31.97%	34.72%	47.48%	50.15%	49.55%	54.72%	54.34%	50.92%	51.06%	48.85%	49.21%
Common Equity to Total Capital	50.70%	47.50%	28.58%	25.12%	25.14%	17.39%	17.85%	21.48%	17.98%	19.08%	18.34%
Debt to EBITDA	-3.11	-2.13	-0.55	-0.52	-0.61	-0.67	28.54	6.76	4.33	3.18	2.66
Net Debt to EBITDA	-1.23	-1.05	-0.21	-0.18	-0.27	-0.33	11.23	2.44	1.91	1.47	1.31
Long-Term Debt to EBITDA	-2.97	-2.13	-0.55	-0.52	-0.61	-0.67	28.54	6.76	4.33	3.18	2.66
Debt to NOPAT	-1.55	-1.46	-0.62	-0.61	-0.70	-0.74	-3.63	-5.18	-9.45	-22.45	-66.18
Net Debt to NOPAT	-0.61	-0.72	-0.24	-0.21	-0.31	-0.36	-1.43	-1.87	-4.16	-10.36	-32.73
Long-Term Debt to NOPAT	-1.48	-1.46	-0.62	-0.61	-0.70	-0.74	-3.63	-5.18	-9.45	-22.45	-66.18
Altman Z-Score	1.44	1.28	0.15	0.73	0.71	0.89	0.93	0.90	0.97	0.95	1.28
Noncontrolling Interest Sharing Ratio	32.39%	32.83%	44.88%	46.89%	48.71%	53.92%	68.42%	68.81%	70.38%	74.48%	74.13%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.73	2.65	2.47	2.31	2.10	2.08	2.02	1.96	1.96	1.76	1.77
Quick Ratio	1.30	1.15	1.08	1.07	0.90	0.90	0.91	0.90	0.91	0.96	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-114	120	273	539	462	485	141	73	71	22	22
Operating Cash Flow to CapEx	50.50%	-181,000.00%	273.65%	124.40%	223.40%	0.00%	583.61%	686.45%	152.69%	361.91%	168.82%
Free Cash Flow to Firm to Interest Expense	-25.22	27.13	59.32	78.01	81.29	99.52	29.63	15.97	12.93	4.86	5.23
Operating Cash Flow to Interest Expense	1.52	-3.67	7.96	2.88	7.40	0.93	9.07	7.05	2.22	9.34	2.99
Operating Cash Flow Less CapEx to Interest Expense	-1.49	-3.67	5.05	0.57	4.09	4.16	7.52	6.02	0.76	6.76	1.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.63	0.64	0.60	0.60	0.64	0.75	0.79	0.84	0.91	0.94
Accounts Receivable Turnover	4.49	4.21	4.27	4.05	4.13	4.38	4.98	5.31	5.56	5.35	5.58
Inventory Turnover	2.33	2.07	1.99	1.83	1.79	1.88	2.08	2.36	2.58	2.80	2.98
Fixed Asset Turnover	11.49	10.25	8.80	7.59	6.81	8.52	7.85	7.87	7.61	9.39	9.61
Accounts Payable Turnover	4.33	4.07	4.10	3.90	3.65	3.55	3.60	3.66	3.56	3.94	4.03
Days Sales Outstanding (DSO)	81.21	86.74	85.52	90.21	88.41	83.41	73.31	68.80	65.63	68.29	65.36
Days Inventory Outstanding (DIO)	156.76	176.64	183.64	199.86	203.95	194.58	175.33	154.99	141.64	130.23	122.48
Days Payable Outstanding (DPO)	84.31	89.60	88.95	93.68	100.06	102.70	101.48	99.68	102.62	92.54	90.67
Cash Conversion Cycle (CCC)	153.66	173.78	180.21	196.39	192.30	175.29	147.16	124.11	104.65	105.98	97.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,210	1,158	794	736	731	663	647	650	651	632	627
Invested Capital Turnover	1.08	0.93	1.00	0.93	0.93	1.01	1.31	1.42	1.51	1.68	1.76
Increase / (Decrease) in Invested Capital	51	-147	-511	-566	-478	-495	-144	-82	-73	-25	-20
Enterprise Value (EV)	1,172	1,131	959	931	987	1,189	1,204	1,198	1,260	1,183	1,504
Market Capitalization	648	578	430	416	470	660	696	717	751	696	1,015
Book Value per Share	$8.70	$7.69	$3.36	$2.78	$2.70	$1.70	$1.74	$2.12	$1.77	$1.82	$1.71
Tangible Book Value per Share	$0.22	($1.09)	($1.21)	($1.59)	($1.63)	($2.57)	($2.62)	($2.51)	($2.76)	($2.60)	($2.51)
Total Capital	1,351	1,273	930	877	851	773	778	790	788	764	750
Total Debt	234	226	223	217	215	216	216	218	244	245	243
Total Long-Term Debt	224	226	223	217	215	216	216	218	244	245	243
Net Debt	93	112	87	76	96	106	85	79	107	113	120
Capital Expenditures (CapEx)	14	0.01	13	16	19	-16	7.40	4.69	7.98	12	7.51
Debt-free, Cash-free Net Working Capital (DFCFNWC)	389	372	307	267	246	239	207	191	194	142	153
Debt-free Net Working Capital (DFNWC)	505	459	414	379	334	317	308	298	295	273	275
Net Working Capital (NWC)	494	459	414	379	334	317	308	298	295	273	275
Net Nonoperating Expense (NNE)	13	81	84	20	12	33	6.17	8.94	5.81	-1.75	1.15
Net Nonoperating Obligations (NNO)	93	112	87	76	96	106	85	79	107	113	120
Total Depreciation and Amortization (D&A)	24	22	24	23	23	26	22	24	24	25	26
Debt-free, Cash-free Net Working Capital to Revenue	30.33%	32.34%	29.24%	28.15%	27.13%	25.94%	21.93%	19.45%	18.76%	13.15%	13.63%
Debt-free Net Working Capital to Revenue	39.38%	39.92%	39.40%	39.85%	36.90%	34.35%	32.66%	30.26%	28.54%	25.22%	24.51%
Net Working Capital to Revenue	38.56%	39.92%	39.40%	39.85%	36.90%	34.35%	32.66%	30.26%	28.54%	25.22%	24.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.38)	($4.12)	($0.63)	($0.36)	($0.56)	($0.14)	($0.24)	($0.12)	($0.02)	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	0.00	78.42M	78.81M	78.85M	78.95M	78.93M	79.53M	79.75M	79.80M	79.74M	80.32M
Adjusted Diluted Earnings per Share	$0.00	($1.38)	($4.12)	($0.63)	($0.36)	($0.56)	($0.14)	($0.24)	($0.12)	($0.02)	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	78.42M	78.81M	78.85M	78.95M	78.93M	79.53M	79.75M	79.80M	79.74M	80.32M
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	0.00	79.12M	79.12M	79.23M	79.25M	79.86M	79.98M	80.05M	80.12M	80.66M	81.00M
Normalized Net Operating Profit after Tax (NOPAT)	-36	-26	-33	-27	-17	-11	-2.78	-9.32	-1.95	3.13	4.46
Normalized NOPAT Margin	-13.22%	-11.68%	-14.58%	-11.87%	-7.37%	-4.36%	-1.12%	-3.52%	-0.70%	1.08%	1.56%
Pre Tax Income Margin	-33.86%	-18.92%	-150.47%	-19.86%	-12.50%	-7.66%	-3.77%	-6.50%	-2.35%	0.65%	1.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-19.25	-9.25	-73.59	-5.68	-4.37	-2.97	-0.64	-3.50	-0.64	1.17	1.80
NOPAT to Interest Expense	-13.87	-5.93	-51.71	-3.88	-2.96	-2.18	-0.58	-2.04	-0.35	-0.67	0.49
EBIT Less CapEx to Interest Expense	-22.26	-9.25	-76.50	-7.99	-7.69	0.26	-2.19	-4.52	-2.09	-1.41	0.03
NOPAT Less CapEx to Interest Expense	-16.88	-5.93	-54.62	-6.20	-6.27	1.05	-2.14	-3.07	-1.81	-3.25	-1.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-24.08%	-8.19%	-2.62%	-1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-24.08%	-8.66%	-2.63%	-1.29%	-3.45%	-3.94%	-13.31%	-36.06%	-24.62%	-128.51%	-176.64%

Financials Breakdown Chart

Key Financial Trends

ADTRAN (NASDAQ: ADTN) shows a pattern of improving top-line and operating cash flow in 2025, but it also faces ongoing net losses, a meaningful debt load, and cash outflows from investing and financing activities. Below are the 10 most important takeaways for retail investors from the last four years of quarterly data.

Revenue growth in 2025: Total revenue rose through 2025, culminating at 291.56 million in Q4 2025 (vs. 247.74 million in Q1 2025).
Strong operating cash flow: Net cash from continuing operating activities was positive in all four 2025 quarters, totaling approximately 130 million for the year, highlighting solid cash generation from core business activity.
Q4 2025 net income improvement: Net income from continuing operations narrowed to a small loss (-1.28 million) in Q4 2025, the best quarterly result for 2025.
Balance sheet liquidity: Cash & equivalents hovered in the low-to-mid range for 2025 (roughly 93–106 million), providing liquidity to fund operations and investments.
Debt level stable/moderate: Long-term debt stayed in the 190–218 million range through 2025, indicating a manageable leverage profile with some growth by mid-year.
Ongoing per-share losses: Earnings per share remained negative in every 2025 quarter (for example, Q4 EPS -0.02, Q3 -0.12, Q2 -0.24, Q1 -0.14), signaling persistent profitability challenges.
📉 Investing cash outflows persist: Net cash from investing activities was consistently negative in 2025, reflecting ongoing capital expenditures and acquisitions (roughly -13 to -18 million per quarter).
📉 Financing cash outflows: Net cash from financing activities was mostly negative in 2025 due to debt repayments and treasury activity, rather than net new equity or debt.
Declining retained earnings: Retained earnings declined meaningfully, contributing to negative equity effects and signaling accumulated losses over time.
Leverage relative to assets: Total liabilities remained sizeable relative to total assets across 2025, indicating ongoing leverage despite cash generation headroom.

05/15/26 04:37 AM ETAI Generated. May Contain Errors.

ADTRAN Financials - Frequently Asked Questions

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

ADTRAN's net income appears to be on an upward trend, with a most recent value of -$36.24 million in 2025, falling from $18.65 million in 2015. The previous period was -$450.07 million in 2024. Find out what analysts predict for ADTRAN in the coming months.

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%.

ADTRAN's total liabilities were at $685.34 million at the end of 2025, a 10.3% increase from 2024, and a 348.7% increase since 2015.

In the past 10 years, ADTRAN's cash and equivalents has ranged from $56.60 million in 2021 to $108.64 million in 2022, and is currently $95.70 million as of their latest financial filing in 2025.

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 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ADTRAN (ADTN) Financials

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ADTRAN (ADTN) Financials

Annual Income Statements for ADTRAN

Quarterly Income Statements for ADTRAN

Annual Cash Flow Statements for ADTRAN

Quarterly Cash Flow Statements for ADTRAN

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Quarterly Balance Sheets for ADTRAN

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Quarterly Metrics And Ratios for ADTRAN

Financials Breakdown Chart

Key Financial Trends

ADTRAN Financials - Frequently Asked Questions

When does ADTRAN's financial year end?

How has ADTRAN's net income changed over the last 10 years?

What is ADTRAN's operating income?

How has ADTRAN's revenue changed over the last 10 years?

How much debt does ADTRAN have?

How much cash does ADTRAN have?

How has ADTRAN's book value per share changed over the last 10 years?

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