Bandwidth (BAND) Financials

$46.45 -0.88 (-1.86%)

Closing price 04:00 PM Eastern

Extended Trading

$46.04 -0.41 (-0.87%)

As of 07:47 PM Eastern

Annual Income Statements for Bandwidth

This table shows Bandwidth'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	-5.80	19	5.33	18	2.49	-44	-27	20	-16	-6.52	-13
Consolidated Net Income / (Loss)	-6.70	22	5.97	18	2.49	-44	-27	20	-16	-6.52	-13
Net Income / (Loss) Continuing Operations	6.97	25	5.97	18	2.49	-44	-27	20	-16	-6.52	-13
Total Pre-Tax Income	7.37	14	13	7.05	-15	-29	-31	17	-19	-8.95	-17
Total Operating Income	7.96	15	15	6.75	-18	-14	-2.24	-24	-35	-20	-14
Total Gross Profit	59	67	74	96	108	154	214	238	236	280	295
Total Revenue	138	152	163	204	233	343	491	573	601	748	754
Operating Revenue	102	152	163	204	233	343	491	573	601	748	754
Total Cost of Revenue	79	85	89	108	125	189	277	335	365	469	459
Operating Cost of Revenue	79	85	89	108	125	189	277	335	365	469	459
Total Operating Expenses	51	52	59	89	125	167	216	263	268	300	309
Selling, General & Admin Expense	35	34	37	48	59	52	64	68	65	72	75
Marketing Expense	8.62	9.29	11	21	35	61	82	97	102	110	102
Research & Development Expense	7.38	8.52	11	21	31	55	70	98	104	119	133
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	0.00	-4.00	0.00	0.00
Total Other Income / (Expense), net	-0.59	-0.91	-1.73	0.30	2.47	-15	-29	42	12	11	-2.22
Interest Expense	0.59	-	-	-	-	0.00	0.00	-40	-13	-10	-1.08
Interest & Investment Income	-	-0.91	-1.73	0.30	2.45	-14	-29	-3.05	-0.81	-1.86	-2.03
Other Income / (Expense), net	-	-	0.00	0.00	0.02	-1.80	-0.17	4.47	0.20	2.70	-1.28
Income Tax Expense	0.41	-11	6.92	-11	-18	15	-3.83	-2.26	-2.96	-2.43	-3.68
Basic Earnings per Share	($0.50)	$1.66	$0.42	$0.96	$0.11	($1.83)	($1.09)	$0.77	($0.64)	($0.24)	($0.43)
Weighted Average Basic Shares Outstanding	11.50M	11.68M	12.59M	18.57M	22.64M	24.09M	25.09M	25.28M	25.61M	27.21M	30.00M
Diluted Earnings per Share	($0.47)	$1.51	$0.37	$0.85	$0.10	($1.83)	($1.09)	($0.48)	($0.64)	($0.24)	($0.43)
Weighted Average Diluted Shares Outstanding	12.46M	12.87M	14.54M	21.14M	23.92M	24.09M	25.09M	30.91M	25.61M	27.21M	30.00M
Weighted Average Basic & Diluted Shares Outstanding	-	11.70M	12.70M	19.80M	23.54M	25.00M	25.21M	25.44M	26.27M	28.62M	31.39M
Cash Dividends to Common per Share	-	-	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

This table shows Bandwidth'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	-5.13	-11	-9.23	4.06	0.41	-1.76	-3.74	-4.93	-1.24	-3.00	4.12
Consolidated Net Income / (Loss)	-5.13	-11	-9.23	4.06	0.41	-1.76	-3.74	-4.93	-1.24	-3.00	4.12
Net Income / (Loss) Continuing Operations	-5.13	-11	-9.23	4.06	0.41	-1.76	-3.74	-4.93	-1.24	-3.00	4.12
Total Pre-Tax Income	-5.35	-11	-9.43	3.72	-0.32	-2.92	-3.81	-4.80	-3.52	-4.46	2.59
Total Operating Income	-6.15	-10	-10	-6.07	-0.90	-2.67	-4.69	-3.75	-2.01	-3.93	-4.62
Total Gross Profit	59	62	65	65	73	77	72	72	74	78	78
Total Revenue	152	165	171	174	194	210	174	180	192	208	209
Operating Revenue	152	165	171	174	194	210	174	180	192	208	209
Total Cost of Revenue	93	103	106	109	121	133	103	108	118	130	131
Operating Cost of Revenue	93	103	106	109	121	133	103	108	118	130	131
Total Operating Expenses	66	72	76	71	74	79	76	75	76	82	83
Selling, General & Admin Expense	16	17	18	17	18	20	19	19	18	19	19
Marketing Expense	25	26	29	26	26	28	26	25	25	26	25
Research & Development Expense	25	29	29	28	30	31	31	32	33	37	38
Total Other Income / (Expense), net	0.80	-0.67	0.98	9.80	0.58	-0.25	0.88	-1.05	-1.51	-0.54	7.21
Interest Expense	0.00	-	0.00	-10	0.00	-	-1.08	0.00	0.00	-	-7.28
Interest & Investment Income	-	-	0.63	-0.70	-1.03	-	-0.49	-0.55	-0.50	-0.50	-0.67
Other Income / (Expense), net	0.80	0.14	0.35	0.23	1.60	1.61	0.28	-0.50	-1.02	-0.04	0.60
Income Tax Expense	-0.22	0.23	-0.20	-0.33	-0.73	-1.16	-0.07	0.14	-2.28	-1.46	-1.53
Basic Earnings per Share	($0.20)	($0.43)	($0.35)	$0.15	$0.02	($0.06)	($0.13)	($0.16)	($0.04)	($0.10)	$0.13
Weighted Average Basic Shares Outstanding	25.61M	25.61M	26.49M	27.08M	27.37M	27.21M	28.98M	29.89M	30.28M	30.00M	31.68M
Diluted Earnings per Share	($0.20)	($0.01)	($0.35)	($0.17)	$0.01	$0.27	($0.13)	($0.16)	($0.04)	($0.10)	($0.08)
Weighted Average Diluted Shares Outstanding	25.61M	25.61M	26.49M	29.50M	28.62M	27.21M	28.98M	29.89M	30.28M	30.00M	32.96M
Weighted Average Basic & Diluted Shares Outstanding	25.64M	26.27M	27.01M	27.30M	27.51M	28.62M	29.76M	30.14M	30.52M	31.39M	32.02M

This table details how cash moves in and out of Bandwidth'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	1.27	-3.75	31	3.63	144	-104	251	-218	18	-50	21
Net Cash From Operating Activities	-3.81	5.15	15	25	-1.25	4.52	41	35	39	84	89
Net Cash From Continuing Operating Activities	19	17	15	25	-1.25	4.52	41	35	39	84	89
Net Income / (Loss) Continuing Operations	6.97	25	5.97	18	2.49	-44	-27	20	-16	-6.52	-13
Consolidated Net Income / (Loss)	-6.70	22	5.97	18	2.49	-44	-27	20	-16	-6.52	-13
Depreciation Expense	7.08	6.14	5.71	5.82	9.54	17	37	36	42	49	54
Amortization Expense	0.05	0.05	0.38	0.06	4.45	16	27	10	2.52	5.31	1.38
Non-Cash Adjustments To Reconcile Net Income	3.88	2.08	1.89	3.37	6.38	15	20	-20	34	37	55
Changes in Operating Assets and Liabilities, net	0.69	-17	0.67	-2.54	-24	1.35	-15	-11	-22	-1.24	-7.38
Net Cash From Investing Activities	-5.96	-7.37	-7.96	-32	-7.65	-455	2.83	-133	31	-1.44	-39
Net Cash From Continuing Investing Activities	-5.10	-6.06	-7.96	-32	-7.65	-455	2.83	-133	31	-1.44	-39
Purchase of Property, Plant & Equipment	-5.10	-6.06	-7.96	-14	-26	-15	-22	-45	-20	-25	-33
Purchase of Investments	-	0.00	0.00	-35	-68	-231	0.00	-180	-81	-34	-16
Divestitures	-	-	-	-	-	0.00	0.00	1.56	1.25	1.78	0.36
Sale and/or Maturity of Investments	-	0.00	0.00	18	86	191	40	109	130	54	9.65
Other Investing Activities, net	-	-	-	-	0.00	0.00	-33	-19	0.00	2.71	0.00
Net Cash From Financing Activities	11	-1.53	24	11	152	347	207	-120	-53	-131	-29
Net Cash From Continuing Financing Activities	11	-1.53	24	11	152	347	207	-120	-53	-131	-29
Repayment of Debt	-33	-70	-49	-0.03	-0.17	-12	-7.54	-118	-52	-336	-55
Issuance of Debt	44	97	4.00	0.00	0.00	400	250	0.00	0.00	207	29
Other Financing Activities, net	0.00	0.15	0.27	11	5.95	-41	-35	-2.17	-0.81	-2.22	-2.90
Effect of Exchange Rate Changes	-	-	-	-	-0.01	0.11	0.19	0.88	0.61	-1.24	-0.44
Cash Interest Paid	1.10	1.31	1.54	0.11	0.34	0.58	1.48	0.02	-1.50	0.69	-0.18
Cash Income Taxes Paid	0.07	0.01	0.86	0.16	-0.18	0.45	2.00	3.93	7.20	3.82	-0.06

This table details how cash moves in and out of Bandwidth'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	16	25	-27	-43	13	6.97	-46	24	13	29	-56
Net Cash From Operating Activities	23	19	2.47	24	20	37	-3.08	32	22	39	8.77
Net Cash From Continuing Operating Activities	23	19	2.47	24	20	37	-3.08	32	22	39	8.77
Net Income / (Loss) Continuing Operations	-5.13	-11	-9.23	4.06	0.41	-1.76	-3.74	-4.93	-1.24	-3.00	4.12
Consolidated Net Income / (Loss)	-5.13	-11	-9.23	4.06	0.41	-1.76	-3.74	-4.93	-1.24	-3.00	4.12
Depreciation Expense	11	12	12	12	12	12	13	13	14	14	17
Amortization Expense	0.51	9.85	1.67	2.44	-1.64	3.98	0.37	1.21	-1.28	0.33	0.31
Non-Cash Adjustments To Reconcile Net Income	13	9.44	12	-0.05	13	10	13	13	15	15	6.50
Changes in Operating Assets and Liabilities, net	3.70	-1.12	-15	5.69	-3.94	12	-25	9.58	-3.89	12	-20
Net Cash From Investing Activities	-5.70	3.97	-27	22	7.00	-3.13	-14	-8.23	-7.99	-9.00	-3.86
Net Cash From Continuing Investing Activities	-5.70	3.97	-27	22	7.00	-3.13	-14	-8.23	-7.99	-9.00	-3.86
Purchase of Property, Plant & Equipment	-4.81	-6.23	-6.87	-6.12	-6.22	-6.17	-10	-6.09	-9.10	-7.54	-9.35
Purchase of Investments	-20	-20	-22	-9.33	-0.99	-1.97	-4.72	-5.99	-1.98	-3.45	-1.98
Divestitures	0.24	0.18	0.21	0.26	1.16	0.16	0.10	0.10	0.16	-	0.00
Sale and/or Maturity of Investments	19	30	1.42	37	10	4.85	0.99	3.74	2.94	1.98	7.47
Net Cash From Financing Activities	-0.79	-0.05	-1.81	-89	-15	-25	-29	-0.03	-0.01	0.01	-60
Net Cash From Continuing Financing Activities	-0.79	-0.05	-1.81	-89	-15	-25	-29	-0.03	-0.01	0.01	-60
Repayment of Debt	-0.70	-0.01	0.00	-154	-116	-66	-41	-14	-0.03	-	-133
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-5.01
Issuance of Debt	-	-	0.00	-	101	41	15	14	-	-	84
Other Financing Activities, net	-0.09	-0.04	-1.81	-0.41	-0.02	0.02	-2.91	-0.01	0.02	0.01	-5.63
Effect of Exchange Rate Changes	-0.91	1.50	-0.39	-0.21	0.65	-1.28	-0.12	0.78	-0.94	-0.16	-0.84
Cash Interest Paid	-	-0.69	-1.11	-	0.78	0.67	-	-0.01	-0.12	0.19	-0.19
Cash Income Taxes Paid	3.10	1.52	0.44	2.58	0.19	0.60	-0.00	0.79	-0.26	-0.58	-0.00

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	70	104	150	341	891	1,066	929	1,101	989	1,053
Total Current Assets	28	65	92	227	194	413	280	253	188	219
Cash & Equivalents	6.79	38	42	184	72	331	114	132	82	103
Short-Term Investments	-	0.00	17	0.00	40	0.00	71	21	1.98	8.48
Accounts Receivable	17	21	24	30	55	62	74	78	86	91
Prepaid Expenses	2.32	3.77	6.11	9.26	15	16	17	17	14	12
Other Current Assets	2.10	2.63	2.63	2.50	2.41	3.20	3.57	4.16	3.73	4.83
Plant, Property, & Equipment, net	11	15	25	0.00	0.00	70	100	178	177	174
Total Noncurrent Assets	31	24	34	114	697	583	550	670	625	659
Goodwill	6.87	6.87	6.87	6.87	372	344	326	336	317	357
Intangible Assets	8.48	7.64	7.09	6.57	248	211	177	167	145	139
Other Noncurrent Operating Assets	2.71	3.26	2.32	66	77	27	46	168	162	164
Total Liabilities & Shareholders' Equity	70	104	150	341	891	1,066	929	1,101	989	1,053
Total Liabilities	71	28	42	71	461	653	657	804	677	653
Total Current Liabilities	30	25	33	46	92	93	114	123	140	154
Short-Term Debt	7.10	-	-	-	-	-	-	-	0.00	7.63
Accounts Payable	4.69	3.03	3.42	4.19	12	9.14	27	34	28	43
Accrued Expenses	15	16	21	27	63	66	63	69	102	91
Current Deferred Revenue	4.03	5.77	5.32	5.18	6.52	6.25	7.18	8.06	7.03	8.74
Other Current Liabilities	-	-	2.59	9.04	11	12	17	11	3.11	3.95
Total Noncurrent Liabilities	40	3.27	8.93	26	368	559	543	681	536	499
Long-Term Debt	38	-	-	0.00	282	486	481	419	281	248
Noncurrent Deferred Revenue	1.71	0.72	2.50	5.72	6.39	7.63	8.31	8.41	7.96	4.97
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	61	48	38	33	27	24
Other Noncurrent Operating Liabilities	0.61	2.55	6.42	20	19	17	16	221	220	222
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-22	77	109	270	430	413	272	297	313	400
Total Preferred & Common Equity	-22	77	109	270	430	413	272	297	313	400
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-22	77	109	270	430	413	272	297	313	400
Common Stock	9.36	102	117	276	451	503	365	391	436	486
Retained Earnings	-32	-26	-7.85	-5.53	-50	-77	-49	-65	-71	-84
Treasury Stock	-	-	-	-	-	-	-	-	-	0.00
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.00	0.04	28	-13	-44	-29	-52	-1.57

This table presents Bandwidth'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	1,008	861	917	1,070	1,086	1,002	1,030	964	1,022	1,033	984
Total Current Assets	417	210	220	234	257	181	199	151	176	193	172
Cash & Equivalents	166	85	92	107	105	62	75	36	60	73	47
Short-Term Investments	145	38	31	32	42	14	4.97	5.76	8.00	7.00	2.99
Accounts Receivable	77	63	75	75	89	86	100	87	89	93	101
Prepaid Expenses	24	20	19	16	17	15	15	19	15	15	16
Other Current Assets	3.77	3.65	4.39	4.19	3.74	3.87	3.81	4.01	4.41	4.60	4.56
Plant, Property, & Equipment, net	73	102	173	177	174	173	170	177	179	176	172
Total Noncurrent Assets	518	549	524	659	655	647	661	636	667	664	640
Goodwill	299	331	330	322	329	326	340	329	356	357	349
Intangible Assets	170	176	174	165	161	156	159	145	150	143	129
Other Noncurrent Operating Assets	49	42	20	172	166	165	161	162	162	164	163
Total Liabilities & Shareholders' Equity	1,008	861	917	1,070	1,086	1,002	1,030	964	1,022	1,033	984
Total Liabilities	814	572	625	790	787	695	693	619	638	641	579
Total Current Liabilities	117	95	98	109	109	156	154	116	135	139	183
Short-Term Debt	-	-	-	-	-	40	25	7.60	7.61	7.62	51
Accounts Payable	21	16	21	31	23	32	21	17	21	34	32
Accrued Expenses	75	58	59	60	68	69	94	81	94	85	87
Current Deferred Revenue	6.23	15	7.93	12	7.82	7.69	10	7.04	8.17	8.39	8.82
Other Current Liabilities	15	6.48	11	4.77	9.36	7.59	3.36	3.26	3.63	3.66	4.13
Total Noncurrent Liabilities	697	477	528	681	679	538	540	503	503	501	396
Long-Term Debt	637	417	418	418	419	281	281	247	247	247	149
Noncurrent Deferred Revenue	8.16	8.22	8.27	8.10	8.38	8.14	8.13	7.97	6.74	5.86	3.95
Noncurrent Deferred & Payable Income Tax Liabilities	35	34	34	32	31	29	30	26	27	27	22
Other Noncurrent Operating Liabilities	16	17	68	223	220	221	220	222	222	222	222
Commitments & Contingencies	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	195	289	292	280	298	307	337	345	385	393	406
Total Preferred & Common Equity	195	289	292	280	298	307	337	345	385	393	406
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	195	289	292	280	298	307	337	345	385	393	406
Common Stock	359	371	377	383	410	419	427	457	466	475	503
Retained Earnings	-82	-45	-49	-54	-74	-70	-70	-75	-80	-81	-80
Treasury Stock	-	-	-	-	-	-	-	-	-	-	-5.01
Accumulated Other Comprehensive Income / (Loss)	-83	-36	-36	-49	-38	-41	-21	-37	-1.77	-1.31	-12

This table displays calculated financial ratios and metrics derived from Bandwidth'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
DEI Shares Outstanding	0.00	0.00	17,621,320.00	19,354,917.00	23,491,827.00	24,221,957.00	25,133,881.00	-	-	-	30,521,581.00
DEI Adjusted Shares Outstanding	0.00	0.00	17,621,320.00	19,354,917.00	23,491,827.00	24,221,957.00	25,133,881.00	-	-	-	30,521,581.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.30	0.93	0.11	-1.82	-1.09	-	-	-	-0.42
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	10.40%	7.11%	25.26%	13.95%	47.52%	43.07%	16.75%	4.88%	24.52%	0.71%
EBITDA Growth	0.00%	42.11%	-3.42%	-38.95%	-129.16%	565.27%	255.60%	-57.68%	-29.10%	103.26%	6.21%
EBIT Growth	0.00%	91.46%	-4.11%	-53.81%	-361.70%	13.41%	84.24%	-723.35%	-77.63%	50.77%	9.87%
NOPAT Growth	0.00%	259.52%	-74.96%	153.39%	-172.18%	23.67%	83.44%	-1,656.57%	9.77%	43.43%	28.37%
Net Income Growth	0.00%	433.70%	-73.29%	200.17%	-86.08%	-1,863.31%	37.78%	171.52%	-183.51%	60.08%	-97.92%
EPS Growth	0.00%	421.28%	-75.50%	129.73%	-88.24%	-1,930.00%	40.44%	55.96%	-33.33%	62.50%	-79.17%
Operating Cash Flow Growth	0.00%	235.31%	183.72%	68.45%	-105.09%	460.57%	803.12%	-14.45%	11.73%	115.08%	6.69%
Free Cash Flow Firm Growth	0.00%	0.00%	149.57%	22.97%	-846.92%	-981.99%	104.34%	-227.90%	32.16%	297.68%	-214.48%
Invested Capital Growth	0.00%	0.00%	4.24%	27.59%	70.62%	594.22%	-4.05%	0.20%	-0.95%	-9.32%	6.64%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	5.09%	4.33%	17.48%	2.74%	5.69%	1.42%	6.33%	-0.30%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-37.74%	16.02%	31.73%	72.64%	-39.84%	66.98%	49.75%	-8.06%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-53.19%	-10.21%	0.76%	89.94%	-1,426.05%	-16.78%	33.72%	-13.14%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-4.33%	-1.09%	-184.38%	78.45%	-83.80%	35.22%	26.85%	-9.57%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-3.71%	-21.08%	-69.10%	30.05%	188.80%	-158.32%	58.44%	-10.63%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-16.67%	-67.89%	31.88%	44.83%	-14.29%	53.85%	-616.67%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	50.49%	-14.90%	56.00%	-66.68%	141.80%	-15.80%	28.72%	25.89%	2.40%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-4.62%	-3,292.58%	104.25%	-166.40%	75.07%	267.37%	-217.80%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	11.50%	9.12%	909.39%	-1.85%	9.33%	0.63%	-9.35%	-4.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.50%	43.99%	45.22%	47.02%	46.28%	44.86%	43.55%	41.59%	39.29%	37.40%	39.14%
EBITDA Margin	10.95%	14.09%	12.71%	6.19%	-1.58%	5.00%	12.42%	4.50%	3.04%	4.97%	5.24%
Operating Margin	5.78%	10.02%	8.97%	3.31%	-7.61%	-3.94%	-0.46%	-4.24%	-5.90%	-2.68%	-1.91%
EBIT Margin	5.78%	10.02%	8.97%	3.31%	-7.60%	-4.46%	-0.49%	-3.46%	-5.87%	-2.32%	-2.08%
Profit (Net Income) Margin	-4.86%	14.70%	3.66%	8.78%	1.07%	-12.82%	-5.57%	3.41%	-2.72%	-0.87%	-1.71%
Tax Burden Percent	-90.87%	155.96%	46.33%	254.12%	-16.38%	151.79%	87.71%	113.08%	84.67%	72.87%	77.83%
Interest Burden Percent	92.60%	94.04%	88.18%	104.46%	86.16%	189.36%	1,293.86%	-87.18%	54.74%	51.58%	106.05%
Effective Tax Rate	5.53%	-77.39%	53.67%	-154.12%	0.00%	0.00%	0.00%	-13.08%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	144.24%	17.69%	38.58%	-18.35%	-2.80%	-0.27%	-4.85%	-4.39%	-2.62%	-1.91%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	119.62%	-359.92%	36.99%	-30.56%	281.99%	-16.65%	16.08%	-1.37%	0.63%	-3.58%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-8,186.68%	-2.00%	-19.25%	19.67%	-9.77%	-6.22%	10.56%	-1.35%	0.48%	-1.72%
Return on Equity (ROE)	0.00%	-8,042.45%	15.68%	19.33%	1.32%	-12.56%	-6.50%	5.72%	-5.74%	-2.14%	-3.62%
Cash Return on Invested Capital (CROIC)	0.00%	-55.76%	13.54%	14.33%	-70.55%	-152.43%	3.87%	-5.04%	-3.43%	7.16%	-8.34%
Operating Return on Assets (OROA)	0.00%	21.79%	16.76%	5.30%	-7.19%	-2.48%	-0.25%	-1.99%	-3.47%	-1.66%	-1.53%
Return on Assets (ROA)	0.00%	31.95%	6.84%	14.06%	1.01%	-7.14%	-2.80%	1.96%	-1.61%	-0.62%	-1.26%
Return on Common Equity (ROCE)	0.00%	-323,809.71%	11.18%	19.32%	1.32%	-12.56%	-6.50%	5.72%	-5.74%	-2.14%	-3.62%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-99.93%	7.78%	16.48%	0.92%	-10.23%	-6.63%	7.19%	-5.50%	-2.09%	0.00%
Net Operating Profit after Tax (NOPAT)	7.52	27	6.77	17	-12	-9.45	-1.57	-28	-25	-14	-10
NOPAT Margin	5.46%	17.77%	4.16%	8.41%	-5.32%	-2.76%	-0.32%	-4.80%	-4.13%	-1.88%	-1.33%
Net Nonoperating Expense Percent (NNEP)	0.00%	24.61%	377.60%	1.58%	12.20%	-284.79%	16.38%	-20.93%	-3.02%	-3.25%	1.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-3.65%	-3.47%	-2.36%	-1.54%
Cost of Revenue to Revenue	57.50%	56.01%	54.78%	52.98%	53.72%	55.14%	56.45%	58.41%	60.71%	62.60%	60.86%
SG&A Expenses to Revenue	25.11%	22.26%	22.75%	23.31%	25.30%	15.05%	13.08%	11.87%	10.87%	9.58%	9.98%
R&D to Revenue	5.35%	5.60%	6.62%	10.24%	13.53%	15.90%	14.16%	17.10%	17.33%	15.85%	17.58%
Operating Expenses to Revenue	36.72%	33.97%	36.25%	43.71%	53.88%	48.79%	44.01%	45.83%	44.52%	40.08%	41.05%
Earnings before Interest and Taxes (EBIT)	7.96	15	15	6.75	-18	-15	-2.41	-20	-35	-17	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	21	21	13	-3.69	17	61	26	18	37	40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.31	7.25	5.57	8.66	4.37	2.14	1.25	1.50	1.18
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.55	8.32	5.86	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	2.50	3.86	6.47	10.85	3.67	1.01	0.62	0.63	0.63
Price to Earnings (P/E)	0.00	0.00	76.48	44.01	603.31	0.00	0.00	29.70	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	1.31%	2.27%	0.17%	0.00%	0.00%	3.37%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	9.46	14.63	15.51	6.57	3.45	1.54	1.13	1.31	1.13
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	2.27	3.58	5.67	11.32	3.99	1.53	1.06	0.89	0.82
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	17.86	57.74	0.00	226.41	32.10	33.98	34.76	17.90	15.58
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	25.30	108.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	54.61	42.53	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	25.29	29.63	0.00	859.44	47.98	25.12	16.31	7.94	6.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	71.35	114.51	0.00	0.00	87.52	0.00	0.00	17.35	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-80.65	0.00	0.00	0.00	0.66	1.18	1.77	1.41	0.90	0.64
Long-Term Debt to Equity	0.00	-67.87	0.00	0.00	0.00	0.66	1.18	1.77	1.41	0.90	0.62
Financial Leverage	0.00	-68.44	0.01	-0.52	-0.64	-0.03	0.37	0.66	0.98	0.76	0.48
Leverage Ratio	0.00	-125.85	2.29	1.37	1.30	1.76	2.32	2.91	3.56	3.43	2.87
Compound Leverage Factor	0.00	-118.35	2.02	1.44	1.12	3.33	30.04	-2.54	1.95	1.77	3.04
Debt to Total Capital	0.00%	101.26%	0.00%	0.00%	0.00%	39.63%	54.11%	63.84%	58.46%	47.37%	38.95%
Short-Term Debt to Total Capital	0.00%	16.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.16%
Long-Term Debt to Total Capital	0.00%	85.22%	0.00%	0.00%	0.00%	39.63%	54.11%	63.84%	58.46%	47.37%	37.79%
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%	49.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-50.55%	99.98%	100.00%	100.00%	60.37%	45.89%	36.16%	41.54%	52.63%	61.05%
Debt to EBITDA	0.00	2.09	0.00	0.00	0.00	16.45	7.98	18.62	22.87	7.56	6.46
Net Debt to EBITDA	0.00	1.77	0.00	0.00	0.00	9.37	2.53	11.46	14.49	5.31	3.64
Long-Term Debt to EBITDA	0.00	1.76	0.00	0.00	0.00	16.45	7.98	18.62	22.87	7.56	6.27
Debt to NOPAT	0.00	1.66	0.00	0.00	0.00	-29.85	-310.65	-17.47	-16.86	-20.03	-25.37
Net Debt to NOPAT	0.00	1.41	0.00	0.00	0.00	-17.01	-98.44	-10.75	-10.68	-14.07	-14.31
Long-Term Debt to NOPAT	0.00	1.40	0.00	0.00	0.00	-29.85	-310.65	-17.47	-16.86	-20.03	-24.61
Altman Z-Score	0.00	0.00	10.94	13.26	13.78	5.24	2.37	1.22	0.78	1.07	1.06
Noncontrolling Interest Sharing Ratio	0.00%	-3,926.26%	28.69%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.92	2.66	2.80	4.96	2.10	4.42	2.45	2.06	1.34	1.42
Quick Ratio	0.00	0.78	2.40	2.53	4.69	1.82	4.20	2.27	1.89	1.21	1.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-10	5.18	6.37	-48	-515	22	-29	-19	38	-44
Operating Cash Flow to CapEx	-74.66%	85.04%	183.64%	170.51%	-4.86%	30.96%	983.20%	76.86%	195.99%	330.51%	271.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-6.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-15.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	2.17	1.87	1.60	0.95	0.56	0.50	0.57	0.59	0.72	0.74
Accounts Receivable Turnover	0.00	9.04	8.56	9.02	8.58	8.03	8.40	8.43	7.88	9.09	8.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	13.61	12.47	10.18	0.00	0.00	0.00	6.77	4.33	4.22	4.29
Accounts Payable Turnover	0.00	18.18	23.15	33.57	32.85	23.87	26.63	18.66	11.97	14.98	12.93
Days Sales Outstanding (DSO)	0.00	40.40	42.63	40.44	42.52	45.44	43.43	43.32	46.34	40.14	43.06
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	20.08	15.77	10.87	11.11	15.29	13.70	19.56	30.48	24.37	28.23
Cash Conversion Cycle (CCC)	0.00	20.32	26.86	29.57	31.41	30.15	29.72	23.75	15.85	15.76	14.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	37	39	50	85	591	567	568	562	510	544
Invested Capital Turnover	0.00	8.11	4.26	4.59	3.45	1.02	0.85	1.01	1.06	1.40	1.43
Increase / (Decrease) in Invested Capital	0.00	37	1.59	11	35	506	-24	1.11	-5.41	-52	34
Enterprise Value (EV)	0.00	0.00	370	730	1,320	3,883	1,958	877	636	666	615
Market Capitalization	0.00	0.00	407	789	1,505	3,722	1,804	581	371	468	472
Book Value per Share	$0.00	($1.92)	$4.35	$5.62	$11.50	$17.75	$16.42	$10.75	$11.60	$11.36	$13.10
Tangible Book Value per Share	$0.00	($3.23)	$3.53	$4.90	$10.93	($7.86)	($5.69)	($9.15)	($8.01)	($5.45)	($3.13)
Total Capital	0.00	44	77	109	270	712	899	753	716	594	655
Total Debt	0.00	45	0.00	0.00	0.00	282	486	481	419	281	255
Total Long-Term Debt	0.00	38	0.00	0.00	0.00	282	486	481	419	281	248
Net Debt	0.00	38	-38	-59	-185	161	154	296	265	197	144
Capital Expenditures (CapEx)	5.10	6.06	7.96	14	26	15	4.15	45	20	25	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-2.11	3.11	0.03	-3.79	-20	-13	-19	-23	-36	-39
Debt-free Net Working Capital (DFNWC)	0.00	4.67	41	59	181	101	319	166	130	47	73
Net Working Capital (NWC)	0.00	-2.43	41	59	181	101	319	166	130	47	65
Net Nonoperating Expense (NNE)	14	4.68	0.80	-0.76	-15	35	26	-47	-8.48	-7.52	2.85
Net Nonoperating Obligations (NNO)	0.00	38	-38	-59	-185	161	154	296	265	197	144
Total Depreciation and Amortization (D&A)	7.12	6.19	6.09	5.89	14	32	63	46	54	55	55
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-1.39%	1.91%	0.01%	-1.63%	-5.84%	-2.63%	-3.36%	-3.90%	-4.85%	-5.13%
Debt-free Net Working Capital to Revenue	0.00%	3.07%	25.00%	28.87%	77.91%	29.56%	65.06%	28.89%	21.63%	6.34%	9.63%
Net Working Capital to Revenue	0.00%	-1.60%	25.00%	28.87%	77.91%	29.56%	65.06%	28.89%	21.63%	6.34%	8.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.50)	$1.66	$0.42	$0.96	$0.11	($1.83)	($1.09)	$0.77	($0.64)	($0.24)	($0.43)
Adjusted Weighted Average Basic Shares Outstanding	11.50M	11.68M	12.59M	18.57M	22.64M	24.09M	25.09M	25.28M	25.61M	27.21M	30.00M
Adjusted Diluted Earnings per Share	($0.47)	$1.51	$0.37	$0.85	$0.10	($1.83)	($1.09)	($0.48)	($0.64)	($0.24)	($0.43)
Adjusted Weighted Average Diluted Shares Outstanding	12.46M	12.87M	14.54M	21.14M	23.92M	24.09M	25.09M	30.91M	25.61M	27.21M	30.00M
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	11.70M	17.64M	19.80M	23.54M	25.00M	25.21M	25.44M	26.27M	28.62M	31.39M
Normalized Net Operating Profit after Tax (NOPAT)	7.52	11	10	4.73	-12	-9.45	-1.57	-17	-28	-14	-10
Normalized NOPAT Margin	5.46%	7.01%	6.28%	2.32%	-5.32%	-2.76%	-0.32%	-2.97%	-4.59%	-1.88%	-1.33%
Pre Tax Income Margin	5.35%	9.42%	7.91%	3.46%	-6.55%	-8.44%	-6.35%	3.02%	-3.21%	-1.20%	-2.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	12.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	4.86	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	4.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	134.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	134.18%	90.19%	1.59%	30.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Bandwidth'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	-	-	-	-	-	-	28,623,772.00	29,762,915.00	30,141,045.00	30,521,581.00	31,386,922.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	28,623,772.00	29,762,915.00	30,141,045.00	30,521,581.00	31,386,922.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.13	-0.17	-0.04	-0.10	0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.49%	5.36%	24.08%	19.01%	27.54%	26.96%	1.88%	3.69%	-1.03%	-1.10%	19.82%
EBITDA Growth	48.70%	3.12%	550.64%	778.05%	70.01%	25.31%	129.62%	32.48%	-16.97%	-24.86%	61.61%
EBIT Growth	-210.09%	-104.97%	23.21%	15.43%	94.00%	89.26%	56.25%	27.32%	-529.55%	-84.43%	8.76%
NOPAT Growth	-343.19%	3.20%	91.70%	-25.66%	85.39%	73.38%	55.00%	60.33%	-123.61%	-46.99%	-123.77%
Net Income Growth	-539.65%	-132.70%	-355.69%	204.24%	108.05%	83.91%	59.49%	-221.60%	-400.48%	-70.55%	210.11%
EPS Growth	-566.67%	-114.29%	-25.00%	-13.33%	105.00%	2,800.00%	62.86%	5.88%	-500.00%	-137.04%	38.46%
Operating Cash Flow Growth	-4.23%	82.36%	138.79%	691.83%	-11.03%	89.53%	-225.07%	29.81%	8.67%	5.74%	384.40%
Free Cash Flow Firm Growth	-176.80%	80.69%	105.67%	172.26%	90.06%	3,230.46%	51.16%	-176.88%	-38.78%	-172.45%	-144.83%
Invested Capital Growth	7.61%	-0.95%	-2.23%	-6.00%	0.67%	-9.32%	-2.09%	3.51%	0.83%	6.64%	-0.62%
Revenue Q/Q Growth	4.21%	8.80%	3.41%	1.50%	11.68%	8.30%	-17.02%	3.31%	6.60%	8.22%	0.54%
EBITDA Q/Q Growth	559.10%	94.70%	31.66%	133.91%	27.62%	43.51%	-38.64%	11.51%	-7.17%	9.71%	30.69%
EBIT Q/Q Growth	30.86%	-84.93%	4.64%	30.64%	95.09%	-230.84%	-314.69%	3.54%	28.81%	-31.25%	-1.23%
NOPAT Q/Q Growth	18.25%	-63.25%	-3.80%	9.29%	90.50%	-197.44%	-75.48%	20.03%	46.42%	-95.52%	-167.14%
Net Income Q/Q Growth	-31.88%	-113.14%	15.56%	143.92%	-89.82%	-525.91%	-112.62%	-31.84%	74.83%	-141.74%	237.27%
EPS Q/Q Growth	-33.33%	95.00%	-3,400.00%	51.43%	105.88%	2,600.00%	-148.15%	-23.08%	75.00%	-150.00%	20.00%
Operating Cash Flow Q/Q Growth	645.33%	-16.23%	-87.21%	891.32%	-16.25%	78.45%	-108.44%	1,128.90%	-29.89%	73.63%	-77.29%
Free Cash Flow Firm Q/Q Growth	-10.73%	96.32%	453.66%	401.05%	-115.23%	1,259.84%	-82.92%	-354.82%	72.50%	-505.47%	89.43%
Invested Capital Q/Q Growth	-4.77%	0.63%	1.34%	-3.21%	1.99%	-9.35%	9.42%	2.32%	-0.66%	-4.12%	1.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.14%	37.52%	38.29%	37.34%	37.72%	36.44%	41.04%	39.81%	38.46%	37.60%	37.32%
EBITDA Margin	4.05%	7.25%	2.05%	4.72%	5.40%	7.15%	5.29%	5.71%	4.97%	5.04%	6.55%
Operating Margin	-4.04%	-6.07%	-6.09%	-3.50%	-0.46%	-1.27%	-2.69%	-2.08%	-1.05%	-1.89%	-2.21%
EBIT Margin	-3.52%	-5.98%	-5.52%	-3.77%	-0.17%	-0.51%	-2.53%	-2.36%	-1.58%	-1.91%	-1.92%
Profit (Net Income) Margin	-3.37%	-6.61%	-5.40%	2.34%	0.21%	-0.84%	-2.15%	-2.74%	-0.65%	-1.44%	1.97%
Tax Burden Percent	95.91%	102.19%	97.88%	108.89%	-128.66%	60.18%	98.16%	102.84%	35.24%	67.20%	158.87%
Interest Burden Percent	100.00%	108.17%	100.00%	-56.92%	100.00%	275.24%	86.51%	112.88%	116.47%	112.47%	-64.51%
Effective Tax Rate	0.00%	0.00%	0.00%	-8.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-58.87%
Return on Invested Capital (ROIC)	-3.11%	-4.52%	-4.69%	-4.43%	-0.41%	-1.24%	-2.51%	-1.97%	-0.98%	-1.89%	-4.98%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.39%	-5.91%	-5.38%	-0.47%	0.01%	-1.20%	-2.70%	-3.04%	-0.90%	-2.04%	1.36%
Return on Net Nonoperating Assets (RNNOA)	-4.31%	-5.82%	-5.17%	-0.43%	0.00%	-0.91%	-2.03%	-1.89%	-0.49%	-0.98%	0.65%
Return on Equity (ROE)	-7.42%	-10.34%	-9.86%	-4.86%	-0.40%	-2.15%	-4.54%	-3.86%	-1.47%	-2.87%	-4.33%
Cash Return on Invested Capital (CROIC)	-14.44%	-3.43%	-1.89%	2.17%	-4.09%	7.16%	0.33%	-4.95%	-2.45%	-8.34%	-1.18%
Operating Return on Assets (OROA)	-2.01%	-3.54%	-3.59%	-2.60%	-0.11%	-0.36%	-1.85%	-1.77%	-1.16%	-1.41%	-1.56%
Return on Assets (ROA)	-1.92%	-3.91%	-3.52%	1.61%	0.14%	-0.60%	-1.57%	-2.05%	-0.47%	-1.07%	1.60%
Return on Common Equity (ROCE)	-7.42%	-10.34%	-9.86%	-4.86%	-0.40%	-2.15%	-4.54%	-3.86%	-1.47%	-2.87%	-4.33%
Return on Equity Simple (ROE_SIMPLE)	10.01%	0.00%	-9.79%	-6.91%	-4.66%	0.00%	-0.30%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.30	-7.02	-7.29	-6.61	-0.63	-1.87	-3.28	-2.62	-1.41	-2.75	-7.34
NOPAT Margin	-2.83%	-4.25%	-4.26%	-3.81%	-0.32%	-0.89%	-1.88%	-1.46%	-0.73%	-1.32%	-3.52%
Net Nonoperating Expense Percent (NNEP)	0.27%	1.39%	0.69%	-3.96%	-0.41%	-0.05%	0.19%	1.07%	-0.08%	0.15%	-6.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.98%	-	-	-	-0.31%	-0.55%	-0.41%	-0.22%	-0.42%	-1.21%
Cost of Revenue to Revenue	60.86%	62.48%	61.71%	62.66%	62.28%	63.56%	58.96%	60.19%	61.54%	62.40%	62.68%
SG&A Expenses to Revenue	10.42%	10.24%	10.44%	9.62%	9.07%	9.32%	10.97%	10.47%	9.43%	9.23%	9.31%
R&D to Revenue	16.31%	17.46%	16.90%	16.20%	15.56%	14.96%	17.58%	17.64%	17.20%	17.88%	18.42%
Operating Expenses to Revenue	43.18%	43.59%	44.38%	40.84%	38.18%	37.71%	43.73%	41.89%	39.50%	39.49%	39.53%
Earnings before Interest and Taxes (EBIT)	-5.35	-9.89	-9.43	-6.54	-0.32	-1.06	-4.40	-4.25	-3.02	-3.97	-4.02
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.16	12	3.51	8.20	10	15	9.22	10	9.54	10	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.03	1.25	1.61	1.48	1.42	1.50	1.09	1.23	1.28	1.18	1.38
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)	0.49	0.62	0.76	0.69	0.68	0.63	0.50	0.62	0.66	0.63	0.71
Price to Earnings (P/E)	10.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	9.72%	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)	1.02	1.13	1.32	1.27	1.25	1.31	1.05	1.16	1.19	1.13	1.28
Enterprise Value to Revenue (EV/Rev)	0.96	1.06	1.18	1.06	1.00	0.89	0.78	0.87	0.90	0.82	0.90
Enterprise Value to EBITDA (EV/EBITDA)	51.78	34.76	56.68	34.11	28.35	17.90	13.86	14.69	15.76	15.58	15.84
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)	18.73	16.31	15.71	10.12	10.57	7.94	7.50	7.71	7.75	6.88	6.99
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	56.68	0.00	17.35	312.41	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	1.41	1.41	1.04	0.91	0.90	0.74	0.66	0.65	0.64	0.49
Long-Term Debt to Equity	1.49	1.41	1.41	0.91	0.83	0.90	0.71	0.64	0.63	0.62	0.37
Financial Leverage	1.27	0.98	0.96	0.90	0.82	0.76	0.75	0.62	0.55	0.48	0.48
Leverage Ratio	4.38	3.56	3.31	3.20	3.41	3.43	3.19	2.93	2.83	2.87	2.59
Compound Leverage Factor	4.38	3.86	3.31	-1.82	3.41	9.43	2.76	3.30	3.29	3.22	-1.67
Debt to Total Capital	59.89%	58.46%	58.42%	51.05%	47.62%	47.37%	42.41%	39.84%	39.36%	38.95%	32.93%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	6.37%	3.89%	0.00%	1.27%	1.19%	1.18%	1.16%	8.35%
Long-Term Debt to Total Capital	59.89%	58.46%	58.42%	44.68%	43.73%	47.37%	41.14%	38.65%	38.18%	37.79%	24.58%
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%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.11%	41.54%	41.58%	48.95%	52.38%	52.63%	57.59%	60.16%	60.64%	61.05%	67.06%
Debt to EBITDA	38.15	22.87	31.60	15.62	12.32	7.56	6.00	5.67	5.93	6.46	4.45
Net Debt to EBITDA	25.45	14.49	20.50	11.90	9.10	5.31	5.02	4.15	4.06	3.64	3.33
Long-Term Debt to EBITDA	38.15	22.87	31.60	13.67	11.31	7.56	5.82	5.50	5.76	6.27	3.33
Debt to NOPAT	-10.91	-16.86	-17.55	-14.02	-15.94	-20.03	-25.36	-30.30	-27.77	-25.37	-19.90
Net Debt to NOPAT	-7.28	-10.68	-11.38	-10.68	-11.78	-14.07	-21.20	-22.19	-19.01	-14.31	-14.87
Long-Term Debt to NOPAT	-10.91	-16.86	-17.55	-12.27	-14.64	-20.03	-24.60	-29.40	-26.94	-24.61	-14.85
Altman Z-Score	0.83	0.85	0.99	0.96	1.05	1.12	1.06	1.11	1.14	1.10	1.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.16	2.06	2.36	1.16	1.29	1.34	1.31	1.31	1.39	1.42	0.94
Quick Ratio	1.97	1.89	2.18	1.04	1.17	1.21	1.11	1.17	1.25	1.32	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-44	-1.61	5.71	29	-4.36	51	8.63	-22	-6.05	-37	-3.87
Operating Cash Flow to CapEx	478.09%	309.38%	35.87%	399.54%	329.06%	591.58%	-30.19%	520.87%	244.28%	512.46%	93.78%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.59	0.65	0.69	0.67	0.72	0.73	0.75	0.73	0.74	0.81
Accounts Receivable Turnover	7.82	7.88	8.31	8.25	8.06	9.09	8.52	8.68	7.84	8.48	8.38
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.74	4.33	4.60	3.82	4.06	4.22	4.29	4.31	4.37	4.29	4.52
Accounts Payable Turnover	13.57	11.97	19.52	15.61	16.94	14.98	23.30	17.48	16.84	12.93	20.18
Days Sales Outstanding (DSO)	46.69	46.34	43.93	44.23	45.28	40.14	42.84	42.06	46.58	43.06	43.56
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.89	30.48	18.70	23.39	21.55	24.37	15.66	20.88	21.67	28.23	18.09
Cash Conversion Cycle (CCC)	19.80	15.85	25.23	20.84	23.73	15.76	27.17	21.19	24.91	14.83	25.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	559	562	570	552	563	510	558	571	567	544	555
Invested Capital Turnover	1.10	1.06	1.10	1.16	1.26	1.40	1.33	1.35	1.34	1.43	1.42
Increase / (Decrease) in Invested Capital	40	-5.41	-13	-35	3.73	-52	-12	19	4.64	34	-3.47
Enterprise Value (EV)	567	636	751	700	704	666	588	660	677	615	708
Market Capitalization	288	371	480	456	478	468	375	473	502	472	559
Book Value per Share	$10.94	$11.60	$11.35	$11.38	$12.33	$11.36	$12.07	$12.92	$13.03	$13.10	$12.92
Tangible Book Value per Share	($8.08)	($8.01)	($7.27)	($6.47)	($5.97)	($5.45)	($4.51)	($4.08)	($3.58)	($3.13)	($2.29)
Total Capital	698	716	717	628	643	594	600	639	648	655	605
Total Debt	418	419	419	321	306	281	254	255	255	255	199
Total Long-Term Debt	418	419	419	281	281	281	247	247	247	248	149
Net Debt	279	265	272	244	226	197	213	186	175	144	149
Capital Expenditures (CapEx)	4.81	6.23	6.87	6.12	6.22	6.17	10	6.09	9.10	7.54	9.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13	-23	1.10	-12	-9.90	-36	1.58	-19	-19	-39	-10
Debt-free Net Working Capital (DFNWC)	126	130	148	65	70	47	43	49	61	73	40
Net Working Capital (NWC)	126	130	148	25	45	47	36	42	54	65	-11
Net Nonoperating Expense (NNE)	0.83	3.91	1.94	-11	-1.04	-0.11	0.46	2.31	-0.16	0.25	-11
Net Nonoperating Obligations (NNO)	279	265	272	244	226	197	213	186	175	144	149
Total Depreciation and Amortization (D&A)	12	22	13	15	11	16	14	15	13	14	18
Debt-free, Cash-free Net Working Capital to Revenue	-2.25%	-3.90%	0.17%	-1.74%	-1.41%	-4.85%	0.21%	-2.51%	-2.51%	-5.13%	-1.32%
Debt-free Net Working Capital to Revenue	21.22%	21.63%	23.38%	9.81%	9.95%	6.34%	5.76%	6.48%	8.12%	9.63%	5.06%
Net Working Capital to Revenue	21.22%	21.63%	23.38%	3.76%	6.39%	6.34%	4.75%	5.48%	7.11%	8.62%	-1.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.20)	($0.43)	($0.35)	$0.15	$0.02	($0.06)	($0.13)	($0.16)	($0.04)	($0.10)	$0.13
Adjusted Weighted Average Basic Shares Outstanding	25.61M	25.61M	26.49M	27.08M	27.37M	27.21M	28.98M	29.89M	30.28M	30.00M	31.68M
Adjusted Diluted Earnings per Share	($0.20)	($0.01)	($0.35)	($0.17)	$0.01	$0.27	($0.13)	($0.16)	($0.04)	($0.10)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	25.61M	25.61M	26.49M	29.50M	28.62M	27.21M	28.98M	29.89M	30.28M	30.00M	32.96M
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	25.64M	26.27M	27.01M	27.30M	27.51M	28.62M	29.76M	30.14M	30.52M	31.39M	32.02M
Normalized Net Operating Profit after Tax (NOPAT)	-4.30	-7.02	-7.29	-4.25	-0.63	-1.87	-3.28	-2.62	-1.41	-2.75	-3.23
Normalized NOPAT Margin	-2.83%	-4.25%	-4.26%	-2.45%	-0.32%	-0.89%	-1.88%	-1.46%	-0.73%	-1.32%	-1.55%
Pre Tax Income Margin	-3.52%	-6.47%	-5.52%	2.15%	-0.17%	-1.39%	-2.19%	-2.66%	-1.84%	-2.15%	1.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Bandwidth Inc. (BAND) has shown notable top-line growth over the last four years with improving cash generation, but profitability remains a work in progress. Below are the 10 most important trends drawn from the quarterly statements provided (Q4 2025 back through 2022), focused on big-picture implications for retail investors.

Revenue has trended higher from 2022 through 2025, climbing from about $156.97M in Q4 2022 to approximately $207.67M in Q4 2025, reflecting sustained top-line growth.
Gross margin has remained in the mid-30s to high-30s range, with Q4 2025 gross margin around 37.6% (gross profit ≈ $78.1M on revenue ≈ $207.7M), indicating a relatively stable gross profitability backdrop.
Operating cash flow has been positive in the latest quarters, illustrating improving cash generation. For example, net cash from continuing operating activities was about $22.2M in Q3 2025 and about $38.6M in Q4 2025, with other recent quarters also positive.
Free cash flow has been positive in several quarters, as cash from operating activities has covered capital expenditures, supporting liquidity and potential for future investment or shareholder returns.
The balance sheet shows a solid equity base and liquidity, with total equity around $393M (in 2025 Q3) and cash/equivalents in the mid $70M range in recent periods, suggesting a cushion for ongoing needs.
Profitability remains negative in the near term. Last four quarters show net income (attributable to common) in the red (e.g., Q4 2025 EPS around -$0.10, Q3 2025 around -$0.04, Q2 2025 around -$0.16, Q1 2025 around -$0.13).
Operating expenses remain relatively elevated versus gross profit. In Q4 2025, SG&A, marketing, and R&D together totaled well over $80M, contributing to ongoing operating losses even as revenue grows.
Net income is consistently negative across the most recent periods, underscoring that profitability has not yet been achieved on a quarterly basis (e.g., Q4 2025 net income ≈ -$3.0M, Q3 2025 ≈ -$1.2M).
Debt and liabilities are sizable. Long-term debt typically sits in the upper $200Ms, and total liabilities often run around $630M–$700M, which adds fixed obligations and leverage risk to the balance sheet.
Operating income has been negative in the latest quarters, reflecting ongoing earnings pressure from high operating costs relative to gross profit (e.g., Q4 2025 Total Operating Income ≈ -$3.93M).

05/06/26 07:52 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Bandwidth's Financials

When does Bandwidth's fiscal year end?

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

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

Bandwidth's net income appears to be on an upward trend, with a most recent value of -$12.91 million in 2025, rising from -$6.70 million in 2015. The previous period was -$6.52 million in 2024. Find out what analysts predict for Bandwidth in the coming months.

What is Bandwidth's operating income?

Bandwidth's total operating income in 2025 was -$14.37 million, based on the following breakdown:

Total Gross Profit: $295.05 million
Total Operating Expenses: $309.42 million

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

Over the last 10 years, Bandwidth's total revenue changed from $137.80 million in 2015 to $753.82 million in 2025, a change of 447.0%.

How much debt does Bandwidth have?

Bandwidth's total liabilities were at $652.65 million at the end of 2025, a 3.5% decrease from 2024, and a 825.4% increase since 2016.

How much cash does Bandwidth have?

In the past 9 years, Bandwidth's cash and equivalents has ranged from $6.79 million in 2016 to $331.45 million in 2021, and is currently $102.79 million as of their latest financial filing in 2025.

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

Over the last 10 years, Bandwidth's book value per share changed from 0.00 in 2015 to 13.10 in 2025, a change of 1,310.5%.

Related Companies

Financial statements for NASDAQ:BAND last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bandwidth (BAND) Financials

Financials Breakdown Chart

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Bandwidth (BAND) Financials

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Quarterly Metrics And Ratios for Bandwidth

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