Calix (CALX) Financials

$44.48 -1.34 (-2.92%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$43.90 -0.58 (-1.30%)

As of 05/6/2026 05:51 PM Eastern

Annual Income Statements for Calix

This table shows Calix'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	-26	-27	-83	-19	-18	33	238	41	29	-30	18
Consolidated Net Income / (Loss)	-26	-27	-83	-19	-18	33	238	41	29	-30	18
Net Income / (Loss) Continuing Operations	-26	-27	-83	-19	-18	33	238	41	29	-30	18
Total Pre-Tax Income	-26	-27	-82	-19	-17	34	73	54	35	-32	34
Total Operating Income	-27	-28	-82	-19	-15	37	74	53	26	-43	21
Total Gross Profit	190	201	173	197	188	267	357	435	518	454	568
Total Revenue	407	459	510	441	424	541	679	868	1,040	832	1,000
Operating Revenue	407	459	510	441	424	541	679	868	1,040	832	1,000
Total Cost of Revenue	217	258	337	244	236	274	323	432	521	378	432
Operating Cost of Revenue	217	258	337	244	236	274	323	432	521	378	432
Total Operating Expenses	217	229	254	216	203	230	283	383	493	497	547
Selling, General & Admin Expense	38	42	40	41	37	44	56	76	100	99	108
Marketing Expense	79	84	83	86	83	94	126	175	215	218	249
Research & Development Expense	90	107	128	90	81	85	102	132	178	180	190
Total Other Income / (Expense), net	0.71	1.06	-0.23	-0.25	-1.13	-2.56	-1.28	1.43	9.17	11	13
Interest & Investment Income	0.14	0.15	-0.16	-0.63	-0.96	-1.59	-0.40	2.01	9.70	12	13
Other Income / (Expense), net	0.57	0.91	-0.07	0.38	-0.17	-0.98	-0.88	-0.58	-0.53	-0.96	-0.26
Income Tax Expense	0.54	0.35	1.24	0.53	1.16	0.80	-166	13	5.43	-1.90	16
Basic Earnings per Share	($0.51)	($0.56)	($1.66)	($0.37)	($0.32)	$0.57	$3.77	$0.63	$0.44	($0.45)	$0.27
Weighted Average Basic Shares Outstanding	51.49M	48.73M	50.16M	52.61M	54.99M	59.07M	63.28M	65.06M	65.98M	65.88M	66.04M
Diluted Earnings per Share	($0.51)	($0.56)	($1.66)	($0.37)	($0.32)	$0.54	$3.51	$0.60	$0.42	($0.45)	$0.26
Weighted Average Diluted Shares Outstanding	51.49M	48.73M	50.16M	52.61M	54.99M	62.00M	67.86M	68.91M	69.32M	65.88M	69.31M
Weighted Average Basic & Diluted Shares Outstanding	51.49M	48.73M	50.16M	52.61M	54.99M	62.45M	64.44M	66.14M	65.41M	66.69M	65.61M
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 Calix'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	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	17	-6.60	0.10	-7.96	-3.97	-18	-4.79	-0.20	16	7.21	11
Consolidated Net Income / (Loss)	17	-6.60	0.10	-7.96	-3.97	-18	-4.79	-0.20	16	7.21	11
Net Income / (Loss) Continuing Operations	17	-6.60	0.10	-7.96	-3.97	-18	-4.79	-0.20	16	7.21	11
Total Pre-Tax Income	18	-9.02	0.47	-8.68	-7.79	-16	-2.99	3.43	20	13	15
Total Operating Income	16	-12	-2.03	-11	-11	-19	-6.08	0.39	17	9.28	13
Total Gross Profit	141	113	123	108	110	113	123	136	152	157	159
Total Revenue	264	265	226	198	201	206	220	242	265	272	280
Operating Revenue	264	265	226	198	201	206	220	242	265	272	280
Total Cost of Revenue	123	151	104	91	91	93	98	106	113	115	121
Operating Cost of Revenue	123	151	104	91	91	93	98	106	113	115	121
Total Operating Expenses	125	125	125	119	121	132	129	136	135	148	147
Selling, General & Admin Expense	25	27	26	23	23	27	27	26	27	28	28
Marketing Expense	52	56	54	52	52	59	58	64	60	67	63
Research & Development Expense	47	42	44	44	45	46	44	46	47	54	55
Total Other Income / (Expense), net	2.21	3.07	2.50	2.67	3.10	3.11	3.09	3.04	2.93	4.12	2.52
Interest & Investment Income	2.66	3.15	2.64	2.96	3.28	3.47	3.29	2.96	3.26	3.92	2.86
Other Income / (Expense), net	-0.44	-0.08	-0.14	-0.29	-0.18	-0.36	-0.20	0.08	-0.34	0.20	-0.34
Income Tax Expense	1.19	-2.43	0.37	-0.72	-3.82	2.28	1.80	3.63	4.68	6.19	4.02
Basic Earnings per Share	$0.26	($0.11)	$0.00	($0.12)	($0.06)	($0.27)	($0.07)	$0.00	$0.24	$0.10	$0.17
Weighted Average Basic Shares Outstanding	66.29M	65.98M	65.34M	65.68M	66.08M	65.88M	66.03M	64.53M	65.75M	66.04M	65.69M
Diluted Earnings per Share	$0.24	($0.09)	$0.00	($0.12)	($0.06)	($0.27)	($0.07)	$0.00	$0.22	$0.11	$0.16
Weighted Average Diluted Shares Outstanding	69.58M	69.32M	68.12M	65.68M	66.08M	65.88M	66.03M	64.53M	69.79M	69.31M	68.57M
Weighted Average Basic & Diluted Shares Outstanding	65.87M	65.41M	65.53M	65.80M	66.32M	66.69M	64.82M	65.30M	66.28M	65.61M	63.78M

This table details how cash moves in and out of Calix'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	-25	27	-11	10	-2.82	33	-29	28	-16	-20	100
Net Cash From Operating Activities	-5.34	24	-63	3.56	4.65	51	57	27	56	68	135
Net Cash From Continuing Operating Activities	-5.34	24	-63	3.56	4.65	51	57	27	56	68	135
Net Income / (Loss) Continuing Operations	-26	-27	-83	-19	-18	33	238	41	29	-30	18
Consolidated Net Income / (Loss)	-26	-27	-83	-19	-18	33	238	41	29	-30	18
Depreciation Expense	10	8.32	11	9.19	10	14	15	14	17	20	18
Amortization Expense	19	6.19	-	-	-	0.00	0.00	-1.15	-4.20	-5.29	-3.70
Non-Cash Adjustments To Reconcile Net Income	14	14	13	11	14	18	24	45	63	71	88
Changes in Operating Assets and Liabilities, net	-23	23	-3.38	2.58	-1.79	-14	-221	-72	-48	13	15
Net Cash From Investing Activities	4.67	12	20	-0.08	-13	-61	-111	-24	-6.25	-110	-6.37
Net Cash From Continuing Investing Activities	4.67	12	20	-0.08	-13	-61	-111	-24	-6.25	-110	-6.37
Purchase of Property, Plant & Equipment	-7.28	-9.84	-8.03	-10	-13	-7.82	-10	-14	-18	-18	-19
Purchase of Investments	-60	-16	-8.73	0.00	0.00	-73	-298	-191	-216	-302	-221
Sale and/or Maturity of Investments	72	38	36	0.00	0.00	20	198	181	228	210	234
Net Cash From Financing Activities	-24	-9.24	32	7.49	5.97	42	24	25	-66	21	-28
Net Cash From Continuing Financing Activities	-24	-9.24	32	7.49	5.97	42	24	25	-66	21	-28
Repurchase of Common Equity	-27	-13	-	-	-	-	0.00	0.00	-86	-11	-94
Other Financing Activities, net	-1.71	-2.08	-2.70	0.31	5.97	12	24	25	20	32	65
Effect of Exchange Rate Changes	-0.39	-0.53	0.46	-	-0.09	0.60	0.01	-0.42	-	-0.01	-0.22
Cash Interest Paid	0.13	0.13	0.31	0.65	1.12	1.69	0.63	0.58	0.25	0.00	0.00
Cash Income Taxes Paid	0.48	0.97	0.92	0.56	0.40	0.75	5.20	9.61	12	5.88	6.88

This table details how cash moves in and out of Calix'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	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
Net Change in Cash & Equivalents	45	-72	25	-3.93	-22	-19	-0.86	34	18	48	-88
Net Cash From Operating Activities	16	15	15	22	16	15	17	39	32	46	15
Net Cash From Continuing Operating Activities	16	15	15	22	16	15	17	39	32	46	15
Net Income / (Loss) Continuing Operations	17	-6.60	0.10	-7.96	-3.97	-18	-4.79	-0.20	16	7.21	11
Consolidated Net Income / (Loss)	17	-6.60	0.10	-7.96	-3.97	-18	-4.79	-0.20	16	7.21	11
Depreciation Expense	4.27	4.45	4.87	5.12	4.82	4.75	4.27	4.34	4.70	4.40	4.38
Amortization Expense	-1.22	-1.08	-1.41	-1.31	-1.24	-1.33	-1.14	-0.99	-0.86	-0.70	-0.44
Non-Cash Adjustments To Reconcile Net Income	16	13	17	15	16	22	20	26	21	22	21
Changes in Operating Assets and Liabilities, net	-20	5.47	-5.73	11	0.02	7.80	-0.87	11	-7.80	13	-21
Net Cash From Investing Activities	57	-45	3.28	-30	-49	-34	11	15	-27	-5.48	48
Net Cash From Continuing Investing Activities	57	-45	3.28	-30	-49	-34	11	15	-27	-5.48	48
Purchase of Property, Plant & Equipment	-3.78	-3.97	-3.71	-5.95	-3.24	-5.15	-4.31	-3.74	-5.63	-5.77	-8.12
Purchase of Investments	-28	-83	-36	-113	-80	-73	-37	-58	-72	-54	-10
Sale and/or Maturity of Investments	89	42	43	89	34	45	52	77	51	54	66
Net Cash From Financing Activities	-28	-43	7.08	4.02	11	-0.80	-29	-20	13	7.76	-151
Net Cash From Continuing Financing Activities	-28	-43	7.08	4.02	11	-0.80	-29	-20	13	7.76	-151
Repurchase of Common Equity	-32	-44	-3.74	-	-	-6.96	-40	-34	-3.48	-17	-171
Other Financing Activities, net	4.90	1.37	11	4.02	11	6.16	11	13	17	24	20
Effect of Exchange Rate Changes	-	0.16	-	-	-	-	0.07	0.17	-	-	-0.10

This table presents Calix'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	324	355	295	317	317	427	742	885	942	939	1,059
Total Current Assets	183	219	162	175	144	267	409	547	598	585	692
Cash & Equivalents	24	50	40	50	47	81	51	79	63	43	143
Short-Term Investments	50	28	-	-	0.00	53	153	163	157	254	245
Accounts Receivable	47	51	80	67	47	69	85	94	126	79	99
Inventories, net	48	45	32	50	40	52	89	149	133	103	134
Prepaid Expenses	9.47	11	11	7.31	9.70	11	31	63	119	106	70
Plant, Property, & Equipment, net	17	18	16	25	22	20	22	26	29	31	38
Total Noncurrent Assets	124	118	117	117	151	140	311	312	314	323	329
Goodwill	116	116	116	116	116	116	116	116	116	116	116
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	169	167	168	178	166
Other Noncurrent Operating Assets	1.14	1.99	0.76	1.20	35	24	26	28	31	30	47
Total Liabilities & Shareholders' Equity	324	355	295	317	317	427	742	885	942	939	1,059
Total Liabilities	88	143	150	165	163	147	174	205	223	158	199
Total Current Liabilities	67	121	128	144	115	101	128	165	188	131	163
Accounts Payable	20	24	36	40	11	13	29	41	35	20	42
Accrued Expenses	36	70	49	58	58	69	72	90	116	84	91
Current Deferred Revenue	12	28	13	16	17	19	27	34	37	27	30
Total Noncurrent Liabilities	21	21	22	21	47	46	45	40	35	27	36
Noncurrent Deferred Revenue	20	20	21	17	18	20	22	25	25	21	20
Other Noncurrent Operating Liabilities	1.29	0.88	1.13	3.97	29	26	23	15	10	6.30	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	236	213	145	152	154	280	568	680	719	781	859
Total Preferred & Common Equity	236	213	145	152	154	280	568	680	719	781	859
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	236	213	145	152	154	280	568	680	719	781	859
Common Stock	820	838	852	878	897	950	999	1,072	1,080	1,172	1,232
Retained Earnings	-557	-584	-667	-685	-703	-669	-431	-390	-360	-390	-372
Accumulated Other Comprehensive Income / (Loss)	-0.20	-0.66	-0.17	-0.75	-0.85	-0.19	-0.32	-2.47	-0.66	-0.61	-0.41

This table presents Calix'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	10/1/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026
Total Assets	867	915	942	927	923	918	938	917	921	976	951
Total Current Assets	535	576	599	588	579	570	585	562	562	616	587
Cash & Equivalents	75	94	90	136	88	84	62	42	77	95	55
Short-Term Investments	160	163	174	114	151	177	225	240	222	245	189
Accounts Receivable	101	92	97	81	100	82	85	76	63	87	117
Inventories, net	141	157	153	150	120	113	101	101	111	108	155
Prepaid Expenses	59	70	85	107	119	113	112	103	90	80	72
Plant, Property, & Equipment, net	24	27	29	29	29	31	31	31	32	33	39
Total Noncurrent Assets	307	311	314	310	315	317	321	324	327	328	325
Goodwill	116	116	116	116	116	116	116	116	116	116	116
Noncurrent Deferred & Refundable Income Taxes	164	168	166	163	170	173	178	179	179	169	165
Other Noncurrent Operating Assets	27	27	31	31	29	27	27	29	32	43	44
Total Liabilities & Shareholders' Equity	867	915	942	927	923	918	938	917	921	976	951
Total Liabilities	219	197	200	176	180	164	159	150	149	154	213
Total Current Liabilities	181	161	162	139	146	133	130	123	124	123	178
Accounts Payable	66	35	35	22	19	12	24	23	24	20	69
Accrued Expenses	81	81	85	82	88	89	76	70	74	79	79
Current Deferred Revenue	34	44	42	35	39	32	30	29	26	24	31
Total Noncurrent Liabilities	39	36	38	37	34	31	29	27	25	31	35
Noncurrent Deferred Revenue	25	25	25	25	24	22	21	21	20	20	20
Other Noncurrent Operating Liabilities	14	11	12	11	9.58	8.60	7.55	5.82	4.98	11	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	648	718	742	751	743	754	779	767	773	823	738
Total Preferred & Common Equity	648	718	742	751	743	754	779	767	773	823	738
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	648	718	742	751	743	754	779	767	773	823	738
Common Stock	1,052	1,099	1,114	1,106	1,104	1,123	1,150	1,162	1,168	1,202	1,100
Retained Earnings	-402	-380	-371	-354	-360	-368	-372	-395	-395	-379	-361
Accumulated Other Comprehensive Income / (Loss)	-3.08	-1.31	-1.59	-1.36	-0.98	-0.97	0.49	-0.35	-0.12	-0.20	-1.14

This table displays calculated financial ratios and metrics derived from Calix'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	1.55%	12.60%	11.24%	-13.53%	-3.85%	27.55%	25.53%	27.74%	19.79%	-20.02%	20.26%
EBITDA Growth	-54.00%	-435.03%	-456.16%	87.33%	41.24%	1,043.08%	77.60%	-25.96%	-42.51%	-179.30%	216.89%
EBIT Growth	-28.69%	-4.89%	-200.03%	77.78%	14.13%	330.31%	103.67%	-28.78%	-51.85%	-275.58%	147.13%
NOPAT Growth	-30.05%	-6.07%	-190.04%	77.30%	16.81%	433.80%	574.12%	-83.54%	-45.93%	-239.55%	136.47%
Net Income Growth	-26.52%	-4.06%	-203.01%	76.76%	8.31%	289.24%	611.92%	-82.80%	-28.49%	-201.44%	160.12%
EPS Growth	-24.39%	-9.80%	-196.43%	77.71%	13.51%	268.75%	550.00%	-82.91%	-30.00%	-207.14%	157.78%
Operating Cash Flow Growth	-114.03%	557.20%	-357.06%	105.67%	30.73%	1,004.62%	10.47%	-52.14%	106.93%	21.60%	97.30%
Free Cash Flow Firm Growth	-225.88%	138.02%	-850.13%	83.57%	-66.37%	265.83%	-3.79%	-235.16%	-15.85%	60.87%	254.66%
Invested Capital Growth	0.98%	-16.86%	0.25%	-2.61%	3.73%	7.30%	148.47%	20.26%	13.88%	-2.97%	-2.63%
Revenue Q/Q Growth	-1.60%	6.20%	1.21%	-4.83%	1.11%	10.14%	0.95%	8.51%	1.98%	-6.58%	7.10%
EBITDA Q/Q Growth	-63.62%	-109.90%	-1.92%	39.88%	58.29%	92.74%	-10.64%	-4.31%	-40.17%	-30.14%	490.83%
EBIT Q/Q Growth	-34.76%	-8.28%	-1.22%	28.42%	29.56%	186.79%	-12.82%	-3.95%	-50.61%	-18.70%	364.30%
NOPAT Q/Q Growth	-35.06%	-9.76%	-0.65%	29.12%	30.15%	190.19%	-1.13%	-19.12%	-48.54%	-18.31%	10.49%
Net Income Q/Q Growth	-33.16%	-7.61%	-1.69%	27.41%	25.56%	238.94%	-1.74%	-16.24%	-38.72%	-61.48%	346.61%
EPS Q/Q Growth	-37.84%	-7.69%	-1.84%	28.85%	27.27%	285.71%	-3.31%	-15.49%	-39.13%	-66.67%	316.67%
Operating Cash Flow Q/Q Growth	-123.91%	2,097.93%	-563.13%	112.31%	96.04%	138.49%	-23.92%	-19.33%	18.59%	0.65%	29.43%
Free Cash Flow Firm Q/Q Growth	-603.32%	161.57%	-529.98%	68.27%	41.14%	1,553.10%	-39.73%	-101.90%	14.54%	2.40%	30.59%
Invested Capital Q/Q Growth	-0.31%	-14.22%	23.35%	8.77%	3.26%	2.41%	4.95%	6.01%	-0.44%	-1.48%	-2.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.74%	43.86%	33.88%	44.73%	44.29%	49.33%	52.49%	50.17%	49.86%	54.55%	56.83%
EBITDA Margin	0.93%	-2.77%	-13.84%	-2.03%	-1.24%	9.16%	12.96%	7.51%	3.61%	-3.57%	3.47%
Operating Margin	-6.51%	-6.13%	-15.98%	-4.20%	-3.63%	6.81%	10.88%	6.06%	2.46%	-5.18%	2.10%
EBIT Margin	-6.37%	-5.93%	-15.99%	-4.11%	-3.67%	6.63%	10.75%	6.00%	2.41%	-5.29%	2.07%
Profit (Net Income) Margin	-6.46%	-5.97%	-16.27%	-4.37%	-4.17%	6.19%	35.09%	4.73%	2.82%	-3.58%	1.79%
Tax Burden Percent	102.07%	101.28%	101.52%	102.82%	107.03%	97.67%	328.10%	75.89%	84.37%	94.00%	52.34%
Interest Burden Percent	99.46%	99.44%	100.20%	103.48%	106.15%	95.58%	99.45%	103.86%	138.73%	71.94%	164.79%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%	-228.10%	24.11%	15.63%	0.00%	47.66%
Return on Invested Capital (ROIC)	-11.50%	-13.25%	-42.28%	-9.71%	-8.04%	25.42%	95.02%	9.96%	4.61%	-6.13%	2.30%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.12%	-3.08%	16.76%	32.47%	28.61%	28.73%	97.51%	9.47%	1.26%	-6.28%	0.29%
Return on Net Nonoperating Assets (RNNOA)	1.14%	1.04%	-4.11%	-3.29%	-3.53%	-10.00%	-38.85%	-3.38%	-0.42%	2.17%	-0.12%
Return on Equity (ROE)	-10.36%	-12.21%	-46.40%	-13.00%	-11.57%	15.42%	56.17%	6.57%	4.19%	-3.97%	2.18%
Cash Return on Invested Capital (CROIC)	-12.47%	5.15%	-42.53%	-7.07%	-11.70%	18.38%	9.81%	-8.44%	-8.37%	-3.12%	4.97%
Operating Return on Assets (OROA)	-7.47%	-8.01%	-25.10%	-5.93%	-4.91%	9.64%	12.49%	6.40%	2.74%	-4.68%	2.08%
Return on Assets (ROA)	-7.59%	-8.07%	-25.53%	-6.31%	-5.58%	9.00%	40.77%	5.04%	3.21%	-3.16%	1.79%
Return on Common Equity (ROCE)	-10.36%	-12.21%	-46.40%	-13.00%	-11.57%	15.42%	56.17%	6.57%	4.19%	-3.97%	2.18%
Return on Equity Simple (ROE_SIMPLE)	-11.17%	-12.87%	-57.28%	-12.70%	-11.49%	11.94%	41.94%	6.03%	4.08%	-3.81%	0.00%
Net Operating Profit after Tax (NOPAT)	-19	-20	-57	-13	-11	36	243	40	22	-30	11
NOPAT Margin	-4.55%	-4.29%	-11.19%	-2.94%	-2.54%	6.65%	35.71%	4.60%	2.08%	-3.62%	1.10%
Net Nonoperating Expense Percent (NNEP)	-8.38%	-10.18%	-59.04%	-42.19%	-36.65%	-3.31%	-2.49%	0.49%	3.35%	0.15%	2.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.87%	3.00%	-3.86%	1.28%
Cost of Revenue to Revenue	53.26%	56.14%	66.12%	55.27%	55.71%	50.67%	47.51%	49.83%	50.14%	45.45%	43.17%
SG&A Expenses to Revenue	9.44%	9.07%	7.81%	9.18%	8.75%	8.21%	8.21%	8.79%	9.66%	11.89%	10.83%
R&D to Revenue	22.02%	23.29%	24.99%	20.39%	19.13%	15.75%	14.98%	15.21%	17.10%	21.63%	19.04%
Operating Expenses to Revenue	53.24%	49.99%	49.86%	48.92%	47.92%	42.53%	41.60%	44.11%	47.40%	59.73%	54.73%
Earnings before Interest and Taxes (EBIT)	-26	-27	-82	-18	-16	36	73	52	25	-44	21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3.79	-13	-71	-8.95	-5.26	50	88	65	37	-30	35
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.70	1.76	2.07	3.41	2.88	6.56	8.97	6.59	4.00	2.96	4.08
Price to Tangible Book Value (P/TBV)	3.54	3.88	10.42	14.49	11.73	11.20	11.27	7.95	4.77	3.48	4.72
Price to Revenue (P/Rev)	0.98	0.82	0.59	1.17	1.05	3.40	7.50	5.16	2.77	2.78	3.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	54.90	21.39	109.20	98.13	0.00	196.15
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%	0.00%	0.00%	0.00%	1.82%	4.68%	0.92%	1.02%	0.00%	0.51%
Enterprise Value to Invested Capital (EV/IC)	2.01	2.21	2.15	3.78	3.12	11.63	13.44	9.68	5.33	4.17	6.62
Enterprise Value to Revenue (EV/Rev)	0.80	0.65	0.57	1.13	1.01	3.15	7.20	4.88	2.56	2.42	3.12
Enterprise Value to EBITDA (EV/EBITDA)	86.07	0.00	0.00	0.00	0.00	34.38	55.57	64.97	70.89	0.00	89.79
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	47.52	66.99	81.42	106.07	0.00	150.47
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	47.37	20.17	106.11	123.10	0.00	283.98
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	12.19	0.00	139.82	91.63	33.16	86.18	155.85	47.24	29.46	23.12
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	38.87	0.00	0.00	0.00	65.51	195.51	0.00	0.00	0.00	131.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.21	0.20	0.19	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.37	-0.34	-0.25	-0.10	-0.12	-0.35	-0.40	-0.36	-0.33	-0.35	-0.42
Leverage Ratio	1.37	1.51	1.82	2.06	2.07	1.71	1.38	1.30	1.31	1.25	1.22
Compound Leverage Factor	1.36	1.51	1.82	2.13	2.20	1.64	1.37	1.35	1.81	0.90	2.01
Debt to Total Capital	0.00%	0.00%	17.15%	16.49%	16.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	17.15%	16.49%	16.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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	100.00%	100.00%	82.85%	83.51%	83.70%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	-0.42	-3.35	-5.71	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.14	2.27	3.32	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	-0.53	-2.31	-2.78	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.17	1.56	1.62	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	1.74	0.65	-1.01	0.18	-0.18	7.32	18.50	14.17	8.93	9.49	11.68
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	2.72	1.81	1.27	1.22	1.25	2.64	3.19	3.31	3.19	4.46	4.24
Quick Ratio	1.80	1.07	0.94	0.81	0.81	2.01	2.26	2.03	1.85	2.87	2.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20	7.65	-57	-9.43	-16	26	25	-34	-39	-15	24
Operating Cash Flow to CapEx	-73.39%	248.19%	-782.11%	34.15%	34.85%	657.49%	542.80%	193.24%	315.04%	378.86%	694.38%
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	1.17	1.35	1.57	1.44	1.34	1.45	1.16	1.07	1.14	0.88	1.00
Accounts Receivable Turnover	10.46	9.32	7.75	5.99	7.47	9.34	8.79	9.70	9.46	8.10	11.19
Inventory Turnover	4.60	5.59	8.87	5.97	5.24	5.93	4.57	3.63	3.70	3.21	3.65
Fixed Asset Turnover	21.85	26.12	30.32	21.73	18.26	25.83	32.23	36.45	37.60	27.44	29.00
Accounts Payable Turnover	10.04	11.86	11.29	6.40	9.27	22.94	15.31	12.27	13.69	13.75	13.98
Days Sales Outstanding (DSO)	34.89	39.18	47.10	60.96	48.83	39.09	41.54	37.65	38.59	45.07	32.61
Days Inventory Outstanding (DIO)	79.40	65.34	41.14	61.11	69.71	61.51	79.80	100.47	98.78	113.83	99.97
Days Payable Outstanding (DPO)	36.35	30.77	32.34	57.00	39.37	15.91	23.84	29.74	26.66	26.55	26.10
Cash Conversion Cycle (CCC)	77.93	73.74	55.90	65.07	79.17	84.69	97.49	108.37	110.71	132.35	106.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	162	135	135	132	137	147	364	438	499	484	471
Invested Capital Turnover	2.52	3.09	3.78	3.31	3.16	3.82	2.66	2.16	2.22	1.69	2.09
Increase / (Decrease) in Invested Capital	1.58	-27	0.33	-3.53	4.91	9.97	218	74	61	-15	-13
Enterprise Value (EV)	326	298	290	498	426	1,705	4,894	4,236	2,657	2,015	3,120
Market Capitalization	400	376	300	518	444	1,838	5,099	4,478	2,878	2,312	3,508
Book Value per Share	$4.64	$4.37	$2.88	$2.86	$2.78	$4.54	$8.92	$10.38	$10.92	$11.78	$12.96
Tangible Book Value per Share	$2.22	$1.98	$0.57	$0.67	$0.68	$2.66	$7.09	$8.61	$9.15	$10.02	$11.21
Total Capital	236	213	175	182	184	280	568	680	719	781	859
Total Debt	0.00	0.00	30	30	30	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-74	-78	-9.78	-20	-17	-134	-204	-242	-220	-297	-388
Capital Expenditures (CapEx)	7.28	9.84	8.03	10	13	7.82	10	14	18	18	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	42	20	24	11	11	32	77	140	190	157	140
Debt-free Net Working Capital (DFNWC)	116	98	64	61	58	166	281	382	410	454	528
Net Working Capital (NWC)	116	98	34	31	28	166	281	382	410	454	528
Net Nonoperating Expense (NNE)	7.78	7.72	26	6.34	6.91	2.50	4.21	-1.09	-7.74	-0.38	-6.90
Net Nonoperating Obligations (NNO)	-74	-78	-9.78	-20	-17	-134	-204	-242	-220	-297	-388
Total Depreciation and Amortization (D&A)	30	15	11	9.19	10	14	15	13	12	14	14
Debt-free, Cash-free Net Working Capital to Revenue	10.30%	4.32%	4.77%	2.45%	2.56%	5.92%	11.30%	16.16%	18.27%	18.82%	14.02%
Debt-free Net Working Capital to Revenue	28.36%	21.34%	12.56%	13.84%	13.75%	30.64%	41.38%	44.01%	39.47%	54.55%	52.83%
Net Working Capital to Revenue	28.36%	21.34%	6.69%	7.04%	6.68%	30.64%	41.38%	44.01%	39.47%	54.55%	52.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.51)	($0.56)	($1.66)	($0.37)	($0.32)	$0.57	$3.77	$0.63	$0.44	($0.45)	$0.27
Adjusted Weighted Average Basic Shares Outstanding	48.45M	49.59M	51.71M	54.04M	56.56M	59.07M	63.28M	65.06M	65.98M	65.88M	66.04M
Adjusted Diluted Earnings per Share	($0.51)	($0.56)	($1.66)	($0.37)	($0.32)	$0.54	$3.51	$0.60	$0.42	($0.45)	$0.26
Adjusted Weighted Average Diluted Shares Outstanding	48.45M	49.59M	51.71M	54.04M	56.56M	62.00M	67.86M	68.91M	69.32M	65.88M	69.31M
Adjusted Basic & Diluted Earnings per Share	($0.51)	($0.56)	($1.66)	($0.37)	($0.32)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.49M	48.73M	50.16M	52.61M	54.99M	62.45M	64.44M	66.14M	65.41M	66.69M	65.61M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-23	-54	-14	-11	42	51	40	22	-30	11
Normalized NOPAT Margin	-4.55%	-4.98%	-10.60%	-3.10%	-2.54%	7.78%	7.54%	4.60%	2.08%	-3.62%	1.10%
Pre Tax Income Margin	-6.33%	-5.90%	-16.03%	-4.25%	-3.90%	6.33%	10.69%	6.23%	3.34%	-3.81%	3.42%
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	-103.21%	-46.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	294.62%	-35.95%	523.54%

This table displays calculated financial ratios and metrics derived from Calix'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	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	65,607,663.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	65,607,663.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.64%	8.27%	-9.48%	-24.09%	-23.84%	-22.14%	-2.68%	22.08%	32.09%	32.18%	27.13%
EBITDA Growth	-17.66%	-155.32%	-89.88%	-152.29%	-140.47%	-78.18%	-343.43%	148.74%	378.74%	183.99%	617.94%
EBIT Growth	-22.07%	-193.29%	-122.18%	-197.23%	-171.51%	-56.93%	-189.66%	104.02%	254.14%	149.58%	297.13%
NOPAT Growth	13.27%	-176.60%	-105.35%	-202.17%	-151.24%	-55.07%	-851.83%	99.71%	275.72%	138.04%	319.85%
Net Income Growth	26.11%	-155.33%	-98.93%	-184.90%	-123.41%	-171.62%	-4,747.57%	97.50%	494.61%	140.24%	334.18%
EPS Growth	26.32%	-150.00%	-100.00%	-192.31%	-125.00%	-200.00%	0.00%	100.00%	466.67%	140.74%	328.57%
Operating Cash Flow Growth	134.60%	144.46%	81.10%	27.96%	1.57%	2.94%	17.16%	76.23%	101.98%	199.72%	-14.98%
Free Cash Flow Firm Growth	-37.65%	-10.43%	41.87%	69.97%	102.91%	102.40%	132.89%	182.70%	919.11%	966.61%	-103.36%
Invested Capital Growth	21.26%	13.88%	9.21%	3.22%	-1.95%	-2.97%	-3.65%	-3.92%	-1.67%	-2.63%	2.03%
Revenue Q/Q Growth	1.08%	0.34%	-14.51%	-12.45%	1.42%	2.58%	6.85%	9.83%	9.74%	2.64%	2.77%
EBITDA Q/Q Growth	23.72%	-147.52%	114.70%	-705.18%	4.24%	-109.21%	79.92%	221.17%	447.63%	-36.96%	23.81%
EBIT Q/Q Growth	29.32%	-178.62%	82.20%	-437.24%	4.88%	-72.53%	67.15%	107.46%	3,547.44%	-44.51%	30.62%
NOPAT Q/Q Growth	91.31%	-156.86%	94.72%	-1,677.49%	4.05%	-72.08%	67.57%	99.47%	59,129.86%	-62.75%	87.43%
Net Income Q/Q Growth	80.87%	-138.93%	101.56%	-7,826.21%	50.14%	-351.71%	73.29%	95.84%	7,968.34%	-53.94%	55.44%
EPS Q/Q Growth	84.62%	-137.50%	100.00%	0.00%	50.00%	-350.00%	74.07%	100.00%	0.00%	-50.00%	45.45%
Operating Cash Flow Q/Q Growth	-9.81%	-5.25%	-1.56%	52.11%	-28.41%	-3.98%	12.04%	128.80%	-17.95%	42.50%	-68.22%
Free Cash Flow Firm Q/Q Growth	6.04%	5.05%	38.09%	45.62%	109.10%	-21.67%	748.27%	36.74%	12.17%	-18.02%	-102.67%
Invested Capital Q/Q Growth	4.86%	-0.44%	0.92%	-2.03%	-0.39%	-1.48%	0.21%	-2.30%	1.94%	-2.44%	5.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.27%	42.78%	54.16%	54.31%	54.76%	55.00%	55.72%	56.35%	57.27%	57.74%	56.89%
EBITDA Margin	7.02%	-3.33%	0.57%	-3.95%	-3.73%	-7.61%	-1.43%	1.58%	7.87%	4.84%	5.83%
Operating Margin	6.04%	-4.57%	-0.90%	-5.73%	-5.42%	-9.10%	-2.76%	0.16%	6.56%	3.40%	4.54%
EBIT Margin	5.87%	-4.60%	-0.96%	-5.88%	-5.51%	-9.27%	-2.85%	0.19%	6.43%	3.48%	4.42%
Profit (Net Income) Margin	6.43%	-2.49%	0.05%	-4.02%	-1.97%	-8.70%	-2.17%	-0.08%	5.90%	2.65%	4.00%
Tax Burden Percent	93.44%	73.13%	22.01%	91.66%	50.92%	114.60%	160.10%	-5.81%	77.00%	53.83%	73.60%
Interest Burden Percent	117.17%	74.12%	-21.60%	74.57%	70.36%	81.86%	47.63%	732.27%	119.12%	141.42%	123.10%
Effective Tax Rate	6.56%	0.00%	77.99%	0.00%	0.00%	0.00%	0.00%	105.81%	23.00%	46.17%	26.40%
Return on Invested Capital (ROIC)	12.59%	-7.10%	-0.42%	-7.88%	-6.81%	-10.78%	-3.23%	-0.02%	9.68%	3.84%	7.23%
ROIC Less NNEP Spread (ROIC-NNEP)	11.73%	-7.91%	-0.64%	-7.87%	-8.17%	-8.92%	-3.03%	0.05%	8.96%	3.19%	6.53%
Return on Net Nonoperating Assets (RNNOA)	-4.07%	2.61%	0.22%	2.77%	2.87%	3.08%	1.05%	-0.02%	-3.51%	-1.33%	-2.28%
Return on Equity (ROE)	8.52%	-4.49%	-0.20%	-5.11%	-3.94%	-7.70%	-2.18%	-0.03%	6.17%	2.51%	4.95%
Cash Return on Invested Capital (CROIC)	-10.04%	-8.37%	-6.45%	-8.60%	-3.17%	-3.12%	-2.96%	-1.12%	3.73%	4.97%	3.25%
Operating Return on Assets (OROA)	6.67%	-5.23%	-1.06%	-6.02%	-5.26%	-8.19%	-2.56%	0.18%	6.27%	3.48%	5.01%
Return on Assets (ROA)	7.30%	-2.84%	0.05%	-4.12%	-1.89%	-7.69%	-1.95%	-0.08%	5.76%	2.65%	4.54%
Return on Common Equity (ROCE)	8.52%	-4.49%	-0.20%	-5.11%	-3.94%	-7.70%	-2.18%	-0.03%	6.17%	2.51%	4.95%
Return on Equity Simple (ROE_SIMPLE)	6.37%	0.00%	2.67%	0.33%	-2.37%	0.00%	-4.51%	-3.48%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	15	-8.46	-0.45	-7.95	-7.63	-13	-4.26	-0.02	13	4.99	9.36
NOPAT Margin	5.64%	-3.20%	-0.20%	-4.01%	-3.80%	-6.37%	-1.93%	-0.01%	5.05%	1.83%	3.34%
Net Nonoperating Expense Percent (NNEP)	0.85%	0.81%	0.22%	0.00%	1.36%	-1.85%	-0.20%	-0.06%	0.72%	0.65%	0.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.18%	-	-	-	-1.68%	-0.55%	0.00%	1.63%	0.58%	1.27%
Cost of Revenue to Revenue	46.73%	57.22%	45.84%	45.69%	45.24%	45.00%	44.28%	43.65%	42.73%	42.26%	43.11%
SG&A Expenses to Revenue	9.59%	10.31%	11.62%	11.41%	11.53%	13.01%	12.15%	10.94%	10.28%	10.21%	10.16%
R&D to Revenue	17.80%	15.98%	19.63%	22.27%	22.63%	22.25%	19.97%	18.93%	17.73%	19.65%	19.52%
Operating Expenses to Revenue	47.23%	47.34%	55.06%	60.04%	60.19%	64.10%	58.48%	56.19%	50.71%	54.33%	52.35%
Earnings before Interest and Taxes (EBIT)	15	-12	-2.17	-12	-11	-19	-6.28	0.47	17	9.47	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	-8.81	1.29	-7.83	-7.50	-16	-3.15	3.82	21	13	16
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.05	4.00	2.94	3.08	3.25	2.96	3.05	4.30	4.89	4.08	4.47
Price to Tangible Book Value (P/TBV)	4.79	4.77	3.49	3.64	3.82	3.48	3.59	5.07	5.69	4.72	5.31
Price to Revenue (P/Rev)	2.98	2.77	2.15	2.44	2.84	2.78	2.83	3.83	4.31	3.51	3.11
Price to Earnings (P/E)	63.53	98.13	110.14	928.99	0.00	0.00	0.00	0.00	0.00	196.15	97.36
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	1.57%	1.02%	0.91%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	1.03%
Enterprise Value to Invested Capital (EV/IC)	5.57	5.33	3.86	4.18	4.57	4.17	4.24	6.39	7.62	6.62	6.18
Enterprise Value to Revenue (EV/Rev)	2.74	2.56	1.91	2.16	2.52	2.42	2.49	3.48	3.94	3.12	2.88
Enterprise Value to EBITDA (EV/EBITDA)	44.53	70.89	74.81	646.48	0.00	0.00	0.00	0.00	625.94	89.79	56.36
Enterprise Value to EBIT (EV/EBIT)	55.00	106.07	148.26	0.00	0.00	0.00	0.00	0.00	0.00	150.47	77.58
Enterprise Value to NOPAT (EV/NOPAT)	66.51	123.10	171.52	0.00	0.00	0.00	0.00	0.00	370.22	283.98	118.75
Enterprise Value to Operating Cash Flow (EV/OCF)	58.82	47.24	30.95	30.43	33.01	29.46	28.97	34.41	35.30	23.12	23.08
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	202.66	131.53	192.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.35	-0.33	-0.34	-0.35	-0.35	-0.35	-0.35	-0.37	-0.39	-0.42	-0.35
Leverage Ratio	1.28	1.31	1.26	1.24	1.22	1.25	1.22	1.20	1.20	1.22	1.24
Compound Leverage Factor	1.50	0.97	-0.27	0.93	0.86	1.03	0.58	8.82	1.42	1.72	1.53
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	11.58	8.80	8.39	9.52	10.50	9.58	10.20	14.33	16.75	11.64	10.41
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	4.22	3.19	3.96	4.28	4.50	4.46	4.58	4.55	5.02	4.24	3.29
Quick Ratio	2.38	1.85	2.33	2.58	2.87	2.87	2.91	2.93	3.48	2.99	2.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-73	-69	-43	-23	2.12	1.66	14	19	22	18	-0.47
Operating Cash Flow to CapEx	417.13%	375.73%	396.09%	375.45%	493.19%	298.37%	399.35%	1,054.38%	574.47%	798.72%	180.27%
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	1.14	1.14	1.11	1.02	0.96	0.88	0.90	0.95	0.98	1.00	1.13
Accounts Receivable Turnover	11.25	9.46	10.55	10.65	10.73	8.10	9.39	11.98	10.81	11.19	11.02
Inventory Turnover	3.36	3.70	3.64	3.52	3.48	3.21	3.37	3.45	3.92	3.65	3.56
Fixed Asset Turnover	38.13	37.60	36.09	31.82	29.56	27.44	27.65	27.39	29.26	29.00	30.35
Accounts Payable Turnover	11.08	13.69	18.49	19.94	18.80	13.75	17.49	21.83	18.41	13.98	9.82
Days Sales Outstanding (DSO)	32.44	38.59	34.58	34.29	34.02	45.07	38.87	30.47	33.76	32.61	33.11
Days Inventory Outstanding (DIO)	108.57	98.78	100.24	103.84	104.76	113.83	108.31	105.70	93.01	99.97	102.50
Days Payable Outstanding (DPO)	32.96	26.66	19.74	18.31	19.41	26.55	20.86	16.72	19.82	26.10	37.15
Cash Conversion Cycle (CCC)	108.05	110.71	115.08	119.82	119.36	132.35	126.32	119.45	106.95	106.47	98.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	501	499	503	493	491	484	485	474	483	471	495
Invested Capital Turnover	2.23	2.22	2.11	1.96	1.79	1.69	1.67	1.80	1.92	2.09	2.16
Increase / (Decrease) in Invested Capital	88	61	42	15	-9.75	-15	-18	-19	-8.22	-13	9.83
Enterprise Value (EV)	2,790	2,657	1,945	2,060	2,243	2,015	2,054	3,026	3,681	3,120	3,055
Market Capitalization	3,040	2,878	2,184	2,322	2,531	2,312	2,337	3,325	4,021	3,508	3,299
Book Value per Share	$11.32	$10.92	$11.37	$11.51	$11.83	$11.78	$11.50	$11.92	$12.60	$12.96	$11.25
Tangible Book Value per Share	$9.57	$9.15	$9.59	$9.74	$10.07	$10.02	$9.76	$10.13	$10.82	$11.21	$9.48
Total Capital	751	719	743	754	779	781	767	773	823	859	738
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-250	-220	-239	-261	-288	-297	-282	-299	-340	-388	-243
Capital Expenditures (CapEx)	3.78	3.97	3.71	5.95	3.24	5.15	4.31	3.74	5.63	5.77	8.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	198	190	193	176	168	157	157	140	153	140	165
Debt-free Net Working Capital (DFNWC)	448	410	433	437	455	454	439	439	493	528	409
Net Working Capital (NWC)	448	410	433	437	455	454	439	439	493	528	409
Net Nonoperating Expense (NNE)	-2.07	-1.86	-0.55	0.01	-3.66	4.80	0.53	0.18	-2.26	-2.22	-1.85
Net Nonoperating Obligations (NNO)	-250	-220	-239	-261	-288	-297	-282	-299	-340	-388	-243
Total Depreciation and Amortization (D&A)	3.04	3.37	3.46	3.81	3.58	3.42	3.13	3.35	3.83	3.70	3.94
Debt-free, Cash-free Net Working Capital to Revenue	19.46%	18.27%	19.02%	18.45%	18.82%	18.82%	19.00%	16.07%	16.41%	14.02%	15.61%
Debt-free Net Working Capital to Revenue	44.00%	39.47%	42.59%	45.86%	51.13%	54.55%	53.20%	50.47%	52.79%	52.83%	38.57%
Net Working Capital to Revenue	44.00%	39.47%	42.59%	45.86%	51.13%	54.55%	53.20%	50.47%	52.79%	52.83%	38.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.26	($0.11)	$0.00	($0.12)	($0.06)	($0.27)	($0.07)	$0.00	$0.24	$0.10	$0.17
Adjusted Weighted Average Basic Shares Outstanding	66.29M	65.98M	65.34M	65.68M	66.08M	65.88M	66.03M	64.53M	65.75M	66.04M	65.69M
Adjusted Diluted Earnings per Share	$0.24	($0.09)	$0.00	($0.12)	($0.06)	($0.27)	($0.07)	$0.00	$0.22	$0.11	$0.16
Adjusted Weighted Average Diluted Shares Outstanding	69.58M	69.32M	68.12M	65.68M	66.08M	65.88M	66.03M	64.53M	69.79M	69.31M	68.57M
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	65.87M	65.41M	65.53M	65.80M	66.32M	66.69M	64.82M	65.30M	66.28M	65.61M	63.78M
Normalized Net Operating Profit after Tax (NOPAT)	15	-8.46	-1.42	-7.95	-7.63	-13	-4.26	0.27	13	4.99	9.36
Normalized NOPAT Margin	5.64%	-3.20%	-0.63%	-4.01%	-3.80%	-6.37%	-1.93%	0.11%	5.05%	1.83%	3.34%
Pre Tax Income Margin	6.88%	-3.41%	0.21%	-4.38%	-3.88%	-7.59%	-1.36%	1.42%	7.66%	4.92%	5.44%
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	88.63%	294.62%	448.57%	3,206.68%	-259.07%	-35.95%	-135.49%	-299.46%	-1,157.85%	523.54%	662.69%

Financials Breakdown Chart

Key Financial Trends

Here are key four-year trends for CALIX, INC (CALX) based on the provided quarterly income statements, cash flow statements, and balance sheets. The focus is on points most likely to matter to retail investors.

Revenue growth and margin expansion in 2025: Q4 2025 revenue rose to 272,449,000, up from earlier years, with total gross profit at 157,303,000. This implies a gross margin of about 57.8% for that quarter, up from the mid-50s or lower in 2022–2024.
Net income and earnings per share turning positive in Q4 2025: Net income attributable to common shareholders was 7,212,000 with diluted earnings per share of 0.11, marking a shift from previous quarters where profitability had been weak or negative.
Operating cash flow momentum in 2025: Net cash from continuing operating activities was 46,046,000 in Q4 2025, with Q2–Q3–Q4 2025 showing 39.38M, 32.31M, and 46.05M respectively. This demonstrates improved cash generation from core operations across the year.
Positive free cash flow signal in Q4 2025: After capital expenditures of about 5.77M, quarterly free cash flow for Q4 2025 looks favorable (roughly $40M of remaining cash from operations after capex), contributing to balance-sheet strength.
Balance sheet strength and conservative leverage: As of the latest available period in 2025, Total Assets were about 976.37M (Q3 2025), with Total Liabilities around 153.86M and Total Equity near 822.51M, yielding a relatively low debt-to-equity profile (~0.19). This suggests solid liquidity and a strong equity cushion.
Elevated R&D and marketing spend: Research & Development expenses were about 53.53M in Q4 2025, while Marketing expenses were about 66.67M. These investments point to ongoing product development and market expansion, which can drive long-term growth but weigh on near-term margins.
Historical revenue volatility with a 2024 dip: Revenue declined in 2024 (Q4 2024 revenue was 206,124,000 vs Q4 2023 at 264,734,000), highlighting cyclical or competitive pressure; 2025 figures show a rebound, but the history of fluctuation remains a consideration.
Earnings volatility across periods: While Q4 2025 shows positive net income and EPS, several earlier quarters within 2022–2024 displayed negative results or swings in profitability, suggesting ongoing earnings visibility risk until sustained profitability is established.

05/07/26 01:41 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Calix's Financials

When does Calix's fiscal year end?

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

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

Calix's net income appears to be on an upward trend, with a most recent value of $17.88 million in 2025, falling from -$26.33 million in 2015. The previous period was -$29.75 million in 2024. See Calix's forecast for analyst expectations on whatâ€™s next for the company.

What is Calix's operating income?

Calix's total operating income in 2025 was $20.99 million, based on the following breakdown:

Total Gross Profit: $568.32 million
Total Operating Expenses: $547.33 million

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

Over the last 10 years, Calix's total revenue changed from $407.46 million in 2015 to $1.00 billion in 2025, a change of 145.4%.

How much debt does Calix have?

Calix's total liabilities were at $199.30 million at the end of 2025, a 25.9% increase from 2024, and a 126.2% increase since 2015.

How much cash does Calix have?

In the past 10 years, Calix's cash and equivalents has ranged from $23.63 million in 2015 to $143.09 million in 2025, and is currently $143.09 million as of their latest financial filing in 2025.

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

Over the last 10 years, Calix's book value per share changed from 4.64 in 2015 to 12.96 in 2025, a change of 179.4%.

Related Companies

Financial statements for NYSE:CALX last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Calix (CALX) Financials

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Calix (CALX) Financials

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