Saturday 17 October 2026 Export CALX’s income statement to Excel — free account

Calix, Inc

Calix, Inc’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 20.3% from fiscal 2024. In the quarter to June 2026, revenue grew 21.3%, EPS grew 8,809.7% and free cash flow fell 66.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.

36.50 0.69 −1.86%

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Market cap: $2.3B
P/E: 46.2×
Fwd P/E: 47.2×
Dividend yield: —
F-score: 7/9
Altman Z: 11.64
Beneish M: −2.84
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 39.97

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	4	—	—	1	—	1	—	—	1	—	—	—

Insider Ownership 10.32%

Capital & Financial Ratios $m

Market Cap 2,340.00

Revenue 1,111.20

Net Income 51.19

Free Cash Flow 85.42

Net Debt (194.30)

Current Ratio 2.83

Debt/Equity 0.00

P/E ratio 46.20

Fwd P/E 47.20

P/S ratio 2.09

P/B ratio 3.27

Past 5Y EPS Growth (13.60%)

This Y EPS Growth 28.44%

Next Y EPS Growth 33.84%

Next Y revenue growth 19.20%

Next 5Y EPS Growth 35.63%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 33.20%

10-year low 10-year high

P/S against its own 10 years 44.75%

10-year low 10-year high

P/B against its own 10 years 48.88%

10-year low 10-year high

EV/Sales against its own 10 years 45.26%

10-year low 10-year high

EV/FCF against its own 10 years 8.55%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	220	297	388	194
Receivables	126	79	99	136
Inventory	133	103	134	180
Other	—	—	—	—
	598	585	692	595

	2023	2024	2025	Q'26
Payables	35	20	42	93
ST’ Debt	—	—	—	—
Other	—	—	—	—
	188	131	163	210

Compound Annual Growth %

	10y	5y	3y
Sales	9.39%	13.06%	4.84%
Cash Flow	0.00%	21.29%	70.59%
Earnings	0.00%	(11.79%)	(24.17%)
Book Value	13.80%	25.11%	8.13%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	280	293	—	—	—
’25	220	242	265	272	1,000
’24	226	198	201	206	832
’23	250	261	264	265	1,040
’22	185	202	236	245	868
’21	162	169	172	176	679
’20	102	119	151	170	541

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	15	17	—	—	—
’25	17	39	32	46	135
’24	15	22	16	15	68
’23	8	17	16	15	56
’22	7	7	7	6	27
’21	10	23	11	13	57
’20	1	3	17	30	51

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	7	12	—	—	—
’25	13	36	27	40	116
’24	11	16	13	10	50
’23	3	12	12	11	38
’22	4	4	3	1	13
’21	8	22	7	9	46
’20	0	0	16	28	44

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.16	0.26	—	—	—
’25	(0.07)	0.00	0.22	0.10	0.26
’24	0.00	(0.12)	(0.06)	(0.27)	(0.45)
’23	0.14	0.13	0.24	(0.09)	0.46
’22	0.12	0.11	0.19	0.17	0.60
’21	0.31	0.30	2.61	0.29	3.51
’20	(0.12)	(0.07)	0.32	0.37	0.54

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	5.64	4.65	5.55	5.60	5.61	28.58	31.59	31.95	26.76	28.61	Analyst estimates 2026–2028 Powerpack
	High	8.20	7.76	10.75	11.30	33.05	80.95	80.63	71.59	45.15	71.22
People
People	Employees	1,109	1,031	802	763	785	954	1,426	1,760	1,820	1,921
	Revenue/emp, $m	0.41	0.50	0.55	0.56	0.69	0.71	0.61	0.59	0.46	0.52
Income, $m
Income, $m	Revenue	459	510	441	424	541	679	868	1,040	832	1,000
	Gross margin, %	43.86	33.88	44.73	44.29	49.33	52.49	50.17	49.86	54.55	56.83
	EBT	(27)	(82)	(19)	(17)	34	73	54	35	(32)	34
	EBT margin, %	(5.90)	(16.03)	(4.25)	(3.90)	6.33	10.69	6.23	3.34	(3.81)	3.42
	Net income	(27)	(83)	(19)	(18)	33	238	41	29	(30)	18
	Depreciation	15	11	9	10	14	15	14	17	20	18
Per share, $
Per share, $	Revenue	9.41	10.18	8.39	7.72	9.16	10.74	13.34	15.76	12.62	15.14
	Earnings	(0.56)	(1.66)	(0.37)	(0.32)	0.57	3.77	0.63	0.48	(0.45)	0.27
	Cash flow	0.50	(1.25)	0.07	0.08	0.87	0.90	0.42	0.85	1.04	2.04
	Capex	(0.20)	(0.16)	(0.20)	(0.24)	(0.13)	(0.17)	(0.22)	(0.27)	(0.27)	(0.29)
	Free cash flow	0.30	(1.41)	(0.13)	(0.16)	0.74	0.73	0.20	0.58	0.76	1.75
	Book value	4.37	2.89	2.89	2.80	4.75	8.98	10.45	10.90	11.85	13.01
	Shares, m	49	50	53	55	59	63	65	66	66	66
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	55.11	21.33	106.64	97.26	0.00	191.15
	P/S	0.81	0.57	1.16	1.04	3.25	7.45	5.12	2.79	2.76	3.50
	P/B	1.74	2.01	3.38	2.86	6.27	8.90	6.53	4.03	2.94	4.07
	EV/Sales	0.64	0.55	1.12	1.04	3.08	7.21	4.89	2.62	2.46	3.15
	EV/FCF	20.04	(3.97)	(71.75)	(50.67)	38.28	105.77	323.48	70.94	40.61	27.28
Cash, $m
Cash, $m	Operating cash flow	24	(63)	4	5	51	57	27	56	68	135
	Capex	(10)	(8)	(10)	(13)	(8)	(10)	(14)	(18)	(18)	(19)
	Free cash flow	15	(71)	(7)	(9)	44	46	13	38	50	116
Balance, $m
Balance, $m	Working capital	98	34	31	28	166	281	382	410	454	528
	Total debt	—	30	30	30	6	8	11	—	—	—
	Net debt	(78)	(10)	(20)	(17)	(134)	(204)	(242)	(220)	(297)	(388)
	Shareholders’ equity	213	145	152	154	280	568	680	719	781	859
Returns, %
Returns, %	ROA	(8.07)	(25.53)	(6.30)	(5.58)	9.00	40.77	5.04	3.21	(3.16)	1.79
	ROIC	(13.03)	(37.70)	(8.79)	(7.05)	15.72	12.69	7.51	3.21	(5.56)	2.78
	ROE	(12.21)	(46.40)	(13.00)	(11.57)	15.42	56.17	6.57	4.19	(3.97)	2.18

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
FIVN Five9, Inc.	$2.6B	42.4×	28.7×	+10.30% (above 0%: growing)	+164.90% (above 0%: growing)	−29.56% (below 0%: shrinking)	53.37%	0.63%	Compare
EEFT Euronet Worldwide, Inc.	$2.5B	10.2×	8.9×	+3.17% (above 0%: growing)	−24.67% (below 0%: shrinking)	−24.07% (below 0%: shrinking)	42.30%	12.37%	Compare
PAYO Payoneer Global Inc.	$2.4B	49.9×	18.9×	+5.24% (above 0%: growing)	n/m	−37.08% (below 0%: shrinking)	100.00%	6.17%	Compare
FLYW Flywire Corporation	$2.4B	68.3×	32.7×	+27.18% (above 0%: growing)	n/m	+2.76% (above 0%: growing)	100.00%	(1.65%)	Compare
CALX Calix, Inc	$2.3B	46.2×	47.2×	+21.27% (above 0%: growing)	n/m	−66.53% (below 0%: shrinking)	54.59%	7.45%
RAMP LiveRamp Holdings, Inc.	$2.3B	15.1×	13.4×	+9.84% (above 0%: growing)	+141.67% (above 0%: growing)	+200.97% (above 0%: growing)	70.54%	9.42%	Compare
INFQ Infleqtion, Inc.	$2.1B	— (loss-making)	—	—	n/m	+442.38% (above 0%: growing)	16.01%	(220.55%)	Compare
GCT GigaCloud Technology Inc.	$2.1B	13.6×	7.7×	+27.60% (above 0%: growing)	+27.47% (above 0%: growing)	+21.82% (above 0%: growing)	25.64%	11.54%	Compare
MQ Marqeta, Inc.	$2.0B	170×	104×	+17.02% (above 0%: growing)	n/m	+1,068.67% (above 0%: growing)	69.25%	2.07%	Compare
Median of peers	$2.3B	42.4×	18.9×	+10.30%	+84.57%	+12.29%	61.31%	4.12%

All 173 Software Infrastructure stocks →

Calix, Inc (CALX) key facts

Strength: Calix, Inc’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 20.3% from fiscal 2024.
Calix, Inc (CALX) is a Software Infrastructure company in the Technology sector, listed on the New York Stock Exchange.
As of October 16, 2026, CALX traded at $36.50, a market capitalization of $2.3 billion.
Return on equity was 2.18% and debt-to-equity 0.00.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 11.64 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.