Calix, Inc. is a telecommunications company that specializes in providing software platforms, systems, and services to support the delivery of broadband services. The company was founded in 1999 and is headquartered in San Jose, California. Calix was formerly known as Calix Networks Inc. The company provides cloud, software platforms, systems and services to internet service providers.3 Its shares trade on NYSE under the symbol CALX.1Wikipedia text CC BY-SA 4.0
Calix, Inc. is a telecommunications company that specializes in providing software platforms, systems, and services to support the delivery of broadband services. The company was founded in 1999 and is headquartered in San Jose, California.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$1.0B in 2025+136% since 2019Gross profit101112139$568.3M in 2025+202% since 2019Operating income101112139$21.0M in 2025Net income101112139$17.9M in 2025
Revenue1415$293.3M in Q2 FY2026+5% since Q1 FY2026Gross profit1415$160.1M in Q2 FY2026+1% since Q1 FY2026Operating income1415$21.8M in Q2 FY2026+72% since Q1 FY2026Net income1415$17.1M in Q2 FY2026+53% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenue
$1.0B
$831.5M
$1.0B
Total cost of revenue
$431.7M
$377.9M
$521.3M
Gross profit
$568.3M
$453.6M
$518.3M
Sales and marketing
$248.6M
$217.9M
$214.6M
Research and development
$190.4M
$179.9M
$177.8M
General and administrative
$108.3M
$98.9M
$100.4M
Total operating expenses
$547.3M
$496.6M
$492.7M
Operating income (loss)
$21.0M
-$43.0M
$25.6M
Interest income, net
$13.4M
$12.3M
$9.7M
Other expense, net
-$256.0K
-$955.0K
-$532.0K
Total interest income and other expense, net
$13.2M
$11.4M
$9.2M
Income (loss) before income taxes
$34.2M
-$31.6M
$34.8M
Income tax expense (benefit)
$16.3M
-$1.9M
$5.4M
Net income (loss)
$17.9M
-$29.7M
$29.3M
Basic (in dollars per share)
$0.27
-$0.45
$0.44
Diluted (in dollars per share)
$0.26
-$0.45
$0.42
Basic (in shares)
66.0M shares
65.9M shares
66.0M shares
Diluted (in shares)
69.3M shares
65.9M shares
69.3M shares
Unrealized gain on available-for-sale marketable securities, net
$343.0K
$187.0K
$1.7M
Foreign currency translation adjustments, net
-$139.0K
-$140.0K
$113.0K
Total other comprehensive income, net of tax
$204.0K
$47.0K
$1.8M
Comprehensive income (loss)
$18.1M
-$29.7M
$31.1M
No quarter-by-quarter statement was filed.
Total assets16101112139$1.1B in 2025+234% since 2019Total liabilities16101112139$199.3M in 2025+22% since 2019Shareholders’ equity1112139$859.2M in 2025+458% since 2019Cash16101112139$143.1M in 2025+206% since 2019
Total assets1415$954.4M in Q2 FY2026−10% since Q1 FY2025Total liabilities1415$244.4M in Q2 FY2026+23% since Q1 FY2025Shareholders’ equity1415$710.0M in Q2 FY2026−17% since Q1 FY2025Cash1415$68.9M in Q2 FY2026−52% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$143.1M
$43.2M
Marketable securities
$245.0M
$253.9M
Accounts receivable, net
$99.4M
$79.3M
Inventory
$133.7M
$102.7M
Prepaid expenses and other current assets
$70.3M
$105.6M
Total current assets
$691.6M
$584.7M
Property and equipment, net
$37.8M
$31.2M
Right-of-use operating leases
$14.7M
$6.2M
Deferred tax assets
$165.6M
$177.6M
Goodwill
$116.2M
$116.2M
Other assets
$32.7M
$23.4M
Total assets
$1.1B
$939.3M
Accounts payable
$41.5M
$20.2M
Accrued liabilities
$91.3M
$84.2M
Deferred revenue
$30.4M
$26.8M
Total current liabilities
$163.2M
$131.1M
Long-term portion of deferred revenue
$19.9M
$20.9M
Operating leases
$12.8M
$3.7M
Other long-term liabilities
$3.4M
$2.6M
Total liabilities
$199.3M
$158.3M
Preferred stock, $0.025 par value; 5,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.025 par value; 100,000 shares authorized; 67,120 shares issued and outstanding as of December 31, 2025, and 66,434 shares issued and outstanding as of December 31, 2025
$1.7M
$1.7M
Additional paid-in capital
$1.2B
$1.2B
Accumulated other comprehensive loss
-$408.0K
-$612.0K
Accumulated deficit
-$372.2M
-$390.1M
Total stockholders equity
$859.2M
$780.9M
$719.0M
$679.6M
Total liabilities and stockholders' equity
$1.1B
$939.3M
Preferred stock, par value (in dollars per share)
$0.03
$0.03
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.03
$0.03
Common stock, shares authorized (in shares)
100.0M shares
100.0M shares
Common stock, shares issued (in shares)
67.1M shares
66.4M shares
Common stock, shares outstanding (in shares)
67.1M shares
66.4M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$143.1M
$43.2M
Marketable securities
$245.0M
$253.9M
Accounts receivable, net
$99.4M
$79.3M
Inventory
$133.7M
$102.7M
Prepaid expenses and other current assets
$70.3M
$105.6M
Total current assets
$691.6M
$584.7M
Property and equipment, net
$37.8M
$31.2M
Right-of-use operating leases
$14.7M
$6.2M
Deferred tax assets
$165.6M
$177.6M
Goodwill
$116.2M
$116.2M
Other assets
$32.7M
$23.4M
Total assets
$1.1B
$939.3M
Accounts payable
$41.5M
$20.2M
Accrued liabilities
$91.3M
$84.2M
Deferred revenue
$30.4M
$26.8M
Total current liabilities
$163.2M
$131.1M
Long-term portion of deferred revenue
$19.9M
$20.9M
Operating leases
$12.8M
$3.7M
Other long-term liabilities
$3.4M
$2.6M
Total liabilities
$199.3M
$158.3M
Preferred stock, $0.025 par value; 5,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.025 par value; 100,000 shares authorized; 67,120 shares issued and outstanding as of December 31, 2025, and 66,434 shares issued and outstanding as of December 31, 2025
$1.7M
$1.7M
Additional paid-in capital
$1.2B
$1.2B
Accumulated other comprehensive loss
-$408.0K
-$612.0K
Accumulated deficit
-$372.2M
-$390.1M
Total stockholders equity
$859.2M
$780.9M
$719.0M
$679.6M
Total liabilities and stockholders' equity
$1.1B
$939.3M
Preferred stock, par value (in dollars per share)
$0.03
$0.03
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.03
$0.03
Common stock, shares authorized (in shares)
100.0M shares
100.0M shares
Common stock, shares issued (in shares)
67.1M shares
66.4M shares
Common stock, shares outstanding (in shares)
67.1M shares
66.4M shares
Cash from operations101112139$135.0M in 2025+2800% since 2019Capital spending101112139$19.4M in 2025+46% since 2019Free cash flow101112139$115.5M in 2025Share buybacks12139$93.6M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
$17.9M
-$29.7M
$29.3M
Stock-based compensation
$87.9M
$70.8M
$62.8M
Depreciation and amortization
$17.7M
$19.6M
$16.6M
Deferred income taxes
$12.9M
-$10.0M
-$660.0K
Net accretion of available-for-sale securities
-$3.7M
-$5.3M
-$4.2M
Accounts receivable, net
-$20.0M
$46.7M
-$32.2M
Inventory
-$31.0M
$30.3M
$16.2M
Prepaid expenses and other assets
$17.3M
$11.2M
-$60.8M
Accounts payable
$21.5M
-$15.1M
-$6.4M
Accrued liabilities
$3.0M
-$31.9M
$37.1M
Deferred revenue
$2.6M
-$13.9M
$2.9M
Other long-term liabilities
$8.8M
-$4.1M
-$4.4M
Net cash provided by operating activities
$135.0M
$68.4M
$56.3M
Purchases of property and equipment
-$19.4M
-$18.1M
-$17.9M
Purchases of marketable securities
-$220.8M
-$301.7M
-$216.2M
Sales of marketable securities
$28.1M
$49.9M
$0
Maturities of marketable securities
$205.8M
$160.3M
$227.8M
Net cash used in investing activities
-$6.4M
-$109.5M
-$6.2M
Proceeds from common stock issuances related to employee benefit plans
$65.2M
$31.6M
$32.1M
Repurchases of common stock
-$93.6M
-$10.7M
-$86.4M
Payments related to financing arrangements
$0
$0
-$11.7M
Net cash provided by (used in) financing activities
-$28.4M
$20.9M
-$65.9M
Effect of exchange rate changes on cash and cash equivalents
-$222.0K
-$14.0K
$256.0K
Net increase (decrease) in cash and cash equivalents
$99.9M
-$20.2M
-$15.7M
Interest paid
$0
$0
$253.0K
Income taxes paid
$6.9M
$5.9M
$11.9M
Changes in accounts payable and accrued liabilities related to purchases of property and equipment
Calix sits at the top of its group. 6 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Calix
BlackRockFiled SCHEDULE 13G/A on Calix, latest Jul 30, 2026 (9 filings since Feb 3, 2022)
AllianceBernsteinFiled SCHEDULE 13G on Calix, latest May 18, 2026 (3 filings since Feb 14, 2024)
Calix Networks UK, Ltd. Subsidiary · United Kingdom
CIDC Private Limited Subsidiary · India
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Calix reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We currently lease our corporate headquarters in San Jose, California. In addition to our headquarters site, we lease additional office space in China, India and the U.S. We believe that our facilities are in good condition and are generally suitable to meet our needs for the foreseeable future. We believe that prior to expiration of our current office space leases that we can renew or obtain suitable lease space on commercially reasonable terms for our business needs. In addition, we may continue to seek additional space as needed, and we believe this space will be available on commercially reasonable terms.
In 2006, Calix purchased Optical Solutions, Inc., based in Minneapolis, MN.
In 2010, Calix announced acquisition of one-time rival Occam Networks, Inc., based in Santa Barbara, California. The acquisition was completed in February 2011.
In November 2012, Calix completed acquisition of Ericsson’s fiber access assets.
In January 2018, Verizon Communications selected Calix's AXOS E9-2 system for the first large-scale deployment of NG-PON2 technology, beginning in Tampa, Florida.
From Wikipedia’s article on Calix, shared under CC BY-SA 4.0.3
Leadership
Who has led Calix, and when. Pick a name to see everywhere that person has worked.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Acquisitions
In 2006, Calix purchased Optical Solutions, Inc., based in Minneapolis, MN.
In 2010, Calix announced acquisition of one-time rival Occam Networks, Inc., based in Santa Barbara, California. The acquisition was completed in February 2011.
In November 2012, Calix completed acquisition of Ericsson’s fiber access assets.
In January 2018, Verizon Communications selected Calix's AXOS E9-2 system for the first large-scale deployment of NG-PON2 technology, beginning in Tampa, Florida.
Nov 2, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.23 a share, on Oct 29, 2025.70
When it reported results
Jul 20, 2026Reported quarterly or annual results59
Apr 21, 2026Reported quarterly or annual results62
Jan 28, 2026Reported quarterly or annual results64
Oct 29, 2025Reported quarterly or annual results66
Jul 21, 2025Reported quarterly or annual results67
Apr 21, 2025Reported quarterly or annual results71
Jan 29, 2025Reported quarterly or annual results72
Oct 28, 2024Reported quarterly or annual results73
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
322 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 172 insider forms, 26 large holders, 63 other. The latest 20:
61 open-market trades by officers, directors and large owners since October 2021: 4 buys and 57 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Calix names in Item 1A of its 10-K filed Feb 20, 2026: 41 risks under these headings, as written.17
Business and Operational Risks
Risks Related to Our Products
Macroeconomic and Industry Risks
Government and Regulatory Risks
Risks Related to Ownership of Our Common Stock and Other Risks
General Risks
If we do not successfully increase our sales through adoption of our platform, cloud and managed service offerings, our operating results, financial condition, cash flows and long-term growth may be negatively impacted.
If we do not successfully execute our business strategy to increase our sales to new and existing CXPs, our operating results, financial condition, cash flows and long-term growth may be negatively impacted.
We face risks associated with being materially dependent upon third-party vendors; certain factors such as component shortages that affect our business as a result of those dependencies have and could continue to disrupt our business and adversely impact our gross margin and results of operations.
If we fail to properly develop, invest in, and manage AI Technologies used in our products and services, our business, financial condition, and results of operations could be materially adversely affected.
The imposition of new duties, tariffs, trade barriers and retaliatory countermeasures implemented by the U.S. and other governments and resulting impact on customer demand may have a material adverse effect on our business, financial condition and results of operations.
Cyberattacks or other security incidents that disrupt our or our third-party providers’ operations or compromise data, may expose us to liability, harm our reputation or otherwise adversely affect our business.
The other 35 risks
Changing market and customer requirements may adversely affect the valuation of our inventory as well as our supplier purchase commitments.
Business and operational risks associated with expanding our international operations could harm our business.
We may have difficulty evolving and scaling our business and operations to meet customer and market demand, which could harm our financial results or cause us to fail to execute on our business strategies.
Litigation and regulatory proceedings could harm our business or negatively impact our results of operations.
We have a history of fluctuations in our gross margin and operating results, which can make it difficult to predict our future performance and could cause the market price of our stock to decline.
We are exposed to customer credit risks that could adversely affect our operating results and financial condition.
If we lose any of our key personnel, or are unable to attract, train and retain qualified personnel, our ability to manage our business and continue our growth would be negatively impacted.
If we experience disruptions with our enterprise resource planning system, we may not be able to effectively transact business or produce financial statements, which would adversely affect our business, results of operations and cash flows.
Our products are highly technical and may contain undetected hardware or software defects or software bugs, which could harm our reputation and adversely affect our business.
If we are unable to ensure that our products interoperate properly and as required within our customers’ networks, our business will be harmed.
Our estimates regarding warranty or product obligations are highly subjective. If our estimates change, the liability for warranty or product obligations may be increased, impacting future cost of revenue.
Our business and operations depend on proprietary technologies, and our financial performance may suffer if we cannot protect and enforce our IP rights.
If we are unable to obtain third-party technology licenses needed for our products and platform solutions, our business and operations will be impaired, and our operating results could be adversely affected.
Our use of open-source software could impose limitations on our ability to commercialize our products.
Our business depends upon the capital spending patterns and decisions of CXPs, and any decrease or delay in capital spending by CXPs due to the timing and availability of capital and other causes would reduce our revenue and harm our business.
Government-sponsored programs and U.S. federal government shutdowns could impact the timing and buying patterns of CXPs, which may cause fluctuations in our operating results.
Adverse global economic, market and industry conditions, geopolitical issues and other conditions that impact our increasingly global operations could have a negative effect on our business, results of operations and financial condition and liquidity.
We face intense competition that could reduce our revenue and adversely affect our financial results.
Historically, our customer base has been concentrated, and the loss of any of our key customers may adversely impact our revenue and results of operations, and any delays in payment by a key customer could negatively impact our cash flows and working capital.
Our industry is characterized by rapid technological advancements, and if we fail to develop new products or enhancements that meet changing CXP requirements, we could experience lower sales.
Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense. As a result, our sales are difficult to predict and may vary substantially, which may cause our operating results to fluctuate significantly.
Actual or perceived failure to comply with applicable data privacy, security and platform and technology regulation laws, regulations and standards could impact our business, operations, and expose us to increased liability.
If we fail to comply with evolving industry standards, sales of our products would be adversely affected.
Our failure or the failure of our manufacturers to comply with environmental and other legal regulations could adversely impact our results of operations.
We are subject to governmental export and import controls that could subject us to liability or impair our ability to compete in additional international markets.
Regulatory and physical impacts of climate change and other natural events may affect our customers and our manufacturers, resulting in adverse effects on our operating results.
Our customers are subject to government regulation, and changes in current or future laws or regulations that negatively impact our customers could harm our business.
Our stock price may continue to be volatile, and the value of an investment in our common stock may decline.
Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of our management and Board of Directors.
We may need additional capital in the future to finance our business.
We do not currently intend to pay dividends on our common stock and, consequently, our stockholders’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.
Our failure to adequately address and resolve risks and uncertainties associated with acquisitions could have a material adverse impact on our financial condition and results of operations.
We cannot guarantee that our stock repurchase program will be utilized to the full value approved or that it will enhance long-term stockholder value. Repurchases we consummate could increase the volatility of the price of our common stock and could have a negative impact on our available cash balance.
As a public company, we are subject to significant accounting, legal and regulatory requirements; our failure to comply with these requirements may adversely affect our operating results and financial condition.
If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired, which would adversely affect our operating results and our stock price.
Legal proceedings
From time to time, we are involved in various legal proceedings arising from the normal course of business. We are not currently a party to any legal proceedings that, if determined adversely to us, in our opinion, are currently expected to individually or in the aggregate have a material adverse effect on our business, operating results or financial condition taken as a whole.
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