Calix, Inc reports results on Monday 2 November, after the market closes. The business is getting more profitable as it grows. Revenue over the twelve months to Q2 2026 was $1.1 billion, which rose 27.8% on the year before.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | $0.44 | $0.34 |
| Dec '25 | $0.39 | $0.38 |
| Mar '26 | $0.40 | $0.37 |
| Jun '26 | $0.47 | $0.40 |
What analysts expect
Analysts have been cutting their forecasts going into the report. For the quarter, the analysts' average EPS estimate is $0.41, in a range from $0.37 to $0.43. The average revenue estimate for the quarter is $304.1 million. At the same time, the analysts' average estimate for full-year EPS is $1.72, which would be up 27.5% on last year (based on 6 analysts). That estimate has fallen 3.1% over the past 90 days. Of the analysts' recommendations, 6 are positive, 1 neutral and 0 negative.
Earnings surprise model
The model estimates EPS could land above the analysts' average estimate by 5.7%. Its estimated chance of an EPS beat is 75.0%, based on the last 4 quarters. The model shrinks the median recent surprise toward zero and uses a neutral prior for beat frequency; this small sample is a reference estimate, not company guidance.
Track record against estimates
The company reported EPS above the analysts' average estimate in 4 of the last 4 quarters. Last quarter, EPS of $0.47 compared with an estimate of $0.40, above it by 16.1%.
The trends going in
The trailing gross margin was 56.6%. The trailing operating margin was 5.5%, up 9.6 percentage points from a year earlier. The trailing net margin was 4.6%. Net income over the twelve months was $51.2 million, which rose 60.6% on the year before.
Cash flow
The share count is rising, so each share claims a smaller slice of the profit. Operating cash flow over the twelve months was $109.5 million, up 24.5% on the year before. Capital spending was $24.1 million, or 2.2% of revenue. Free cash flow, operating cash flow less capital spending, was $85.4 million, up 19.4% on the year before. Free cash flow was 7.7% of revenue (the free-cash-flow margin), down 0.5 percentage points from a year earlier. The average diluted share count rose 7.9% over the year.
Against its own history
Set against the company's own record: today's free-cash-flow margin of 7.7% is higher than 83% of the company's own past quarterly readings, which have ranged from −13.9% to 11.6%. Today's operating margin of 5.5% is higher than 82% of past readings (−13.6% to 13.5%). Today's twelve-month revenue growth rate of 27.8% is higher than 89% of past readings (−20.0% to 43.0%).
Questions this report will answer
Whether the slowdown in revenue growth continues. Whether results land above or below the analysts' expectations set out above. Meanwhile, Whether margins hold at the trailing levels above. The next filing will show whether the trends above continue, slow or reverse.
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 22.7%, and 5 percentage points higher would raise it by 29.0%. A free-cash-flow margin 1 percentage point lower would lower it by 12.4%.
