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Calix, Inc (CALX) stock

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NYSE: CALX NYSE Communications Equipment Next results ~January 27, 2027

C+ Fundamentals grade

Calix, Inc is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$27

Valuation models combined (5)

Base case. Range ~$13–$52. Weighted average of 5 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Calix, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 13 sales by directors and officers, last 12 monthsInsider trades
  • Funds141 adding, 169 cuttingOf 59 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Calix files

Where Calix stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.11bn, up 27.8% on a year earlier, slower than the 28.4% growth a quarter earlier. Free-cash-flow margin held at 7.7%. Operating margin widened to 5.5% from -4.1%. The diluted share count is up 7.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our valuation models combined value is $30.90 a share, against a share price of $37.93.

Source: 10-Q filed July 21, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Calix, Inc's trailing-twelve-month revenue grew 27.8% year on year, with a free-cash-flow margin of 7.7%. Where it stands out: days sales outstanding of 45 days ranks 7 of 34 communications equipment companies we cover. Where it lags: stock pay as % of revenue of 7.2% ranks 31 of 37 communications equipment companies we cover.

Current signal Operating margin expanding: TTM operating margin reached 5.5%, up 9.6pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 27.8% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • Margins widening. Operating margin is up 9.6 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 7.9% in a year.
  • High earnings multiple. The shares trade at 50 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 4 insiders sold $45M of stock over the past 365 days and none bought (82% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 7.2% ranks 31 of 37 communications equipment companies we cover (median 3.9%).
  • Heavily shorted. 11.4% of the shares available to trade are sold short (4.6 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 8.0% over 90 days.

Latest results: FY2026 Q2

Filed July 21, 2026
Earnings per share
$0.44 against an average estimate of $0.41: beat by 7.0%
Revenue
$293m, up 21.3% on a year earlier
Share reaction
-4.3% in the first session after the results on July 20, 2026, against +0.7% for the S&P 500
Next report
November 2, 2026; average EPS estimate $0.45

Calix's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week-4.1%
  • 1 month+3.8%
  • This year-31.7%
  • 1 year-47.2%
  • 5 years-50.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
5.5%
Net margin
4.6%
EPS (TTM, diluted)
$0.73

Growth

Revenue growth
+27.8%
Change in growth rate
−0.5 pts
Share count change
+7.9%

Cash

Free cash flow (TTM)
$85.4M
FCF margin
7.7%
Stock pay % of revenue
7.2%

Earnings

Last results
November 2, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Announcement
  4. Insider trade
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Calix, Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Calix, Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$18–$32 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$28–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$13 ~$8.5–$19 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$13 ~$11–$15 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$52 ~$43–$62 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$27 ~$13–$52 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Calix, Inc with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$7.87$7.70$5.95$9.75$8.00$29.76$79.97$68.43$43.69$34.87$52.93$36.13
Market value$405m$375m$298m$513m$440m$1.8bn$5.4bn$4.7bn$3.0bn$2.3bn$3.7bn$2.5bn
+ Net debt (− = net cash)−$24m−$50m−$40m−$20m−$17m−$81m−$51m−$79m−$63m−$43m−$143m−$69m
Enterprise value$382m$325m$259m$493m$423m$1.8bn$5.4bn$4.6bn$3.0bn$2.3bn$3.5bn$2.5bn
Multiples
Price / sales 1.0x0.8x0.6x1.2x1.0x3.4x8.0x5.4x2.9x2.8x3.7x2.3x
Price / earnings —————55.1x22.8x115.0x103.3x—n/m49.5x
Price / free cash flow —25.7x———42.3x117.1xn/m78.9x45.6x31.8x29.7x
EV / EBITDA —————34.9x60.4x69.3x70.2x—91.1x31.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

59 /100

Moderate moat

How hard Calix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 20.0% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 50.7%, moving by 6.2 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1.7%; its worst year was -10.2%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.7% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 4.4% over five years; stock-based pay has been a median 4.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.72 +28% $1.2bn +19%
Next $2.30 +34% $1.4bn +16%

Next year's EPS estimate has moved −8.0% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.1% on 90 days ago. In the last 30 days, 0 analysts raised Calix, Inc's forecast and 5 cut it.

Consensus EPS forecast Calix, Inc, last 90 days
$1.60 $1.80 $2.00 $2.20 $2.40 $2.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.78 Current fiscal year, 60 days ago: $1.77 Current fiscal year, 30 days ago: $1.72 Current fiscal year, 7 days ago: $1.72 Current fiscal year, Now: $1.72 $1.72 Next fiscal year, 90 days ago: $2.50 Next fiscal year, 60 days ago: $2.45 Next fiscal year, 30 days ago: $2.30 Next fiscal year, 7 days ago: $2.30 Next fiscal year, Now: $2.30 $2.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.78$2.50
60 days ago $1.77$2.45
30 days ago $1.72$2.30
7 days ago $1.72$2.30
Now $1.72$2.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.41 $0.44 +7.0%
Jun 2026 $0.40 $0.47 +16.1%
Mar 2026 $0.37 $0.40 +6.7%
Dec 2025 $0.38 $0.39 +1.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 20, 2026

No numeric guidance in Calix, Inc's latest earnings release (filed July 20, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

7 analysts, Nov 2026
Buy686%
Hold114%
Sell00%

Monthly trend

  1. Nov 20262417
  2. Oct 20262417

Counts of recommendations published by analysts covering Calix, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.4%
of tradable shares
Days to cover
4.57
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
9.7%
of shares
Employees
1,921
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −47.2%

$68.42 on October 31, 2025 to $36.13

ThenNowEffect
Revenue (last 12 months) $869m $1.1bn +27.8%
P/S multiple 5.1x 2.3x −55.4%
Share count 65m 70m −7.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +1.5%

$35.59 on November 3, 2023 to $36.13

ThenNowEffect
Revenue (last 12 months) $992m $1.1bn +12.0%
Net margin 4.5% 4.6% +3.0%
P/E multiple 55.9x 49.5x −11.3%
Share count 70m 70m −0.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CALX+169%−14%−36%−20%+52%−32%
Industry peers (median)+17%−18%−12%+33%+1%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CALX75%42%50%42%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CALX−33%−60%−53%−38%−30%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from December 31, 2021 to April 30, 2024. Getting back needed a 188% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$33.14 – $67.24
From 52-week high
−46.3%
vs 50-day average
0.0%
vs 200-day average
−14.9%
Volatility (1 year)
40%
Beta vs S&P 500
0.96

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 7 down
typical move ±9.3%
After a week
5 up, 6 down
typical move ±11.0%
After a month
5 up, 6 down
typical move ±12.1%
Results releasedNext dayS&P 500 next day5 days21 days
July 20, 2026 −4.3% +0.7% −5.9% +0.1%
April 21, 2026 −17.3% +0.4% −18.5% −25.6%
January 28, 2026 −16.6% −0.2% −10.1% −7.5%
October 29, 2025 +10.1% −1.1% +8.7% −10.5%
July 21, 2025 +3.3% +0.2% +5.2% +5.1%
April 21, 2025 +11.1% +0.2% +18.4% +38.4%
January 29, 2025 +7.8% +0.1% +13.2% −0.6%
October 28, 2024 −0.7% +0.5% −7.6% −15.1%
July 22, 2024 −3.7% +0.9% +9.4% +3.6%
April 22, 2024 −4.3% +2.1% −4.2% +7.3%
January 29, 2024 −23.3% +0.7% −20.3% −18.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Calix, Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Calix, Inc
$800M $900M $1B $1.1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1B Revenue (TTM), FY23 Q4: $1B Revenue (TTM), FY24 Q1: $1B Revenue (TTM), FY24 Q2: $953M Revenue (TTM), FY24 Q3: $890.1M Revenue (TTM), FY24 Q4: $831.5M Revenue (TTM), FY25 Q1: $825.5M Revenue (TTM), FY25 Q2: $869.2M Revenue (TTM), FY25 Q3: $933.7M Revenue (TTM), FY25 Q4: $1B Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1B
FY23 Q4 $1B
FY24 Q1 $1B
FY24 Q2 $953M
FY24 Q3 $890.1M
FY24 Q4 $831.5M
FY25 Q1 $825.5M
FY25 Q2 $869.2M
FY25 Q3 $933.7M
FY25 Q4 $1B
FY26 Q1 $1.1B
FY26 Q2 $1.1B
Revenue growth, TTM YoY Calix, Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 27.5% Revenue growth, TTM YoY, FY23 Q4: 19.8% Revenue growth, TTM YoY, FY24 Q1: 8.9% Revenue growth, TTM YoY, FY24 Q2: -3.9% Revenue growth, TTM YoY, FY24 Q3: -12.7% Revenue growth, TTM YoY, FY24 Q4: -20.0% Revenue growth, TTM YoY, FY25 Q1: -18.7% Revenue growth, TTM YoY, FY25 Q2: -8.8% Revenue growth, TTM YoY, FY25 Q3: 4.9% Revenue growth, TTM YoY, FY25 Q4: 20.3% Revenue growth, TTM YoY, FY26 Q1: 28.4% Revenue growth, TTM YoY, FY26 Q2: 27.8% 27.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 27.5%
FY23 Q4 19.8%
FY24 Q1 8.9%
FY24 Q2 -3.9%
FY24 Q3 -12.7%
FY24 Q4 -20.0%
FY25 Q1 -18.7%
FY25 Q2 -8.8%
FY25 Q3 4.9%
FY25 Q4 20.3%
FY26 Q1 28.4%
FY26 Q2 27.8%
Operating margin (TTM) Calix, Inc
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.0% Operating margin (TTM), FY23 Q4: 2.5% Operating margin (TTM), FY24 Q1: 1.3% Operating margin (TTM), FY24 Q2: -1.0% Operating margin (TTM), FY24 Q3: -4.1% Operating margin (TTM), FY24 Q4: -5.2% Operating margin (TTM), FY25 Q1: -5.7% Operating margin (TTM), FY25 Q2: -4.1% Operating margin (TTM), FY25 Q3: -0.8% Operating margin (TTM), FY25 Q4: 2.1% Operating margin (TTM), FY26 Q1: 3.8% Operating margin (TTM), FY26 Q2: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.0%
FY23 Q4 2.5%
FY24 Q1 1.3%
FY24 Q2 -1.0%
FY24 Q3 -4.1%
FY24 Q4 -5.2%
FY25 Q1 -5.7%
FY25 Q2 -4.1%
FY25 Q3 -0.8%
FY25 Q4 2.1%
FY26 Q1 3.8%
FY26 Q2 5.5%
FCF margin (TTM) Calix, Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 2.8% FCF margin (TTM), FY23 Q4: 3.7% FCF margin (TTM), FY24 Q1: 4.5% FCF margin (TTM), FY24 Q2: 5.3% FCF margin (TTM), FY24 Q3: 5.7% FCF margin (TTM), FY24 Q4: 6.1% FCF margin (TTM), FY25 Q1: 6.3% FCF margin (TTM), FY25 Q2: 8.2% FCF margin (TTM), FY25 Q3: 9.2% FCF margin (TTM), FY25 Q4: 11.6% FCF margin (TTM), FY26 Q1: 10.3% FCF margin (TTM), FY26 Q2: 7.7% 7.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 2.8%
FY23 Q4 3.7%
FY24 Q1 4.5%
FY24 Q2 5.3%
FY24 Q3 5.7%
FY24 Q4 6.1%
FY25 Q1 6.3%
FY25 Q2 8.2%
FY25 Q3 9.2%
FY25 Q4 11.6%
FY26 Q1 10.3%
FY26 Q2 7.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Calix took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1B
  2. Other income $13.2M · 1.3%
  3. Cost of revenue $432M · 43.2%
  4. Gross profit $568M · 56.8%
  5. Research and development $190M · 19.0%
  6. Selling, general and admin $357M · 35.7%
  7. Operating income $21M · 2.1%
  8. Income tax $16.3M · 1.6%
  9. Net income $17.9M · 1.8%

Shares of revenue. Source: Calix's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 233 287 345 330 383 401 407 459 510 441 424 541 679 868 1,040 832 1,000 1,111
Gross profit 77 113 119 138 171 178 190 201 173 197 188 267 357 435 518 454 568 629
EBITDA −14 −12 −44 −20 −8 −11 −16 −20 −71 −9 −5 51 89 67 42 −23 39 79
Operating income −19 −17 −52 −29 −18 −20 −27 −28 −82 −19 −15 37 74 53 26 −43 21 61
Net income −26 −19 −53 −28 −17 −21 −26 −27 −83 −19 −18 33 238 41 29 −30 18 51
Diluted EPS −$6.48 −$0.65 −$1.15 −$0.59 −$0.35 −$0.41 −$0.51 −$0.56 −$1.66 −$0.37 −$0.32 $0.54 $3.51 $0.60 $0.42 −$0.45 $0.26 $0.73
Growth (year on year)
Revenue — +23.2% +20.1% −4.2% +15.9% +4.9% +1.6% +12.6% +11.2% −13.5% −3.8% +27.6% +25.5% +27.7% +19.8% −20.0% +20.3% +27.8%
EBITDA — — — — — — — — — — — — +75.9% −24.8% −36.9% −155.6% — —
Operating income — — — — — — — — — — — — +100.7% −28.8% −51.4% −268.2% — —
Net income — — — — — — — — — — — — +611.9% −82.8% −28.5% −201.4% — —
Diluted EPS — — — — — — — — — — — — +550.0% −82.9% −30.0% −207.1% — —
Margins
Gross margin 32.9% 39.3% 34.7% 41.7% 44.7% 44.3% 46.7% 43.9% 33.9% 44.7% 44.3% 49.3% 52.5% 50.2% 49.9% 54.6% 56.8% 56.6%
EBITDA margin −6.2% −4.3% −12.9% −6.2% −2.2% −2.8% −4.0% −4.3% −13.8% −2.1% −1.2% 9.3% 13.1% 7.7% 4.1% −2.8% 3.9% 7.1%
Operating margin −8.3% −6.1% −15.2% −8.8% −4.8% −5.1% −6.5% −6.1% −16.0% −4.2% −3.6% 6.8% 10.9% 6.1% 2.5% −5.2% 2.1% 5.5%
Net margin −11.2% −6.8% −15.2% −8.6% −4.5% −5.2% −6.5% −6.0% −16.3% −4.4% −4.2% 6.2% 35.1% 4.7% 2.8% −3.6% 1.8% 4.6%
Free-cash-flow margin −1.6% 1.2% 2.1% 5.3% 8.8% 6.5% −3.1% 3.2% −13.9% −1.6% −2.1% 8.1% 6.8% 1.5% 3.7% 6.1% 11.6% 7.7%
Cash flow
Cash from operations 1 9 15 28 41 38 −5 24 −63 4 5 51 57 27 56 68 135 110
Capital spending 5 6 7 10 7 12 7 10 8 10 13 8 10 14 18 18 19 24
Free cash flow −4 4 7 17 34 26 −13 15 −71 −7 −9 44 46 13 38 50 116 85
Stock-based pay 9 26 22 17 20 16 14 14 12 17 11 14 24 45 63 71 88 80
Free cash flow after stock pay −13 −22 −14 0 14 10 −26 0 −83 −24 −20 30 22 −32 −24 −20 28 6
Balance sheet
Cash 32 66 39 47 83 49 24 50 40 50 47 81 51 79 63 43 143 69
Total debt 0 0 0 0 0 0 0 0 — 30 30 0 0 0 0 0 0 0
Net debt (negative = net cash) −32 −66 −39 −47 −83 −49 −24 −50 −40 −20 −17 −81 −51 −79 −63 −43 −143 −69
Diluted shares — 30m 46m 48m 49m 51m 51m 49m 50m 53m 55m 62m 68m 69m 69m 66m 69m 70m
Returned to shareholders
Buybacks 0 — — — 0 0 27 13 0 0 — — 0 0 86 11 94 260
Total returned 0 — — — 0 0 27 13 0 0 — — 0 0 86 11 94 260

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 27, 2026
What it owns · $954m
Short-term assets $595mLonger-term assets $359m
What it owes, and who funded it · $954m
Short-term liabilities $210mLonger-term liabilities $34mShareholders' equity $710m
  • Short-term assets cover short-term liabilities $595m of assets due within a year against $210m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $595m short-term assets against $34m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Calix, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$260M
Returned to shareholders
305%
of free cash flow
Buybacks, last 3 fiscal years
$191M
Diluted share count
+7.9%
year over year
Total shareholder yield
11.4%
dividends 0.0% + buybacks 11.4% of market value
R&D spending
18.7%
of revenue
Days sales outstanding
45 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated CALX ADTN EXTR NTCT RBBN NTGR Median
Revenue, last 12 months $1.1bn $1.1bn $1.3bn $883m $801m $694m $324m
Revenue growth, last 12 months 27.8% 15.7% 11.3% 5.8% −7.8% −0.5% 11.0%
Revenue growth, 3-year average 3.9% −5.5% −1.3% −1.2% −1.3% −6.6% 4.1%
Revenue growth, latest quarter 21.3% 6.1% 9.9% 12.7% 1.6% −1.2% 12.9%
Gross margin 56.6% 38.5% 61.9% 79.8% 48.3% 40.0% 43.7%
Operating margin 5.5% −0.2% 5.7% 14.8% −3.6% −4.9% 2.2%
Operating margin, 3-year average 0.1% −20.1% −0.6% −17.1% −0.4% −2.3% −1.4%
Net margin 4.6% −2.3% 4.0% 13.7% 2.3% −3.7% −0.0%
Cash from operations / revenue 9.9% 8.2% 13.9% 30.8% −2.3% 0.5% 9.9%
Free-cash-flow margin 7.7% 5.0% 11.8% 29.6% −3.6% −2.5% 7.7%
Free-cash-flow margin, 3-year average 7.1% 5.4% 5.9% 24.5% 0.5% 9.6% 2.2%
Stock pay / revenue 7.2% 0.8% 6.7% 6.6% 2.7% 5.2% 3.9%
Change in share count 7.9% 1.1% 1.2% 3.3% 2.5% −5.3% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 27.8% 11.3% 10 of 40
Change in growth rate Growth -0.5pp +2.0pp 29 of 40
Gross margin Profitability 56.6% 44.1% 13 of 36
Operating margin Profitability 5.5% 2.4% 16 of 40
Net margin Profitability 4.6% 0.6% 14 of 40
Free-cash-flow margin Cash generation 7.7% 8.2% 20 of 38
Stock pay as % of revenue Cash generation 7.2% 3.9% 31 of 37
Change in share count Balance sheet 7.9% 1.6% 30 of 36
Days sales outstanding Balance sheet 45 days 75 days 7 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Appliance $826M 82.6% ▲ 18.9%
Software and Service $174M 17.4% ▲ 26.9%
Geography
Region Revenue Share YoY
United States $935M 93.5% ▲ 22.3%
Europe $33.4M 3.3% ▼ 2.6%
Americas Ex US $25.3M 2.5% ▼ 1.1%
Rest of World $6.5M 0.6% ▼ 8.0%

From Calix, Inc's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.3B
Institutions reporting
285
Shares held vs prior quarter
▲ 0.6%
Positions opened / closed
35 / 57

Top buyers and sellers, Q2 2026: 141 institutions bought and 169 sold ; the biggest buyer was Citadel Advisors LLC (+781K shares) and the biggest seller Congress Asset Management Co (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $439M 11.8M 19.3% ▲ 5.6%
Vanguard Portfolio Management LLC $209M 5.6M 9.1% ▲ 1.0%
Alliancebernstein L.P. $159M 3.2M 7.0% ▼ 0.1%
State Street Corp $109M 2.9M 4.8% ▲ 12.0%
Vanguard Capital Management LLC $96.6M 2.6M 4.2% ▼ 3.7%
Geode Capital Management, LLC $55.3M 1.5M 2.4% ▲ 3.2%
Westfield Capital Management Co LP $49.4M 1.3M 2.2% ▼ 14.3%
Dimensional Fund Advisors LP $48.9M 1.3M 2.1% ▲ 7.5%
Acadian Asset Management LLC $46.3M 1.2M 2.0% ▲ 55.1%
Citadel Advisors LLC $45.1M 1.2M 2.0% ▲ 182.3%
Paradigm Capital Management Inc $37.2M 997K 1.6% ▲ 29.8%
Arrowstreet Capital, Limited Partnership $32.7M 876K 1.4% ▲ 58.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Calix, Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $45M 13 trades by 4 insiders · 82% under pre-set plans
Net ▼ $45M net selling
Insider Date Trade Shares Price Value
Russo Carl Director July 27, 2026 Sell pre-set plan 75,000 $36.20 $2.7M
Russo Carl Director April 27, 2026 Sell pre-set plan 4,091 $43.75 $178,981
Russo Carl Director April 27, 2026 Sell pre-set plan 20,909 $43.17 $902,642
Russo Carl Director February 3, 2026 Sell pre-set plan 11,523 $47.66 $549,186
Russo Carl Director February 3, 2026 Sell pre-set plan 13,477 $46.93 $632,476
Eleniak Shane Todd Marshall Chief Product Officer November 10, 2025 Sell 24,000 $64.14 $1.5M
Sindelar Cory Chief Financial Officer November 6, 2025 Sell 50,000 $65.30 $3.3M
Russo Carl Director November 4, 2025 Sell pre-set plan 12,845 $66.00 $847,770
Russo Carl Director November 4, 2025 Sell pre-set plan 120 $66.47 $7,976
Russo Carl Director November 4, 2025 Sell pre-set plan 395,000 $64.00 $25.3M
Russo Carl Director November 4, 2025 Sell pre-set plan 12,035 $65.11 $783,599
Eleniak Shane Todd Marshall Chief Product Officer November 4, 2025 Sell 50,000 $65.34 $3.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • July 20, 2026
  • April 21, 2026
  • January 28, 2026
  • October 29, 2025
  • July 21, 2025

Recent SEC filings

Data status

When each part of this page on Calix, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Calix, Inc in brief

What does Calix, Inc do?
Calix, Inc is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Calix, Inc's stock ticker?
Calix, Inc trades under the ticker CALX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Calix, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Calix, Inc reported revenue of $1.1B, 27.8% higher than a year earlier, according to its SEC filings.
What is Calix, Inc's free cash flow?
Calix, Inc's free-cash-flow margin is 7.7% of revenue over the trailing twelve months, ranking 20 of the 38 communications equipment companies we cover.
Who are Calix, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Alliancebernstein L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Calix, Inc buying back stock, and does it pay a dividend?
Calix, Inc spent $260M on share repurchases over the trailing twelve months, and its diluted share count still rose 7.9% over the year.
What is Calix, Inc's market cap?
On November 2, 2026, Calix, Inc's market capitalisation was about $2.5B, with a price-to-earnings ratio of 49.5 and net debt of -$68.9M. Market figures come from third-party market data and may be delayed.
Who are Calix, Inc's competitors?
In our Communications Equipment peer group, the companies closest to Calix, Inc are Adtran Holdings, Inc., Extreme Networks Inc, Netscout Systems Inc, Ribbon Communications Inc. and Netgear, Inc. The side-by-side comparison below sets their revenue, margins and growth against Calix, Inc's.
Are insiders buying or selling Calix, Inc stock?
Over the last 12 months, Calix, Inc's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Calix, Inc's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Calix, Inc announces its own schedule.