AUDC

MKT CAP:$242M

AudioCodes Ltd.

Market Cap

$242M

Technology·Communication Equipment·🇮🇱 Israel·NASDAQ

Technology·Communication·🇮🇱·NASDAQ

Stock Price

$9.07+$0.33 (+3.78%)

Apr 23, 2026

Company Details

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace. The company offers solutions, products, and services for unified communications, contact centers, VoiceAI business li...

CEO

Shabtai Adlersberg

IPO Date

May 28, 1999

Website

www.audiocodes.com

Key Metrics TTM

Revenue

$246M

+1.4% YoY

Net Income

$9M

EPS (Diluted)

$0.30

Free Cash Flow

$24M

Revenue / Share

$8.81

Gross Margin

65.0%

Operating Margin

5.7%

Net Margin

3.6%

FCF Margin

9.8%

P/S

1.0x

P/E

27.1x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Dec 31, 2025

$246M+1.4%EPS $0.31

Q4 2025

Feb 3, 2026

$63M+1.7%EPS $0.07

Q3 2025

Nov 4, 2025

$62M+2.2%EPS $0.10

Q2 2025

Jul 29, 2025

$61M+1.3%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$66M	$44M	$8M
Q2 22	$68M	$45M	$8M
Q3 22	$70M	$44M	$7M
Q4 22	$71M	$46M	$8M
Q1 23	$59M	$37M	-$844.0K
Q2 23	$60M	$38M	$2M
Q3 23	$62M	$41M	$6M
Q4 23	$64M	$42M	$7M
Q1 24	$60M	$39M	$3M
Q2 24	$60M	$39M	$5M
Q3 24	$60M	$39M	$5M
Q4 24	$62M	$41M	$4M
Q1 25	$60M	$39M	$4M
Q2 25	$61M	$39M	$3M
Q3 25	$62M	$40M	$4M
Q4 25	$63M	$41M	$4M

Valuation

Quarter	P/S	P/E
Q1 22	3.3x	25.8x
Q2 22	2.7x	23.1x
Q3 22	2.6x	24.7x
Q4 22	2.1x	20.6x
Q1 23	1.7x	23.7x
Q2 23	1.1x	21.0x
Q3 23	1.3x	24.9x
Q4 23	1.5x	41.6x
Q1 24	1.6x	35.1x
Q2 24	1.3x	22.3x
Q3 24	1.2x	24.6x
Q4 24	1.2x	18.9x
Q1 25	1.2x	16.8x
Q2 25	1.2x	21.0x
Q3 25	1.1x	20.2x
Q4 25	1.0x	27.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$938.0K	$648.0K
Q2 22	$5M	$5M
Q3 22	$2M	$2M
Q4 22	$423.0K	$87.0K
Q1 23	$3M	$2M
Q2 23	$2M	$259.0K
Q3 23	$178.0K	-$2M
Q4 23	$9M	$9M
Q1 24	$15M	$8M
Q2 24	-$3M	-$11M
Q3 24	$8M	$2M
Q4 24	$15M	$12M
Q1 25	$13M	$12M
Q2 25	$8M	$6M
Q3 25	$5M	$3M
Q4 25	$5M	$3M

Capital Expenditures

Quarter	CapEx
Q1 22	$290.0K
Q2 22	$289.0K
Q3 22	$572.0K
Q4 22	$336.0K
Q1 23	$1M
Q2 23	$2M
Q3 23	$2M
Q4 23	$664.0K
Q1 24	$7M
Q2 24	$8M
Q3 24	$6M
Q4 24	$4M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+12.8%	+19.7%
Q2 22	+12.9%	+19.8%
Q3 22	+10.0%	+17.4%
Q4 22	+6.9%	+9.7%
Q1 23	-10.8%	+3.0%
Q2 23	-12.2%	-4.4%
Q3 23	-11.7%	-11.0%
Q4 23	-10.0%	-9.6%
Q1 24	+1.5%	-5.4%
Q2 24	+0.5%	-4.2%
Q3 24	-2.2%	-0.8%
Q4 24	-3.2%	+2.0%
Q1 25	+0.5%	-0.1%
Q2 25	+1.3%	+5.6%
Q3 25	+2.2%	+3.8%
Q4 25	+1.7%	+2.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	5.7%
Q2 22	$4M	5.7%
Q3 22	$4M	5.2%
Q4 22	$4M	5.3%
Q1 23	$3M	5.7%
Q2 23	$3M	5.1%
Q3 23	$3M	4.2%
Q4 23	$2M	3.7%
Q1 24	$2M	3.6%
Q2 24	$2M	3.5%
Q3 24	$2M	3.4%
Q4 24	$2M	3.2%
Q1 25	$2M	2.6%
Q2 25	$2M	2.8%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$15M	$4M	$17M
Q2 22	$15M	$5M	$17M
Q3 22	$15M	$4M	$18M
Q4 22	$15M	$5M	$18M
Q1 23	$15M	$5M	$18M
Q2 23	$14M	$4M	$18M
Q3 23	$14M	$4M	$17M
Q4 23	$14M	$4M	$17M
Q1 24	$14M	$4M	$17M
Q2 24	$13M	$4M	$17M
Q3 24	$13M	$4M	$18M
Q4 24	$12M	$6M	$19M
Q1 25	$13M	$4M	$19M
Q2 25	$13M	$4M	$20M
Q3 25	$13M	$4M	$19M
Q4 25	$14M	$4M	$20M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$38M	$6M	$44M
Q2 22	$35M	$23M	$58M
Q3 22	$25M	$24M	$49M
Q4 22	$25M	$23M	$47M
Q1 23	$30M	$16M	$46M
Q2 23	$36M	$9M	$45M
Q3 23	$28M	$4M	$32M
Q4 23	$31M	$7M	$38M
Q1 24	$31M	$15M	$46M
Q2 24	$21M	$21M	$42M
Q3 24	$24M	$24M	$48M
Q4 24	$59M	$4M	$62M
Q1 25	$63M	$3M	$67M
Q2 25	$63M	$17M	$79M
Q3 25	$49M	$25M	$74M
Q4 25	$46M	$27M	$73M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	33M	-1.4%	-3.0%
Q2 22	33M	-1.7%	-4.3%
Q3 22	32M	-0.8%	-4.7%
Q4 22	32M	-0.3%	-4.2%
Q1 23	32M	-1.2%	-4.0%
Q2 23	33M	+3.9%	+1.4%
Q3 23	31M	-4.8%	-2.7%
Q4 23	31M	-1.6%	-3.9%
Q1 24	31M	-0.3%	-3.0%
Q2 24	31M	-0.2%	-6.8%
Q3 24	31M	+0.1%	-1.9%
Q4 24	30M	-1.7%	-2.0%
Q1 25	30M	-0.7%	-2.4%
Q2 25	29M	-2.3%	-4.5%
Q3 25	29M	-2.3%	-6.8%
Q4 25	28M	-2.8%	-7.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$1M	50
Q2 22	$1M	50
Q3 22	$1M	50
Q4 22	$14M	5
Q1 23	$12M	5
Q2 23	$12M	5
Q3 23	$12M	5
Q4 23	$13M	5
Q1 24	$12M	5
Q2 24	$12M	5
Q3 24	$12M	5
Q4 24	$1M	54
Q1 25	$1M	54
Q2 25	$1M	54
Q3 25	$1M	54
Q4 25	$1M	54

Revenue / Employee