AVNW

MKT CAP:$300M

Aviat Networks, Inc.

Market Cap

$300M

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$22.46+$0.86 (+3.98%)

Apr 21, 2026

Company Details

Aviat Networks, Inc. provides wireless transport solutions worldwide. It offers a comprehensive suite of products and localized professional and support services enabling customers to simplify their networks and lives. The company's product...

CEO

Peter A. Smith

IPO Date

May 19, 1987

Website

www.aviatnetworks.com

Key Metrics TTM

Revenue

$447M

+10.6% YoY

Net Income

$15M

EPS (Diluted)

$0.99

Free Cash Flow

$16M

Revenue / Share

$34.35

Gross Margin

33.7%

Operating Margin

2.1%

Net Margin

3.3%

FCF Margin

3.6%

P/S

0.7x

P/E

20.6x

Earnings Reports

Q3 2026

May 5, 2026

PENDING

Q2 2026

Feb 3, 2026

$111M-5.7%EPS $0.44

Q1 2026

Nov 4, 2025

$107M+21.4%EPS $0.01

FY 2025

Sep 10, 2025

$435M+6.5%EPS $0.10

Q4 2025

Sep 10, 2025

$115M+1.3%EPS $0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$66M	$26M	$4M
Q4 21	$72M	$26M	$4M
Q1 22	$73M	$26M	$7M
Q2 22	$78M	$28M	$9M
Q3 22	$75M	$28M	$7M
Q4 22	$77M	$27M	$5M
Q1 23	$81M	$29M	$4M
Q2 23	$91M	$32M	$9M
Q3 23	$83M	$30M	$7M
Q4 24	$114M	$40M	$4M
Q1 25	$88M	$20M	-$16M
Q2 25	$118M	$41M	$8M
Q3 25	$113M	$39M	$9M
Q4 25	$115M	$39M	-$12M
Q1 26	$107M	$36M	$5M
Q2 26	$111M	$36M	$7M

Valuation

Quarter	P/S	P/E
Q3 21	1.8x	4.3x
Q4 21	1.4x	3.5x
Q1 22	1.3x	3.5x
Q2 22	1.3x	3.4x
Q3 22	1.1x	17.1x
Q4 22	0.9x	13.4x
Q1 23	1.0x	23.3x
Q2 23	1.1x	25.5x
Q3 23	1.2x	31.2x
Q4 24	0.9x	40.5x
Q1 25	0.7x	—
Q2 25	0.5x	—
Q3 25	0.6x	—
Q4 25	0.9x	290.5x
Q1 26	0.8x	27.5x
Q2 26	0.8x	23.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$4M	$3M
Q4 21	$3M	$3M
Q1 22	$682.0K	$333.0K
Q2 22	-$3M	-$3M
Q3 22	-$9M	-$9M
Q4 22	$14M	$13M
Q1 23	-$6M	-$7M
Q2 23	-$2M	-$2M
Q3 23	-$646.0K	-$5M
Q4 24	$8M	$8M
Q1 25	-$27M	-$33M
Q2 25	$21M	$18M
Q3 25	$2M	-$1M
Q4 25	$11M	$8M
Q1 26	-$12M	-$13M
Q2 26	$24M	$22M

Capital Expenditures

Quarter	CapEx
Q3 21	$1M
Q4 21	$448.0K
Q1 22	$349.0K
Q2 22	$449.0K
Q3 22	$230.0K
Q4 22	$764.0K
Q1 23	$474.0K
Q2 23	$198.0K
Q3 23	$4M
Q4 24	$809.0K
Q1 25	$5M
Q2 25	$2M
Q3 25	$3M
Q4 25	$2M
Q1 26	$2M
Q2 26	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+8.2%	+3.7%
Q4 21	+14.4%	+12.3%
Q1 22	+10.4%	+11.1%
Q2 22	+10.4%	+9.6%
Q3 22	+12.2%	+7.5%
Q4 22	+8.0%	+6.2%
Q1 23	+11.1%	+16.6%
Q2 23	+16.5%	+19.4%
Q3 23	+12.0%	+13.4%
Q4 24	+47.1%	+52.4%
Q1 25	+8.8%	+34.5%
Q2 25	+30.3%	+34.4%
Q3 25	+34.9%	+36.0%
Q4 25	+1.3%	+16.0%
Q1 26	+21.4%	-1.8%
Q2 26	-5.7%	-5.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$765.0K	1.2%
Q4 21	$767.0K	1.1%
Q1 22	$863.0K	1.2%
Q2 22	$761.0K	1.0%
Q3 22	$840.0K	1.1%
Q4 22	$1M	1.8%
Q1 23	$2M	2.3%
Q2 23	$2M	1.8%
Q3 23	$2M	2.0%
Q4 24	$2M	1.6%
Q1 25	$2M	1.9%
Q2 25	$2M	1.7%
Q3 25	$2M	1.8%
Q4 25	$1M	1.2%
Q1 26	$2M	1.4%
Q2 26	$1M	1.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$5M	$15M
Q4 21	$6M	$15M
Q1 22	$6M	$13M
Q2 22	$6M	$14M
Q3 22	$5M	$15M
Q4 22	$5M	$16M
Q1 23	$6M	$18M
Q2 23	$6M	$17M
Q3 23	$7M	$16M
Q4 24	$11M	$23M
Q1 25	$10M	$25M
Q2 25	$10M	$21M
Q3 25	$8M	$22M
Q4 25	$7M	$21M
Q1 26	$7M	$23M
Q2 26	$6M	—

Revenue Segments

Quarter	Product	Service
Q3 21	$45M	$21M
Q4 21	$49M	$22M
Q1 22	$51M	$22M
Q2 22	$53M	$24M
Q3 22	$52M	$22M
Q4 22	$52M	$26M
Q1 23	$55M	$26M
Q2 23	$66M	$25M
Q3 23	$55M	$29M
Q4 24	$77M	$36M
Q1 25	$61M	$27M
Q2 25	$82M	$36M
Q3 25	$77M	$36M
Q4 25	$67M	$48M
Q1 26	$75M	$32M
Q2 26	$81M	$30M

Revenue by Geography

Quarter	Africa and Middle East	Europe and Russia	Latin America and Asia Pacific	North America	Europe
Q3 21	$10M	$3M	$11M	$42M	—
Q4 21	$13M	$2M	$11M	$46M	—
Q1 22	$11M	$3M	$9M	$51M	—
Q2 22	$14M	$3M	$10M	$51M	—
Q3 22	$13M	—	$9M	$49M	$3M
Q4 22	$10M	—	$14M	$49M	$4M
Q1 23	$11M	—	$17M	$49M	$5M
Q2 23	$14M	—	$19M	$52M	$5M
Q3 23	$19M	—	$14M	$46M	$4M
Q4 24	$13M	—	$39M	$55M	$7M
Q1 25	$10M	—	$30M	$42M	$6M
Q2 25	$13M	—	$39M	$58M	$8M
Q3 25	$15M	—	$39M	$49M	$9M
Q4 25	$11M	—	$38M	$58M	$8M
Q1 26	$13M	—	$34M	$53M	$8M
Q2 26	$15M	—	$33M	$53M	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$31M	$0	$31M
Q4 22	$37M	$11M	$48M
Q1 23	$22M	$1M	$23M
Q2 23	$21M	$2.0K	$21M
Q3 23	$22M	$0	$22M
Q4 23	$65M	$0	$65M
Q1 24	$51M	$0	$51M
Q2 24	$53M	$0	$53M
Q3 24	$49M	$0	$49M
Q4 24	$65M	$0	$65M
Q1 25	$51M	$0	$51M
Q2 25	$53M	$0	$53M
Q3 25	$49M	$0	$49M
Q4 25	$60M	$0	$60M
Q1 26	$65M	$0	$65M
Q2 26	$86M	$0	$86M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	12M	+3.7%	+8.5%
Q4 21	12M	+0.9%	+9.5%
Q1 22	12M	+0.0%	+7.8%
Q2 22	12M	+0.1%	+4.7%
Q3 22	12M	-1.7%	-0.7%
Q4 22	12M	-0.3%	-1.9%
Q1 23	11M	-4.5%	-6.3%
Q2 23	12M	+5.4%	-1.3%
Q3 23	12M	+0.7%	+1.0%
Q4 24	13M	+8.0%	+9.4%
Q1 25	13M	-1.4%	+12.9%
Q2 25	13M	+1.1%	+8.3%
Q3 25	13M	+0.4%	+8.0%
Q4 25	13M	0.0%	+0.1%
Q1 26	13M	+1.1%	+2.6%
Q2 26	13M	+0.2%	+1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$98.5K	674
Q4 21	$104.3K	687
Q1 22	$106.5K	687
Q2 22	$113.3K	687
Q3 22	$108.5K	687
Q4 22	$108.7K	712
Q1 23	$114.1K	712
Q2 23	$127.4K	712
Q3 23	$117.2K	712
Q4 24	$124.7K	913
Q1 25	$96.9K	913
Q2 25	$129.5K	913
Q3 25	$123.4K	913
Q4 25	$125.0K	923
Q1 26	$116.3K	923
Q2 26	$120.8K	923

Revenue / Employee