CALX

MKT CAP:$3B

Calix, Inc.

Market Cap

$3B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$42.65-$10.94 (-20.41%)

Apr 22, 2026

Company Details

Calix, Inc., together with its subsidiaries, provides cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company's cloud and software pla...

CEO

Michael Weening

IPO Date

Mar 24, 2010

Website

www.calix.com

Key Metrics TTM

Revenue

$1.1B

+28.4% YoY

Net Income

$34M

EPS (Diluted)

$0.51

Free Cash Flow

$109M

Revenue / Share

$16.16

Gross Margin

57.1%

Operating Margin

3.8%

Net Margin

3.2%

FCF Margin

10.3%

P/S

2.6x

P/E

82.3x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$280M+27.1%EPS $0.17

FY 2025

Feb 20, 2026

$1.0B+20.3%EPS $0.26

Q4 2025

Feb 20, 2026

$272M+32.2%EPS $0.10

Q3 2025

Oct 30, 2025

$265M+32.1%EPS $0.24

Q2 2025

Jul 22, 2025

$242M+22.1%EPS -$0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$202M	$100M	$10M
Q3 22	$236M	$119M	$20M
Q4 22	$245M	$125M	$13M
Q1 23	$250M	$128M	$10M
Q2 23	$261M	$136M	$12M
Q3 23	$264M	$141M	$16M
Q4 23	$265M	$113M	-$12M
Q1 24	$226M	$123M	-$2M
Q2 24	$198M	$108M	-$11M
Q3 24	$201M	$110M	-$11M
Q4 24	$206M	$113M	-$19M
Q1 25	$220M	$123M	-$6M
Q2 25	$242M	$136M	$391.0K
Q3 25	$265M	$152M	$17M
Q4 25	$272M	$157M	$9M
Q1 26	$280M	$159M	$13M

Valuation

Quarter	P/S	P/E
Q2 22	3.2x	11.1x
Q3 22	5.0x	82.4x
Q4 22	5.3x	111.7x
Q1 23	3.8x	83.1x
Q2 23	3.3x	74.1x
Q3 23	2.9x	62.3x
Q4 23	2.8x	98.3x
Q1 24	2.1x	106.9x
Q2 24	2.4x	911.2x
Q3 24	2.9x	—
Q4 24	2.8x	—
Q1 25	2.8x	—
Q2 25	4.0x	—
Q3 25	4.2x	—
Q4 25	3.4x	192.8x
Q1 26	3.1x	97.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$7M	$4M
Q3 22	$7M	$3M
Q4 22	$6M	$1M
Q1 23	$8M	$3M
Q2 23	$17M	$12M
Q3 23	$16M	$12M
Q4 23	$15M	$11M
Q1 24	$15M	$11M
Q2 24	$22M	$16M
Q3 24	$16M	$13M
Q4 24	$15M	$10M
Q1 25	$17M	$13M
Q2 25	$39M	$36M
Q3 25	$32M	$27M
Q4 25	$46M	$40M
Q1 26	$15M	$7M

Capital Expenditures

Quarter	CapEx
Q2 22	$3M
Q3 22	$3M
Q4 22	$5M
Q1 23	$5M
Q2 23	$5M
Q3 23	$4M
Q4 23	$4M
Q1 24	$4M
Q2 24	$6M
Q3 24	$3M
Q4 24	$5M
Q1 25	$4M
Q2 25	$4M
Q3 25	$6M
Q4 25	$6M
Q1 26	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+19.8%	+29.8%
Q3 22	+37.2%	+40.3%
Q4 22	+38.6%	+43.0%
Q1 23	+35.2%	+37.1%
Q2 23	+29.2%	+29.6%
Q3 23	+11.6%	+14.6%
Q4 23	+8.3%	+19.6%
Q1 24	-9.5%	-4.9%
Q2 24	-24.1%	-15.9%
Q3 24	-23.8%	-14.5%
Q4 24	-22.1%	-18.8%
Q1 25	-2.7%	-0.9%
Q2 25	+22.1%	+15.3%
Q3 25	+32.1%	+17.1%
Q4 25	+32.2%	+17.0%
Q1 26	+27.1%	+18.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$10M	5.0%
Q3 22	$11M	4.7%
Q4 22	$13M	5.4%
Q1 23	$16M	6.5%
Q2 23	$18M	6.8%
Q3 23	$16M	6.1%
Q4 23	$13M	4.8%
Q1 24	$17M	7.4%
Q2 24	$15M	7.8%
Q3 24	$16M	8.1%
Q4 24	$22M	10.7%
Q1 25	$20M	9.0%
Q2 25	$26M	10.6%
Q3 25	$21M	7.8%
Q4 25	$0	0.0%
Q1 26	$21M	7.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	$30M	$19M	$41M
Q3 22	$33M	$19M	$46M
Q4 22	$39M	$22M	$51M
Q1 23	$43M	$23M	$52M
Q2 23	$45M	$25M	$55M
Q3 23	$47M	$25M	$52M
Q4 23	$42M	$27M	$56M
Q1 24	$44M	$26M	$54M
Q2 24	$44M	$23M	$52M
Q3 24	$45M	$23M	$52M
Q4 24	$46M	$27M	$59M
Q1 25	$44M	$27M	$58M
Q2 25	$46M	$26M	$64M
Q3 25	$47M	$27M	$60M
Q4 25	$54M	$28M	$67M
Q1 26	$55M	$28M	$63M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 22	19.8%	6.6%	26.4
Q3 22	37.2%	9.8%	47.0
Q4 22	38.6%	6.8%	45.4
Q1 23	35.2%	5.5%	40.6
Q2 23	29.2%	6.1%	35.3
Q3 23	11.6%	7.7%	19.3
Q4 23	8.3%	-2.9%	5.4
Q1 24	-9.5%	1.3%	-8.2
Q2 24	-24.1%	-3.1%	-27.2
Q3 24	-23.8%	-3.0%	-26.9
Q4 24	-22.1%	-6.8%	-28.9
Q1 25	-2.7%	-0.8%	-3.5
Q2 25	22.1%	2.0%	24.0
Q3 25	32.1%	9.4%	41.5
Q4 25	32.2%	4.9%	37.1
Q1 26	27.1%	6.1%	33.2

Rule of 40

Revenue Segments

Quarter	Systems Product	Technology Service	Reportable Segment
Q2 22	$191M	$11M	—
Q3 22	$226M	$10M	—
Q1 25	—	—	$220M
Q2 25	—	—	$242M
Q3 25	—	—	$265M
Q4 25	—	—	$272M

Revenue by Geography

Quarter	Americas ex U.S.	Asia Pacific	Europe	Middle East And Africa	United States	Americas, Non-U.S.	Americas Ex U.S.	Rest Of World
Q2 22	$11M	$249.0K	$3M	$4M	$184M	—	—	—
Q3 22	—	$519.0K	$7M	$1M	$216M	$12M	—	—
Q4 22	—	$308.0K	$25M	$2M	$221M	—	—	—
Q1 23	—	$390.0K	$12M	$2M	$228M	$8M	—	—
Q2 23	—	$152.0K	$15M	$2M	$232M	$11M	—	—
Q3 23	—	$176.0K	$19M	$2M	$235M	$7M	—	—
Q4 23	—	$256.0K	$8M	$2M	$249M	—	—	—
Q1 24	—	$336.0K	$7M	$2M	$210M	$7M	—	—
Q2 24	—	$229.0K	$7M	$1M	$183M	$7M	—	—
Q3 24	—	$228.0K	$6M	$1M	$187M	$7M	—	—
Q4 24	—	$310.0K	$15M	$1M	$185M	—	—	—
Q1 25	—	—	$3M	—	$211M	—	$5M	$1M
Q2 25	—	—	$16M	—	$219M	—	$6M	$1M
Q3 25	—	—	$7M	—	$249M	—	$7M	$2M
Q4 25	—	—	$8M	—	$255M	—	$7M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$52M	$173M	$225M
Q3 22	$75M	$160M	$235M
Q4 22	$79M	$163M	$242M
Q1 23	$94M	$163M	$257M
Q2 23	$90M	$174M	$264M
Q3 23	$136M	$114M	$250M
Q4 23	$63M	$157M	$220M
Q1 24	$88M	$151M	$239M
Q2 24	$84M	$177M	$261M
Q3 24	$62M	$225M	$288M
Q4 24	$43M	$254M	$297M
Q1 25	$42M	$240M	$282M
Q2 25	$77M	$222M	$299M
Q3 25	$95M	$245M	$340M
Q4 25	$143M	$245M	$388M
Q1 26	$55M	$189M	$243M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	68M	-0.3%	+0.8%
Q3 22	69M	+1.5%	+1.9%
Q4 22	70M	+1.0%	+1.6%
Q1 23	70M	-0.2%	+1.9%
Q2 23	70M	-0.1%	+2.2%
Q3 23	70M	-0.1%	+0.6%
Q4 23	65M	-6.1%	-6.5%
Q1 24	68M	+4.3%	-2.3%
Q2 24	66M	-3.6%	-5.7%
Q3 24	66M	+0.6%	-5.0%
Q4 24	66M	-0.3%	+0.9%
Q1 25	66M	+0.2%	-3.1%
Q2 25	65M	-2.3%	-1.8%
Q3 25	65M	0.0%	-2.4%
Q4 25	70M	+9.1%	+6.9%
Q1 26	66M	-6.9%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$211.8K	954
Q3 22	$247.7K	954
Q4 22	$171.5K	1K
Q1 23	$175.3K	1K
Q2 23	$183.0K	1K
Q3 23	$185.0K	1K
Q4 23	$150.4K	2K
Q1 24	$128.6K	2K
Q2 24	$112.6K	2K
Q3 24	$114.2K	2K
Q4 24	$113.3K	2K
Q1 25	$121.0K	2K
Q2 25	$132.9K	2K
Q3 25	$145.8K	2K
Q4 25	$141.8K	2K
Q1 26	$145.7K	2K

Revenue / Employee