HLIT

MKT CAP:$1B

Harmonic Inc.

Market Cap

$1B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$10.43+$0.41 (+4.09%)

Apr 23, 2026

Company Details

Harmonic Inc., together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, prod...

CEO

Nimrod Ben-Natan

IPO Date

May 23, 1995

Website

www.harmonicinc.com

Key Metrics TTM

Revenue

$636M

+1.9% YoY

Net Income

$50M

EPS (Diluted)

$0.42

Free Cash Flow

$133M

Revenue / Share

$5.61

Gross Margin

55.7%

Operating Margin

12.1%

Net Margin

7.8%

FCF Margin

21.0%

P/S

1.9x

P/E

23.9x

Earnings Reports

Q4 2025

Apr 27, 2026

PENDING

FY 2025

Feb 24, 2026

$361M-46.9%EPS -$0.38

Q3 2025

Nov 4, 2025

$142M-27.3%EPS $0.02

Q2 2025

Aug 1, 2025

$138M-0.5%EPS $0.03

Q1 2025

May 1, 2025

$133M+9.1%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$156M	$78M	$15M
Q1 22	$147M	$69M	$3M
Q2 22	$157M	$82M	$15M
Q3 22	$156M	$79M	$11M
Q4 22	$164M	$86M	$16M
Q1 23	$158M	$84M	$11M
Q2 23	$156M	$85M	$10M
Q3 23	$127M	$62M	-$9M
Q4 23	$167M	$82M	$10M
Q1 24	$122M	$63M	-$10M
Q2 24	$139M	$73M	-$16M
Q3 24	$196M	$105M	$35M
Q4 24	$222M	$125M	$53M
Q1 25	$133M	$79M	$10M
Q2 25	$138M	$74M	$4M
Q3 25	$142M	$77M	$10M

Valuation

Quarter	P/S	P/E
Q4 21	2.3x	89.5x
Q1 22	2.2x	66.5x
Q2 22	2.0x	34.2x
Q3 22	1.9x	28.3x
Q4 22	1.9x	42.1x
Q1 23	1.9x	34.1x
Q2 23	1.9x	55.2x
Q3 23	2.0x	188.9x
Q4 23	2.0x	14.1x
Q1 24	2.1x	16.8x
Q2 24	2.1x	20.9x
Q3 24	1.9x	14.0x
Q4 24	1.7x	30.3x
Q1 25	1.7x	22.3x
Q2 25	1.7x	17.3x
Q3 25	1.9x	23.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$7M	$5M
Q1 22	-$27M	-$30M
Q2 22	$22M	$19M
Q3 22	-$8M	-$10M
Q4 22	$19M	$17M
Q1 23	$6M	$4M
Q2 23	-$17M	-$18M
Q3 23	$11M	$9M
Q4 23	$6M	$4M
Q1 24	$27M	$25M
Q2 24	-$22M	-$24M
Q3 24	$9M	$6M
Q4 24	$49M	$46M
Q1 25	$84M	$82M
Q2 25	-$12M	-$15M
Q3 25	$24M	$21M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$2M
Q2 22	$3M
Q3 22	$2M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$3M
Q1 24	$2M
Q2 24	$2M
Q3 24	$3M
Q4 24	$2M
Q1 25	$2M
Q2 25	$4M
Q3 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+18.5%	+22.6%
Q1 22	+32.1%	+25.5%
Q2 22	+38.8%	+27.9%
Q3 22	+23.3%	+19.3%
Q4 22	+5.5%	+5.1%
Q1 23	+6.9%	+1.1%
Q2 23	-0.9%	+2.6%
Q3 23	-18.3%	-5.9%
Q4 23	+1.7%	+6.5%
Q1 24	-22.6%	-10.2%
Q2 24	-11.0%	+5.7%
Q3 24	+53.9%	+18.1%
Q4 24	+33.0%	+7.5%
Q1 25	+9.1%	-6.5%
Q2 25	-0.5%	-13.1%
Q3 25	-27.3%	-17.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$5M	3.3%
Q1 22	$8M	5.1%
Q2 22	$6M	3.5%
Q3 22	$6M	4.1%
Q4 22	$6M	3.4%
Q1 23	$7M	4.7%
Q2 23	$6M	3.9%
Q3 23	$7M	5.7%
Q4 23	$7M	4.0%
Q1 24	$7M	5.7%
Q2 24	$7M	5.0%
Q3 24	$6M	2.9%
Q4 24	$8M	3.8%
Q1 25	$8M	6.4%
Q2 25	$8M	5.6%
Q3 25	$7M	5.1%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$27M	$35M
Q1 22	$29M	$37M
Q2 22	$30M	$37M
Q3 22	$30M	$36M
Q4 22	$31M	$37M
Q1 23	$34M	$39M
Q2 23	$32M	$43M
Q3 23	$30M	$39M
Q4 23	$30M	$42M
Q1 24	$31M	$39M
Q2 24	$29M	$40M
Q3 24	$30M	$36M
Q4 24	$31M	$39M
Q1 25	$31M	$37M
Q2 25	$29M	$38M
Q3 25	$30M	$39M

Revenue Segments

Quarter	Appliance & Integration	SaaS & Service	Broadband	Video	Product	Professional Services	Saas	Support Services
Q1 22	$113M	$34M	—	—	—	—	—	—
Q2 22	$122M	$36M	—	—	—	—	—	—
Q3 22	$116M	$39M	—	—	—	—	—	—
Q1 23	$115M	$43M	—	—	—	—	—	—
Q2 23	$111M	$45M	—	—	—	—	—	—
Q3 23	—	—	$76M	$51M	—	—	—	—
Q1 24	—	—	—	—	$74M	$8M	$13M	$28M
Q2 24	—	—	—	—	$87M	$7M	$14M	$31M
Q3 24	—	—	—	—	$150M	$3M	$14M	$28M
Q4 24	—	—	—	—	$170M	$7M	$15M	$29M
Q1 25	—	—	—	—	$88M	$3M	$15M	$27M
Q2 25	—	—	—	—	$84M	$10M	$15M	$29M
Q3 25	—	—	—	—	$85M	$13M	$16M	$29M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$61M	$87M
Q2 22	$51M	$106M
Q3 22	$66M	$90M
Q1 23	$52M	$106M
Q2 23	$54M	$102M
Q3 23	$47M	$81M
Q4 23	$46M	$121M
Q1 24	$40M	$82M
Q2 24	$38M	$101M
Q3 24	$38M	$158M
Q4 24	$47M	$175M
Q1 25	$44M	$89M
Q2 25	$46M	$92M
Q3 25	$44M	$99M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$101M	$0	$101M
Q2 22	$122M	$0	$122M
Q3 22	$105M	$0	$105M
Q4 22	$90M	$0	$90M
Q1 23	$91M	$0	$91M
Q2 23	$71M	$0	$71M
Q3 23	$76M	$6M	$82M
Q4 23	$84M	$0	$84M
Q1 24	$84M	$0	$84M
Q2 24	$46M	$0	$46M
Q3 24	$58M	$0	$58M
Q4 24	$101M	$0	$101M
Q1 25	$149M	$0	$149M
Q2 25	$124M	$0	$124M
Q3 25	$127M	$0	$127M
Q4 25	$124M	$0	$124M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	110M	+3.8%	+10.1%
Q1 22	104M	-5.9%	+4.1%
Q2 22	109M	+4.8%	+7.7%
Q3 22	113M	+3.9%	+6.4%
Q4 22	117M	+3.6%	+6.2%
Q1 23	118M	+0.4%	+13.2%
Q2 23	119M	+1.3%	+9.4%
Q3 23	112M	-6.1%	-1.0%
Q4 23	116M	+3.3%	-1.4%
Q1 24	112M	-2.9%	-4.6%
Q2 24	115M	+2.4%	-3.5%
Q3 24	117M	+2.0%	+4.8%
Q4 24	118M	+0.3%	+1.7%
Q1 25	117M	-0.6%	+4.2%
Q2 25	113M	-3.0%	-1.3%
Q3 25	113M	-0.1%	-3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$123.0K	1K
Q1 22	$116.4K	1K
Q2 22	$124.3K	1K
Q3 22	$122.9K	1K
Q4 22	$122.6K	1K
Q1 23	$117.6K	1K
Q2 23	$116.4K	1K
Q3 23	$94.9K	1K
Q4 23	$123.0K	1K
Q1 24	$89.8K	1K
Q2 24	$102.1K	1K
Q3 24	$144.0K	1K
Q4 24	$179.2K	1K
Q1 25	$107.4K	1K
Q2 25	$111.3K	1K
Q3 25	$114.8K	1K

Revenue / Employee