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Aviat Networks (AVNW) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Aug 27, 2026 · Aviat Networks (AVNW) Q4 FY26 earnings results →

Q4 FY26 Revenue up 5% year over year to $121M · 1¢ of every $1 of revenue lost · operating margin 4.8%

Aviat Networks made $121M in Q4 FY26 (+5% Y/Y): Product sales $89.5M, Services $31.4M. Operating margin 4.8%, net loss $1.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Aug 27, 2026.

Revenue$121M
Year over year+5%
Operating margin4.8%
Net earnings−$1.3M
Operating cash flow$3.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $120.9M in Q4 FY26, up 5% year over year and up 21% from the previous quarter. Product sales was the largest line at 74% of revenue.

Gross margin was 30.8%, down 3.4 points from Q4 FY25. Operating profit was $5.8M, a 4.8% margin (down 2.9 points year over year). Operating profit fell $3.1M even though revenue rose $5.5M versus Q4 FY25, so costs grew faster than sales. Operating expenses grew 3% against revenue growth of 5%. The quarter ended with a net loss of $1.3M, narrower than the previous quarter's $2.1M loss. Net interest and other expense of $921K was the main reason.

Operating cash flow was $3.1M (down 71% year over year). Non-cash charges added back $1.2M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $1.5M. Capital expenditures of $615K left free cash flow of $2.5M.

Quarterly history

Aviat Networks revenue by quarterAviat Networks revenue by quarter$118MQ2 FY25$113MQ3 FY25$115MQ4 FY25$107MQ1 FY26$111MQ2 FY26$100MQ3 FY26$121MQ4 FY26
Aviat Networks net earnings by quarterAviat Networks net earnings by quarter$4.5MQ2 FY25$3.5MQ3 FY25$5.2MQ4 FY25$162KQ1 FY26$5.7MQ2 FY26−$2.1MQ3 FY26−$1.3MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KAug 27, 2026$121M+5%4.8%−$1.3M$3.1M
Q3 FY2610-QMay 4, 2026$100M-11%0.9%−$2.1M−$1.7M
Q2 FY2610-QFeb 3, 2026$111M-6%6.5%$5.7M$23.9M
Q1 FY2610-QNov 4, 2025$107M+21%4.8%$162K−$11.7M
Q4 FY2510-KSep 10, 2025$115M-1%7.7%$5.2M$10.5M
Q3 FY2510-QMay 6, 2025$113M+2%8.3%$3.5M$1.6M
Q2 FY2510-QFeb 4, 2025$118M+26%6.7%$4.5M$20.8M

Charts

Aviat Networks: revenue growth, year over year and quarter over quarterAviat Networks: revenue growth, year over year and quarter over quarterY/YQ/Q+26%Q2 FY25+2%-5%Q3 FY25-1%+2%Q4 FY25+21%-7%Q1 FY26-6%+4%Q2 FY26-11%-10%Q3 FY26+5%+21%Q4 FY26
Latest (Q4 FY26): Y/Y +5%, Q/Q +21%.
Aviat Networks: where the cash came from (+) and went (−), FY26Aviat Networks: where the cash came from (+) and went (−), FY26Other financing$17.1MOperating cash flow$13.6MCash drawn (+) / kept (−)−$12.7MNet borrowing (+) / repaid (−)−$10.5MCapital spending−$7.5MTaxes on employees’ shares−$822KShares issued$584KOther investing$138KExchange rates$125K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Aviat Networks: profit against cash, quarter by quarterAviat Networks: profit against cash, quarter by quarterNet incomeOperating cash flow−$11.9M−$27.2MQ1 FY25$4.5M$20.8MQ2 FY25$3.5M$1.6MQ3 FY25$5.2M$10.5MQ4 FY25$162K−$11.7MQ1 FY26$5.7M$23.9MQ2 FY26−$2.1M−$1.7MQ3 FY26−$1.3M$3.1MQ4 FY26
Latest (Q4 FY26): Net income −$1.3M, Operating cash flow $3.1M.
Aviat Networks: diluted shares by fiscal yearAviat Networks: diluted shares by fiscal year12MFY2112MFY2212MFY2312MFY2413MFY2513MFY26
+11.5% since FY21: more shares outstanding (issuance, stock pay).
Aviat Networks in its industry: growth against margin (18 companies, SIC 3663)Aviat Networks in its industry: growth against margin (18 companies, SIC 3663)revenue growth, year over year →↑ operating marginmedian +40%median 2%QCOMMSIUIVISNHLITPLCMTLONDSBKSYBKTISATLUMACAIRGKUSTWATTCRVWVUZIAVNW (+5%, 5%)
Radio & Tv Broadcasting & Communications Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Aviat Networks

Aviat Networks, Inc., together with its subsidiaries, is a global supplier of microwave networking and wireless access networking solutions, backed by an extensive suite of professional services and support. Aviat Networks, Inc. may be referred to as “the Company,” “AVNW,” “Aviat Networks,” “Aviat,” “we,” “us” and “our” in this Annual Report on Form 10-K. Aviat was incorporated in Delaware in 2006 to combine the businesses of Harris Corporation’s Microwave Communications Division (“MCD”) and Stratex Networks, Inc. (“Stratex”). On January 28, 2010, we changed our corporate name from Harris Stratex Networks, Inc. to Aviat Networks, Inc.

In its own words, from its 10-K, filed Aug 27, 2026.

Aviat Networks against its Radio & Tv Broadcasting & Communications Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +12%. Operating margin: 4.8% against the peers' median 7.2%.

CompanyQuarterRevenueY/YOp. margin
AVNW Aviat NetworksQ4 FY26$121M+5%4.8%
QCOM QualcommQ4 FY26$10.3B-8%13.1%
MSI Motorola SolutionsQ3 2026$3.4B+12%23.0%
UI UbiquitiQ1 FY27$1.0B+40%38.1%
VISN Vistance NetworksQ3 2026$320M-38%7.2%
HLIT HarmonicQ3 2026$149M+64%17.6%
PL Planet Labs PBCQ2 FY27$116M+58%-11.6%
CMTL Comtech TelecommunicationsQ3 FY26$106M-16%-2.9%
ONDS OndasQ2 2026$83.8M13×-194.5%

Source: Aviat Networks 10-K on SEC EDGAR · CIK 1377789 · Radio & Tv Broadcasting & Communications Equipment

13F: who owns AVNW and who is buying

Largest holders of AVNW (13F)Largest holders of AVNW (13F)BlackRock$18.7MFirst Eagle Investment Management…$16.0MVanguard Group$15.0MRoyce & Associates LP$14.5MVanguard Capital Management LLC$11.7MFirst Wilshire Securities Managem…$11.6MPacific Ridge Capital Partners, L…$9.8MKennedy Capital Management LLC$9.6MMarshall Wace, LLP$9.5MDimensional Fund Advisors LP$8.7M
Funds' net buying of AVNW by quarter (13F)Funds' net buying of AVNW by quarter (13F)−$26.2M2024-09$508K2024-12$4.5M2025-03$437K2025-06$7.0M2025-09$4.7M2025-12$6.0M2026-03$23.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AVNW

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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