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Calix cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.4M in Q3 2026 · $62.2M over twelve months

Operating cash flow$6.3M
Capital spending−$2.9M
Free cash flow+$3.4M
Cash / net income0.6×
Cash conversion cycle109 days

Analysis

In Q3 2026, Calix generated $6.3M of operating cash flow and spent $2.9M on capital projects, leaving free cash flow of $3.4M.

Over the twelve months to Sep 26, 2026, operating cash flow was $83.5M; the largest uses were buybacks ($307M), capital spending ($21.3M); besides operations, cash came from other investing ($146M), shares issued ($59.7M); the cash balance fell by $39.1M.

Operating cash flow was $6.3M against net income of $10.2M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$29.8M, stock-based pay +$21.0M, prepaid and other assets −$12.5M.

Its cash conversion cycle was 109 days (receivables 40 + inventory 119 − payables 50).

Free cash flow

Calix: free cash flow by quarterCalix: free cash flow by quarter$10.2MQ4 2024$12.9MQ1 2025$35.6MQ2 2025$26.7MQ3 2025$40.3MQ4 2025$6.5MQ1 2026$11.9MQ2 2026$3.4MQ3 2026
Operating cash flow less capital spending.
Calix: operating cash flow against capital spendingCalix: operating cash flow against capital spendingOperating cash flowCapital spending$15.4M$5.1MQ4 2024$17.2M$4.3MQ1 2025$39.4M$3.7MQ2 2025$32.3M$5.6MQ3 2025$46.0M$5.8MQ4 2025$14.6M$8.1MQ1 2026$16.5M$4.6MQ2 2026$6.3M$2.9MQ3 2026
Latest (Q3 2026): Operating cash flow $6.3M, Capital spending $2.9M.

Capital allocation, year by year

Calix: where the cash came from (up) and went (down), by fiscal yearCalix: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY2021: Operating cash flow $56.8MFY2021: Shares issued $25.6MFY2021: Capital spending −$10.5M$82.4MFY2021FY2022: Operating cash flow $27.2MFY2022: Shares issued $27.5MFY2022: Capital spending −$14.1M$54.6MFY2022FY2023: Operating cash flow $56.3MFY2023: Shares issued $32.1MFY2023: Capital spending −$17.9MFY2023: Buybacks −$86.4M$88.4MFY2023FY2024: Operating cash flow $68.4MFY2024: Shares issued $31.6MFY2024: Capital spending −$18.1MFY2024: Buybacks −$10.7M$100MFY2024FY2025: Operating cash flow $135MFY2025: Shares issued $65.2MFY2025: Capital spending −$19.4MFY2025: Buybacks −$93.6M$200MFY2025
Over these 5 years operating cash flow totalled $344M; the largest uses were buybacks ($191M) and capital spending ($79.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$155M
Debtnone
Net cash$155M

Calix funds itself: free cash flow was $62.2M over the last twelve months, with $155M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Calix: sources (+) and uses (−) of cash, Q3 2026Calix: sources (+) and uses (−) of cash, Q3 2026Buybacks−$50.0MOther investing$26.3MCash drawn (+) / kept (−)$13.0MShares issued$7.2MOperating cash flow$6.3MCapital spending−$2.9MExchange rates$40K
Calix: sources (+) and uses (−) of cash, TTM to Q3 2026Calix: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$307MOther investing$146MOperating cash flow$83.5MShares issued$59.7MCash drawn (+) / kept (−)$39.1MCapital spending−$21.3MExchange rates−$261K

From profit to cash

Calix: net income to operating cash flow, Q3 2026Calix: net income to operating cash flow, Q3 2026Net income$10.2MDepreciation & amortization$4.5MStock-based pay$21.0MDeferred taxes$5.1MReceivables$8.9MInventory−$7.4MPayables−$29.8MAccrued liabilities$9.5MDeferred revenue−$6.0MPrepaid and other assets−$12.5MOther liabilities$3.1MOperating cash flow$6.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264011950109
Q2 2026391145598
Q1 2026341044098
Q4 20253310025107
Q3 202526881896
Q2 202526912097
Q1 2025319220103
Q4 20243810323118

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$6.3M−$2.9M−$50.0M$7.2M$13.0M$3.4M
Q2 2026$16.5M−$4.6M−$69.4M$8.1M−$14.3M$11.9M
Q1 2026$14.6M−$8.1M−$171M$20.0M$88.5M$6.5M
Q4 2025$46.0M−$5.8M−$16.6M$24.4M−$48.1M$40.3M
Q3 2025$32.3M−$5.6M−$3.5M$16.6M−$18.5M$26.7M
Q2 2025$39.4M−$3.7M−$33.6M$13.4M−$34.2M$35.6M
Q1 2025$17.2M−$4.3M−$40.0M$10.8M$862K$12.9M
Q4 2024$15.4M−$5.1M−$7.0M$6.2M$19.2M$10.2M

Calix: income statement and cash flow

Calix, Q3 2026: revenue $302M (+14% year over year), operating margin 5.5%. The chart follows the revenue to costs, profit and cash.

Calix: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.