Filing Flows › Calix (CALX) › Q2 2026 › vs Q2 2025
Calix (CALX) Q2 2026 vs Q2 2025 (year over year)
Calix's revenue rose $51.4M (+21%) from $242M in Q2 2025 to $293M in Q2 2026. The biggest changes: Appliance +$44.7M (+23%); Software and service +$6.8M (+16%). Gross margin 54.6% against 56.3% (-1.8 pts).
Calix, Q2 2026: revenue $293M (+21% year over year), operating margin 7.4%, net earnings $17.1M, operating cash flow $16.5M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 54.6% | 56.3% | -1.8 pts |
| Operating margin | 7.4% | 0.2% | +7.3 pts |
| Net margin | 5.8% | -0.1% | +5.9 pts |
| Free cash flow margin | 4.1% | 14.7% | -10.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Appliance | $243M | $198M | $44.7M | +23% |
| Software and service | $50.5M | $43.8M | $6.8M | +16% |
| Revenue | $293M | $242M | $51.4M | +21% |
| Gross profit | $160M | $136M | $23.8M | +17% |
| Cost of revenue | $133M | $106M | $27.6M | +26% |
| Other income, net | $1.7M | $3.0M | −$1.3M | -42% |
| Operating profit | $21.8M | $391K | $21.5M | 56× |
| Operating expenses | $138M | $136M | $2.4M | +2% |
| Pre-tax earnings | $23.6M | $3.4M | $20.2M | +589% |
| Research & development | $52.8M | $45.8M | $7.0M | +15% |
| Sales & marketing | $62.3M | $63.7M | −$1.3M | -2% |
| General & admin | $23.2M | $26.5M | −$3.3M | -12% |
| Net earnings | $17.1M | −$199K | $17.3M | — |
| Income tax | $6.5M | $3.6M | $2.9M | +79% |
| Operating cash sources | $38.2M | $29.8M | $8.5M | +28% |
| Depreciation & amortization | $4.4M | $4.3M | $70K | +2% |
| Share-based compensation | $16.7M | $25.6M | −$8.9M | -35% |
| Working capital & other | $21.7M | −$9.6M | $31.3M | — |
| Operating cash flow | $16.5M | $39.4M | −$22.9M | -58% |
| Free cash flow (OCF − capex) | $11.9M | $35.6M | −$23.7M | -67% |
| Capital expenditures | $4.6M | $3.7M | $845K | +23% |
Questions
How much did Calix's revenue grow year over year in Q2 2026?
Calix's revenue rose $51.4M (+21%) from $242M in Q2 2025 to $293M in Q2 2026.
What drove Calix's revenue change in Q2 2026?
Appliance +$44.7M (+23%); Software and service +$6.8M (+16%).