Filing Flows › Calix (CALX) › Q4 2025
Calix (CALX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Calix (CALX) reported revenue of $272M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +3% from the quarter before. Operating margin was 3.4%, net earnings $7.2M (2.6% of revenue).
Calix, Q4 2025: revenue $272M (+32% year over year), operating margin 3.4%, net earnings $7.2M, operating cash flow $46.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $272M | +3% | +32% |
| Gross profit | $157M | +3% | +39% |
| Operating profit | $9.3M | -47% | — |
| Net earnings | $7.2M | -54% | — |
| Operating cash flow | $46.0M | +42% | +200% |
| Free cash flow | $40.3M | +51% | +294% |
What changed
Revenue was $272.4M in Q4 2025, up 32% year over year and up 3% from the previous quarter.
Gross margin was 57.7%, up 2.7 points from a year earlier. Operating profit was $9.3M, a 3.4% margin (up 12.5 points year over year). Operating expenses grew 12% against revenue growth of 32%. The fastest-growing cost line was Research & development (+17%). Net earnings were $7.2M. The effective tax rate was 46.2%. Non-operating items added $4.1M, 31% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $46.0M (up 200% year over year), 638% of net earnings. Non-cash charges added back $4.4M of depreciation and amortization and $22.0M of share-based compensation. Working capital and other items added $12.5M. Capital expenditures of $5.8M left free cash flow of $40.3M.
Questions
What was Calix's revenue in the fourth quarter 2025?
Calix (CALX) reported revenue of $272M for the fourth quarter 2025 (Q4 2025), +32% from a year earlier and +3% from the quarter before.
Was Calix profitable in the fourth quarter 2025?
Operating profit was $9.3M (3.4% of revenue) and net earnings $7.2M.
Source: Calix 10-K on SEC EDGAR.