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Comtech Telecommunications (CMTL) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Jun 15, 2026 · Comtech Telecommunications (CMTL) Q3 FY26 earnings results →

Q3 FY26 Revenue down 16% year over year to $106M · 3¢ of every $1 of revenue lost · operating margin -2.9%

Comtech Telecommunications made $106M in Q3 FY26 (-16% Y/Y): Allerium $55.7M, Satellite and Space Communications $50.3M. Operating margin -2.9%, net loss $3.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jun 15, 2026.

Revenue$106M
Year over year-16%
Operating margin-2.9%
Net earnings−$3.5M
Operating cash flow$6.1M

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 $106.0M in Q3 FY26, down 16% year over year and down 1% from the previous quarter. Allerium was the largest line at 53% of revenue. Satellite and Space Communications lost $17.2M year over year (down 26%), 83% of the total change.

Gross margin was 34.0%, up 3.3 points from Q3 FY25. Operating costs exceeded revenue by $3.1M, an operating margin of -2.9%. Operating expenses fell 3% while revenue fell 16%. The fastest-growing cost line was Research & development (+18%). The quarter ended with a net loss of $3.5M, narrower than the previous quarter's $13.6M loss. Non-operating items added $937K, -43% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $6.1M (up 165% year over year). Non-cash charges added back $7.7M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $654K. Capital expenditures of $5.4M left free cash flow of $673K.

Quarterly history

Comtech Telecommunications revenue by quarterComtech Telecommunications revenue by quarter$127MQ2 FY25$127MQ3 FY25$130MQ4 FY25$111MQ1 FY26$107MQ2 FY26$106MQ3 FY26
Comtech Telecommunications net earnings by quarterComtech Telecommunications net earnings by quarter−$48.7MQ2 FY25$33.9MQ3 FY25$7.9MQ4 FY25−$15.9MQ1 FY26−$13.6MQ2 FY26−$3.5MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QJun 15, 2026$106M-16%-2.9%−$3.5M$6.1M
Q2 FY2610-QMar 16, 2026$107M-16%-1.2%−$13.6M$4.9M
Q1 FY2610-QDec 11, 2025$111M-4%-2.5%−$15.9M$8.1M
Q4 FY2510-KNov 10, 2025$130M+3%1.4%$7.9M$11.4M
Q3 FY2510-QJun 9, 2025$127M-1%-1.2%$33.9M$2.3M
Q2 FY2510-QMar 12, 2025$127M-6%-8.1%−$48.7M−$234K

Charts

Comtech Telecommunications: revenue growth, year over year and quarter over quarterComtech Telecommunications: revenue growth, year over year and quarter over quarterY/YQ/Q-6%Q2 FY25-1%+0%Q3 FY25+3%+3%Q4 FY25-4%-15%Q1 FY26-16%-4%Q2 FY26-16%-1%Q3 FY26
Latest (Q3 FY26): Y/Y -16%, Q/Q -1%.
Comtech Telecommunications: where the cash came from (+) and went (−), FY26Comtech Telecommunications: where the cash came from (+) and went (−), FY26Operating cash flow$37.4MNet borrowing (+) / repaid (−)−$28.2MCapital spending−$15.2MOther investing$9.3MOther financing−$3.7MCash drawn (+) / kept (−)$1.0MTaxes on employees’ shares−$688KShares issued$95KDividends−$32K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Comtech Telecommunications: profit against cash, quarter by quarterComtech Telecommunications: profit against cash, quarter by quarterNet incomeOperating cash flow−$148M−$21.8MQ1 FY25−$48.7M−$234KQ2 FY25$33.9M$2.3MQ3 FY25$7.9M$11.4MQ4 FY25−$15.9M$8.1MQ1 FY26−$13.6M$4.9MQ2 FY26−$3.5M$6.1MQ3 FY26−$3.2M$18.4MQ4 FY26
Latest (Q4 FY26): Net income −$3.2M, Operating cash flow $18.4M.
Comtech Telecommunications: diluted shares by fiscal yearComtech Telecommunications: diluted shares by fiscal year26MFY2127MFY2228MFY2329MFY2429MFY2530MFY26
+16.2% since FY21: more shares outstanding (issuance, stock pay).
Comtech Telecommunications in its industry: growth against margin (18 companies, SIC 3663)Comtech Telecommunications in its industry: growth against margin (18 companies, SIC 3663)revenue growth, year over year →↑ operating marginmedian +40%median 2%QCOMMSIUIVISNHLITAVNWPLONDSBKSYBKTISATLUMACAIRGKUSTWATTCRVWVUZICMTL (-16%, -3%)
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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Customers and suppliers named in filings

Sells to

About Comtech Telecommunications

Comtech Telecommunications Corp., a Delaware corporation ("Comtech" or the "Company"), through its Allerium segment, is a leading provider of mission-critical communications infrastructure and software for public safety and mobile networks worldwide, including technologies that locate, route, deliver and answer 9-1-1 calls and emergency communications, as well as carrier-grade location, messaging and public alerting capabilities, when every connection counts.

In its own words, from its 10-K, filed Oct 14, 2026.

Comtech Telecommunications against its Radio & Tv Broadcasting & Communications Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -16% against the peers' median +12%. Operating margin: -2.9% against the peers' median 7.2%.

CompanyQuarterRevenueY/YOp. margin
CMTL Comtech TelecommunicationsQ3 FY26$106M-16%-2.9%
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%
AVNW Aviat NetworksQ4 FY26$121M+5%4.8%
PL Planet Labs PBCQ2 FY27$116M+58%-11.6%
ONDS OndasQ2 2026$83.8M13×-194.5%

Source: Comtech Telecommunications 10-Q on SEC EDGAR · CIK 23197 · Radio & Tv Broadcasting & Communications Equipment

13F: who owns CMTL and who is buying

Largest holders of CMTL (13F)Largest holders of CMTL (13F)Vanguard Group$7.2MVanguard Capital Management LLC$2.7MBeacon Pointe Advisors, LLC$2.6MNeedham Investment Management LLC$1.9MMML Investors Services, LLC$1.4MAcadian Asset Management LLC$1.3MMarshall Wace, LLP$1.2MBlackRock$1.1MJane Street Group, LLC$1.0MPacific Ridge Capital Partners, L…$966K
Funds' net buying of CMTL by quarter (13F)Funds' net buying of CMTL by quarter (13F)−$1.1M2024-09−$4.2M2024-12−$2.1M2025-03−$2.9M2025-06$4.1M2025-09−$397K2025-12$5.1M2026-03−$5.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CMTL

History

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

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