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Dec 31, 2025
Harmonic Q4 2025 Earnings Report
Harmonic reported its financial results for the fourth quarter and fiscal year ended December 31, 2025.
Key Takeaways
Harmonic Inc. concluded the year with strong quarterly bookings in its Broadband business, achieving a 3.5 book-to-bill ratio for the quarter and a significant year-over-year increase in backlog. The Video business, presented as discontinued operations, surpassed revenue and profitability expectations, and its planned sale is on track to close in the second quarter of 2026.
Record quarterly Broadband bookings drove a 3.5 book-to-bill in Q4 2025.
Backlog and deferred revenue increased by 73% year-over-year to $573.8 million.
The Video business, presented as discontinued operations, exceeded revenue and profitability expectations for the quarter.
The planned sale of the Video business is proceeding as anticipated and is expected to close in the second quarter of 2026.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Harmonic provides Q1 2026 and full-year 2026 GAAP financial guidance for continuing operations, anticipating revenue growth and improved profitability, with specific ranges for net revenue, gross margin, income from operations, and net income per share.
Positive Outlook
- Q1 2026 net revenue is projected between $100 million and $105 million.
- Full-year 2026 net revenue is projected between $440 million and $480 million.
- Q1 2026 GAAP gross margin is expected to be 53.0% to 54.3%.
- Full-year 2026 GAAP gross margin is expected to be 50.5% to 52.5%.
- Q1 2026 GAAP net income per share is projected at $0.04.
Challenges Ahead
- Q1 2026 income from operations is projected to be between $7 million and $9 million.
- Full-year 2026 income from operations is projected to be between $46 million and $71 million.
- The tax rate for both Q1 and FY 2026 is expected to be 27.3%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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