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Jun 28
Calix Q2 2025 Earnings Report
Calix posted strong revenue growth and record free cash flow in Q2 2025.
Key Takeaways
Calix delivered 10% sequential revenue growth to $241.9M, driven by strong BXP platform adoption. Despite a small GAAP net loss, non-GAAP profitability improved significantly, with record free cash flow and strong RPO growth.
Revenue grew 10% sequentially and 22% YoY to $241.9M
GAAP net loss was minimal at $0.2M, while non-GAAP net income rose to $22.2M
Free cash flow reached a record $35.6M in the quarter
RPOs grew 30% YoY to $346.6M, signaling strong future demand
Calix
Calix
Calix Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Calix expects Q3 2025 revenue growth and margin expansion, supported by strong platform and managed services adoption, while maintaining disciplined operating expenses.
Positive Outlook
- Revenue guidance of $243M to $249M, up ~2% sequentially
- Non-GAAP gross margin expected between 56% and 58%
- Continued strong demand for platform, cloud, and managed services
- Non-GAAP operating expenses expected to decline as % of revenue
- Effective tax rate for 2025 expected between 23% and 25%
Challenges Ahead
- GAAP operating expenses remain high due to stock-based compensation
- DPO below target range at 17 days
- Cash conversion cycle slightly increased to 113 days
- International revenue still represents a small portion of total revenue
- Non-GAAP operating expenses to increase modestly until fully aligned with target model
Revenue & Expenses
Visualization of income flow from segment revenue to net income