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Dec 31, 2025
Calix Q4 2025 Earnings Report
Calix reported strong Q4 2025 results with record revenue, record gross margin, and continued platform adoption.
Key Takeaways
Calix achieved record quarterly revenue and gross margin, with robust demand across its platform, cloud, and managed services. Operating income and free cash flow remained strong, despite increased investments in platform innovation and AI capabilities.
Record Q4 revenue of $272.4 million, up 32% year-over-year
Non-GAAP gross margin hit a record 58.0%, eighth consecutive quarter of improvement
GAAP net income was $7.2 million; non-GAAP net income reached $27.3 million
Record RPOs of $385 million reflect strong customer adoption of platform and services
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Q1 2026 guidance reflects sequential revenue growth and continued investments in AI and platform capabilities.
Positive Outlook
- Revenue expected to grow sequentially to $275–$281 million
- Strong demand visibility across customer base
- Platform adoption accelerating with third-gen rollout
- Expectations to return to target operating expense model by Q4 2026
- Continued non-GAAP profitability expected
Challenges Ahead
- Gross margin to compress slightly due to dual cloud costs
- Higher operating expenses in Q1 2026 due to AI investments
- Non-GAAP gross margin at low end of target range for the year
- Reduction in sales and marketing expenses following Q4’s ConneXions event
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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