At a glance
Calix Inc is worth $2.40B, about 147 times its fiscal 2025 earnings. Revenue grew 20.3% to $1.00B in fiscal 2025, with 1.8% kept as profit; over 5 years it has grown 13.1% a year. It pays no dividend; it spent $190.7M buying back its shares over FY2021–FY2025. The stock returned −38.2% over the past year with dividends reinvested and −8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.1% in the 2020 crash (S&P 500: 33.7%) and 58.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Calix, founded in 1999, provides equipment, software and services to broadband providers, the companies that deliver internet service to homes and businesses. Customers range from local phone companies and electric cooperatives to cable operators, wireless internet providers and towns building their own fiber networks. Calix's pitch is that these providers can compete on service, not just speed, by offering extras that keep subscribers loyal.
Its products form the Calix One platform. Access Edge is the network gear that links subscribers to a provider's network. Experience Edge covers Wi-Fi equipment inside homes and businesses, such as the GigaSpire and GigaPro lines. Calix Cloud is subscription software for providers' marketing, operations and support teams. The Calix Agent Workforce adds AI agents, software that can carry out tasks on its own, such as spotting outages. SmartLife managed services let providers offer extras like home network security, community Wi-Fi and small-business networking.
Hardware still dominates. In fiscal 2025, which ended December 31, 2025, revenue rose 20.3% to about $1.0 billion. Appliances (physical equipment) made up 82.6% of that, while software and services made up 17.4%. Selling more cloud software and managed services to new and existing customers is central to Calix's strategy. Its 10-K, filed February 20, 2026, says it has averaged 80 new customers a year over five years.
Price history
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CALX -38.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Appliance | $825.6M | 82.6% |
| Software and service | $174.4M | 17.4% |
Latest results
- In Q2 FY2026 (ended Jun 27, 2026), revenue was $293.3M, up 21.3% from a year earlier, and net income was $17.1M.
- For fiscal 2025, revenue was $1.00B (+20.3% year over year; +13.1% a year from FY2020 to FY2025) with a 1.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.1% good |
|---|---|
| Operating margin | 2.1% weak |
| Free cash flow margin | 11.6% good |
| Return on equity (FY2025) | 2.1% weak |
| Return on assets (FY2025) | 1.7% weak |
| Cash and investments | $194.3M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $541.2M | $33.5M | $43.6M |
| FY2021 | $679.4M | $238.4M | $46.3M |
| FY2022 | $867.8M | $41.0M | $13.1M |
| FY2023 | $1.04B | $29.3M | $38.4M |
| FY2024 | $831.5M | $-29.7M | $50.3M |
| FY2025 | $1.00B | $17.9M | $115.5M |
Valuation snapshot
| Market value | $2.40B |
|---|---|
| P/E ratio | 146.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Calix’s market value went from $375.7M at the end of 2016 to $2.40B on Oct 28, 2026, about 6.4 times as much; since the end of 2025 it is down 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.40B | -31.5% |
| 2025 | $3.51B | +51.7% |
| 2024 | $2.31B | -19.6% |
| 2023 | $2.88B | -35.7% |
| 2022 | $4.48B | -12.2% |
| 2021 | $5.10B | +177.3% |
| 2020 | $1.84B | +314.1% |
| 2019 | $443.9M | -14.3% |
| 2018 | $518.0M | +72.8% |
| 2017 | $299.8M | -20.2% |
| 2016 | $375.7M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CALX price data to Oct 28, 2026 | -27.9% | -38.2% | +5.3% | -8.9% | +19.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -27.9% |
| 2025 | +51.8% |
| 2024 | -20.2% |
| 2023 | -36.1% |
| 2022 | -14.4% |
| 2021 | +168.7% |
| 2020 | +272.0% |
| 2019 | -17.9% |
| 2018 | +63.9% |
| 2017 | -22.7% |
| 2016 | -2.2% |
| 2015 | -21.5% |
| 2014 | +3.9% |
| 2013 | +25.4% |
| 2012 | +18.9% |
| 2011 | -61.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.9% over that stretch · deepest drop along the way 44.1%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.3% over that stretch · deepest drop along the way 58.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($5.0M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 27, 2026 | Carl Russo Director, 10% owner | sell (plan) | $2.7M |
| Apr 27, 2026 | Carl Russo Director, 10% owner | sell (plan) | $903K |
| Feb 3, 2026 | Carl Russo Director, 10% owner | sell (plan) | $633K |
| Feb 3, 2026 | Carl Russo Director, 10% owner | sell (plan) | $549K |
| Apr 27, 2026 | Carl Russo Director, 10% owner | sell (plan) | $179K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 16.2% | Jun 30, 2026 |
| Vanguard Portfolio Management | 8.64% | Mar 31, 2026 |
| AllianceBernstein L.P. | 5% | Mar 31, 2026 |
ETFs with the most weight in CALX
| XTL SPDR S&P Telecom ETF | 3.08% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 3.07% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.4% |
| OASC OneAscent Small Cap Core ETF | 0.37% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.35% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.32% |
| PAVE Global X US Infrastructure Development ETF | 0.31% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.27% |
What could go wrong
- Customers may not adopt the full platform. Calix's growth plan depends on providers adopting its cloud software, AI agents and managed services. Software and services were 17.4% of fiscal 2025 revenue, so slow uptake would leave it reliant on hardware.
- Revenue rides on broadband providers' spending. Sales depend on how much service providers spend on their networks. Limited access to capital, the timing of government broadband programs or a federal shutdown can delay orders and make results swing between quarters.
- Reliance on outside suppliers, some sole-source. Calix depends on third-party vendors, some the only source for a part. Component shortages have disrupted its business and squeezed profit margins. It can also be stuck with inventory or supplier commitments that lose value.
- AI push could fall short. Calix has made AI agents central to its products. Its 10-K warns that failing to develop, invest in and manage these AI tools properly could seriously harm its business and results.
- Tariffs could raise costs and cool demand. New duties, tariffs and trade barriers from the U.S. and other governments could raise costs and dampen customer demand. That matters because physical equipment made up 82.6% of fiscal 2025 revenue.
- Profits are thin and uneven. Calix has a history of swinging margins and results. Revenue fell from $1.04 billion to $832 million in fiscal 2024, with a net loss, and operating profit was just 2.1% of sales in fiscal 2025.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Calix does not pay a dividend, and its 10-K says it does not intend to start, so any return must come from a rising share price. Income-focused investors would get no payouts here. The company has repurchased its own shares instead: about $191 million from fiscal 2021 to fiscal 2025, including $93.6 million in fiscal 2025. Even so, the share count was only 0.8% lower in July 2026 than in July 2021.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 44%, then regained their prior high by April 29, 2020. In the 2022 bear market (a long, broad slide in stock prices), they fell 58% between January 3 and June 16, 2022, and had not regained that peak as of October 28, 2026. Over the year to that date they lost 38.2%. Single stocks like Calix carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Calix make money?
Mostly from equipment sales. In fiscal 2025, which ended December 31, 2025, appliances such as network gear and in-home Wi-Fi systems brought in about $826 million, or 82.6% of roughly $1.0 billion in revenue. Software and services, such as Calix Cloud subscriptions, added about $174 million, or 17.4%. Its customers are broadband providers, from local phone companies and electric cooperatives to cable operators and towns running their own fiber networks.
Does Calix pay a dividend?
No. Calix did not pay a dividend in any fiscal year from 2020 through 2025, and its 10-K says it does not intend to pay one. Shareholders earn a return only if the stock price rises. The company has used buybacks instead, spending about $191 million to repurchase its own shares from fiscal 2021 to fiscal 2025, including $93.6 million in fiscal 2025. Even so, the share count was only 0.8% lower in July 2026 than in July 2021.
Is Calix profitable?
Only slightly. In fiscal 2025 Calix earned $17.9 million, or $0.26 a share, on about $1.0 billion of revenue, after a $29.7 million loss in fiscal 2024. Thin profits help explain why the share price was about 147 times fiscal 2025 earnings as of October 28, 2026. Free cash flow, the cash left after running the business and investing in equipment, was stronger at $115.5 million in fiscal 2025. In the quarter ended June 27, 2026, revenue rose 21.3% from a year earlier and net income was $17.1 million.
Does Calix have any debt?
It appears not. Calix's filings show no reported borrowings as of June 27, 2026, when it held about $194.3 million in cash and investments. Shareholders' equity, or assets minus liabilities, was about $710 million, against total assets of about $954 million. Having no debt means no interest bills to cover in a weak year. Still, the 10-K warns that Calix may need additional capital in the future to finance its business.
Is Calix stock volatile?
Yes. As of October 28, 2026, the shares were down 38.2% over one year and 27.9% for the year to date, and had dropped as much as 51.6% from peak to low during that year. Calendar-year returns have ranged from a 272% gain in 2020 to a 61.7% loss in 2011. Over about 16.6 years of trading history, the worst peak-to-low fall was 81%. The 10-K warns that swings in margins and operating results can push the price down.