NASDAQ$CRNT
Ceragon Networks Ltd · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Ceragon reported its financial results for the fourth quarter and full-year ended December 31, 2025, with results in-line with the January update, reiterated guidance, and a strengthened balance sheet.
Ceragon reported Q4 2025 revenues of $82.3 million, GAAP operating income of $2.4 million, and GAAP net income of $0.1 million. For the full year 2025, revenues were $338.7 million, GAAP operating income was $7.2 million, and GAAP net loss was $(2.1) million. The company ended 2025 with a strengthened balance sheet, including $38.4 million in cash and cash equivalents.
- Q4 2025 revenues were $82.3 million, consistent with the January update.
- GAAP operating income for Q4 2025 was $2.4 million, with non-GAAP operating income at $3.4 million.
- Ceragon ended 2025 with $38.4 million in cash and cash equivalents, an increase from $35.3 million at the end of 2024.
- North American momentum continued, with backlog entering 2026 nearly double that of entering 2025.
Headline financials
Revenue & EPS history
Ceragon · Revenue · Quarterly
$82.3M
Revenue by segment
Ceragon · $51.6M total across 2 segments · Q2 2025
- North America$26.8M—51.9%
- India$24.8M—48.1%
Forward guidance
For 2026, Ceragon expects revenue between $355 million and $385 million, with a non-GAAP operating margin of 6.5% to 7.5% at the midpoint of the revenue range, reflecting currency assumptions established in January.
Tailwinds
- Reiterated revenue guidance for 2026, implying near double-digit growth.
- Stronger balance sheet provides a solid foundation for future operations.
- Continued momentum in North America, with significantly higher backlog.
- Disciplined execution and improved cash generation.
- Non-GAAP operating margin expected to be between 6.5% to 7.5%.
Headwinds
- Currency fluctuations could impact financial results.
- Management will closely monitor and evaluate currency fluctuations.
- The margin outlook reflects currency assumptions from January, which may change.
- Potential for discrepancies between preliminary and audited results.
- Reliance on a limited number of large mobile operators could affect ordering patterns.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2025
-2.7%
Avg return
Earnings day
-3.2%
Avg return
5 days after
-2.5%
Avg return
30 days after
38%
24 / 64 earnings
Positive
+26.6%
Q4 2017
Best reaction
-35.1%
Q3 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.7% | +6.4% | +8.0% | |
| Q4 2025 | -1.3% | +1.8% | -1.8% | |
| Q3 2025 | +1.8% | -8.8% | -7.9% | |
| Q2 2025 | -15.2% | -14.2% | -11.5% | |
| Q1 2025 | -1.4% | +5.8% | +9.7% | |
| Q4 2024 | -21.5% | -27.9% | -46.0% | |
| Q3 2024 | +10.2% | +21.9% | +87.1% | |
| Q2 2024 | +15.3% | -0.7% | +12.8% | |
| Q1 2024 | -9.8% | +1.1% | -3.2% | |
| Q4 2023 | +4.7% | +2.2% | +13.6% | |
| Q3 2023 | -8.2% | -4.4% | +2.2% | |
| Q2 2023 | +5.0% | +5.0% | -3.5% | |
| Q1 2023 | -8.2% | -9.2% | -8.2% | |
| Q4 2022 | -10.6% | -11.9% | -21.6% | |
| Q3 2022 | +4.6% | +6.3% | +12.6% | |
| Q2 2022 | +0.8% | +2.7% | -15.0% | |
| Q1 2022 | +2.1% | -1.0% | -5.2% | |
| Q4 2021 | -8.4% | -10.2% | -9.3% | |
| Q3 2021 | -9.4% | -7.7% | -25.9% | |
| Q2 2021 | +4.8% | +3.3% | +0.0% | |
| Q1 2021 | -2.3% | -1.2% | +3.8% | |
| Q4 2020 | -10.0% | +7.5% | -29.4% | |
| Q3 2020 | -4.1% | +0.5% | +23.5% | |
| Q2 2020 | +6.9% | +1.1% | -9.2% | |
| Q1 2020 | +0.0% | -0.9% | +4.5% | |
| Q4 2019 | -5.8% | -7.7% | -29.3% | |
| Q3 2019 | -35.1% | -38.5% | -36.1% | |
| Q2 2019 | -13.4% | -14.8% | -7.8% | |
| Q1 2019 | -12.9% | -14.8% | -20.8% | |
| Q4 2018 | -15.3% | -18.9% | -27.5% | |
| Q3 2018 | +13.6% | +25.7% | +22.5% | |
| Q2 2018 | -14.0% | -18.6% | -22.1% | |
| Q1 2018 | +10.0% | +3.5% | +17.8% | |
| Q4 2017 | +26.6% | +26.3% | +35.4% | |
| Q3 2017 | -11.1% | -18.7% | +4.3% | |
| Q2 2017 | -3.6% | +1.8% | -7.2% | |
| Q1 2017 | -9.9% | -6.8% | -24.4% | |
| Q4 2016 | -8.9% | -11.1% | -14.7% | |
| Q3 2016 | +4.8% | +3.5% | +7.9% | |
| Q2 2016 | -14.0% | -7.4% | +22.7% | |
| Q1 2016 | +18.6% | — | — | |
| Q4 2015 | +7.3% | — | — | |
| Q3 2015 | -18.9% | — | — | |
| Q2 2015 | +9.4% | — | — | |
| Q1 2015 | -10.2% | — | — | |
| Q4 2014 | -9.2% | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | -11.5% | — | — | |
| Q4 2013 | -5.0% | — | — | |
| Q3 2013 | -2.5% | — | — | |
| Q2 2013 | -0.3% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2009 | +0.5% | — | — | |
| Q4 2012 | +2.2% | — | — | |
| Q3 2012 | +1.4% | — | — | |
| Q2 2012 | +1.4% | — | — | |
| Q4 2011 | -1.1% | — | — | |
| Q4 2010 | -1.1% | — | — | |
| Q1 2012 | -1.1% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -4.4% | — | — | |
| Q1 2011 | -2.3% | — | — | |
| Q3 2010 | -3.7% | — | — | |
| Q2 2010 | +3.9% | — | — | |
| Q1 2010 | +0.4% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro