NYSE$CALX
Calix Inc · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Calix reported strong Q4 2025 results with record revenue, record gross margin, and continued platform adoption.
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
Headline financials
Revenue & EPS history
Calix · Revenue · Quarterly
$272M
Forward guidance
Q1 2026 guidance reflects sequential revenue growth and continued investments in AI and platform capabilities.
Tailwinds
- 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
Headwinds
- 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
- Uncertainty in customer mix could impact margin further
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-0.4%
Avg return
Earnings day
+2.4%
Avg return
5 days after
+4.2%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+26.3%
Q3 2018
Best reaction
-28.1%
Q4 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.2% | -14.0% | -21.3% | |
| Q4 2025 | -11.4% | -9.1% | -2.2% | |
| Q3 2025 | +8.8% | +5.2% | -11.2% | |
| Q2 2025 | +0.7% | -1.0% | +5.2% | |
| Q1 2025 | +13.1% | +19.2% | +40.7% | |
| Q4 2024 | +7.8% | +6.2% | -0.6% | |
| Q3 2024 | -0.7% | -6.6% | -15.5% | |
| Q2 2024 | -3.7% | +0.9% | +2.1% | |
| Q1 2024 | -4.3% | -3.0% | +11.1% | |
| Q4 2023 | -23.3% | +1.4% | -3.0% | |
| Q3 2023 | -19.6% | -24.4% | -12.3% | |
| Q2 2023 | -3.5% | -5.5% | -17.5% | |
| Q1 2023 | -3.1% | -0.2% | -5.6% | |
| Q4 2022 | -3.0% | -11.2% | -12.8% | |
| Q3 2022 | +16.9% | +19.7% | +12.1% | |
| Q2 2022 | +11.3% | +26.0% | +28.2% | |
| Q1 2022 | +1.5% | +6.4% | -4.4% | |
| Q4 2021 | -5.2% | +17.9% | +26.6% | |
| Q3 2021 | +7.9% | +16.3% | +29.6% | |
| Q2 2021 | -9.1% | -3.9% | -3.3% | |
| Q1 2021 | -6.9% | -8.1% | -2.4% | |
| Q4 2020 | -9.6% | -11.7% | +9.8% | |
| Q3 2020 | +17.1% | +19.8% | +10.6% | |
| Q2 2020 | +21.1% | +22.0% | +23.3% | |
| Q1 2020 | +15.9% | +20.6% | +43.6% | |
| Q4 2019 | +2.5% | +3.7% | +0.8% | |
| Q3 2019 | +6.3% | +8.6% | +5.9% | |
| Q2 2019 | -11.8% | -8.6% | -15.7% | |
| Q1 2019 | +2.2% | +6.6% | -11.7% | |
| Q4 2018 | -28.1% | -33.0% | -29.3% | |
| Q3 2018 | +26.3% | +38.3% | +29.5% | |
| Q2 2018 | -2.9% | -0.7% | +15.2% | |
| Q1 2018 | -1.5% | -3.0% | +18.9% | |
| Q4 2017 | +1.6% | +10.5% | +15.3% | |
| Q3 2017 | +3.6% | +13.6% | +16.4% | |
| Q2 2017 | -20.7% | -25.3% | -28.1% | |
| Q1 2017 | +3.8% | +1.5% | +9.9% | |
| Q4 2016 | -5.5% | -6.8% | -3.4% | |
| Q3 2016 | +6.4% | +5.6% | +17.6% | |
| Q2 2016 | +4.8% | +2.7% | -3.4% | |
| Q1 2016 | +5.6% | — | — | |
| Q4 2015 | -16.6% | — | — | |
| Q3 2015 | -22.3% | — | — | |
| Q2 2015 | +18.5% | — | — | |
| Q1 2015 | -5.0% | — | — | |
| Q4 2014 | -14.6% | — | — | |
| Q3 2014 | +23.1% | — | — | |
| Q2 2014 | +17.6% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q4 2013 | -6.1% | — | — | |
| Q3 2013 | -17.1% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +2.6% | — | — | |
| Q4 2012 | +1.1% | — | — | |
| Q3 2012 | +16.1% | — | — | |
| Q2 2012 | +1.1% | — | — | |
| Q1 2012 | +4.5% | — | — | |
| Q4 2011 | -6.2% | — | — | |
| Q3 2011 | -16.1% | — | — | |
| Q2 2011 | -10.0% | — | — | |
| Q1 2011 | +6.3% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q3 2010 | +1.5% | — | — | |
| Q2 2010 | -3.3% | — | — | |
| Q1 2010 | -11.7% | — | — |
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