Calix, Inc 8-K, filed Jul 20, 2026

Calix, Inc (CALX)

8-K 2026-07-20 For: 2026-07-20

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Added on July 20, 2026

About this 8-K

Calix, Inc filed this 8-K on July 20, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit No.						Description
99.1						Press Release, dated July 20 , 2026 announcing second quarter 2026 financial results.
99.2						Stockholder Letter dated July 20 , 2026 announcing financial results of the Company.


Exhibit No.						Description
99.1						Press Release, dated July 20 , 2026 announcing second quarter 2026 financial results.
99.2						Stockholder Letter dated July 20 , 2026 announcing financial results of the Company.


	GAAP	Non-GAAP	Guidance Non-GAAP 1
Revenue	$293.3m	$293.3m	$287m – $293m
Gross margin	54.6%	54.8%2	54.25% – 57.25%
Operating expenses	$138.3m	$122.2m2	$127.0m – $129.0m
Net income per diluted common share	$0.26	$0.472	$0.35 – $0.45


	Guidance Non-GAAP	Guidance Reconciled to GAAP
Revenue	$301m – $307m	$301m – $307m
Gross margin	50.5% – 53.5%1	50.3% – 53.3%
Operating expenses	$123.5m – $125.5m1	$141.5m – $143.5m
Net income per diluted common share2	$0.37 – $0.451	$0.16 – $0.24


Calix, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)

			Three Months Ended				Six Months Ended
			June 27,		June 28,		June 27,		June 28,
			2026		2025		2026		2025

Revenue:
	Appliance		$	242,783	$	198,126	$	475,626	$	377,869
	Software and service		50,546		43,756		97,687		84,255
		Total revenue	293,329		241,882		573,313		462,124
Cost of revenue:
	Appliance		114,497		90,274		213,633		173,019
	Software and service		18,708		15,313		40,260		30,102
		Total cost of revenue	133,205		105,587		253,893		203,121
	Gross profit		160,124		136,295		319,420		259,003
Operating expenses:
	Sales and marketing		62,338		63,653		125,824		121,712
	Research and development		52,754		45,787		107,400		89,767
	General and administrative		23,183		26,464		51,631		53,214
		Total operating expenses	138,275		135,904		284,855		264,693
Operating income (loss)			21,849		391		34,565		(5,690)
Interest income and other income (expense), net:
	Interest income		1,950		2,959		4,808		6,246
	Other income (expense), net		(204)		77		(546)		(119)
		Total interest income and other income (expense), net	1,746		3,036		4,262		6,127
Income before income taxes			23,595		3,427		38,827		437
	Income taxes		6,484		3,626		10,506		5,423
Net income (loss)			$	17,111	$	(199)	$	28,321	$	(4,986)
Net income (loss) per common share:
		Basic	$	0.27	$	(0.00)	$	0.44	$	(0.08)
		Diluted	$	0.26	$	(0.00)	$	0.42	$	(0.08)
Weighted average number of shares used to compute net income (loss) per common share:
		Basic	63,516		64,525		64,579		65,321
		Diluted	65,507		64,525		66,956		65,321


(408) 514-3000
(Registrant’s telephone number, including area code)


Not Applicable
(Former name or former address if changed since last report)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


1			Non-GAAP guidance provided on April 21, 2026.
2			Non-GAAP excludes stock-based compensation, net of the effect for income taxes. See GAAP to non-GAAP reconciliations beginning on page 15.


1			Non-GAAP excludes stock-based compensation, net of the effect for income tax. See the GAAP to non-GAAP reconciliation on page 17.
2			Based on 64.8 million weighted-average diluted common shares outstanding.


Calix, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)

	June 27,		December 31,
	2026		2025
ASSETS
Current assets:
Cash and cash equivalents	$	68,914	$	143,086
Marketable securities	125,388		245,018
Accounts receivable, net	136,401		99,367
Inventory	180,481		133,737
Prepaid expenses and other current assets	83,856		70,345
Total current assets	595,040		691,553
Property and equipment, net	37,578		37,812
Right-of-use operating leases	12,934		14,665
Deferred tax assets	161,767		165,636
Goodwill	116,175		116,175
Other assets	30,910		32,681
	$	954,404	$	1,058,522
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	92,737	$	41,523
Accrued liabilities	81,046		91,339
Deferred revenue	36,473		30,386
Total current liabilities	210,256		163,248
Long-term portion of deferred revenue	19,554		19,890
Operating leases	11,218		12,756
Other long-term liabilities	3,355		3,409
Total liabilities	244,383		199,303
Stockholders’ equity:
Common stock	1,574		1,678
Additional paid-in capital	1,053,389		1,230,191
Accumulated other comprehensive loss	(1,021)		(408)
Accumulated deficit	(343,921)		(372,242)
Total stockholders’ equity	710,021		859,219
	$	954,404	$	1,058,522


Calix, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

	Six Months Ended
	June 27,		June 28,
	2026		2025
Operating activities:
Net income (loss)	$	28,321	$	(4,986)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	37,296		45,357
Depreciation and amortization	8,787		8,613
Deferred income taxes	4,306		(1,285)
Net accretion of available-for-sale securities	(715)		(2,137)
Changes in operating assets and liabilities:
Accounts receivable, net	(37,034)		16,245
Inventory	(46,744)		(7,795)
Prepaid expenses and other assets	(10,124)		13,752
Accounts payable	50,936		2,284
Accrued liabilities	(7,789)		(10,387)
Deferred revenue	5,751		(1,748)
Other long-term liabilities	(1,845)		(1,320)
Net cash provided by operating activities	31,146		56,593
Investing activities:
Purchases of property and equipment	(12,698)		(8,045)
Purchases of marketable securities	(10,141)		(95,116)
Sales of marketable securities	64,244		11,362
Maturities of marketable securities	65,485		117,679
Net cash provided by investing activities	106,890		25,880
Financing activities:
Proceeds from common stock issuances related to employee benefit plans	28,072		24,197
Repurchases of common stock	(240,227)		(73,531)

Net cash used in financing activities	(212,155)		(49,334)
Effect of exchange rate changes on cash and cash equivalents	(53)		237
Net increase (decrease) in cash and cash equivalents	(74,172)		33,376
Cash and cash equivalents at beginning of period	143,086		43,162
Cash and cash equivalents at end of period	$	68,914	$	76,538


Calix, Inc.
Reconciliation of GAAP to Non-GAAP Gross Margin
(Unaudited)
	Three Months Ended
	June 27, 2026						March 28, 2026						December 31, 2025						September 27, 2025						June 28, 2025
	Appliance		Software and service		Total		Appliance		Software and service		Total		Appliance		Software and service		Total		Appliance		Software and service		Total		Appliance		Software and service		Total
GAAP gross margin	52.8	%	63.0	%	54.6	%	57.4	%	54.3	%	56.9	%	57.2	%	60.2	%	57.7	%	56.1	%	63.3	%	57.3	%	54.4	%	65.0	%	56.3	%
Adjustments to GAAP:
Stock-based compensation	0.1		0.8		0.2		0.1		1.4		0.3		0.2		1.1		0.3		0.1		1.0		0.3		0.2		1.0		0.4
Intangible asset amortization	—		—		—		—		—		—		—		—		—		—		0.9		0.1		—		0.5		0.1
Non-GAAP gross margin	52.9	%	63.8	%	54.8	%	57.5	%	55.7	%	57.2	%	57.4	%	61.3	%	58.0	%	56.2	%	65.2	%	57.7	%	54.6	%	66.5	%	56.8	%


Emerging Growth Company						☐


Michael Weening President and CEO						Cory Sindelar CFO


Calix, Inc.
Reconciliation of GAAP to Non-GAAP Operating Expenses
(Unaudited, in thousands)
	Three Months Ended
	June 27,		March 28,		December 31,		September 27,		June 28,
	2026		2026		2025		2025		2025
GAAP operating expenses:
Sales and marketing	$	62,338	$	63,486	$	66,667	$	60,257	$	63,653
Research and development	52,754		54,646		53,534		47,055		45,787
General and administrative	23,183		28,448		27,827		27,293		26,464
	138,275		146,580		148,028		134,605		135,904
Stock-based compensation:
Sales and marketing	(5,631)		(6,649)		(7,059)		(6,158)		(11,047)
Research and development	(5,253)		(5,889)		(6,400)		(5,965)		(5,890)
General and administrative	(5,172)		(7,172)		(7,782)		(7,742)		(7,912)
	(16,056)		(19,710)		(21,241)		(19,865)		(24,849)

Non-GAAP operating expenses:
Sales and marketing	56,707		56,837		59,608		54,099		52,606
Research and development	47,501		48,757		47,134		41,090		39,897
General and administrative	18,011		21,276		20,045		19,551		18,552
	$	122,219	$	126,870	$	126,787	$	114,740	$	111,055


Calix, Inc.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income
(Unaudited, in thousands)
	Three Months Ended
	June 27,		March 28,		December 31,		September 27,		June 28,
	2026		2026		2025		2025		2025
GAAP net income (loss)	$	17,111	$	11,210	$	7,212	$	15,658	$	(199)
Adjustments to GAAP amount:
Stock-based compensation	16,690		20,605		22,012		20,618		25,613
Intangible asset amortization	—		—		—		381		228
Income tax effect of non-GAAP adjustments	(3,184)		(4,579)		(1,959)		(6,071)		(3,398)
Non-GAAP net income	$	30,617	$	27,236	$	27,265	$	30,586	$	22,244


Calix, Inc.
Non-GAAP Free Cash Flow Reconciliation
(Unaudited, in thousands)
	Three Months Ended
	June 27,		March 28,		December 31,		September 27,		June 28,
	2026		2026		2025		2025		2025
Net cash provided by operating activities	$	16,512	$	14,634	$	46,046	$	32,314	$	39,381
Purchases of property and equipment	(4,580)		(8,118)		(5,765)		(5,625)		(3,735)
Non-GAAP free cash flow	$	11,932	$	6,516	$	40,281	$	26,689	$	35,646


Calix, Inc.
Reconciliation of GAAP Net Income to Non-GAAP Net Income Per Diluted Common Share1
(Unaudited)
	Three Months Ended June 27, 2026
GAAP net income per diluted common share	$	0.26
Adjustment to GAAP amount:
Stock-based compensation, net of income taxes	0.21


Non-GAAP net income per diluted common share	$	0.47


1			Based on 65.5 million weighted-average diluted common shares outstanding.


Calix, Inc.
Reconciliation of GAAP to Non-GAAP Guidance
(Unaudited, dollars in thousands, except per share data)
Three Months Ending September 26, 2026
	GAAP	Stock-Based Compensation	Non-GAAP
Gross margin	50.3% - 53.3%	0.2%	50.5% - 53.5%
Operating expenses	$141,500 - $143,500	$(18,000)	$123,500 - $125,500
Net income per diluted common share1	$0.16 - $0.24	$0.21 2	$0.37 - $0.45


1			Based on 64.8 million weighted-average diluted common shares outstanding.
2			Net of income taxes.