calx-20260328

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 28, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-34674

Calix, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						68-0438710
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

3155 Olsen Drive, Suite 450, San Jose, CA 95117

(Address of Principal Executive Offices) (Zip Code)

(408) 514-3000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.025 per share

CALX

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes: x No: o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes: x No: o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes: ☐ No: x

As of April 13, 2026, there were 63,782,299 shares of the Registrant’s common stock, par value $0.025, outstanding.

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CALIX, INC.

FORM 10-Q

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION			4

Item 1. Financial Statements (Unaudited)			4

Condensed Consolidated Balance Sheets			4

Condensed Consolidated Statements of Comprehensive Income (Loss)			5

Condensed Consolidated Statements of Stockholders ’ Equity			6

Condensed Consolidated Statements of Cash Flows			7

Notes to Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18

Overview			18

Critical Accounting Policies and Estimates			19

Results of Operations			20

Liquidity and Capital Resources			22

Item 3. Quantitative and Qualitative Disclosures About Market Risk			24

Item 4. Controls and Procedures			25

PART II. OTHER INFORMATION			26

Item 1. Legal Proceedings			26

Item 1A. Risk Factors			26

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			44

Item 3. Defaults Upon Senior Securities			45

Item 4. Mine Safety Disclosures			45

Item 5. Other Information			45

Item 6. Exhibits			46

SIGNATURES			47

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PART I. FINANCIAL INFORMATION

ITEM 1.Financial Statements

CALIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)


	March 28, 2026		December 31, 2025
	(Unaudited)		(See Note 1)
ASSETS
Current assets:
Cash and cash equivalents	$	54,601	$	143,086
Marketable securities	188,688		245,018
Accounts receivable, net	116,772		99,367
Inventory	154,626		133,737
Prepaid expenses and other current assets	72,487		70,345
Total current assets	587,174		691,553
Property and equipment, net	38,998		37,812
Right-of-use operating leases	13,662		14,665
Deferred tax assets	164,719		165,636
Goodwill	116,175		116,175
Other assets	30,680		32,681
	$	951,408	$	1,058,522
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	69,122	$	41,523
Accrued liabilities	78,555		91,339
Deferred revenue	30,800		30,386
Total current liabilities	178,477		163,248
Long-term portion of deferred revenue	19,708		19,890
Operating leases	11,860		12,756
Other long-term liabilities	3,386		3,409
Total liabilities	213,431		199,303
Commitments and contingencies (See Note 6)
Stockholders’ equity:
Preferred stock, $0.025 par value; 5,000 shares authorized; no shares issued and outstanding as of March 28, 2026 and December 31, 2025	—		—
Common stock, $0.025 par value; 100,000 shares authorized; 64,401 shares issued and outstanding as of March 28, 2026, and 67,120 shares issued and outstanding as of December 31, 2025	1,610		1,678
Additional paid-in capital	1,098,541		1,230,191
Accumulated other comprehensive loss	(1,142)		(408)
Accumulated deficit	(361,032)		(372,242)
Total stockholders’ equity	737,977		859,219
	$	951,408	$	1,058,522

See accompanying notes to condensed consolidated financial statements.

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CALIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 28, 2026		March 29, 2025

Revenue:
Appliance	$	232,843	$	179,743
Software and service	47,141		40,499
Total revenue	279,984		220,242
Cost of revenue:
Appliance	99,136		82,745
Software and service	21,552		14,789
Total cost of revenue	120,688		97,534
Gross profit	159,296		122,708
Operating expenses:
Sales and marketing	63,486		58,059
Research and development	54,646		43,980
General and administrative	28,448		26,750


Total operating expenses	146,580		128,789
Operating income (loss)	12,716		(6,081)
Interest income and other expense, net:
Interest income, net	2,858		3,287
Other expense, net	(342)		(196)
Total interest income and other expense, net	2,516		3,091
Income (loss) before income taxes	15,232		(2,990)
Income taxes	4,022		1,797
Net income (loss)	$	11,210	$	(4,787)
Net income (loss) per common share:
Basic	$	0.17	$	(0.07)
Diluted	$	0.16	$	(0.07)
Weighted-average number of shares used to compute
net income (loss) per common share:
Basic	65,690		66,027
Diluted	68,570		66,027

Net income (loss)	$	11,210	$	(4,787)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale marketable securities, net	(600)		171
Foreign currency translation adjustments, net	(134)		96
Total other comprehensive income (loss), net of tax	(734)		267
Comprehensive income (loss)	$	10,476	$	(4,520)

See accompanying notes to condensed consolidated financial statements.

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CALIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, unaudited)


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2025	67,120	$	1,678	$	1,230,191	$	(408)	$	(372,242)	$	859,219
Stock-based compensation	—	—		20,534		—		—		20,534
Issuance of common stock under equity incentive plans, net of forfeitures	609	15		19,984		—		—		19,999
Repurchases of common stock including excise tax	(3,328)	(83)		(172,168)		—		—		(172,251)
Net income	—	—		—		—		11,210		11,210
Other comprehensive loss	—	—		—		(734)		—		(734)
Balance as of March 28, 2026	64,401	$	1,610	$	1,098,541	$	(1,142)	$	(361,032)	$	737,977


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2024	66,434	$	1,661	$	1,170,017	$	(612)	$	(390,126)	$	780,940
Stock-based compensation	—	—		20,103		—		—		20,103
Issuance of common stock under equity incentive plans, net of forfeitures	417	10		10,835		—		—		10,845
Repurchases of common stock including excise tax	(1,156)	(28)		(40,174)		—		—		(40,202)
Net loss	—	—		—		—		(4,787)		(4,787)
Other comprehensive income	—	—		—		267		—		267
Balance as of March 29, 2025	65,695	$	1,643	$	1,160,781	$	(345)	$	(394,913)	$	767,166

See accompanying notes to condensed consolidated financial statements.

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CALIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)


	Three Months Ended
	March 28, 2026		March 29, 2025
Operating activities:
Net income (loss)	$	11,210	$	(4,787)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	20,605		19,745
Depreciation and amortization	4,376		4,271
Deferred income taxes	1,274		(1,459)
Net accretion of available-for-sale securities	(435)		(1,144)
Changes in operating assets and liabilities:
Accounts receivable, net	(17,405)		3,810
Inventory	(20,889)		1,891
Prepaid expenses and other assets	804		2,808
Accounts payable	26,243		3,486
Accrued liabilities	(10,298)		(14,086)
Deferred revenue	232		3,158
Other long-term liabilities	(1,083)		(481)
Net cash provided by operating activities	14,634		17,212
Investing activities
Purchases of property and equipment	(8,118)		(4,310)
Purchases of marketable securities	(10,038)		(36,856)
Sales of marketable securities	24,621		—
Maturities of marketable securities	41,388		52,154
Net cash provided by investing activities	47,853		10,988
Financing activities:
Proceeds from common stock issuances related to employee benefit plans	19,999		10,845
Repurchases of common stock	(170,869)		(39,974)

Net cash used in financing activities	(150,870)		(29,129)
Effect of exchange rate changes on cash and cash equivalents	(102)		67
Net decrease in cash and cash equivalents	(88,485)		(862)
Cash and cash equivalents at beginning of period	143,086		43,162
Cash and cash equivalents at end of period	$	54,601	$	42,300

See accompanying notes to condensed consolidated financial statements.

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CALIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Company and Basis of Presentation

Company

Calix, Inc. (together with its subsidiaries, “Calix,” “we,” “us,” or “our”) was incorporated in August 1999 and is a Delaware corporation. We develop, market and sell platform, cloud and managed services, which are powered by agentic AI, that enable communications service providers (“CSPs”) of all types and sizes to innovate and transform their businesses to focus on delivering an outstanding subscriber experience and become Communication Experience Providers (“CXPs”). The platform combines the Calix Agent Workforce™ with intelligent appliances, software, cloud and fully integrated SmartLife™ managed services to enable simplified business models that acquire, retain and grow subscribers and revenue. Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights. Our partner community extends innovation so customers can grow their businesses across markets at scale. With deep broadband expertise and an end-to-end approach from the datacenters’ access edge to every residential, business and municipal subscriber location, Calix enables any service provider to simplify operations, engagement, and service; innovate for their subscribers; and grow value for members, investors, and the communities they serve. This focus on subscriber experience allows CXPs to expand their brand through increased subscriber acquisition, loyalty and revenue while reducing their operating costs.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements, including the accounts of Calix, Inc. and its wholly-owned subsidiaries, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) can be condensed or omitted. In the opinion of management, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. All intercompany balances and transactions have been eliminated in consolidation. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the audited financial statements at that date.

The results of our operations can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year or any future periods. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Our fiscal year begins on January 1st and ends on December 31st. Quarterly periods are based on a 4-4-5 calendar with the first quarter ending on the Saturday closest to March 31st. As a result, we had one less day in the three months ended March 28, 2026 than for the three months ended March 29, 2025. The preparation of financial statements in conformity with GAAP for interim financial reporting requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

2. Significant Accounting Policies

Our significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025. Our significant accounting policies did not change during the three months ended March 28, 2026.

Newly Adopted Accounting Standard

We did not adopt any new accounting standards during the three months ended March 28, 2026 that were significant to us.

Recent Accounting Pronouncements Not Yet Adopted

There have been no additional accounting pronouncements or changes in accounting pronouncements during the three months ended March 28, 2026 as compared with the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2025, that are significant or expected to be significant to us.

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3. Cash, Cash Equivalents and Marketable Securities

We have invested our excess cash primarily in money market funds and highly liquid marketable securities such as U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities. We consider all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities with maturities greater than 90 days at date of purchase. Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values. Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations.

Our investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other expense, net. Realized gains and losses were not significant for the three months ended March 28, 2026 and March 29, 2025.

Cash, cash equivalents and marketable securities consisted of the following (in thousands):


	March 28, 2026		December 31, 2025
Cash and cash equivalents:
Cash	$	42,077	$	23,644
Commercial paper	10,121		75,100
Money market funds	2,403		40,879

U.S. government agency securities	—		3,463

Total cash and cash equivalents	54,601		143,086
Marketable securities:
Corporate debt securities	144,625		177,127
U.S. government securities	23,431		40,510
U.S. government agency securities	8,383		9,027
Certificates of deposit	7,021		8,701
Commercial paper	5,228		9,653
Total marketable securities	188,688		245,018
	$	243,289	$	388,104

The carrying amounts of our money market funds approximate their fair values due to their nature, duration and short maturities. The amortized cost and fair value of marketable securities were as follows (in thousands):


As of March 28, 2026	Amortized Cost		Unrealized Gains (Losses), net		Fair Value
Corporate debt securities	$	144,701	$	(76)	$	144,625
U.S. government securities	23,411		20		23,431
Commercial paper	15,356		(7)		15,349
U.S. government agency securities	8,388		(5)		8,383
Certificates of deposit	7,027		(6)		7,021
	$	198,883	$	(74)	$	198,809


As of December 31, 2025	Amortized Cost		Unrealized Gains, net		Fair Value
Corporate debt securities	$	176,572	$	555	$	177,127
Commercial paper	84,752		1		84,753
U.S. government securities	40,382		128		40,510
U.S. government agency securities	12,465		25		12,490
Certificates of deposit	8,692		9		8,701
	$	322,863	$	718	$	323,581

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4. Fair Value Measurements

We measure our cash equivalents and marketable securities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. We utilize the following three-tier value hierarchy, which prioritizes the inputs used in measuring fair value:

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3 – Unobservable inputs to the valuation derived from fair valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The fair value hierarchy also requires us to maximize the use of observable inputs, when available, and to minimize the use of unobservable inputs when determining inputs and determining fair value.

The following tables sets forth our financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


As of March 28, 2026	Level 1		Level 2		Total
Money market funds	$	2,403	$	—	$	2,403
U.S. government securities	23,431		—		23,431
Corporate debt securities	—		144,625		144,625
Commercial paper	—		15,349		15,349
U.S. government agency securities	—		8,383		8,383
Certificates of deposit	—		7,021		7,021
	$	25,834	$	175,378	$	201,212


As of December 31, 2025	Level 1		Level 2		Total
Money market funds	$	40,879	$	—	$	40,879
U.S. government securities	40,510		—		40,510
Corporate debt securities	—		177,127		177,127
Commercial paper	—		84,753		84,753
U.S. government agency securities	—		12,490		12,490
Certificates of deposit	—		8,701		8,701
	$	81,389	$	283,071	$	364,460

5. Balance Sheet Details

Accounts receivable, net consisted of the following (in thousands):


	March 28, 2026		December 31, 2025
Accounts receivable	$	117,308	$	99,732
Allowance for doubtful accounts	(536)		(365)
	$	116,772	$	99,367

Inventory

SEC Form 10-Q filed by Calix Inc