The earnings call showcased strong financial performance with significant revenue growth, record gross margins, and robust free cash flow. The company is expanding its capabilities with the introduction of a third-generation platform and a new large cloud customer. However, challenges remain with supply chain stability, the slow progress of the BEAD program, and past geographical constraints. Despite these challenges, the overall sentiment is positive due to the outweighing highlights of financial success and strategic advancements.

Company Guidance -

Q3 2025

During the Calix Second Quarter 2025 Earnings Conference Call, the company provided guidance with a revenue outlook for the third quarter of 2025 projected between $243 million and $249 million, indicating a 2% sequential increase. The second quarter of 2025 saw revenue of $242 million, marking a 10% sequential quarterly growth. Record non-GAAP gross margins were reported at 56.8%, a 60 basis point increase from the previous quarter, attributed to favorable customer mix and continued platform adoption. The company's record Remaining Performance Obligations (RPOs) grew 2% sequentially to $347 million and 30% year-over-year, while current RPOs increased 5% sequentially to $134 million, also up 30% year-over-year. Calix's free cash flow reached a record $36 million, marking the ninth consecutive quarter of 8-digit free cash flow. Additionally, the company ended the quarter with record cash and investments totaling $299 million, despite $33 million used for share repurchases. Looking ahead, Calix anticipates annual gross margin improvement to reach the higher end of its target model, with an increase of 100 to 200 basis points for 2025. The company plans to maintain constrained operating expenses until they align with the target financial model, although slight increases are expected due to strategic investments in sales and marketing.

Exceptional Revenue Growth

Revenue for the second quarter was $242 million, representing a 10% sequential quarterly revenue growth.

Record Gross Margin

The company achieved a record non-GAAP gross margin of 56.8%, a 60 basis point sequential increase.

Strong RPO Growth

Record RPOs grew 2% sequentially to $347 million and increased 30% year-over-year.

Free Cash Flow Achievement

Record free cash flow of $36 million was generated in the quarter, marking the ninth consecutive quarter generating 8-digit free cash flow.

Large Cloud Customer Acquisition

Calix enabled 1,116 broadband providers and added a new large cloud customer in the second quarter.

Introduction of Third Generation Platform

Investments in a third-generation platform began, with preproduction starting in the second quarter for a second half launch in 2025.

Calix (CALX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CALX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 27, 2025	2025 (Q3)	0.32 / -	0.13	―	―	―
Jul 21, 2025	2025 (Q2)	0.21 / 0.33	0.09	266.67% (+0.24)	―
Apr 21, 2025	2025 (Q1)	0.13 / 0.19	0.21	-9.52% (-0.02)	―
Jan 29, 2025	2024 (Q4)	0.07 / 0.08	0.43	-81.40% (-0.35)	―
Oct 28, 2024	2024 (Q3)	0.09 / 0.13	0.45	-71.11% (-0.32)	―
Jul 22, 2024	2024 (Q2)	0.06 / 0.09	0.36	-75.00% (-0.27)	―
Apr 22, 2024	2024 (Q1)	0.20 / 0.21	0.31	-32.26% (-0.10)	―
Jan 29, 2024	2023 (Q4)	0.36 / 0.43	0.34	26.47% (+0.09)	―
Oct 23, 2023	2023 (Q3)	0.36 / 0.45	0.34	32.35% (+0.11)	―
Jul 19, 2023	2023 (Q2)	0.32 / 0.36	0.22	63.64% (+0.14)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CALX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 21, 2025	$53.73	$55.42	+3.15%
Apr 21, 2025	$33.25	$37.61	+13.11%
Jan 29, 2025	$36.87	$40.18	+8.98%
Oct 28, 2024	$39.47	$37.74	-4.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.