CALX · Calix, Inc.

Calix delivered record Q1 2026 revenue of $280 million, driven by broad-based customer demand with 27% year-over-year growth and 3% sequential increase, marking the seventh straight quarter of expansion. Appliance revenue of $232.8 million rose 30% year-over-year on platform adoption, while software and services hit $47.1 million, up 16% year-over-year despite fewer days in the quarter. U.S. revenue comprised 95% of total, up 26% year-over-year, with international at 5% up 62% but down sequentially due to lower European shipments. Gross margins saw year-over-year expansion—GAAP 56.9% (+120 bps), non-GAAP 57.2% (+100 bps)—from platform adoption, though sequential dips reflected dual cloud investments for migrations now complete. Operating expenses rose year-over-year on platform innovation but stayed disciplined at 45% of revenue non-GAAP. Non-GAAP net income of $27.2 million and EPS of $0.40 underscored profitability. Balance sheet strength persisted with $243.3 million in cash/investments despite $170.9 million in repurchases (3.3 million shares), DSO at 36 days, and inventory turns at 3.0. RPOs grew 11% year-over-year to $376.3 million, signaling backlog momentum. Guidance points to Q2 revenue of $275-281 million with sustained margins and EPS $0.34-0.40. All customers now on Calix One, enabling AI workflows, positions the company for multi-year growth as highlighted ahead of Investor Day.