SEC Form 10-K filed by Calix Inc

2/20/26 4:02:13 PM ET

$CALX

Telecommunications Equipment

Consumer Discretionary

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calx-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

(Mark One)


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

For the fiscal year ended December 31, 2025


☐			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, California (Address of Principal Executive Offices)		95117 (Zip Code)
Registrant’s telephone number, including area code (408) 514-3000 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, $0.025 par value	CALX	The New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:
None
(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes: o No: x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes: o No: x

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b). o

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

The aggregate market value of the Common Stock held by non-affiliates of the registrant based upon the closing sale price on the New York Stock Exchange on June 27, 2025, the last business day of the Registrant’s most recently completed second fiscal quarter, was approximately $2,101 million. Shares held by each executive officer, director and by each other person (if any) who owns more than 10% of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of February 9, 2026, the number of shares of the registrant’s common stock outstanding was 65,607,663.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s 2025 annual report and definitive proxy statement for its 2026 annual meeting of stockholders are incorporated by reference in Item 5 of Part II and Items 10, 11, 12, 13 and 14 of Part III.

Calix, Inc.

Form 10-K

TABLE OF CONTENTS


PART I

Item 1.	Business	4

Item 1A.	Risk Factors	9

Item 1B.	Unresolved Staff Comments	27

Item 1C.	Cybersecurity	27

Item 2.	Properties	28

Item 3.	Legal Proceedings	28

Item 4.	Mine Safety Disclosures	28

PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	28

Item 6.	[Reserved]	29

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 8.	Financial Statements and Supplementary Data	38

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	65

Item 9A.	Controls and Procedures	65

Item 9B.	Other Information	65

Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	66

PART III

Item 10.	Directors, Executive Officers and Corporate Governance	66

Item 11.	Executive Compensation	66

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	66

Item 13.	Certain Relationships and Related Transactions, and Director Independence	67

Item 14.	Principal Accountant Fees and Services	67

PART IV

Item 15.	Exhibits and Financial Statement Schedules	67

Item 16.	Form 10-K Summary	69

	Signatures	69

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Calix, Inc., together with its subsidiaries, is referred to in this document as “Calix,” “we,” “our” or “us.” This report includes forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding Calix’s future financial position, business strategy and plans, product projections, anticipated market and industry trends and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “could,” “expect,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “predict,” “will,” “would,” “project,” “potential” or the negative of these terms or other similar expressions. Forward-looking statements include Calix’s expectations concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance.

Forward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include:


•			our ability to predict our revenue and reduce and control costs related to our products or service offerings;
•			fluctuations in our gross margin;
•			our ability to manage our relationships with our third-party vendors, including contract manufacturers (“CMs”), original design manufacturers (“ODMs”), logistics providers, component suppliers and development partners;
•			our ability to forecast our manufacturing requirements and manage our inventory;
•			supply chain constraints and cost increases for components such as DRAM memory, shipping and logistics;
•			our dependence on sole-, single- and limited-source suppliers, some of which are located primarily or solely in China, and other factors;
•			our ability to build and sustain an adequate and secure information technology infrastructure;
•			the quality of our products, including any undetected hardware and software defects or software bugs;
•			our ability to ramp sales and achieve market acceptance of our new products and communication experience providers’ (“CXPs”) willingness to deploy our new products;
•			the capital spending patterns of CXPs, and any decrease or delay in capital spending by CXPs due to macro-economic conditions, regulatory uncertainties or other reasons;
•			the impact of government-sponsored programs on our customers and the impact to our customers of a United States (“U.S.”) government shutdown;
•			our ability to develop new products or enhancements such as agentic artificial intelligence (“AI”) that support technological advances and meet changing CXP requirements;
•			the length and unpredictability of our sales cycles and timing of orders;
•			our lack of long-term, committed-volume purchase contracts with our customers;
•			intense competition and our ability to increase our sales to larger CXPs globally;
•			our exposure to the credit risks of our customers;
•			the interoperability of our products with CXP networks;
•			our ability to estimate future warranty obligations due to product failure rates;
•			our products’ compliance with industry standards;
•			our ability to expand our international operations;
•			our ability to protect our intellectual property (“IP”) and the cost of doing so;
•			our ability to obtain necessary third-party technology licenses at reasonable costs;
•			the regulatory and physical impacts of climate change and other natural events;
•			the attraction and retention of qualified employees and key management personnel; and
•			our ability to maintain proper and effective internal controls.

We caution you against placing undue reliance on forward-looking statements, which reflect our current beliefs and are based on information currently available to us as of the date a forward-looking statement is made. Forward-looking statements set forth in this Annual Report on Form 10-K speak only as of the date of its filing. We undertake no obligation to revise forward-looking statements to reflect future events, changes in circumstances or changes in beliefs. In the event that we do update any forward-looking statements, no inference should be made that we will make additional updates with respect to that statement, related matters or any other forward-looking statements.


	Total Number of Shares Repurchased	Average Price Paid Per Share		Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
October 1 to October 31	25	$	59.99	25	$	124,380
November 1 to November 30	223	55.60		223	112,015
December 1 to December 31	50	54.52		50	109,280
	298			298


	Years Ended December 31,				2025 vs 2024 Change
	2025		2024		$		%
Revenue:
Appliance	$	825,649	$	694,147	$	131,502	19	%
Software and service	174,361		137,371		36,990		27	%
	$	1,000,010	$	831,518	$	168,492	20	%


	Payments Due by Period
	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Non-cancelable purchase commitments (1)	$	317,751	$	217,460	$	83,867	$	16,424	$	—
Operating lease obligations (2)	18,382		3,610		6,200		4,956		3,616
	$	336,133	$	221,070	$	90,067	$	21,380	$	3,616


Report of Independent Registered Public Accounting Firm			39

Consolidated Balance Sheets, As of December 31, 202 5 and 202 4			41

Consolidated Statements of Comprehensive Income (Loss), Years Ended December 31, 202 5 , 202 4 and 202 3			42

Consolidated Statements of Stockholders’ Equity, Years Ended December 31, 202 5 , 202 4 and 202 3			43

Consolidated Statements of Cash Flows, Years Ended December 31, 202 5 , 202 4 and 202 3			44

Notes to Consolidated Financial Statements			45


	December 31,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	143,086	$	43,162
Marketable securities	245,018		253,929
Accounts receivable, net	99,367		79,321
Inventory	133,737		102,727
Prepaid expenses and other current assets	70,345		105,596
Total current assets	691,553		584,735
Property and equipment, net	37,812		31,153
Right-of-use operating leases	14,665		6,216
Deferred tax assets	165,636		177,601
Goodwill	116,175		116,175
Other assets	32,681		23,387
	$	1,058,522	$	939,267
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	41,523	$	20,226
Accrued liabilities	91,339		84,167
Deferred revenue	30,386		26,750
Total current liabilities	163,248		131,143
Long-term portion of deferred revenue	19,890		20,883
Operating leases	12,756		3,720
Other long-term liabilities	3,409		2,581
Total liabilities	199,303		158,327
Commitments and contingencies (See Note 5)
Stockholders’ equity:
Preferred stock, $0.025 par value; 5,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024	—		—
Common stock, $0.025 par value; 100,000 shares authorized; 67,120 shares issued and outstanding as of December 31, 2025, and 66,434 shares issued and outstanding as of December 31, 2025	1,678		1,661
Additional paid-in capital	1,230,191		1,170,017
Accumulated other comprehensive loss	(408)		(612)
Accumulated deficit	(372,242)		(390,126)
Total stockholders’ equity	859,219		780,940
	$	1,058,522	$	939,267


						Accumulated
				Additional		Other				Total
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders’
	Shares	Amount		Capital		Loss		Deficit		Equity
Balance as of December 31, 2022	65,735	$	1,644	$	1,070,100	$	(2,473)	$	(389,704)	$	679,567
Stock-based compensation	—	—		62,771		—		—		62,771
Issuance of common stock under equity incentive plans, net of forfeitures	1,527	38		32,111		—		—		32,149
Repurchase of common stock including excise tax	(2,210)	(55)		(86,589)		—		—		(86,644)
Net income	—	—		—		—		29,325		29,325
Other comprehensive income	—	—		—		1,814		—		1,814
Balance as of December 31, 2023	65,052	1,627		1,078,393		(659)		(360,379)		718,982
Stock-based compensation	—	—		70,761		—		—		70,761
Issuance of common stock under equity incentive plans, net of forfeitures	1,724	43		31,549		—		—		31,592
Repurchase of common stock	(342)	(9)		(10,686)		—		—		(10,695)
Net loss	—	—		—		—		(29,747)		(29,747)
Other comprehensive income	—	—		—		47		—		47
Balance as of December 31, 2024	66,434	1,661		1,170,017		(612)		(390,126)		780,940
Stock-based compensation	—	—		88,625		—		—		88,625
Issuance of common stock under equity incentive plans, net of forfeitures	3,208	80		65,116		—		—		65,196
Repurchase of common stock	(2,522)	(63)		(93,567)		—		—		(93,630)
Net income	—	—		—		—		17,884		17,884
Other comprehensive income	—	—		—		204		—		204
Balance as of December 31, 2025	67,120	$	1,678	$	1,230,191	$	(408)	$	(372,242)	$	859,219


	Amortized Cost		Gross 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


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


As of December 31, 2024	Level 1		Level 2		Total
Money market funds	$	4,890	$	—	$	4,890
U.S. government securities	74,132		—		74,132
Corporate debt securities	—		123,701		123,701
Commercial paper	—		32,773		32,773
U.S. government agency securities	—		24,411		24,411
Certificates of deposit	—		16,520		16,520
	$	79,022	$	197,405	$	276,427


	Balance at Beginning of Year		Additions Charged to Expenses or Revenue Net of Recoveries		Write Offs and Returns		Balance at End of Year
Year Ended December 31, 2025:
Allowance for doubtful accounts	$	311	$	179	$	(125)	$	365
Product return liability	2,428		220		(1,702)		946
Year Ended December 31, 2024:
Allowance for doubtful accounts	$	304	$	264	$	(257)	$	311
Product return liability	2,897		3,212		(3,681)		2,428
Year Ended December 31, 2023:
Allowance for doubtful accounts	$	397	$	43	$	(136)	$	304
Product return liability	2,961		4,761		(4,825)		2,897


	Years Ended December 31,
	2025		2024		2023
USD	84	%	84	%	86	%
RMB	6		6		6
INR	4		4		3
CAD	4		4		4
GBP	1		2		1
EUR	1		—		—
	100	%	100	%	100	%


	Years Ended December 31,
	2025		2024		2023

Revenue:
Appliance	$	825,649	$	694,147	$	931,468
Software and service	174,361		137,371		108,125
Total revenue	1,000,010		831,518		1,039,593
Cost of revenue:
Appliance	367,088		317,842		471,461
Software and service	64,606		60,082		49,816
Total cost of revenue	431,694		377,924		521,277
Gross profit	568,316		453,594		518,316
Operating expenses:
Sales and marketing	248,636		217,879		214,564
Research and development	190,356		179,870		177,772
General and administrative	108,334		98,879		100,395


Total operating expenses	547,326		496,628		492,731
Operating income (loss)	20,990		(43,034)		25,585
Interest income and other expense, net:
Interest income, net	13,434		12,343		9,704
Other expense, net	(256)		(955)		(532)
Total interest income and other expense, net	13,178		11,388		9,172
Income (loss) before income taxes	34,168		(31,646)		34,757
Income tax expense (benefit)	16,284		(1,899)		5,432
Net income (loss)	$	17,884	$	(29,747)	$	29,325
Net income (loss) per common share:
Basic	$	0.27	$	(0.45)	$	0.44
Diluted	$	0.26	$	(0.45)	$	0.42
Weighted-average number of shares used to compute net income (loss) per common share:
Basic	66,041		65,879		65,980
Diluted	69,305		65,879		69,320

Net income (loss)	$	17,884	$	(29,747)	$	29,325


Other comprehensive income, net of tax:
Unrealized gain on available-for-sale marketable securities, net	343		187		1,701


	Years Ended December 31,
	2025		2024		2023
Operating activities:
Net income (loss)	$	17,884	$	(29,747)	$	29,325
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	87,929		70,761		62,771
Depreciation and amortization	17,710		19,550		16,631
Deferred income taxes	12,911		(9,969)		(660)
Net accretion of available-for-sale securities	(3,697)		(5,286)		(4,199)

Changes in operating assets and liabilities:
Accounts receivable, net	(20,046)		46,706		(32,222)
Inventory	(31,010)		30,258		16,175
Prepaid expenses and other assets	17,297		11,167		(60,795)
Accounts payable	21,509		(15,138)		(6,369)
Accrued liabilities	3,017		(31,926)		37,070
Deferred revenue	2,643		(13,900)		2,921
Other long-term liabilities	8,806		(4,076)		(4,397)
Net cash provided by operating activities	134,953		68,400		56,251
Investing activities:
Purchases of property and equipment	(19,435)		(18,054)		(17,855)
Purchases of marketable securities	(220,839)		(301,677)		(216,193)
Sales of marketable securities	28,142		49,902		—
Maturities of marketable securities	205,759		160,299		227,803
Net cash used in investing activities	(6,373)		(109,530)		(6,245)
Financing activities:
Proceeds from common stock issuances related to employee benefit plans	65,196		31,592		32,149
Repurchases of common stock	(93,630)		(10,695)		(86,397)
Payments related to financing arrangements	—		—		(11,678)
Net cash provided by (used in) financing activities	(28,434)		20,897		(65,926)
Effect of exchange rate changes on cash and cash equivalents	(222)		(14)		256
Net increase (decrease) in cash and cash equivalents	99,924		(20,247)		(15,664)
Cash and cash equivalents at beginning of year	43,162		63,409		79,073
Cash and cash equivalents at end of year	$	143,086	$	43,162	$	63,409
Supplemental disclosures of cash flow information:
Interest paid	$	—	$	—	$	253
Income taxes paid	$	6,884	$	5,878	$	11,873
Non-cash investing activities:
Changes in accounts payable and accrued liabilities related to purchases of property and equipment	$	3,943	$	484	$	(180)


	December 31,
	2025		2024
Components	$	2,327	$	21,735
Finished goods	131,410		80,992
	$	133,737	$	102,727


Year Ending December 31,	Future Minimum Lease Payments
2026	$	3,610
2027	3,365
2028	2,835
2029	2,623
2030	2,333
Thereafter	3,616
Total future minimum lease payments	18,382
Less imputed interest	(2,789)
	$	15,593


Accrued liabilities - current portion of operating leases	$	2,837
Operating leases	12,756
	$	15,593


				Weighted-
				Average
		Weighted-		Remaining
		Average		Contractual	Aggregate
	Number of	Exercise Price		Life	Intrinsic
	Shares	Per Share		(in years)	Value (1)
Outstanding as of December 31, 2024	12,183	$	33.70
Granted	4,210	42.10
Exercised	(2,071)	17.10
Canceled	(1,112)	35.00

Outstanding as of December 31, 2025	13,210	$	38.87	6.7	$	206,534
Vested and expected to vest as of December 31, 2025	12,826	$	38.78	6.6	$	202,061
Options vested and exercisable as of December 31, 2025	7,152	$	36.34	5.2	$	134,242

(1) Amounts represent the difference between the exercise price and the fair market value of common stock at December 31, 2025 of $52.93 per share for all “in-the-money” options outstanding.


	Years Ended December 31,
Stock Options	2025		2024		2023
Expected volatility	49	%	51	%	52	%
Expected life (years)	6.1		6.0		6.1

Risk-free interest rate	4.27	%	4.27	%	4.02	%


	Years Ended December 31,
ESPP	2025		2024		2023
Expected volatility	41	%	48	%	47	%
Expected life (years)	0.5		0.5		0.5

Risk-free interest rate	4.22	%	5.15	%	5.31	%


	Stock Option		RSAs		ESPPs
Unrecognized stock-based compensation expense	$	86,413	$	561	$	12,582
Weighted-average amortization period (in years)	2.1		0.4		0.8




Stock options outstanding						13,210
Shares available for future grant under 2019 Plan						3,685
Shares available for future issuance under SPMP						5,574
Shares available for future issuance under ESPP						1,459
						23,928


	Unrealized Gains and Losses on Available-for-Sale Marketable Securities		Foreign Currency Translation Adjustments		Total


Balance as of December 31, 2023	$	1	$	(660)	$	(659)
Other comprehensive income (loss)	187		(140)		47
Balance as of December 31, 2024	188		(800)		(612)
Other comprehensive income (loss)	343		(139)		204
Balance as of December 31, 2025	$	531	$	(939)	$	(408)


	December 31, 2025
Provision for income taxes at U.S. federal statutory rate	$	7,175	21.0	%
U.S. federal tax:
Non-taxable or non-deductible items:
Share-based compensation	8,242		24.1
Executive compensation	666		1.9
Entertainment	517		1.5
Other	70		0.2
Effects of cross-border tax laws	130		0.4
Tax credits:
Research and development tax credit	(3,182)		(9.3)
Foreign tax credit	384		1.1
Changes in unrecognized tax benefits	238		0.7
Other Adjustments	111		0.3
State and local income tax, net of federal benefit (1)	1,091		3.2
Foreign tax effects:
China:
Non-deductible share-based compensation	480		1.4
Other	(190)		(0.5)
India:
Withholding tax on repatriation	457		1.3
Other	44		0.1
Other foreign jurisdictions	51		0.2
	$	16,284	47.6	%


	Year Ended December 31, 2025

Federal	$	2,294
States:
Pennsylvania	450
South Carolina	359
Other	1,447
Total state	2,256
Foreign:
China	780
India	1,371
Other	183
Total foreign	2,334

	$	6,884

SEC Form 10-K filed by Calix Inc

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SEC Form 10-K filed by Calix Inc

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$CALX Analyst Ratings

Calix Networks upgraded by Analyst with a new price target

Wolfe Research initiated coverage on Calix Networks

Calix Networks downgraded by Jefferies with a new price target

$CALX Insider Purchases

Weening Michael bought $11,927 worth of shares (341 units at $34.98), increasing direct ownership by 2% to 14,685 units (SEC Form 4)

$CALX Insider Trading

President & CEO Weening Michael was granted 439 shares, increasing direct ownership by 3% to 16,556 units (SEC Form 4)

COO Durocher John was granted 439 shares, increasing direct ownership by 23% to 2,367 units (SEC Form 4)

SEC Form 4 filed by Chief Product Officer Eleniak Shane Todd Marshall

$CALX Leadership Updates

Calix Appoints John Durocher as Chief Operations Officer

Calix Agent Workforce Will Pioneer Human-AI Collaboration So Providers Can Simplify Operations, Innovate Experiences, and Grow Value

Amritesh Chaudhuri Named Calix Chief Marketing Officer To Lead Go-to-Market Transformation and Prepare Customers To Win in the AI Era

$CALX Large Ownership Changes

Amendment: SEC Form SC 13G/A filed by Calix Inc

Amendment: SEC Form SC 13G/A filed by Calix Inc

SEC Form SC 13G/A filed by Calix Inc (Amendment)

$CALX Financials

Calix Releases Fourth Quarter 2025 Financial Results

Calix to Post Fourth Quarter 2025 Results on January 28, 2026

Calix Releases Third Quarter 2025 Financial Results

Recent Analyst Ratings for
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Leadership Updates

$CALX
Large Ownership Changes

$CALX
Financials


Exhibit
Number						Description

3.1						Amended and Restated Certificate of Incorporation of Calix, Inc. (filed as Exhibit 3.3 to Amendment No. 7 to Calix’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 23, 2010 (File No. 333-163252) and incorporated by reference)
3.2						Amended and Restated Bylaws of Calix, Inc. (filed as Exhibit 3.5 to Amendment No. 7 to Calix’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 23, 2010 (File No. 333-163252) and incorporated by reference)
4.1						Form of Calix, Inc.’s Common Stock Certificate (filed as Exhibit 4.1 to Amendment No. 7 to Calix’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on March 23, 2010 (File No. 333-163252) and incorporated by reference)
4.2						Description of Securities (filed as Exhibit 4.2 to Calix’s Form 10-K filed with the SEC on February 21, 2020 (File No. 001-34674) and incorporated by reference).
10.1*						Calix, Inc. 2010 Equity Incentive Award Plan and related documents (filed as Exhibit 10.4 to Amendment No. 6 to Calix’s Registration Statement on Form S-1 filed with the SEC on March 8, 2010 (File No. 333-163252) and incorporated by reference)
10.2						Form of Indemnification Agreement made by and between Calix, Inc. and each of its directors, and select executive officers and employees (filed as Exhibit 10.5 to Amendment No. 6 to Calix’s Registration Statement on Form S-1 filed with the SEC on March 8, 2010 (File No. 333-163252) and incorporated by reference)


*						Indicates management contract or compensatory plan or arrangement.

Date	Price Target	Rating	Analyst
1/15/2026	$90.00	Neutral → Overweight	Analyst
7/8/2025		Peer Perform	Wolfe Research
4/25/2024	$48.00 → $30.00	Buy → Hold	Jefferies
5/19/2023	$49.00	Neutral	JP Morgan
12/22/2022	$82.00 → $88.00	Buy	Needham
4/12/2022	$60.00	Buy	Rosenblatt
4/7/2022	$45.00	Market Perform → Outperform	Northland Capital
2/23/2022	$70.00	Buy	Loop Capital