Calix Stock Earnings Reports

Calix reported a strong Q1 2026 with record revenue of $280 million (up 3% sequentially) and continued customer demand: 14 new customers were added and current remaining performance obligations (RPOs) reached a record $157 million (up 22% YoY). The company completed migration of customers to its third‑generation platform and launched on Google Cloud, positioning Calix One as an AI‑native platform expected to accelerate customer outcomes. Management raised full‑year revenue guidance to 15%–20% growth and sees Q2 revenue of $287–$293 million. Non‑GAAP gross margin was 57.2% in the quarter, down modestly sequentially due to dual‑cloud costs during migration and higher memory component costs; management expects non‑GAAP gross margin to decline 50–150 basis points for the year. To address higher memory costs, Calix is implementing customer surcharges (which it estimates will be ~200 basis points headwind to margin for 2026) and will adjust surcharges if costs rise further. Operating expense guidance is modestly higher as the company accelerates AI development, but management expects to return to its target operating expense model by year‑end. Free cash flow was $7 million; Calix repurchased $171 million of stock in the quarter and the Board added $100 million to the buyback authorization. BEAD-related revenue is expected to ramp (tens of millions in H2 2026), with a larger ramp into 2027 and a potential peak in 2028. The company will provide more detail at its Investor Day.