Calix (CALX) Cash Flow: Operating & Free Cash Flow

Calix Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Calix, Inc. (CALX) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	17.88	-29.75	29.33	41.01	238.38	33.48	-17.69	-19.30	-83.03
Depreciation & Amortization	17.71	19.55	16.63	14.32	15.01	13.72	10.32	9.19	10.99
Deferred Income Tax	12.91	-9.97	-0.66	1.93	-168.43	0.00	0.00	0.00	0.00
Stock Based Compensation	87.93	70.76	62.77	44.83	24.23	13.96	11.18	17.47	12.37
Change in Working Capital	2.22	23.09	-47.62	-73.75	-52.40	-13.67	-1.79	2.58	-3.37
Change in Accounts Receivable	-20.05	46.71	-32.22	-8.59	-15.80	-22.91	20.52	13.86	-29.06
Change in Inventory	-31.01	30.26	16.18	-60.28	-36.61	-12.12	10.00	-20.64	13.02
Change in Accounts Payable	21.51	-15.14	-6.37	12.11	16.03	2.19	-29.44	4.60	11.76
Change in Other Working Capital	32.82	7.09	-25.20	-47.04	-29.69	19.17	-2.86	4.76	0.91
Other Operating Activities	-3.70	-15.26	-4.20	0.79	-168.43	3.91	2.64	-6.38	0.28
Net Cash from Operating Activities	134.95	68.40	56.25	27.18	56.79	51.41	4.65	3.56	-62.77
Investing Activities
Capital Expenditures	-19.44	-18.05	-17.86	-14.07	-10.46	-7.82	-13.35	-10.43	-8.03
Acquisitions	0.00	0.00	0.00	0.00	0.00	52.98	0.00	10.35	0.00
Purchases of Investments	-220.84	-301.68	-216.19	-191.40	-298.09	-72.98	0.00	0.00	-8.73
Sales/Maturities of Investments	233.90	210.20	227.80	181.39	197.89	20.00	0.00	0.00	36.49
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	-52.98	0.00	10.35	27.76
Net Cash from Investing Activities	-6.37	-109.53	-6.25	-24.08	-110.66	-60.80	-13.35	-0.08	19.73
Financing Activities
Debt Repayment	0.00	0.00	0.00	-2.39	-1.24	-5.76	0.00	0.00	30.00
Common Stock Issued	65.20	31.59	0.00	27.46	25.62	60.06	0.00	7.68	0.00
Common Stock Repurchased	-93.63	-10.70	-86.40	0.00	0.00	0.00	0.00	-0.07	-2.76
Other Financing Activities	0.00	31.59	20.47	-2.39	-1.24	-12.16	5.97	7.49	1.99
Net Cash from Financing Activities	-28.43	20.90	-65.93	25.06	24.38	42.15	5.97	7.49	31.99
Summary
Effect of Forex Changes on Cash	-0.22	-0.01	0.26	-0.42	0.01	0.60	-0.09	-0.48	0.46
Net Change in Cash	99.92	-20.25	-15.66	27.74	-29.47	33.35	-2.82	10.50	-10.58
Cash at Beginning of Period	43.16	63.41	79.07	51.33	80.81	47.46	50.27	39.78	50.36
Cash at End of Period	143.09	43.16	63.41	79.07	51.33	80.81	47.46	50.27	39.78
Free Cash Flow	115.52	50.35	38.40	13.12	46.33	43.59	-8.70	-6.87	-70.80
Supplemental Disclosures
Interest Paid	-	-	0.25	0.58	0.63	-	-	-	-
Income Taxes Paid	-	5.88	11.87	9.61	5.20	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Calix Cash Flow

What is Calix's free cash flow?

Calix generated free cash flow of $115.52M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $134.95M minus $19.43M of capital expenditures. That was up 129.4% from $50.35M a year earlier. Free cash flow equaled 11.6% of revenue.

How much does Calix spend on capital expenditures?

Calix spent $19.43M on capital expenditures in fiscal 2025, compared with $18.05M a year earlier. That equals 14.4% of operating cash flow.

Does Calix pay dividends or buy back shares?

Yes. In fiscal 2025 Calix returned $93.63M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition