Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $637M | $667M | $529M | $530M | $507M | $563M | $1.03B | $1.15B | $923M | $1.08B |
| Revenue growth | — | 4.7% | -20.6% | 0.1% | -4.4% | 11.2% | 82.2% | 12.0% | -19.7% | 17.5% |
| Gross profit | $291M | $304M | $204M | $219M | $218M | $218M | $327M | $331M | $324M | $415M |
| Gross margin | 45.8% | 45.5% | 38.5% | 41.3% | 43.0% | 38.8% | 31.9% | 28.8% | 35.1% | 38.3% |
| Operating income | $34.6M | $37.4M | -$45.4M | -$40.0M | -$9.77M | -$14.7M | -$72.8M | -$224M | -$428M | -$15.6M |
| Operating margin | 5.4% | 5.6% | -8.6% | -7.5% | -1.9% | -2.6% | -7.1% | -19.5% | -46.3% | -1.4% |
| Net income | $35.2M | $23.8M | -$19.3M | -$53.0M | $2.38M | -$8.63M | -$2.04M | -$269M | -$460M | -$45.7M |
| Net margin | 5.5% | 3.6% | -3.7% | -10.0% | 0.5% | -1.5% | -0.2% | -23.4% | -49.8% | -4.2% |
| EPS (diluted) | $0.72 | $0.49 | -$0.40 | -$1.11 | $0.05 | -$0.18 | -$0.03 | -$3.43 | -$5.79 | -$0.52 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $42.0M | -$42.4M | $55.5M | -$2.47M | -$16.5M | $3.01M | -$44.2M | -$43.0M | $104M | $130M |
| Capital expenditures | $21.4M | $14.7M | $8.11M | $9.49M | $6.41M | $5.67M | $17.1M | $36.3M | $34.5M | $31.7M |
| Free cash flow | $20.6M | -$57.1M | $47.3M | -$12.0M | -$22.9M | -$2.66M | -$61.3M | -$79.4M | $69.1M | $98.0M |
| Share buybacks | $25.8M | $17.3M | $15.5M | $184K | — | — | — | — | — | — |
| Dividends paid | $17.6M | $17.4M | $17.3M | $17.2M | $17.3M | $17.5M | $22.9M | $21.2M | $0.00 | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $79.9M | $86.4M | $106M | $73.8M | $60.2M | $56.6M | $109M | $87.2M | $76.0M | $95.7M |
| Total assets | $667M | $669M | $628M | $545M | $526M | $569M | $1.94B | $1.68B | $1.17B | $1.20B |
| Total liabilities | $188M | $171M | $182M | $165M | $153M | $212M | $640M | $636M | $622M | $685M |
| Long-term debt | $27.8M | $26.7M | $25.6M | $24.6M | — | — | — | — | — | — |
| Shareholders' equity | $480M | $498M | $446M | $380M | $373M | $357M | $1.30B | $605M | $127M | $146M |
| Retained earnings | $922M | $922M | $884M | $807M | $782M | $741M | $55.3M | -$233M | -$689M | -$730M |
| Shares (wtd avg diluted) | 48.9M | 48.7M | 47.9M | 47.8M | 48.3M | 48.6M | 62.3M | 78.4M | 78.9M | 79.7M |
Every figure is extracted from ADTRAN Holdings, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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