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Adtran Holdings ADTN

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q2 · updated 2026-09-03 · ISIN US00486H1059
Margin compressing Guidance initiated
The new quarter, in context. · We follow every stock through its original filings: the latest figures against their history, guidance against actuals; neutral, continuously updated, every figure clickable with its source.
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Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
EditorialThe texts (business model, current status, development and others) are written AI-editorially from the original reports alone, cross-checked automatically and backed with sources; the company's own account, no assessment of our own. Methodology
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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

ADTRAN Holdings is a provider of networking and communications equipment and software, primarily serving telecommunications service providers, enterprises, hyperscalers, and government customers globally. Its principal product lines include broadband access solutions and Optical Networking Solutions, with revenue generated primarily through hardware sales complemented by software and services. Demand is driven by carrier broadband expansion programs, high-risk vendor displacement initiatives, and cloud infrastructure build-outs, making the company's results sensitive to major service provider capital expenditure cycles and the timing of large customer project deployments.

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Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

ADTRAN Holdings reported Q2 2026 revenue of $281.1 million, up 6.1% year-over-year, driven by broadband expansion and vendor consolidation, with U.S. revenue growing 11.7% and International revenue rising 1.4% year-over-year 37, 138. Optical Networking Solutions revenue increased $19.6 million in the quarter on high-risk vendor displacement demand, while GAAP net income was -$8.7 million for the period 37, 138. The company executed significant capital structure transactions during the quarter, issuing convertible senior notes and entering a new credit agreement with JPMorgan Chase Bank 37.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-04):
„Demand across our end markets remained strong during the quarter led by the results of our Optical Networking Solutions business. While our second quarter results were affected by a specific set of near-term factors, it does not change the underlying strength or trajectory of our business.“ – Tom Stanton, Chairman and Chief Executive Officer 38
„Our strategic priorities remain on track. We continue to gain momentum in optical networking while increasing diversity across cloud providers/hyperscalers, enterprise, and government customers, with revenue from these customers growing 47% year-over-year. We remain committed to our long-term operating model and remain confident that our strategy will deliver long-term shareholder value.“ – Tom Stanton, Chairman and Chief Executive Officer 38
Revenue · 2026-Q2281$m+6.0 % vs. 2025-Q2
Net profit · 2026-Q2-9$m+57.6 % vs. 2025-Q2
EPS · 2026-Q2-0.13$+45.8 % vs. 2025-Q2
Revenue trend
Guidance
For 2026-Q3, the company guides Revenue to 275.0 million to 295.0 million; Operating margin to 1.5% to 5.5%. 38.
Profitability
GAAP operating income was -$10.1 million, representing a -3.6% GAAP operating margin, an improvement from -5.0% in Q2 2025; non-GAAP adjusted operating income was $10.6 million at a 3.8% non-GAAP margin 138, 37, 38. Diluted EPS was -$0.13 on a GAAP basis while non-GAAP adjusted EPS was $0.03 138. Operating cash flow was $25.9 million and free cash flow was $17.0 million after capital expenditures of $8.9 million 138.
Leverage
Cash and cash equivalents were $79.2 million at quarter-end, down from $95.7 million at year-end 2025, with net debt of $114.6 million 138, 38. The company issued $201.3 million of 3.75% convertible senior notes due September 15, 2030, and entered a $350.0 million credit agreement with JPMorgan Chase Bank maturing July 2031, with $48.0 million drawn at quarter-end 37. Exit Compensation payments of $13.8 million to Adtran Networks minority shareholders were paid in the first half of 2026, contributing to the reduction in cash balances 37.
Management view
Revenue from cloud providers, hyperscalers, enterprise, and government customers grew 47% year-over-year in Q2 2026, reflecting sustained demand from infrastructure build-outs and vendor consolidation 37. For Q3 2026, the company provided revenue guidance of $275.0 to $295.0 million and non-GAAP operating margin guidance of 1.5% to 5.5% 38.
Change
Q2 2026 revenue fell below the prior guidance range of $283.0 to $303.0 million, with the shortfall attributed to a single customer project delay 36. Non-GAAP operating margin came in below the prior guidance range of 5.0% to 9.0%, impacted by elevated component and freight costs 36. Net loss attributable to ADTRAN Holdings narrowed from $20.5 million in Q2 2025 to $10.9 million in Q2 2026 37.
Risks (current)
Revenue is subject to fluctuation from lengthy sales and approval processes at major service providers and shifting customer spending patterns, representing ongoing concentration risk 35, 36. The company faces risks relating to compliance with credit agreement covenants and satisfaction of payment obligations under convertible notes and the Domination and Profit and Loss Transfer Agreement with Adtran Networks minority shareholders 36, 37, 38. Macroeconomic risks include tariff and trade policy changes, with IEEPA tariff refund recovery uncertain and potential customer passthrough obligations unresolved 36, 37.
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Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Fiber access and optical networking demand recovery following the ADVA/Adtran Networks integration
Revenue reaccelerated across recent quarters (247.7m in 2025-Q1 to a 281.1–291.6m range through 2026-Q2), with both Domestic (+20.7% FY2025) and International (+15.0% FY2025) growing, while adjusted operating income turned consistently positive (10.6–19.9m) even as reported operating income stayed negative 138 32
U.S. broadband build-out and BEAD public funding tailwind for fiber-to-the-home
Domestic revenue grew 20.7% in FY2025 to 480.8m alongside BEAD program positioning and fiber-to-the-home deployment expansion 32 34
Optical networking / high-speed transport (LiteWave800, FSP 3000 OLS, 50G C-band pluggables)
Optical Networking Solutions contributed 147.8m and the LiteWave800 coherent line launched in Q1 2026, extending the FSP 3000 OLS and auto-tunable pluggable portfolio 5 35 32
Wi-Fi 7 / subscriber premises portfolio (SDG 9000 Series, residential gateways)
Wi-Fi 7 portfolio expansion (SDG 9000 for residential, small business and MDU) plus multi-gig Wi-Fi 7 investment support subscriber solutions traction 32 34
Profitability restoration via Business Efficiency Program and site consolidation
Adjusted operating income held in the 8.0–19.9m range across 2025–2026 while reported operating income remained negative (-10.1m in 2026-Q2), reflecting ongoing restructuring 138
ADVA/Adtran Networks integration and DPLTA structure
The 2022 business combination and 2023 domination and profit-and-loss transfer agreement continue to shape the consolidated International base of 603.1m in FY2025 32 5
Balance-sheet and liquidity management (convertible notes, capped calls, receivables purchase)
3.75% Convertible Senior Notes due 2030 and capped call transactions were issued in September 2025; net debt moved from 97.3m (2025-Q4) to 114.6m (2026-Q2) with cash at 79.2m 29 138

Sector trend: Access-network demand is turning up as carrier fiber and BEAD-funded broadband spending recovers, lifting both domestic and international revenue 32 34. Margins are improving on an adjusted basis via efficiency programs, though reported operating profitability remains negative 138.

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Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategyfinancials2023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2
2026 · 7 events

2026-Q2 · Apr – Jun 2026

„Our preliminary second quarter results were directly impacted by a project delay from a single customer. In addition, margins reflected the current elevated component and freight cost environment. While these factors are affecting our near-term financial results, they do not change the underlying business, customer engagement or strategic priorities we are executing against.“ – Tom Stanton, Chairman and Chief Executive Officer 36
„Demand across our end markets remained strong during the quarter led by the results of our Optical Networking Solutions business. While our second quarter results were affected by a specific set of near-term factors, it does not change the underlying strength or trajectory of our business.“ – Tom Stanton, Chairman and Chief Executive Officer 38
revenue 2026-07-22
Preliminary Q2 revenue of $280-282M came in below prior guidance of $283-303M due to a single customer project delay; final Q2 revenue of $281.1M represents 6.1% YoY growth, decelerating from 15.5% in Q1 36 37
Margin compressing 2026-07-22
Preliminary non-GAAP operating margin of 3.5-4.0% fell below Q2 guidance of 5.0-9.0% due to elevated component and freight costs; final non-GAAP operating margin came in at 3.8% 36 38
Guidance initiated 2026-07-22
Q3 2026 revenue guidance initiated at $275-295M and non-GAAP operating margin of 1.5-5.5% 36 38

2026-Q1 · Jan – Mar 2026

„We delivered solid first quarter results, with revenue increasing 15.5% year-over-year, and GAAP and non-GAAP operating margin rising 380 and 300 basis points from a year ago, respectively. These results reflect the continued strength of our core markets and the operating leverage we have been building.“ – Tom Stanton, Chairman and Chief Executive Officer 35
earnings 2026-05-05
GAAP operating margin improved to 2.2% of revenue from -1.6% in Q1 2025; net loss attributable to ADTRAN Holdings narrowed from $11.3M to $1.3M YoY 34 35
revenue 2026-05-05
Revenue grew 15.5% YoY to $286.1M driven by broadband expansion, vendor consolidation, and U.S. volume growth of 41.6% YoY; Optical Networking Solutions revenue increased $19.1M from high-risk vendor displacement across Europe 34
Margin expanding 2026-05-05
GAAP gross margin expanded 108 bps YoY to 39.5% due to decreased material costs and labor cost leveraging on higher sales volume; non-GAAP gross margin expanded 55 bps YoY to 43.0% 34 35
Net income turned positive 2026-05-05
Net income turned positive for the first time after 12 negative periods (-1.3 to +0.9 USDm). 138
2025 · 13 events

2025-Q4 · Oct – Dec 2025

„We delivered a strong fourth quarter, with revenue above our outlook and growth across all three revenue categories. Performance reflected solid execution and sustained fiber investment across our core markets.“ – Tom Stanton, Chairman and Chief Executive Officer 33
„Our preliminary fourth quarter results reflect higher demand and strong execution, outperforming our expectations amid typical year-end seasonality. We look forward to providing additional detail on our fourth quarter results when we report audited results in late February.“ – Tom Stanton, Chairman and Chief Executive Officer 31
earnings 2026-02-26
Non-GAAP diluted EPS of $0.16 in Q4 2025 versus non-GAAP loss of $0.02 per share in Q4 2024 33
Guidance initiated 2026-02-26
Q1 2026 guidance of $275.0-$295.0 million revenue and non-GAAP operating margin of 4.0%-8.0% issued 33
Operating income turned positive 2026-02-26
Operating income turned positive for the first time after 13 negative periods (-2.8 to +4.5 USDm). 135
revenue 2026-01-22
Preliminary Q4 2025 revenue of $290.0-$293.0 million exceeded prior guidance range of $275.0-$285.0 million 31

2025-Q3 · Jul – Sep 2025

„We look forward to a strong finish to the year. With healthy demand and a portfolio aligned to key technology transitions, we remain focused on driving sustainable growth and maximizing long-term stockholder value.“ – Tom Stanton, Chairman and Chief Executive Officer 30
Revenue accelerating 2025-11-04
Revenue grew 23% year-over-year to $279.4 million in Q3 2025 30
Margin expanding 2025-11-04
Non-GAAP operating margin improved to 5.4% from 0.2% in Q3 2024 30
Guidance initiated 2025-11-04
Q4 2025 revenue guidance of $275.0-$285.0 million and non-GAAP operating margin of 3.5%-7.5% issued 30

2025-Q2 · Apr – Jun 2025

„Business conditions have continued to strengthen during the second quarter of 2025, and were supported by improved market conditions and growing customer demand for our products and services. We are pleased with our business performance and look forward to finalizing and reporting our full second quarter results in early August.“ – Tom Stanton, Chairman and Chief Executive Officer 26
„Looking forward, our bookings and pipeline reinforce our confidence in continued gains in profitability and cash flow. With a clear strategy, global reach, and investment in next-generation network architectures, Adtran remains well-positioned.“ – Tom Stanton, Chairman and Chief Executive Officer 28
Revenue accelerating 2025-08-05
Revenue grew 17.3% year-over-year to $265.1 million in Q2 2025, with growth across all product categories and geographies 27
Margin expanding 2025-08-05
GAAP gross margin improved to 37.3% from 36.0% in Q2 2024, driven by Business Efficiency Program benefits and favorable customer and product mix 27
Guidance initiated 2025-08-05
Q3 2025 revenue guidance of $270.0-$280.0 million and non-GAAP operating margin of 3.0%-7.0% issued 28

2025-Q1 · Jan – Mar 2025

„We are well-positioned to navigate and capitalize on shifts in trade policy due to our globally diverse supply chain, operational flexibility, and strong customer relationships. Based on the current visibility and booking trends, we expect this positive momentum to continue into the second quarter.“ – Tom Stanton, Chairman and Chief Executive Officer 23
Strategic pivot 2025-05-20
Business Efficiency Program completed as of December 31, 2024, eliminating restructuring charges and reducing employee-related and lease costs with no additional costs incurred in Q1 2025 24
Revenue accelerating 2025-05-08
Revenue grew 10% year-over-year to $247.7 million, above the guidance mid-point, reflecting normalized customer spending and fiber expansion 23
Margin expanding 2025-05-08
Non-GAAP gross margin expanded to 42.6% from 40.7% in Q1 2024 23
2024 · 14 events

2024-Q4 · Oct – Dec 2024

„We finished 2024 with positive momentum in our business. Based on the current visibility and booking trends, we expect higher revenue in the first quarter of 2025, overcoming typical seasonality.“ – Tom Stanton, Chairman and Chief Executive Officer 21
EBITDA turned positive 2025-05-20
EBITDA turned positive for the first time after 9 negative periods (-1.3 to +5.9 USDm). 133
Revenue accelerating 2025-02-27
Revenue of $242.9 million increased 7% sequentially and exceeded the mid-point of guidance, extending the sequential recovery trend from Q3 21
Guidance initiated 2025-02-27
Q1 2025 revenue guidance of $237.5 million to $252.5 million issued, described as overcoming typical seasonality 21
Strategic pivot 2025-02-27
Business Efficiency Program substantially completed; Greifswald, Germany facility closed in December 2024 21

2024-Q3 · Jul – Sep 2024

„ADTRAN remains well-positioned for sustainable and profitable growth as customer inventory levels normalize. The continued trend to increase fiber access and optical transport, combined with the ongoing transition from higher risk vendors to providers like ADTRAN, serve as durable secular catalysts. As we grow, we are confident we can unlock meaningful operational leverage, driving accelerated profitability and increased cash generation.“ – Tom Stanton, Chairman and Chief Executive Officer 19
Revenue decelerating 2024-11-12
Revenue declined 16.4% year-over-year to $227.7 million due to customer inventory reduction and macroeconomic uncertainty, though the year-over-year decline narrowed relative to prior quarters 20
Margin expanding 2024-11-07
Non-GAAP operating margin turned positive at 1.1%, above guidance mid-point; GAAP gross margin improved to 37.4% from 27.3% in Q3 2023, benefiting from lower amortization and acquisition costs from the Business Combination 19
Cash flow inflection 2024-11-07
Operating cash flow reached 43.3 USDm vs 6.8 USDm in 2023-Q3 (×6.4). 130

2024-Q2 · Apr – Jun 2024

„We had a solid second quarter, during which we saw improvements across all our major operating metrics, including profitability and working capital. During the quarter, we saw growth in our customer base across the U.S. and Europe as customers continue to adopt our latest fiber networking solutions“ – Tom Stanton, Chairman and Chief Executive Officer 17
Revenue decelerating 2024-08-09
Revenue declined 31.0% year-over-year to $226.0 million, with Network Solutions segment down 37%, driven by customer inventory reduction and macroeconomic uncertainty 18
Strategic pivot 2024-08-09
Copper-based DSL and fixed wireless access products discontinued, IoT gateway market exit announced, and Greifswald facility closure targeted by December 31, 2024 as part of Business Efficiency Program 18
Operating cash flow turned positive 2024-08-09
Operating cash flow turned positive on a half-year basis (2023-H2: -9.5 to 2024-H1: +57.8 USDm, aggregated from reported quarters where needed). 128
Margin expanding 2024-08-06
Non-GAAP gross margin improved to 41.9% from 38.6% in Q2 2023; GAAP gross margin expanded from 28.3% to 36.1%, primarily due to decreased amortization and acquisition costs from the Business Combination 17

2024-Q1 · Jan – Mar 2024

„First quarter revenue and profitability came in as expected, with the weakness still impacting our results. However, we were pleased with the continued momentum in our customer win rate which was bolstered by the ongoing expansion of our Mosaic One platform. As we continued to execute on our business efficiency program, we were able to reduce inventory and significantly improve our operating cashflow while maintaining our diligence in gaining market share during this pivotal time in our industry. We believe that as markets return to normal, our continued focus on these measures, will lead to sustainable margin expansions and shareholder value creation in the mid-term.“ – Tom Stanton, Chairman and Chief Executive Officer 15
Revenue decelerating 2024-05-10
Revenue declined 30.2% year-over-year to $226.2 million as customers reduced inventory levels amid macroeconomic uncertainty 16
Margin expanding 2024-05-10
GAAP gross margin improved to 31.9% from 27.1% in Q1 2023, primarily driven by lower amortization of intangible assets and reduced acquisition costs from the Business Combination, not operational improvement 16
earnings 2024-05-03
$292.6 million non-cash goodwill impairment charged against Network Solutions reporting unit due to decreased market capitalization and reduced service provider spending 14
2023 · 14 events

2023-Q4 · Oct – Dec 2023

„Preliminary Q4 revenue came in as expected with non-GAAP profitability at the upper end of our guidance driven by continued gross margin improvements and lower operating expenses. Although revenues continued to remain challenging due to the macroeconomic environment and elevated customer inventories. we believe the fundamental demand landscape remains unchanged. Service providers continue to pursue the same objectives of expanding their fiber footprint and enhancing bandwidth, necessitating global infrastructure buildouts. With the ongoing implementation of our cost improvement measures, we believe that we are transforming into a more streamlined and efficient company. We expect that this will position us well to excel when spending returns to normal levels.“ – Tom Stanton, Chairman and Chief Executive Officer 11
earnings 2024-02-27
Full-year 2023 GAAP net loss of $267.7M ($3.41/share) versus $8.9M in 2022; Q4 GAAP net loss of $109.9M included $24.3M inventory write-down from product line discontinuations; company established a valuation allowance against domestic deferred tax assets in Q4 11 12
Revenue decelerating 2024-02-27
Revenue fell 37% YoY to $225.5M, the lowest quarter of 2023, as macroeconomic headwinds and elevated customer inventory levels continued to suppress Network Solutions demand 11
Margin expanding 2024-02-27
GAAP gross margin expanded to 34.8% (up 483 bps YoY, 754 bps sequentially) driven by lower purchasing and transportation costs and reduced acquisition-related expenses; non-GAAP gross margin improved to 41.9% 11

2023-Q3 · Jul – Sep 2023

„We anticipate that the ongoing uncertainty affecting customer spending will extend into 2024. We are actively addressing the challenges in our industry and have implemented a business efficiency program to ensure improvement in long-term shareholder return. Through this program, we are aiming to lower our costs by $90 million by the end of 2024 as compared to 2023. Although the environment has proven to be very challenging, interest in our products continues to grow as we gained market share and added new customers during the quarter. We expect the combination of our continued growth in market share with our new operating model to substantially improve returns to all our stakeholders.“ – Tom Stanton, Chairman and Chief Executive Officer 9
„While revenue and GAAP operating margin continue to be challenging as customers remain focused on reducing inventory levels and managing capital expenses, our Q3 non-GAAP operating margin was at the upper end of our guidance, helped by the planned reduction in our operating expenses and improved non-GAAP gross margins. Additionally, the strengthened U.S. dollar had a negative impact on revenue generated outside of the U.S. Moving forward through the end of this year, we will continue to focus on aligning our operating model to reflect the current environment. Finally, during the third quarter, ADTRAN continued to add new customers in both Europe and the U.S., further strengthening our market share position and, with our broad portfolio and geographic reach, uniquely positioning us to benefit from what we anticipate to be a return to normalized spending.“ – Tom Stanton, Chairman and Chief Executive Officer 8
earnings 2023-11-07
GAAP operating loss of $89.3M included $37.9M non-cash goodwill impairment on the Services & Support reporting unit and $21.0M inventory write-down from Network Solutions product line exits 9 10
Strategic pivot 2023-11-07
Business Efficiency Program launched: targeting $90M reduction in non-GAAP operating expenses for 2024, site consolidation expected to generate up to $150M in proceeds, quarterly dividend suspended effective November 6, 2023, and workforce reduced by approximately 5% 9 10
Revenue decelerating 2023-10-17
Revenue fell 20.1% YoY to $272.3M, below guidance of $275-305M, as $63.0M in volume declined from customer inventory destocking and $5.4M in FX headwinds compressed Network Solutions sales; domestic revenue declined 34.3% 8 10

2023-Q2 · Apr – Jun 2023

„Our Q2 2023 results were in line with our expectations. Although new customer acquisitions remain near an all-time high, we anticipate the second half of 2023 will continue to present challenges due to customers optimizing inventory and the macroeconomic environment. Nevertheless, we continue to believe that we are in the early stage of an unprecedented investment cycle and Adtran Holdings is well positioned to be one of the largest beneficiaries.“ – Tom Stanton, Chairman and Chief Executive Officer 6
earnings 2023-08-14
Net loss of $33.3M in Q2 and $67.8M in H1 2023 versus net income of $2.1M and $1.0M in the respective prior-year periods; H1 2023 included $8.3M in restructuring costs 7
revenue 2023-08-14
Revenue of $327.4M, up 90.3% YoY (decelerating from Q1's 109.6%), with growth driven by Business Combination activity; Subscriber Solutions continued to contract as customers managed elevated inventory levels 7
Margin compressing 2023-08-14
GAAP gross margin declined to 28.3% from 36.3% in Q2 2022, reflecting $33.4M in acquisition-related adjustments including intangible amortization and fair value inventory adjustments 7
Revenue decelerating 2023-08-07
Revenue growth decelerated to +90.3% YoY (prior period +109.6%). 117

2023-Q1 · Jan – Mar 2023

„As mentioned in our pre-release, the results of the quarter were impacted by slowing sales predominately in our Subscriber Solutions category. Although we expect customer inventory management efforts to continue to affect our near-term results, the underlying demand to upgrade and deploy fiber networks is at an unprecedented high and we are ideally positioned to capitalize on this opportunity.“ – Tom Stanton, Chairman and Chief Executive Officer 4
„Growing customer concerns over inventory stocking levels affected our first quarter Subscriber Solutions category. We believe that this over-supply condition in CPE products will continue into the second quarter. Revenue for our Access and Optical Networking products grew sequentially. Supply constraints, however, limited our flexibility to clear past-due backlog across all product categories. We believe that the inventory impact is transitory, and we expect to see some improvement during the second quarter. We plan to adjust expenses in the near term to reflect current conditions, however we do not see any material changes to our near-term opportunities and our long-term growth catalysts as carriers around the world race to upgrade their networks to fiber.“ – Tom Stanton, Chief Executive Officer 3
Margin compressing 2023-05-10
GAAP gross margin fell to 27.1% from 35.2% in Q1 2022, driven by $32.6M in acquisition-related adjustments including intangible amortization and fair value inventory adjustments from the Business Combination 5
Strategic pivot 2023-05-10
DPLTA effective January 16, 2023: ADTRAN Holdings began absorbing all Adtran Networks losses and obtained binding instruction rights over its management board; Wells Fargo Credit Agreement expanded from $100M to $400M with $180M drawn at quarter-end 5
Revenue decelerating 2023-05-10
Revenue growth decelerated to +109.6% YoY (prior period +132.4%). 5
revenue 2023-04-11
Q1 revenue of $323.9M missed prior guidance of $355-375M; the 109.6% YoY increase reflects the Business Combination base effect (Adtran Networks SE contributing $192.3M), while the underlying Subscriber Solutions category declined on customer inventory corrections 3 5
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Key Figures ($m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue ($m) · annual basis, as reported
FY2023FY2023: 1,1491,149FY2024FY2024: 923923FY2025FY2025: 1,0841,084
Net income ($m) · annual basis, as reported
FY2023FY2023: -269-269FY2024FY2024: -460-460FY2025FY2025: -46-46
EPS ($) · annual basis, as reported
FY2023FY2023: -3.43-3.43FY2024FY2024: -5.79-5.79FY2025FY2025: -0.52-0.52
Operating cash flow ($m) · annual basis, as reported
FY2023FY2023: -43-43FY2024FY2024: 104104FY2025FY2025: 130130
Revenue ($m) · quarterly basis, as reported
2024-Q32024-Q3: 2282282024-Q42024-Q4: 2432432025-Q12025-Q1: 2482482025-Q22025-Q2: 2652652025-Q32025-Q3: 2792792025-Q42025-Q4: 2922922026-Q12026-Q1: 2862862026-Q22026-Q2: 281281
Net income ($m) · quarterly basis, as reported
2024-Q32024-Q3: -33-332024-Q42024-Q4: -46-462025-Q12025-Q1: -11-112025-Q22025-Q2: -20-202025-Q32025-Q3: -8-82025-Q42025-Q4: -1-12026-Q12026-Q1: 112026-Q22026-Q2: -9-9
EPS ($) · quarterly basis, as reported
2024-Q32024-Q3: -0.38-0.382024-Q42024-Q4: -0.58-0.582025-Q12025-Q1: -0.14-0.142025-Q22025-Q2: -0.24-0.242025-Q32025-Q3: -0.12-0.122025-Q42025-Q4: -0.02-0.022026-Q12026-Q1: -0.01-0.012026-Q22026-Q2: -0.13-0.13
Operating cash flow ($m) · quarterly basis, as reported
2024-Q32024-Q3: 43432024-Q42024-Q4: 222025-Q12025-Q1: 43432025-Q22025-Q2: 32322025-Q32025-Q3: 12122025-Q42025-Q4: 42422026-Q12026-Q1: 13132026-Q22026-Q2: 2626
Cash ($m) · annual basis, as reported
FY2023FY2023: 8787FY2024FY2024: 7676FY2025FY2025: 9696
Capex ($m) · annual basis, as reported
FY2023FY2023: 3636FY2024FY2024: 3434FY2025FY2025: 3232
FCF ($m) · annual basis, as reported
FY2023FY2023: -79-79FY2024FY2024: 6969FY2025FY2025: 9898
D&A ($m) · annual basis, as reported
FY2023FY2023: 113113FY2024FY2024: 9090FY2025FY2025: 9292
Cash ($m) · quarterly basis, as reported
2024-Q32024-Q3: 88882024-Q42024-Q4: 76762025-Q12025-Q1: 1011012025-Q22025-Q2: 1061062025-Q32025-Q3: 94942025-Q42025-Q4: 96962026-Q12026-Q1: 88882026-Q22026-Q2: 7979
Debt ($m) · quarterly basis, as reported
2024-Q32024-Q42025-Q12025-Q22025-Q32025-Q3: 1931932025-Q42025-Q4: 1931932026-Q12026-Q1: 1931932026-Q22026-Q2: 194194
Net Debt ($m) · quarterly basis, as reported
2024-Q32024-Q42025-Q12025-Q22025-Q32025-Q3: 99992025-Q42025-Q4: 97972026-Q12026-Q1: 1051052026-Q22026-Q2: 115115
Capex ($m) · quarterly basis, as reported
2024-Q32024-Q3: 662024-Q42024-Q4: 332025-Q12025-Q1: 772025-Q22025-Q2: 552025-Q32025-Q3: 882025-Q42025-Q4: 12122026-Q12026-Q1: 882026-Q22026-Q2: 99
FCF ($m) · quarterly basis, as reported
2024-Q32024-Q3: 37372024-Q42024-Q4: -1-12025-Q12025-Q1: 36362025-Q22025-Q2: 28282025-Q32025-Q3: 442025-Q42025-Q4: 31312026-Q12026-Q1: 552026-Q22026-Q2: 1717
D&A ($m) · quarterly basis, as reported
2024-Q32024-Q3: 25252024-Q42024-Q4: 23232025-Q12025-Q1: 22222025-Q22025-Q2: 23232025-Q32025-Q3: 23232025-Q42025-Q4: 24242026-Q12026-Q1: 25252026-Q22026-Q2: 2626
Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported
PeriodRevenueOp. incomeOp. income (adj.)Net incomeEPS ($)EPS adj. ($)OCFSource
FY20251,083.8-15.651.7-45.7-0.520.24129.8133
FY2024922.7-427.6-2.9-459.9-5.79-0.17103.622
FY20231,149.1-223.7-9.9-268.9-3.43-1.37-4312

Quarters

Amounts in $m · EPS in $ per share · Net Debt/EBITDA as a multiple · as reported
PeriodPublishedRevenueOp. incomeOp. income (adj.)Net incomeEPS ($)EPS adj. ($)FCFCashNet DebtNet Debt/EBITDA (x)Source
2026-Q2*2026-08-04281.1-10.110.6-8.7-0.130.031779.2114.61.2x (LTM)138
2026-Q1*2026-05-05286.16.419.90.9-0.010.145.288.3105.21.2x (LTM)34
2025-Q4*2026-02-26291.64.518.8-1.3-0.02*0.1630.695.797.31.3x (LTM)32
2025-Q3*2025-11-04279.4-2.815.1-7.8-0.120.044.293.799.21.8x (LTM)29
2025-Q2*2025-08-05265.1-13.38-20.5-0.240.0127.5106.3––27
2025-Q1*2025-05-08247.7-49.8-11.3-0.140.0335.8101.3––23
2024-Q4*2025-05-20242.9-16.85.8-46.1-0.580.01-0.976––24
2024-Q3*2024-11-07227.7-26.10.5-33.3-0.38-0.0737.188.5––19
2024-Q2*2024-08-09226-38.51.4-49.7-0.63-0.093.9111.2––18
2024-Q1*2024-05-07226.2-346.2-10.6-330.8-4.20-0.0224.4106.8––15
2023-Q4*2024-03-15225.5-37.6-3.2-112.2-1.40-1.09-25.787.2––13
2023-Q3*2023-11-09272.3-89.3-5.1-78.2-1.00-0.14-6.7116.1––10
2023-Q2*2023-08-07327.4-44.63.6-38.7-0.500.00-27.9124.3––6
2023-Q1*2023-05-10323.9-49.7-5.2-39.7-0.51-0.14-28.4136.5––5
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: EBITDA (adj.) (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in $m · as reported
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
FY20252026-02-2695.719397.392.5129.831.798133
FY20242025-03-0376––90.5103.634.569.122
FY20232024-03-1587.2––112.9-4336.3-79.412

Quarters

Amounts in $m · as reported
PeriodPublishedCashDebtNet DebtD&AOCFCapexFCFSource
2026-Q22026-08-0479.2193.8114.625.625.98.917138
2026-Q12026-05-0588.3193.4105.224.912.77.55.234
2025-Q42026-02-2695.719397.324.242.211.730.632
2025-Q32025-11-0493.7192.999.223.312.284.229
2025-Q22025-08-05106.3––23.432.24.727.527
2025-Q12025-05-08101.3––21.643.27.435.823
2024-Q42025-05-2076––22.62.43.3-0.924
2024-Q32024-11-0788.5––24.843.36.237.119
2024-Q22024-08-09111.2––23.419.9163.918
2024-Q12024-05-07106.8––22.437.913.524.415
2023-Q42024-03-1587.2––21.5-16.39.4-25.713
2023-Q32023-11-09116.1––23.96.813.6-6.710
2023-Q22023-08-07124.3––32.7-16.211.7-27.96
2023-Q12023-05-10136.5––33.4-19.98.4-28.45
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Revenue by Type (as of 2026-Q2 · USDm · 4/7)#

Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.

SegmentSincePeriodBasisRevenueGrowthSource
InternationalFY2025FY202512M603.115%32
DomesticFY2025FY202512M480.820.7%32
Network Solutions2023-Q12026-Q13M237.9–35
Services & Support2023-Q12026-Q13M48.1–35
Optical Networking Solutions2023-Q12023-Q13M147.8–5
Subscriber Solutions2023-Q12023-Q13M22.6–5
Access & Aggregation Solutions2023-Q12023-Q13M1–5
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Products & M&A (10/24 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/LineSinceStatusSource
Multi-Gig Wi-Fi 7 investment2026-03Launched34
LiteWave800™2026-03Launched35
Free trade zone at Huntsville, Alabama facility2026-03Launched32
Fiber-to-the-home deployment expansion2026-03Launched34
Carrier Ethernet applications expansion2026-03Launched34
Capped Call Transactions2025-09Launched29
Wi-Fi 7 portfolio expansion with SDG 9000 Series for residential, small business and MDU connectivity2025Launched32
FSP 3000 OLS solution launch2025Launched32
Auto-tunable 50G C-band pluggable transceiver2025Launched32
Broadband Equity, Access and Deployment Program (2×)2024-12Launched32
Receivables Purchase Agreement2024-07Launched29
Mosaic One SaaS network platform hosting via third-party cloud provider2024-06Launched18
Mosaic One platform expansion2024-03Launched15
SDX OLT series additions2024Launched22
Residential gateway and ONT families2024Launched22
Packet demarcation and encryption/security products2024Launched22
Outdoor packet demarcation devices2024Launched22
Mosaic One software enhancements2024Launched22
Edge and core transport solutions2024Launched22
Suspension of quarterly dividend2023-09Launched9
Strategy shift resulting in discontinuation of certain product lines in Network Solutions segment2023-09Launched22
Site Consolidation Plan2023-09Launched9
IPCEI ME/CT public funding project (2×)2023-09Launched20
First Amendment to Wells Fargo Credit Agreement2023-08Launched7
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M&A (18)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions · 6Divestitures/exits · 12
202320242025

Acquisitions

Transaction / stakeDateTypeSource
Headquarters building sale (3×)2025Completed22
Convertible Senior Notes (3×)2025Completed32
Business Efficiency Program (3×)2023-11Completed15
Domination and Profit and Loss Transfer Agreement with Adtran Networks2023-01Announced32
DPLTA with Adtran Networks (3×)2023-01Completed10
Business Combination with ADVA (2×)2022-07Completed22

Divestitures / exits

Transaction / stakeDateTypeSource
Greifswald facility closure (2×)2024-04Divested20
Adtran Networks shares tendered and Exit Compensation payments2024Divested22
IoT Gateway Market Exit (3×)2023-09Divested22
Exit from certain product lines2023-09Divested9
Fixed wireless access products discontinuation2023-08Divested18
Fixed wireless access product discontinuance2023-08Divested18
Discontinuation of fixed wireless access products in Network Solutions segment2023-08Divested12
Copper-based Digital Subscriber Line product discontinuance2023-08Divested18
Copper-based Digital Subscriber Line broadband access technology discontinuation2023-08Divested18
Copper-based DSL broadband access technology products discontinuation2023-08Divested12
Copper-based DSL and fixed wireless access product discontinuation2023-08Divested22
Copper-Based Digital Subscriber Line and Fixed Wireless Access Products Discontinuation2023-08Divested12
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Reported KPIs (as disclosed) (314)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
DatePeriodKPIValue / changeSource
2026-08-042026-Q2Net cash provided by operating activities (Q2)25.9 million38
2026-08-042026-Q2DSO days6737
2026-08-042026-Q2Cloud/Hyperscaler/Enterprise/Government revenue growth YoY47%38
2026-08-042026-Q2Cash and cash equivalents79.2 million38
2026-05-052026-Q1Services & Support gross margin prior year59.7%34
2026-05-052026-Q1Services & Support gross margin61.7%34
2026-05-052026-Q1Services & Support cost of revenue percentage prior year40.3%34
2026-05-052026-Q1Services & Support cost of revenue percentage38.3%34
2026-05-052026-Q1Revenue year over year growth15.5%34
2026-05-052026-Q1Non-GAAP operating margin6.9%35
2026-05-052026-Q1Network Solutions gross margin prior year33.6%34
2026-05-052026-Q1Network Solutions gross margin35.0%34
2026-05-052026-Q1Network Solutions cost of revenue percentage prior year66.4%34
2026-05-052026-Q1network solutions cost of revenue percentage65.0%34
2026-05-052026-Q1international revenue year over year growth-3.2%34
2026-05-052026-Q1international revenue as percentage of total prior year58.3%34
2026-05-052026-Q1international revenue as percentage of total48.9%34
2026-05-052026-Q1five largest customers as percentage of revenue28.7%34
2026-05-052026-Q1effective tax rate prior year-4.2%34
2026-05-052026-Q1effective tax rate67.3%34
2026-05-052026-Q1domestic revenue year over year growth41.6%34
2026-05-052026-Q1customers with revenues greater than 10 percent134
2026-05-052026-Q1cash provided by operating activities prior year43.2 million34
2026-05-052026-Q1cash provided by operating activities12.7 million34
2026-05-052026-Q1Net cash provided by operating activities12.7 million35
2026-05-052026-Q1GAAP operating margin2.2%35
2026-05-052026-Q1GAAP gross margin39.5%35
2026-05-052026-Q1Cash and cash equivalents88.3 million35
2026-02-26FY2025revolving credit borrowings$25.0 million32
2026-02-26FY2025projected benefit obligation$68.7 million32
2026-02-26FY2025operating cash flow$129.8 million32
2026-02-26FY2025letters of credit$5.8 million32
2026-02-26FY2025foreign cash held$87.5 million32
2026-02-26FY2025convertible notes issued$201.3 million32
2026-02-26FY2025Cash and Equivalents$95.7 million32
2026-02-26FY2025Capital Expenditures$69.3 million32
2026-02-26FY2025Credit Facility Available$319.2 million32
2026-02-26FY2025Adtran Networks Shares Owned36,871,78432
2026-02-26FY2025Adtran Networks Ownership70.8%32
2026-02-262025-Q4Net cash provided by operating activities129,767 (USD in thousands)33
2026-02-262025-Q4Cash and cash equivalents95,696 (USD in thousands)33
2025-11-042025-Q3U.S. Revenue120.2 million29
2025-11-042025-Q3Services & Support Segment Revenue46.9 million29
2025-11-042025-Q3Revenue279.4 million29
2025-11-042025-Q3Operating Margin (GAAP)-1.0%30
2025-11-042025-Q3Operating Loss-1.0%29
2025-11-042025-Q3Operating Cash Flow87.5 million29
2025-11-042025-Q3Network Solutions Segment Revenue232.5 million29
2025-11-042025-Q3Net Loss Attributable to ADTRAN Holdings-10.3 million29
2025-11-042025-Q3International Revenue159.2 million29
2025-11-042025-Q3Gross Margin (GAAP)38.3%30
2025-11-042025-Q3Gross Profit Margin38.3%29
2025-11-042025-Q3Convertible Senior Notes Issued201.3 million29
2025-11-042025-Q3Cash, Cash Equivalents and Restricted Cash101.2 million29
2025-11-042025-Q3Cash, Cash Equivalents and Restricted Cash101.2 million30
2025-11-042025-Q3Available Credit Facility232.0 million29
2025-11-042025-Q3Adtran Networks Ownership68.6%29
2025-08-052025-Q2total liabilities644,59328
2025-08-052025-Q2total current liabilities309,66028
2025-08-052025-Q2total current assets607,228 (USD in thousands)28
2025-08-052025-Q2total assets1,216,295 (USD in thousands)28
2025-08-052025-Q2non-current revolving credit agreement190,18028
2025-08-052025-Q2net cash provided by operating activities Q232,160 (USD in thousands)28
2025-08-052025-Q2net cash provided by operating activities H175,341 (USD in thousands)28
2025-08-052025-Q2cash and cash equivalents106,271 (USD in thousands)28
2025-08-052025-Q2Weighted average interest rate on revolving credit agreements - June 30, 20258.55%27
2025-08-052025-Q2U.S. Revenue - Q2 2025120.3 million27
2025-08-052025-Q2U.S. Revenue - Q2 2024107.6 million27
2025-08-052025-Q2U.S. Revenue - H1 2025223.5 million27
2025-08-052025-Q2U.S. Revenue - H1 2024190.9 million27
2025-08-052025-Q2Shares of Adtran Networks tendered - H1 20250.9 million shares27
2025-08-052025-Q2Shares of Adtran Networks tendered - H1 20241 thousand shares27
2025-08-052025-Q2Services & Support Revenue - Q2 202545.6 million27
2025-08-052025-Q2Services & Support Revenue - Q2 202446.8 million27
2025-08-052025-Q2Services & Support Revenue - H1 202591.1 million27
2025-08-052025-Q2Services & Support Revenue - H1 202491.7 million27
2025-08-052025-Q2SG&A expenses - Q2 202560.3 million27
2025-08-052025-Q2SG&A expenses - Q2 202459.4 million27
2025-08-052025-Q2SG&A expenses - H1 2025110.6 million27
2025-08-052025-Q2SG&A expenses - H1 2024118.4 million27
2025-08-052025-Q2Revenue - Q2 2025265.1 million27
2025-08-052025-Q2Revenue - Q2 2024226.0 million27
2025-08-052025-Q2Revenue - H1 2025512.8 million27
2025-08-052025-Q2Revenue - H1 2024452.2 million27
2025-08-052025-Q2R&D expenses - Q2 202551.9 million27
2025-08-052025-Q2R&D expenses - Q2 202460.4 million27
2025-08-052025-Q2R&D expenses - H1 2025100.8 million27
2025-08-052025-Q2R&D expenses - H1 2024120.6 million27
2025-08-052025-Q2Potential aggregate Exit Compensation with interest - June 30, 2025€326.8 million or $385.2 million27
2025-08-052025-Q2Other income net - H1 2025-1.7 million27
2025-08-052025-Q2Other income net - H1 20240.4 million27
2025-08-052025-Q2Other expense net - Q2 2025-2.6 million27
2025-08-052025-Q2Other expense net - Q2 2024-0.9 million27
2025-08-052025-Q2Operating Loss - Q2 2025(5.0)%27
2025-08-052025-Q2Operating Loss - Q2 2024(17.0)%27
2025-08-052025-Q2Operating Loss - H1 2025(3.4)%27
2025-08-052025-Q2Operating Loss - H1 2024(85.1)%27
2025-08-052025-Q2Network Solutions Revenue - Q2 2025219.5 million27
2025-08-052025-Q2Network Solutions Revenue - Q2 2024179.2 million27
2025-08-052025-Q2Network Solutions Revenue - H1 2025421.7 million27
2025-08-052025-Q2Network Solutions Revenue - H1 2024360.5 million27
2025-08-052025-Q2Net investment gain - Q2 20253.1 million27
2025-08-052025-Q2Net investment gain - Q2 20240.9 million27
2025-08-052025-Q2Net investment gain - H1 20251.4 million27
2025-08-052025-Q2Net investment gain - H1 20243.1 million27
2025-08-052025-Q2Net Loss attributable to ADTRAN Holdings - Q2 2025-20.5 million27
2025-08-052025-Q2Net Loss attributable to ADTRAN Holdings - Q2 2024-49.7 million27
2025-08-052025-Q2Net Loss attributable to ADTRAN Holdings - H1 2025-31.8 million27
2025-08-052025-Q2Net Loss attributable to ADTRAN Holdings - H1 2024-380.4 million27
2025-08-052025-Q2Long-term investments - June 30, 202533.1 million27
2025-08-052025-Q2Long-term investments - December 31, 202432.1 million27
2025-08-052025-Q2International Revenue - Q2 2025144.7 million27
2025-08-052025-Q2International Revenue - Q2 2024118.4 million27
2025-08-052025-Q2International Revenue - H1 2025289.3 million27
2025-08-052025-Q2International Revenue - H1 2024261.3 million27
2025-08-052025-Q2Interest expense - Q2 20254.6 million27
2025-08-052025-Q2Interest expense - Q2 20246.9 million27
2025-08-052025-Q2Interest expense - H1 20259.3 million27
2025-08-052025-Q2Interest expense - H1 202411.5 million27
2025-08-052025-Q2Interest and dividend income - Q2 20250.2 million27
2025-08-052025-Q2Interest and dividend income - Q2 20240.4 million27
2025-08-052025-Q2Interest and dividend income - H1 20250.3 million27
2025-08-052025-Q2Interest and dividend income - H1 20240.8 million27
2025-08-052025-Q2Government grants received as R&D reduction - Q2 20253.1 million27
2025-08-052025-Q2Government grants received as R&D reduction - Q2 20242.2 million27
2025-08-052025-Q2Government grants received as R&D reduction - H1 20255.3 million27
2025-08-052025-Q2Government grants received as R&D reduction - H1 20244.1 million27
2025-08-052025-Q2Foreign currency impact on revenue - Q2 2025 vs Q2 20246.1 million increase27
2025-08-052025-Q2Foreign currency impact on revenue - H1 2025 vs H1 20244.5 million increase27
2025-08-052025-Q2Foreign currency impact on SG&A expenses - Q2 2025 vs Q2 20241.2 million increase27
2025-08-052025-Q2Foreign currency impact on SG&A expenses - H1 2025 vs H1 20240.5 million increase27
2025-08-052025-Q2Foreign currency impact on R&D expenses - Q2 2025 vs Q2 20241.1 million increase27
2025-08-052025-Q2Foreign currency impact on R&D expenses - H1 2025 vs H1 20240.7 million increase27
2025-08-052025-Q2Exit Compensation payments - H1 2025€16.9 million or $19.4 million27
2025-08-052025-Q2Exit Compensation payments - H1 2024€23 thousand or $25 thousand27
2025-08-052025-Q2Cash on hand - June 30, 2025106.3 million27
2025-08-052025-Q2Cash on hand - December 31, 202476.0 million27
2025-08-052025-Q2Cash flow from operating activities - H1 202575.3 million27
2025-08-052025-Q2Cash flow from operating activities - H1 202457.8 million27
2025-08-052025-Q2Capital expenditures - H1 202532.5 million27
2025-08-052025-Q2Capital expenditures - H1 202430.7 million27
2025-08-052025-Q2Borrowings under Wells Fargo Credit Facility - June 30, 2025190.2 million27
2025-08-052025-Q2Available borrowing capacity - June 30, 202566.8 million27
2025-08-052025-Q2Annual recurring compensation obligation - June 30, 2025€8.5 million or $10.0 million27
2025-08-052025-Q2Annual Recurring Compensation paid - July 3, 2024$10.0 million27
2025-08-052025-Q2Annual Recurring Compensation paid - July 1, 202510.1 million27
2025-08-052025-Q2Annual Recurring Compensation accrued - Q2 20252.4 million27
2025-08-052025-Q2Annual Recurring Compensation accrued - Q2 20242.5 million27
2025-08-052025-Q2Annual Recurring Compensation accrued - H1 20254.8 million27
2025-08-052025-Q2Annual Recurring Compensation accrued - H1 20245.0 million27
2025-08-052025-Q2Adtran Networks shares held by Company - June 30, 202535,706,698 shares (68.6% ownership)27
2025-05-202025-Q1Weighted average interest rate revolving credit8.55%24
2025-05-202025-Q1Stock option shares issued Q1 2025113 thousand24
2025-05-202025-Q1Stock option shares issued Q1 202436 thousand24
2025-05-202025-Q1Stock option proceeds Q1 20250.8 (USD millions)24
2025-05-202025-Q1Stock option proceeds Q1 20240.2 (USD millions)24
2025-05-202025-Q1Services & Support Subscriber Solutions decrease-0.724
2025-05-202025-Q1Services & Support Optical Networking increase1.624
2025-05-202025-Q1Services & Support Access & Aggregation decrease-0.224
2025-05-202025-Q1Revenue category Subscriber Solutions increase10.6 (USD millions)24
2025-05-202025-Q1Revenue category Optical Networking Solutions increase3.1 (USD millions)24
2025-05-202025-Q1Revenue category Access & Aggregation increase7.8 (USD millions)24
2025-05-202025-Q1Prior performance bonds commitments15.724
2025-05-202025-Q1Prior deferred compensation program assets31.0 (USD millions)24
2025-05-202025-Q1Prior allowance for credit losses1.324
2025-05-202025-Q1Performance bonds commitments15.224
2025-05-202025-Q1Operating expenses percentage of revenue46.9%24
2025-05-202025-Q1Non-functional currency supplier invoices hypothetical 10% USD movement±9.624
2025-05-202025-Q1Non-functional currency billings hypothetical 10% USD movement±7.124
2025-05-202025-Q1Network Solutions Subscriber Solutions increase11.424
2025-05-202025-Q1Network Solutions Optical Networking increase1.524
2025-05-202025-Q1Network Solutions Access & Aggregation increase8.124
2025-05-202025-Q1Interest rate risk 50bp increase impact1.024
2025-05-202025-Q1Interest rate risk 50bp decline impactless than 0.124
2025-05-202025-Q1Forward contracts outstanding fair value0.6 (USD millions)24
2025-05-202025-Q1Foreign exchange impact on revenue-1.5 (USD millions)24
2025-05-202025-Q1Foreign exchange impact on SG&A-0.724
2025-05-202025-Q1Foreign exchange impact on R&D-0.424
2025-05-202025-Q1Foreign currency exposure hypothetical 10% movement impact±3.324
2025-05-202025-Q1Foreign cash held by subsidiaries prior52.6 (USD millions)24
2025-05-202025-Q1Foreign cash held by subsidiaries83.0 (USD millions)24
2025-05-202025-Q1Exit Compensation payments after March 31€7.0 million or approximately $7.5 million24
2025-05-202025-Q1Exit Compensation payments Q1 2025€12 thousand or approximately $13 thousand24
2025-05-202025-Q1Exit Compensation payments Q1 2024€4 thousand or approximately $5 thousand24
2025-05-202025-Q1Deferred compensation program assets29.0 (USD millions)24
2025-05-202025-Q1Available credit facility borrowings25.824
2025-05-202025-Q1Annual Recurring Compensation accrued Q1 20252.424
2025-05-202025-Q1Annual Recurring Compensation accrued Q1 20242.524
2025-05-202025-Q1Allowance for credit losses1.224
2025-05-202025-Q1Adtran Networks shares owned by Company34,856,61124
2025-05-202025-Q1Adtran Networks ownership percentage67.0%24
2025-05-082025-Q1Net cash provided by operating activities$41.6 million23
2025-05-082025-Q1Gross Margin (GAAP)38.5%23
2025-05-082025-Q1Cash and cash equivalents$101.3 million23
2025-03-03FY2024Total revenue change YoY-19.7%22
2025-03-03FY2024Prior marketable equity securities0.9 (USD in millions)22
2025-03-03FY2024Prior deferred compensation plan26.822
2025-03-03FY2024Prior allowance for credit losses0.422
2025-03-03FY2024Other charges 2024$4.5 million22
2025-03-03FY2024Next five largest customers revenue percentage21.7%22
2025-03-03FY2024marketable equity securities1.1 (USD in millions)22
2025-03-03FY2024largest customer revenue percentagegreater than 10.0%22
2025-03-03FY2024international revenue change yoy-23.8%22
2025-03-03FY2024exit compensation paid 2024approximately €15.7 million, or approximately $17.4 million22
2025-03-03FY2024exit compensation paid 2023approximately €1.2 million or approximately $1.3 million22
2025-03-03FY2024domestic revenue change yoy-13.6%22
2025-03-03FY2024deferred compensation plan31.022
2025-03-03FY2024business efficiency program future cash paymentsapproximately $10.3 million22
2025-03-03FY2024business efficiency program costs 2024$44.7 million22
2025-03-03FY2024business efficiency program costs 2023$25.1 million22
2025-03-03FY2024business combination integration costs 2024$1.9 million22
2025-03-03FY2024business combination integration costs 2023$4.9 million22
2025-03-03FY2024allowance for credit losses1.322
2025-03-03FY2024ADTRAN Networks shares tendered 2024approximately 831 thousand shares22
2025-03-03FY2024ADTRAN Networks shares tendered 202367 thousand shares22
2025-03-03FY2024ADTRAN Networks shares held34,856,232 no-par value bearer shares22
2025-03-03FY2024ADTRAN Networks ownership percentage67.0%22
2024-11-122024-Q3international revenue growth-22.1%20
2024-11-122024-Q3five largest customers revenue concentration30.1%20
2024-11-122024-Q3domestic revenue growth-8.0%20
2024-11-072024-Q3Operating Margin (GAAP)-10.5%19
2024-11-072024-Q3Gross Margin (GAAP)37.4%19
2024-11-072024-Q3Cash and cash equivalents88,456 (USD in thousands)19
2024-08-092024-Q2Revolving Credit Borrowings190.318
2024-08-092024-Q2Operating Cash Flow56.5 (USD millions)18
2024-08-092024-Q2Long-term Investments30.2 (USD millions)18
2024-08-092024-Q2Deferred Compensation Program Assets29.2 (USD millions)18
2024-08-092024-Q2Cash and Cash Equivalents111.2 (USD millions)18
2024-08-092024-Q2Capital Expenditures29.4 (USD millions)18
2024-08-092024-Q2Available Credit Facility16.418
2024-08-092024-Q2Adtran Networks Ownership Percentage65.3718
2024-05-102024-Q1Potential Exit Compensation Obligation365.716
2024-05-102024-Q1Government Grants Reduction to R&D1.916
2024-05-102024-Q1Credit Facility Available203.016
2024-05-102024-Q1Cash Held by Foreign Subsidiaries86.7 (USD millions)16
2024-05-102024-Q1Annual Recurring Compensation11.516
2024-05-102024-Q1Adtran Networks Ownership65.32%16
2024-05-102024-Q1Additional Borrowings Available (Covenant Limited)22.716
2024-03-15FY2023Warranty Liability Dec 31 20236.4 million12
2024-03-15FY2023Warranty Liability Dec 31 20227.2 million12
2024-03-15FY2023Unrecognized Compensation Expense - Stock Options8.1 million12
2024-03-15FY2023Unrecognized Compensation Expense - Market-Based PSUs/RSUs/Restricted Stock15.5 million12
2024-03-15FY2023Revolving Credit Agreements195.0 million12
2024-03-15FY2023Operating Expense Paid in Local Currencies (%)43.2%12
2024-03-15FY2023Initial Forward Notional Amount (EUR)€160.0 million12
2024-03-15FY2023Impairment Charges Capitalized Implementation Costs17.4 million12
2024-03-15FY2023Forward Notional Amount USD$160.0 million12
2024-03-15FY2023Foreign Currency Forward Contracts Fair Value4.8 million12
2024-03-15FY2023Cash and Investments Affected by Interest Rates5.7 million12
2024-03-15FY2023Cash and Equivalents Exceeding Insured Limits83.2 million12
2024-03-15FY2023Assumed ADTRAN Networks Stock Options2.1 million12
2024-03-15FY2023Cash on Hand87.2 million12
2024-03-15FY2023Available Credit Facility38.8 million12
2024-02-272023-Q4Non-GAAP Gross Margin41.9%11
2024-02-272023-Q4GAAP Gross Margin34.8%11
2023-11-092023-Q3Wells Fargo Indebtedness$200.0 million10
2023-11-092023-Q3Wells Fargo Credit Facility Available$450.0 million10
2023-11-092023-Q3Revolving Credit Agreements$210.6 million10
2023-11-092023-Q3Nord LB Revolving Line of Credit$16.1 million10
2023-11-092023-Q3Hypothetical Loss Nonfunctional Currencies Invoiced$10.1 million10
2023-11-092023-Q3Hypothetical Loss Nonfunctional Currencies Billed$8.6 million10
2023-11-092023-Q3Forward Contracts Outstanding Fair Value$7.5 million10
2023-11-092023-Q3Exit Compensation Paid Nine Monthsapproximately €1.1 million, or approximately $1.2 million10
2023-11-092023-Q3Exit Compensation if All Minority Holders Electapproximately €325.3 million or approximately $344.2 million10
2023-11-092023-Q3Euro Forward Contract Notional Amount€160.0 million10
2023-11-092023-Q3Cash and Variable Rate Investments$6.5 million10
2023-11-092023-Q3Annual Recurring Compensation Obligationapproximately €10.6 million or $11.2 million10
2023-11-092023-Q3ADTRAN Networks shares tendered nine months64 thousand shares10
2023-11-092023-Q3ADTRAN Networks borrowings$10.6 million10
2023-11-072023-Q3cash and cash equivalents116,092 (USD in thousands)9
2023-11-072023-Q3Non-GAAP operating margin Q3 2023-1.9%9
2023-11-072023-Q3Non-GAAP operating expenses nine months 2023363,526 (USD in thousands)9
2023-11-072023-Q3Non-GAAP operating expenses nine months 2022216,264 (USD in thousands)9
2023-11-072023-Q3Non-GAAP operating expenses Q3 2023114,947 (USD in thousands)9
2023-11-072023-Q3Non-GAAP operating expenses Q3 2022108,989 (USD in thousands)9
2023-11-072023-Q3Non-GAAP operating expenses Q2 2023122,685 (USD in thousands)9
2023-11-072023-Q3Non-GAAP gross margin Q3 202340.3%9
2023-11-072023-Q3GAAP operating margin Q3 2023-32.8%9
2023-11-072023-Q3GAAP gross margin Q3 202327.3%9
2023-08-142023-Q2Wells Fargo credit agreement outstanding (June 30, 2023)200.0 million7
2023-08-142023-Q2Wells Fargo credit agreement available (June 30, 2023)197.8 million7
2023-08-142023-Q2Short-term investments (June 30, 2023)3.1 million7
2023-08-142023-Q2Services & Support segment revenue growth (6M)166.8%7
2023-08-142023-Q2Services & Support segment revenue growth (3M)176.6%7
2023-08-142023-Q2Operating loss margin (6M 2023)-14.5%7
2023-08-142023-Q2Operating loss margin (3M 2023)-13.6%7
2023-08-142023-Q2Nord/LB revolving line borrowed (June 30, 2023)10.9 million7
2023-08-142023-Q2Network Solutions segment revenue growth (6M)92.1%7
2023-08-142023-Q2Network Solutions segment revenue growth (3M)81.4%7
2023-08-142023-Q2Net loss margin (6M 2023)-10.4%7
2023-08-142023-Q2Net loss margin (3M 2023)-10.2%7
2023-08-142023-Q2International revenue growth (6M)218.3%7
2023-08-142023-Q2International revenue growth (3M)194.3%7
2023-08-142023-Q2International revenue as % of total (6M 2023)59.5%7
2023-08-142023-Q2International revenue as % of total (3M 2023)59.6%7
2023-08-142023-Q2Gross profit margin (6M 2023)27.7%7
2023-08-142023-Q2Gross profit margin (3M 2023)28.3%7
2023-08-142023-Q2Domestic revenue growth (6M)28.8%7
2023-08-142023-Q2Domestic revenue growth (3M)25.1%7
2023-08-142023-Q2Cash on hand (June 30, 2023)124.3 million7
2023-08-142023-Q2Available short-term liquidity (June 30, 2023)127.4 million7
2023-08-142023-Q2Adtran Networks shares held (June 30, 2023)33,957,5387
2023-08-142023-Q2Adtran Networks ownership (June 30, 2023)65.36%7
2023-08-072023-Q2Non-GAAP Gross Margin38.6%6
2023-05-102023-Q1Wells Fargo Credit Agreement borrowings180.0 million5
2023-05-102023-Q1Short-term investments1.0 million5
2023-05-102023-Q1Nord/LB revolving line of credit borrowed10.8 million5
2023-05-102023-Q1Letters of credit outstanding3.4 million5
2023-05-102023-Q1Foreign cash held by subsidiaries112.5 million5
2023-05-102023-Q1Cash on hand136.5 million5
2023-05-102023-Q1Capital expenditures8.4 million5
2023-05-102023-Q1Available short-term liquidity137.5 million5
2023-05-102023-Q1ADVA shares held33,957,5385
2023-05-102023-Q1ADVA shareholding percentage65.38%5
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Guidance Tracking (latest per metric/period · 16/24)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

Actuals: revenue in $m · ratios in %

For periodGuided onMetricGuidedActualVerdictDirectionSource
2026-Q32026-07-22Revenue275–295–pending–38
2026-Q32026-07-22Operating margin1.5–5.5%–pending–38
2026-Q22026-07-22 °Revenue280–282281.1in linecut36
2026-Q22026-07-22 °Operating margin3.5–4%-3.6misscut36
2026-Q12026-02-26Revenue275–295286.1in lineinitiated33
2026-Q12026-02-26Operating margin4–8%2.2missinitiated33
FY20252026-01-22 °Revenue1,082.2–1,085.21,083.8in lineraised31
FY20252023-11-07Operating marginlow teens for the full year 2025-1.4–initiated9
2025-Q42026-01-22 °Revenue290–293291.6in lineraised31
2025-Q42026-01-22 °Operating margin6–6.9%1.5missconfirmed31
2025-Q32025-08-05Revenue270–280279.4in lineinitiated28
2025-Q32025-08-05Operating margin3–7%-1missinitiated28
2025-Q22025-07-16 °Revenue262.5–267.5265.1in lineraised26
2025-Q22025-05-08Operating margin0–4%-5missinitiated23
2025-Q12025-02-27Revenue237.5–252.5247.7in lineinitiated21
2025-Q12025-02-27Operating margin0–4%-1.6missinitiated21
2024-Q42024-11-07Revenue230–245242.9in lineinitiated19
2024-Q42024-11-07Operating margin0–4%-6.9missinitiated19
2024-Q32024-08-06Revenue215–235227.7in lineinitiated17
2024-Q32024-08-06Operating margin-1–3%-11.5–initiated17
2023-Q42023-11-07Revenue210–240225.5in lineinitiated9
2023-Q42023-11-07Operating margin0–7%-16.7missinitiated9
2023-Q12023-04-11 °Revenue322–326323.9in linecut3
2023-Q12023-04-11 °Operating margin-17–-14%-15.3in linecut3
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Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

ADTRAN Holdings generated first-half fiscal 2026 revenue of $567.2 million, with Q1 growing 15.5% year-over-year to $286.1 million and Q2 growing 6.1% year-over-year to $281.1 million, both periods supported by broadband expansion and ongoing vendor consolidation activity 34 37. Q1 returned to GAAP operating profitability at 2.2% of revenue compared to a -1.6% operating loss in Q1 2025, while Q2 GAAP operating margin remained negative at -3.6% and non-GAAP operating margin reached 3.8%, below prior guidance of 5.0%-9.0%, driven by a single customer project delay and elevated component and freight costs 34 36 38. Optical Networking Solutions contributed materially in both quarters, supported by high-risk vendor displacement in Europe, while U.S. revenue grew 41.6% in Q1 and 11.7% in Q2 year-over-year 34 37. During the period the company issued $201.3 million of convertible senior notes and entered into a new $350.0 million credit facility with JPMorgan Chase Bank maturing July 2031, with net debt increasing from $105.2 million at end of Q1 to $114.6 million at end of Q2 37 138. The company introduced the LiteWave800 product targeting intra-data center AI infrastructure and reported BEAD deployment funds beginning to reach operators in a growing number of U.S. states 35.

FY2025

ADTRAN Holdings reported full-year 2025 revenue of $1,083.8 million, a 17.4% increase from $922.7 million in 2024, driven by normalized customer spending, fiber expansion, vendor consolidation, and growing demand for infrastructure modernization 32, 33. Revenue expanded each quarter from $247.7 million in Q1 to $291.6 million in Q4, while the full-year GAAP operating loss was $15.6 million and adjusted operating income reached $51.7 million 133. Gross profit margin expanded to 38.3% from 35.1% in 2024, supported by the completion of the Business Efficiency Program at the end of 2024 32. Full-year operating cash flow was $129.8 million and free cash flow $98.0 million; in September 2025 the company issued $201.3 million of 3.75% convertible senior notes due 2030, using proceeds to repay revolving credit borrowings and ending the year with $95.7 million in cash and net debt of $97.3 million 32, 133, 135. Material weaknesses in internal control over financial reporting, arising from restatements in 2023, 2024, and 2025, remained unremediated as of December 31, 2025 32.

FY2024

ADTRAN Holdings reported full-year 2024 revenue of $922.7 million, down 19.7% from $1,149.1 million in 2023, as customers across the Network Solutions and Services & Support segments prioritized reducing elevated inventory levels amid persistent macroeconomic uncertainty 22. A $292.6 million non-cash goodwill impairment charge was recorded in Q1 2024 for the Network Solutions reporting unit, triggered by decreased market capitalization and reduced future cash flow projections, and was the primary driver of a full-year GAAP operating loss of $427.6 million and net loss of $459.9 million 14 133. GAAP gross margin improved from 29.0% in 2023 to 35.8% in 2024, in part reflecting the step-down of amortization of intangible assets and acquisition-related costs from the Adtran Networks business combination rather than purely operational improvement 22. Operating cash flow swung from negative $45.6 million in 2023 to positive $103.1 million in 2024, aided by a 25.7% reduction in inventory to $269.3 million 22. The Business Efficiency Program, initiated in late 2023, was substantially completed by December 2024, encompassing workforce reductions, facility closures, and discontinuation of copper-based DSL, fixed wireless access, and IoT gateway product lines 22.

FY2023

ADTRAN Holdings reported FY 2023 revenue of $1,149.1 million, up 12.0% year-over-year, with approximately $379.0 million in incremental revenue from the Business Combination with Adtran Networks SE partially offset by a $255.4 million decline driven by customer inventory reduction efforts concentrated in the Subscriber Solutions category 12. GAAP gross margin contracted to 29.0% from 31.9% in 2022, primarily attributable to $89.6 million in acquisition-related adjustments and inventory write-downs, not operational deterioration in the underlying cost structure 12. The GAAP operating loss widened to $221.9 million (19.3% of revenue) from $72.8 million in 2022, including a $37.9 million non-cash goodwill impairment charge on the Services & Support reporting unit and $24.3 million in inventory write-downs related to product line discontinuations 12 13. Net loss attributable to ADTRAN Holdings reached $267.7 million ($3.41 per diluted share) versus $2.0 million in 2022; free cash flow was negative $79.4 million and cash on hand declined to $87.2 million at year-end 11 125. In November 2023, the company launched a Business Efficiency Program targeting $90 million in non-GAAP operating expense reductions for 2024, suspended its quarterly dividend, and initiated site consolidations and a workforce reduction of approximately 5% 9 12.

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Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

56 documents · 2016 – 2026 · SEC EDGAR (USA)
#Document typePublishedLink
#1 / #1018-K-EX99.12023-02-21Open
#210-K2023-03-01Open
#38-K-EX99.12023-04-11Open
#48-K-EX99.12023-05-09Open
#510-Q2023-05-10Open
#6 / #1068-K-EX99.12023-08-07Open
#710-Q2023-08-14Open
#88-K-EX99.12023-10-17Open
#98-K-EX99.12023-11-07Open
#1010-Q2023-11-09Open
#11 / #1118-K-EX99.12024-02-27Open
#1210-K2024-03-15Open
#138-K-EX99.12024-03-15Open
#148-K-EX99.12024-05-03Open
#15 / #1158-K-EX99.12024-05-07Open
#1610-Q2024-05-10Open
#17 / #1178-K-EX99.12024-08-06Open
#1810-Q2024-08-09Open
#19 / #1198-K-EX99.12024-11-07Open
#2010-Q2024-11-12Open
#21 / #1218-K-EX99.12025-02-27Open
#2210-K2025-03-03Open
#238-K-EX99.12025-05-08Open
#2410-Q2025-05-20Open
#25 / #1258-K-EX99.12025-05-28Open
#268-K-EX99.12025-07-16Open
#2710-Q2025-08-05Open
#28 / #1288-K-EX99.12025-08-05Open
#2910-Q2025-11-04Open
#30 / #1308-K-EX99.12025-11-04Open
#318-K-EX99.12026-01-22Open
#3210-K2026-02-26Open
#33 / #1338-K-EX99.12026-02-26Open
#3410-Q2026-05-05Open
#35 / #1358-K-EX99.12026-05-05Open
#368-K-EX99.12026-07-22Open
#3710-Q2026-08-04Open
#38 / #1388-K-EX99.12026-08-04Open
Older sources (+18)
#Document typePublishedLink
#21010-K2016-05-04Open
#20910-Q2016-08-05Open
#21110-Q2017-02-24Open
#21310-K2017-02-24Open
#21210-Q2017-08-04Open
#21510-K2018-02-23Open
#21410-Q2018-08-03Open
#21710-K2019-02-28Open
#21610-Q2019-09-20Open
#20110-K2020-02-25Open
#21810-Q2020-08-07Open
#20510-K/A2021-02-26Open
#20210-Q2021-05-06Open
#20310-Q2021-08-06Open
#20410-Q/A2021-11-05Open
#20610-Q/A2022-05-06Open
#20710-Q/A2022-08-05Open
#20810-Q/A2022-11-09Open

FAQ#

Where can I find the official investor relations documents of Adtran Holdings?

The sources chapter links all 69 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.

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