ADTRAN Holdings, Inc. (ADTN) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — ADTN

Balance Sheet

(in billions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	0.09	0.09	0.11	0.10	0.09	0.11	0.11	0.12	0.12	0.14	0.11	0.04	0.05	0.08	0.07	0.06
Short-term Investments	--	--	--	--	--	--	--	--	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable	0.22	0.18	0.16	0.17	0.17	0.19	0.19	0.23	0.24	0.26	0.30	0.17	0.15	0.12	0.12	0.10
Inventory	0.21	0.22	0.24	0.25	0.28	0.29	0.32	0.37	0.42	0.42	0.42	0.20	0.17	0.13	0.12	0.12
Total Current Assets	0.63	0.60	0.61	0.61	0.64	0.67	0.70	0.78	0.85	0.88	0.88	0.43	0.40	0.35	0.34	0.32
Property, Plant & Equipment	0.12	0.12	0.11	0.11	0.15	0.13	0.13	0.12	0.12	0.11	0.10	0.05	0.05	0.06	0.06	0.06
Goodwill	0.06	0.06	0.06	0.06	0.06	0.05	0.06	0.34	0.39	0.39	0.36	0.01	0.01	0.01	0.01	0.01
Intangible Assets	0.28	0.30	0.31	0.29	0.29	0.29	0.31	0.33	0.36	0.38	0.39	0.02	0.02	0.02	0.02	0.02
Total Non-current Assets*	0.55	0.61	0.61	0.58	0.63	0.62	0.63	0.96	1.03	1.05	0.98	0.17	0.19	0.21	0.21	0.21
Total Assets	1.19	1.21	1.22	1.19	1.27	1.29	1.33	1.74	1.88	1.94	1.85	0.60	0.59	0.56	0.55	0.53
Accounts Payable	0.17	0.19	0.18	0.17	0.17	0.16	0.16	0.15	0.17	0.20	0.28	0.14	0.13	0.08	0.07	0.06
Total Current Liabilities	0.36	0.31	0.31	0.30	0.30	0.29	0.28	0.29	0.31	0.34	0.47	0.20	0.18	0.13	0.12	0.10
Total Non-current Liabilities*	0.32	0.36	0.33	0.33	0.33	0.34	0.34	0.34	0.35	0.33	0.20	0.05	0.05	0.06	0.06	0.06
Total Liabilities	0.68	0.67	0.64	0.63	0.64	0.63	0.62	0.63	0.66	0.68	0.67	0.25	0.24	0.19	0.18	0.16
Retained Earnings	(0.73)	(0.73)	(0.72)	(0.70)	(0.64)	(0.61)	(0.56)	(0.11)	(0.04)	0.01	0.03	0.73	0.73	0.76	0.78	0.78
Total Stockholder Equity*	0.51	0.54	0.57	0.56	0.64	0.66	0.71	1.12	1.23	1.26	1.18	0.35	0.35	0.36	0.38	0.37

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	286.09	291.56	279.44	265.07	247.74	242.85	227.70	225.99	226.17	225.48	272.33	327.38	323.91	358.27	340.71	172.04	154.52	154.16	138.08	143.23
Cost of Revenue	173.10	177.83	172.31	166.14	152.57	157.77	142.45	144.42	153.92	147.01	198.09	234.83	236.10	250.87	237.68	109.53	100.20	99.72	90.41	80.56
Gross Profit	112.99	113.73	107.13	98.92	95.18	85.08	85.25	81.58	72.26	78.47	74.24	92.55	87.81	107.40	103.03	62.51	54.32	54.44	47.67	62.67
Research & Development	50.78	51.84	51.68	51.90	48.86	49.20	51.62	60.39	60.25	54.82	62.75	70.60	70.14	61.57	59.20	26.50	26.49	26.53	26.76	27.87
Selling, General & Admin	55.84	57.41	58.23	60.35	50.29	56.71	57.62	59.49	59.10	61.26	62.91	66.58	67.40	78.24	74.88	27.87	27.89	35.14	30.97	30.87
Total Operating Expenses	106.61	109.25	109.91	112.24	99.14	110.68	109.24	119.88	411.93	116.08	163.53	137.18	137.54	140.28	151.04	108.76	54.38	61.67	57.73	58.74
Operating Income	6.38	4.48	(2.79)	(13.32)	(3.97)	(25.60)	(23.98)	(38.31)	(339.68)	(37.61)	(89.30)	(44.63)	(49.73)	(32.87)	(48.02)	8.13	(0.07)	(7.24)	(10.06)	3.93
Interest Expense	4.24	4.52	5.50	4.56	4.76	4.87	5.68	6.91	4.60	4.44	4.51	4.06	3.29	2.01	1.30	0.09	0.03	0.02	0.01	0.01
Pretax Income	2.85	1.89	(6.55)	(17.24)	(9.35)	(29.07)	(28.47)	(44.87)	(340.32)	(42.66)	(92.20)	(44.58)	(51.77)	(22.55)	(49.17)	4.29	(3.53)	(5.33)	(9.13)	6.21
Tax Provision	1.92	3.17	1.20	1.02	(0.40)	23.46	0.39	2.14	(18.65)	64.36	(16.55)	(8.36)	(11.31)	(57.50)	(4.31)	2.15	(2.41)	(1.14)	1.29	1.13
Net Income	(1.32)	(3.60)	(10.26)	(20.53)	(11.27)	(54.24)	(31.24)	(49.86)	(324.55)	(115.56)	(78.56)	(39.10)	(34.46)	38.88	(41.93)	2.14	(1.13)	(4.19)	(10.43)	5.09
Basic EPS	(0.01)	(0.02)	(0.12)	(0.24)	(0.14)	(0.56)	(0.36)	(0.63)	(4.12)	(1.61)	(1.00)	(0.50)	(0.44)	0.52	(0.57)	0.04	(0.02)	(0.09)	(0.21)	0.10
Diluted EPS	(0.01)	(0.02)	(0.12)	(0.24)	(0.14)	(0.56)	(0.36)	(0.63)	(4.12)	(1.61)	(1.00)	(0.50)	(0.44)	0.52	(0.57)	0.04	(0.02)	(0.09)	(0.21)	0.10

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	12.67	42.24	12.19	32.16	43.18	5.05	42.03	19.90	36.60	(16.29)	6.85	(16.23)	(19.93)	(1.49)	(36.81)	(10.79)	4.87	(25.88)	10.68	7.53
Capital Expenditures	7.51	11.67	7.98	4.68	7.40	(13.68)	18.81	16.00	13.37	9.45	13.56	11.68	8.44	6.93	6.86	1.82	1.46	2.10	1.36	1.47
Free Cash Flow*	5.17	30.57	4.21	27.48	35.78	18.73	23.22	3.90	23.22	(25.74)	(6.71)	(27.91)	(28.36)	(8.43)	(43.67)	(12.61)	3.41	(27.98)	9.32	6.06
Investing Cash Flow	(15.85)	(20.02)	(17.05)	(13.75)	(18.34)	(17.35)	(18.37)	(15.99)	(12.54)	(9.45)	(5.29)	(10.67)	(6.79)	12.45	38.60	7.48	(2.70)	13.89	(1.89)	0.27
Financing Cash Flow	(1.68)	(28.63)	1.44	(19.81)	0.32	(0.35)	(44.83)	(0.67)	(4.16)	(1.44)	(7.87)	12.55	55.63	(8.19)	69.70	(4.65)	(3.92)	(5.83)	(1.83)	(2.07)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q4 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q3 2019	Q2 2019	Q1 2019	Q3 2018	Q2 2018	Q1 2018	Q3 2017	Q2 2017
Dividends Per Share	(0.18)	0.09	0.09	0.09	0.09	(0.18)	0.09	0.09	(0.18)	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09