Aviat Networks (AVNW) Q4 2025 earnings summary

Executive summary

• Q4 revenue was $115.3 million, with non-GAAP gross margin at 34.7% and record adjusted EBITDA of $15.1 million, up 26.7% year-over-year, marking the third consecutive record quarter.

• Non-GAAP EPS for Q4 was $0.83, GAAP EPS was $0.40, and Q4 GAAP net income rose 236% year-over-year to $5.2 million.

• Full-year revenue increased 6.5% to $434.6 million, with trailing 12-month book-to-bill ratio above 1.0.

• Strong performance in private networks and services, with North America Q4 revenue up 3.2% and international down 5.2% due to project timing.

• Recent acquisitions expanded the product portfolio and market reach.

Financial highlights

• GAAP gross margin for Q4 was 34.2%; non-GAAP gross margin was 34.7%.

• GAAP operating income was $8.9 million; non-GAAP operating income was $12.9 million.

• Q4 adjusted EBITDA margin was 13.0%, up from 10.2% in the prior year.

• Cash and marketable securities at quarter-end were $59.7 million; net debt was $27.9 million.

• Full-year GAAP net income was $1.3 million ($0.10 per share); non-GAAP net income was $21.4 million ($1.67 per share).

Outlook and guidance

• Fiscal 2026 revenue guidance is $440–$460 million, with adjusted EBITDA of $45–$55 million.

• Business expected to build through the year, with Q1 as the lowest and Q4 as the strongest quarter.

• No BEAD program revenue included in guidance until greater visibility is achieved.