Vistance Networks (VISN) Q4 2025 earnings summary

Executive summary

• Completed sale of CCS segment to Amphenol in January 2026, using $10 billion in proceeds to repay all debt and redeem preferred equity.

• Renamed to Vistance Networks, now focused on Aurora and Ruckus segments, with financials recast to reflect continuing operations.

• Delivered strong 2025 growth: net sales up 40% to $1.93B, core adjusted EBITDA up 176% to $379M, and significant margin expansion.

• Ended 2025 with $923M in cash and $1.54B in liquidity, up 31% from prior quarter.

• Positioned for continued growth in 2026, leveraging DOCSIS 4.0 and Wi-Fi 7 upgrade cycles.

Financial highlights

• Core net sales for Q4 2025: $515M, up 24% year-over-year; full year: $1.93B, up 40%.

• Core adjusted EBITDA for Q4 2025: $99M, up 55% year-over-year; full year: $379M, up 176%.

• Adjusted EPS for 2025: $0.77 vs $0.10 in 2024; Q4 adjusted EPS: $0.17 vs $0.14 in Q4 2024.

• Free cash flow for 2025: $252.6M; Q4 free cash flow: $64.5M.

• Gross profit margin for 2025: 49.5%, up from 43.8% in 2024.

Outlook and guidance

• 2026 core adjusted EBITDA guidance: $350M–$400M.

• Special distribution of at least $10/share planned by end of April 2026.

• Ruckus expected to deliver low teen adjusted EBITDA growth; Aurora EBITDA to decline as legacy business normalizes.

• Aurora revenue expected to grow in 2026, but EBITDA to decline due to mix and stranded costs.

• Ruckus revenue expected to grow in the mid-teens, outpacing the market.