Harmonic Announces Second Quarter 2026 Results
SAN JOSE, Calif., Aug. 12, 2026
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Harmonic Announces Second Quarter 2026 Results
PR Newswire
SAN JOSE, Calif., Aug. 12, 2026
Broadband revenue increased 54% year over year, including 44% growth in Rest-of-Market
Company raises full-year outlook to reflect Broadband revenue of $505 million – $525 million
Cash increased to $232 million with the completed sale of the Video business
SAN JOSE, Calif., Aug. 12, 2026 /PRNewswire/ — Harmonic Inc. (Nasdaq: HLIT) today announced its unaudited results for the second quarter ended July 3, 2026.
“Our strong business momentum continued in the second quarter, with Broadband revenue growth accelerating to 54% year over year, including 44% growth in Rest-of-Market,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “Equally important, it was another quarter of strong bookings, led by Rest-of-Market, enabling us to once again raise our full-year 2026 outlook. With the sale of the Video business now complete, we have the capital and focus to further accelerate our broadband growth.”
Financial and Business Highlights
Total Company Financial Results
|
Q2 2026 |
|||||
|
GAAP |
Non-GAAP |
||||
|
(Unaudited, in millions, except per share data) |
|||||
|
Net revenue |
$ |
173.0 |
$ |
n/a |
|
|
Operating profit |
18.4 |
35.6 |
|||
|
Net income (loss) per share |
$ |
(0.02) |
$ |
0.24 |
|
Continuing Operations Financial Results – Broadband
|
Q2 2026 |
|||||
|
GAAP |
Non-GAAP |
||||
|
(Unaudited, in millions, except per share data) |
|||||
|
Net revenue |
$ |
133.5 |
$ |
n/a |
|
|
Operating profit (1) |
23.6 |
31.3 |
|||
|
Net income per share (1) |
$ |
0.16 |
$ |
0.21 |
|
- Backlog and deferred revenue of $587.6 million, an increase of 71%, compared to $344.2 million last year
- Cash: $231.9 million at July 3, 2026, compared to $124.1 million at December 31, 2025
Continuing Operations Business Highlights – Broadband
- Commercially deployed our cOS™ solution with 161 customers, serving 48.2 million CPE devices, with ongoing expansion across all tier-1 accounts and new customer wins
- Rest-of-Market bookings represented approximately 60% of total Q2 bookings, reflecting meaningful progress in customer diversification
- Achieved first SeaStar MDU deployment and secured multi-million dollar orders for the recently announced Pearl-1XL and Oyster+ fiber products
|
__________________________________ |
|
(1) Includes approximately $2.3 million of stranded costs associated with the Video divestiture for Q2 2026. |
Discontinued Operations – Video Business
The results of the Company’s Video Business are presented as held-for-sale and discontinued operations in the condensed consolidated statements of operations and condensed consolidated balance sheets for all periods presented in this press release. As previously announced, on December 8, 2025, the Company entered into a Put Option Agreement to sell its Video business to Leone Media Inc. (d/b/a MediaKind) for a purchase price of $145 million in cash (the “Disposition”). On March 20, 2026, MediaKind and the Company executed the Asset Purchase Agreement (the “APA”) for the Disposition.
On June 16, 2026, the Company and MediaKind completed the Disposition. Proceeds from the sale were $137.9 million paid at closing, subject to final post-closing adjustments under the terms of the APA. Following the Disposition, Harmonic operates as a pure-play broadband company with a single reportable segment: Broadband. As such, and unless stated otherwise, all results presented in the following table reflect those of continuing operations.
Select Financial Information from Continuing Operations – Broadband
|
GAAP |
Non-GAAP |
||||||||||||||||
|
Key Financial Results |
Q2 2026 |
Q1 2026 |
Q2 2025 |
Q2 2026 |
Q1 2026 |
Q2 2025 |
|||||||||||
|
(Unaudited, in millions, except per share data) |
|||||||||||||||||
|
Net revenue |
$ |
133.5 |
$ |
121.7 |
$ |
86.9 |
n/a |
n/a |
n/a |
||||||||
|
Operating profit (loss) (1) |
$ |
23.6 |
$ |
20.4 |
$ |
(0.8) |
$ |
31.3 |
$ |
26.0 |
$ |
7.0 |
|||||
|
Net income (loss) per share |
$ |
0.16 |
$ |
0.09 |
$ |
(0.01) |
$ |
0.21 |
$ |
0.17 |
$ |
0.03 |
|||||
|
Other Financial Information |
Q2 2026 |
Q1 2026 |
Q2 2025 |
||||||||||||||
|
(Unaudited, in millions) |
|||||||||||||||||
|
Bookings for the quarter |
$ |
144.3 |
$ |
115.9 |
$ |
131.0 |
|||||||||||
|
Backlog and deferred revenue as of quarter end |
$ |
587.6 |
$ |
582.1 |
$ |
344.2 |
|||||||||||
|
Cash and cash equivalents as of quarter end |
$ |
231.9 |
$ |
109.0 |
$ |
123.9 |
|||||||||||
Explanations regarding our use of Non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations.”
|
___________________________________ |
|
(1) Includes stranded costs of approximately $2.3 million in Q2 2026, $2.3 million in Q1 2026, and $1.7 million in Q2 2025. |
GAAP Financial Guidance for Continuing Operations – Broadband
|
Q3 2026 GAAP Financial Guidance (1) |
|||||
|
(Unaudited, in millions, except percentages and per share data) |
Low |
High |
|||
|
Net revenue |
$ |
125 |
$ |
135 |
|
|
Gross margin % |
51.0 % |
52.0 % |
|||
|
Operating profit (2) |
$ |
17 |
$ |
22 |
|
|
Tax rate |
30.0 % |
30.0 % |
|||
|
Net income per share |
$ |
0.10 |
$ |
0.14 |
|
|
Shares (3) |
110.4 |
110.4 |
|||
|
2026 GAAP Financial Guidance (1) |
|||||
|
(Unaudited, in millions, except percentages and per share data) |
Low |
High |
|||
|
Net revenue |
$ |
505 |
$ |
525 |
|
|
Gross margin % |
50.9 % |
51.8 % |
|||
|
Operating profit (2) |
$ |
74 |
$ |
86 |
|
|
Tax rate |
30.0 % |
30.0 % |
|||
|
Net income per share |
$ |
0.44 |
$ |
0.53 |
|
|
Shares (3) |
110.4 |
110.4 |
|||
Non-GAAP Financial Guidance for Continuing Operations – Broadband
|
Q3 2026 Non-GAAP Financial Guidance (1) |
|||||
|
(Unaudited, in millions, except percentages and per share data) |
Low |
High |
|||
|
Gross margin % |
51.0 % |
52.0 % |
|||
|
Gross profit |
$ |
64 |
$ |
70 |
|
|
Operating profit (2) |
$ |
23 |
$ |
28 |
|
|
Tax rate |
23.0 % |
23.0 % |
|||
|
Net income per share |
$ |
0.15 |
$ |
0.19 |
|
|
Shares (3) |
110.4 |
110.4 |
|||
|
2026 Non-GAAP Financial Guidance (1) |
|||||
|
(Unaudited, in millions, except percentages and per share data) |
Low |
High |
|||
|
Gross margin % |
51.0 % |
52.0 % |
|||
|
Gross profit |
$ |
258 |
$ |
273 |
|
|
Operating profit (2) |
$ |
99 |
$ |
111 |
|
|
Tax rate |
23.0 % |
23.0 % |
|||
|
Net income per share |
$ |
0.67 |
$ |
0.75 |
|
|
Shares (3) |
110.4 |
110.4 |
|||
|
________________________________ |
|
(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding. |
|
(2) Includes approximately $2.3 million and $10.0 million of stranded costs associated with the Video business divestiture for Q3 and FY 2026, respectively. |
|
(3) Diluted shares assumes stock price of $12.95 (Q2 2026 average price). |
Conference Call Information
Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Wednesday, August 12, 2026. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register-conf.media-server.com/register/BI6b44bd6531a743fb82a359cc25e46844. A replay will be available after 5:00 p.m. PT on the same website.
About Harmonic Inc.
Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband solutions, is transforming multi-gigabit connectivity. The company’s industry-leading cOS™ virtualized broadband platform, suite of solutions for fiber and DOCSIS, and a growing portfolio of AI-powered network intelligence solutions, enable broadband service providers to simplify operations, deliver exceptional subscriber experiences and expand revenue streams. With thousands of vCMTS servers and hundreds of thousands of RPDs deployed globally, Harmonic powers next-generation broadband services with five-nines reliability. Anchored with a customer-first approach and driven by a legacy of innovation, Harmonic supports broadband service providers at every stage of their network evolution. More information is available at www.harmonicinc.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements related to our expectations regarding: net revenue; gross margins; operating expenses; operating income (loss), including stranded costs associated with the disposition of the Video business; tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable or telco industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband business will not continue to develop in their current direction or pace; the impact of tariffs and general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOS™ product solutions; dependence on various broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; stock repurchases may not be conducted in the timeframe or in the manner we expect, or at all; and the impact on our business of natural disasters. In some cases, you can identify forward-looking statements by terminology such as, “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “believes,” “intends,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2025, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain Non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.
These Non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from Non-GAAP measures used by other companies. In addition, these Non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic’s results of operations in conjunction with the corresponding GAAP measures.
The Company believes that the presentation of Non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provide useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.
The Non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), and net income (loss) per diluted share. The presentation of Non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to Non-GAAP results published by other companies. A reconciliation of the historical Non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The Non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.
Our Non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
Stock-based compensation – Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a Non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.
Non-recurring advisory fees – There were non-recurring costs that we excluded from Non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.
Divestiture related employee compensation costs – There were non-recurring costs that we excluded from Non-GAAP results relating to employee compensation costs resulting from the divestiture.
Discrete tax items and tax effect of Non-GAAP adjustments – The income tax effect of Non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into Non-GAAP financial measures in order to provide a more meaningful measure of Non-GAAP net income. This non-recurring adjustment has been excluded from the Company’s non-GAAP tax rate and non-GAAP financial measures, as management believes exclusion of this item provides more meaningful period-to-period comparisons of ongoing operating performance
|
Harmonic Inc. |
|||||
|
July 3, 2026 |
December 31, 2025 |
||||
|
ASSETS |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ |
231,862 |
$ |
124,105 |
|
|
Accounts receivable, net of allowances for credit losses of $136 and $227 as of |
89,906 |
85,935 |
|||
|
Inventories |
66,473 |
47,840 |
|||
|
Prepaid expenses and other current assets |
28,948 |
12,530 |
|||
|
Assets held for sale |
— |
223,961 |
|||
|
Total current assets |
417,189 |
494,371 |
|||
|
Property and equipment, net |
23,478 |
25,648 |
|||
|
Operating lease right-of-use assets |
13,142 |
13,687 |
|||
|
Goodwill |
61,092 |
60,900 |
|||
|
Deferred income taxes, net |
99,425 |
104,043 |
|||
|
Other non-current assets |
18,319 |
19,834 |
|||
|
Total assets |
$ |
632,645 |
$ |
718,483 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||
|
Current liabilities: |
|||||
|
Current portion of long-term debt |
$ |
2,944 |
$ |
2,944 |
|
|
Accounts payable |
39,263 |
23,093 |
|||
|
Deferred revenue |
20,775 |
31,519 |
|||
|
Operating lease liabilities |
5,988 |
6,433 |
|||
|
Other current liabilities |
67,962 |
48,288 |
|||
|
Liabilities to be disposed of |
— |
85,671 |
|||
|
Total current liabilities |
136,932 |
197,948 |
|||
|
Long-term debt |
107,667 |
109,140 |
|||
|
Operating lease liabilities, non-current |
13,524 |
14,664 |
|||
|
Other non-current liabilities |
14,176 |
13,485 |
|||
|
Total liabilities |
272,299 |
335,237 |
|||
|
Stockholders’ equity: |
|||||
|
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or |
— |
— |
|||
|
Common stock, $0.001 par value, 150,000 shares authorized; 109,024 and |
109 |
111 |
|||
|
Additional paid-in capital |
2,483,251 |
2,466,177 |
|||
|
Accumulated deficit |
(2,114,668) |
(2,076,406) |
|||
|
Accumulated other comprehensive loss |
(8,346) |
(6,636) |
|||
|
Total stockholders’ equity |
360,346 |
383,246 |
|||
|
Total liabilities and stockholders’ equity |
$ |
632,645 |
$ |
718,483 |
|
|
Harmonic Inc. |
|||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
July 3, 2026 |
June 27, 2025 |
July 3, 2026 |
June 27, 2025 |
||||||||
|
Revenue: |
|||||||||||
|
Appliance and integration |
$ |
117,016 |
$ |
72,601 |
$ |
220,775 |
$ |
144,126 |
|||
|
SaaS and service |
16,446 |
14,317 |
34,382 |
27,670 |
|||||||
|
Total net revenue |
133,462 |
86,918 |
255,157 |
171,796 |
|||||||
|
Cost of revenue: |
|||||||||||
|
Appliance and integration |
56,413 |
41,652 |
107,271 |
74,086 |
|||||||
|
SaaS and service |
7,161 |
5,480 |
14,383 |
11,444 |
|||||||
|
Total cost of revenue |
63,574 |
47,132 |
121,654 |
85,530 |
|||||||
|
Total gross profit |
69,888 |
39,786 |
133,503 |
86,266 |
|||||||
|
Operating expenses: |
|||||||||||
|
Research and development |
21,199 |
17,992 |
42,080 |
37,656 |
|||||||
|
Selling, general and administrative |
24,630 |
20,483 |
46,915 |
40,263 |
|||||||
|
Asset impairment and related charges |
428 |
1,637 |
428 |
1,637 |
|||||||
|
Restructuring and related charges |
— |
428 |
— |
428 |
|||||||
|
Total operating expenses |
46,257 |
40,540 |
89,423 |
79,984 |
|||||||
|
Income from operations |
23,631 |
(754) |
44,080 |
6,282 |
|||||||
|
Interest expense, net |
(1,082) |
(1,090) |
(2,161) |
(2,401) |
|||||||
|
Other expense, net |
(579) |
(1,192) |
(621) |
(1,813) |
|||||||
|
Income before income taxes |
21,970 |
(3,036) |
41,298 |
2,068 |
|||||||
|
Provision for income taxes |
4,919 |
(2,179) |
14,599 |
556 |
|||||||
|
Income (loss) from continuing operations, net of tax |
17,051 |
(857) |
26,699 |
1,512 |
|||||||
|
Income (loss) from discontinued operations, net of tax |
(19,375) |
3,728 |
(21,714) |
7,299 |
|||||||
|
Net income (loss) |
$ |
(2,324) |
$ |
2,871 |
$ |
4,985 |
$ |
8,811 |
|||
|
Net income (loss) per share: |
|||||||||||
|
Basic: |
|||||||||||
|
Continuing operations |
$ |
0.16 |
$ |
(0.01) |
$ |
0.24 |
$ |
0.01 |
|||
|
Discontinued operations |
(0.18) |
0.04 |
(0.19) |
0.07 |
|||||||
|
Basic net income (loss) per share |
$ |
(0.02) |
$ |
0.03 |
$ |
0.05 |
$ |
0.08 |
|||
|
Diluted: |
|||||||||||
|
Continuing operations |
$ |
0.16 |
$ |
(0.01) |
$ |
0.24 |
$ |
0.01 |
|||
|
Discontinued operations |
(0.18) |
0.04 |
(0.19) |
0.07 |
|||||||
|
Diluted net income (loss) per share |
$ |
(0.02) |
$ |
0.03 |
$ |
0.05 |
$ |
0.08 |
|||
|
Weighted average common shares: |
|||||||||||
|
Basic |
108,654 |
113,392 |
109,186 |
114,855 |
|||||||
|
Diluted |
109,682 |
113,392 |
110,176 |
115,256 |
|||||||
|
Harmonic Inc. |
|||||
|
Six Months Ended |
|||||
|
July 3, 2026 |
June 27, 2025 |
||||
|
Cash flows from Continuing and Discontinued Operations |
|||||
|
Cash flows from operating activities: |
|||||
|
Net income |
$ |
4,985 |
$ |
8,811 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
|
Depreciation |
5,193 |
5,392 |
|||
|
Asset impairment and related charges |
428 |
1,637 |
|||
|
Stock-based compensation |
21,467 |
16,162 |
|||
|
Foreign currency remeasurement |
(88) |
596 |
|||
|
Deferred income taxes, net |
2,917 |
(2,718) |
|||
|
Loss on divestiture |
6,251 |
— |
|||
|
Provision for excess and obsolete inventories |
1,441 |
1,988 |
|||
|
Other |
18 |
(9) |
|||
|
Changes in operating assets and liabilities: |
|||||
|
Accounts receivable, net |
(8,152) |
58,067 |
|||
|
Inventories |
(23,567) |
(6,607) |
|||
|
Prepaid expenses and other assets |
(4,334) |
(492) |
|||
|
Accounts payable |
16,729 |
3,030 |
|||
|
Deferred revenues |
(5,979) |
2,202 |
|||
|
Other liabilities |
8,951 |
(16,151) |
|||
|
Net cash provided by operating activities |
26,260 |
71,908 |
|||
|
Cash flows from investing activities: |
|||||
|
Proceeds from divestiture, net of cash retained and transaction costs (1) |
131,963 |
— |
|||
|
Purchases of property and equipment |
(3,005) |
(5,672) |
|||
|
Net cash provided by (used in) investing activities |
128,958 |
(5,672) |
|||
|
Cash flows from financing activities: |
|||||
|
Proceeds from long-term debt |
170,000 |
40,000 |
|||
|
Repayment of long-term debt and other borrowings |
(171,519) |
(42,466) |
|||
|
Repurchase of common stock |
(42,950) |
(50,102) |
|||
|
Proceeds from other borrowings |
— |
3,835 |
|||
|
Proceeds from common stock issued to employees |
4,534 |
3,056 |
|||
|
Taxes paid related to net share settlement of equity awards |
(6,025) |
(3,206) |
|||
|
Net cash used in financing activities |
(45,960) |
(48,883) |
|||
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
(1,479) |
5,132 |
|||
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
107,779 |
22,485 |
|||
|
Cash and cash equivalents and restricted cash at beginning of period (2) |
124,461 |
101,789 |
|||
|
Cash and cash equivalents and restricted cash at end of period |
$ |
232,240 |
$ |
124,274 |
|
|
Cash and cash equivalents and restricted cash at end of period |
|||||
|
Cash and cash equivalents |
$ |
231,862 |
$ |
123,918 |
|
|
Restricted cash included in other current assets |
378 |
356 |
|||
|
Total cash, cash equivalents and restricted cash as shown in the condensed |
$ |
232,240 |
$ |
124,274 |
|
|
__________________________ |
|
1 Proceeds from divestiture includes transaction costs of $3.8 million and cash retained in the business sold of $2.1 million. |
|
2 Restricted cash included in other current assets was $356 and $332 as of December 31, 2025 and 2024 respectively. |
|
Harmonic Inc. |
|||||
|
Six Months Ended |
|||||
|
July 3, 2026 |
June 27, 2025 |
||||
|
Supplemental cash flow disclosure: |
|||||
|
Income tax payments, net |
$ |
4,914 |
$ |
13,764 |
|
|
Interest payments, net |
$ |
2,162 |
$ |
2,715 |
|
|
Supplemental schedule of non-cash investing activities: |
|||||
|
Capital expenditures incurred but not yet paid |
$ |
591 |
$ |
1,141 |
|
|
Harmonic Inc. |
|||||||||||
|
Three Months Ended |
|||||||||||
|
July 3, 2026 |
April 3, 2026 |
June 27, 2025 |
|||||||||
|
Geography |
|||||||||||
|
Americas |
$ |
120,603 |
91 % |
$ |
106,430 |
87 % |
$ |
80,283 |
92 % |
||
|
EMEA |
8,421 |
6 % |
10,459 |
9 % |
5,776 |
7 % |
|||||
|
APAC |
4,438 |
3 % |
4,806 |
4 % |
859 |
1 % |
|||||
|
Total |
$ |
133,462 |
100 % |
$ |
121,695 |
100 % |
$ |
86,918 |
100 % |
||
|
Customer |
|||||||||||
|
Top 2 customers (1) |
$ |
84,053 |
63 % |
$ |
71,101 |
58 % |
$ |
52,611 |
61 % |
||
|
Rest-of-Market |
49,409 |
37 % |
50,594 |
42 % |
34,307 |
39 % |
|||||
|
Total |
$ |
133,462 |
100 % |
$ |
121,695 |
100 % |
$ |
86,918 |
100 % |
||
|
Six Months Ended |
|||||||||||
|
July 3, 2026 |
June 27, 2025 |
||||||||||
|
Geography |
|||||||||||
|
Americas |
$ |
227,033 |
89 % |
$ |
155,306 |
91 % |
|||||
|
EMEA |
18,880 |
7 % |
14,396 |
8 % |
|||||||
|
APAC |
9,244 |
4 % |
2,094 |
1 % |
|||||||
|
Total |
$ |
255,157 |
100 % |
$ |
171,796 |
100 % |
|||||
|
Customer |
|||||||||||
|
Top 2 customers (1) |
$ |
155,154 |
61 % |
$ |
109,114 |
64 % |
|||||
|
Rest-of-Market |
100,003 |
39 % |
62,682 |
36 % |
|||||||
|
Total |
$ |
255,157 |
100 % |
$ |
171,796 |
100 % |
|||||
|
__________________________________ |
|
(1) Based on largest subscriber footprint |
|
Harmonic Inc. |
|||||||||||||||||
|
Three Months Ended July 3, 2026 |
|||||||||||||||||
|
Revenue |
Gross |
Total |
Operating Profit |
Total |
Net Income |
||||||||||||
|
GAAP |
$ |
133,462 |
$ |
69,888 |
$ |
46,257 |
$ |
23,631 |
$ |
(1,661) |
$ |
17,051 |
|||||
|
Stock-based compensation |
— |
808 |
(6,476) |
7,284 |
— |
7,284 |
|||||||||||
|
Lease-related asset impairment and other |
— |
— |
(428) |
428 |
— |
428 |
|||||||||||
|
Discrete tax items and tax effect of Non- |
— |
— |
— |
— |
— |
(1,908) |
|||||||||||
|
Total adjustments |
— |
808 |
(6,904) |
7,712 |
— |
5,804 |
|||||||||||
|
Non-GAAP |
$ |
133,462 |
$ |
70,696 |
$ |
39,353 |
$ |
31,343 |
$ |
(1,661) |
$ |
22,855 |
|||||
|
As a % of revenue (GAAP) |
52.4 % |
34.7 % |
17.7 % |
(1.2) % |
12.8 % |
||||||||||||
|
As a % of revenue (Non-GAAP) |
53.0 % |
29.5 % |
23.5 % |
(1.2) % |
17.1 % |
||||||||||||
|
Diluted net income per share: |
|||||||||||||||||
|
GAAP |
$ |
0.16 |
|||||||||||||||
|
Non-GAAP |
$ |
0.21 |
|||||||||||||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP and Non-GAAP |
109,682 |
||||||||||||||||
|
(1) Includes impairment charges of $0.1 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs. |
|
Three Months Ended April 3, 2026 |
|||||||||||||||||
|
Revenue |
Gross |
Total |
Operating Profit |
Total |
Net Income |
||||||||||||
|
GAAP |
$ |
121,695 |
$ |
63,615 |
$ |
43,166 |
$ |
20,449 |
$ |
(1,121) |
$ |
9,648 |
|||||
|
Stock-based compensation |
— |
265 |
(5,299) |
5,564 |
— |
5,564 |
|||||||||||
|
Discrete tax items and tax effect of Non- |
— |
— |
— |
— |
— |
3,581 |
|||||||||||
|
Total adjustments |
— |
265 |
(5,299) |
5,564 |
— |
9,145 |
|||||||||||
|
Non-GAAP |
$ |
121,695 |
$ |
63,880 |
$ |
37,867 |
$ |
26,013 |
$ |
(1,121) |
$ |
18,793 |
|||||
|
As a % of revenue (GAAP) |
52.3 % |
35.5 % |
16.8 % |
(0.9) % |
7.9 % |
||||||||||||
|
As a % of revenue (Non-GAAP) |
52.5 % |
31.1 % |
21.4 % |
(0.9) % |
15.4 % |
||||||||||||
|
Diluted net income per share: |
|||||||||||||||||
|
GAAP |
$ |
0.09 |
|||||||||||||||
|
Non-GAAP |
$ |
0.17 |
|||||||||||||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP and Non-GAAP |
110,617 |
||||||||||||||||
|
Harmonic Inc. |
|||||||||||||||||
|
Three Months Ended June 27, 2025 |
|||||||||||||||||
|
Revenue |
Gross |
Total |
Operating |
Total |
Net Income |
||||||||||||
|
GAAP |
$ |
86,918 |
$ |
39,786 |
$ |
40,540 |
$ |
(754) |
$ |
(2,282) |
$ |
(857) |
|||||
|
Stock-based compensation |
— |
358 |
(5,297) |
5,655 |
— |
5,655 |
|||||||||||
|
Restructuring and related charges |
— |
— |
(428) |
428 |
— |
428 |
|||||||||||
|
Asset impairment and related charges (1) |
— |
— |
(1,637) |
1,637 |
— |
1,637 |
|||||||||||
|
Discrete tax items and tax effect of Non- |
— |
— |
— |
— |
— |
(3,163) |
|||||||||||
|
Total adjustments |
— |
358 |
(7,362) |
7,720 |
— |
4,557 |
|||||||||||
|
Non-GAAP |
$ |
86,918 |
$ |
40,144 |
$ |
33,178 |
$ |
6,966 |
$ |
(2,282) |
$ |
3,700 |
|||||
|
As a % of revenue (GAAP) |
45.8 % |
46.6 % |
(0.9) % |
(2.6) % |
(1.0) % |
||||||||||||
|
As a % of revenue (Non-GAAP) |
46.2 % |
38.2 % |
8.0 % |
(2.6) % |
4.3 % |
||||||||||||
|
Diluted net income (loss) per share: |
|||||||||||||||||
|
GAAP |
$ |
(0.01) |
|||||||||||||||
|
Non-GAAP |
$ |
0.03 |
|||||||||||||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP |
113,392 |
||||||||||||||||
|
Non-GAAP |
113,493 |
||||||||||||||||
|
(1) Includes impairment charges of $0.4 million for right-of-use assets, $0.3 million for leasehold improvements, and $0.9 million related to the fair value of other unrecoverable facility costs. |
|
Six Months Ended July 3, 2026 |
|||||||||||||||||
|
Revenue |
Gross |
Total |
Income from |
Total |
Net Income |
||||||||||||
|
GAAP |
$ |
255,157 |
$ |
133,503 |
$ |
89,423 |
$ |
44,080 |
$ |
(2,782) |
$ |
26,699 |
|||||
|
Stock-based compensation |
— |
1,073 |
(11,775) |
12,848 |
— |
12,848 |
|||||||||||
|
Lease-related asset impairment and other |
— |
— |
(428) |
428 |
— |
428 |
|||||||||||
|
Discrete tax items and tax effect of non- |
— |
— |
— |
— |
— |
1,673 |
|||||||||||
|
Total adjustments |
— |
1,073 |
(12,203) |
13,276 |
— |
14,949 |
|||||||||||
|
Non-GAAP |
$ |
255,157 |
$ |
134,576 |
$ |
77,220 |
$ |
57,356 |
$ |
(2,782) |
$ |
41,648 |
|||||
|
As a % of revenue (GAAP) |
52.3 % |
35.0 % |
17.3 % |
(1.1) % |
10.5 % |
||||||||||||
|
As a % of revenue (Non-GAAP) |
52.7 % |
30.3 % |
22.5 % |
(1.1) % |
16.3 % |
||||||||||||
|
Diluted net income per share: |
|||||||||||||||||
|
GAAP |
$ |
0.24 |
|||||||||||||||
|
Non-GAAP |
$ |
0.38 |
|||||||||||||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP and Non-GAAP |
110,176 |
||||||||||||||||
|
(2) Includes impairment charges of $0.1 million for right-of-use assets and $0.3 million related to the fair value of other unrecoverable facility costs. |
|
Six Months Ended June 27, 2025 |
|||||||||||||||||
|
Revenue |
Gross |
Total |
Income from |
Total |
Net Income |
||||||||||||
|
GAAP |
$ |
171,796 |
$ |
86,266 |
$ |
79,984 |
$ |
6,282 |
$ |
(4,214) |
$ |
1,512 |
|||||
|
Stock-based compensation |
— |
618 |
(10,054) |
10,672 |
— |
10,672 |
|||||||||||
|
Restructuring and related charges |
— |
— |
(428) |
428 |
— |
428 |
|||||||||||
|
Asset impairment and related charges (1) |
— |
— |
(1,637) |
1,637 |
— |
1,637 |
|||||||||||
|
Discrete tax items and tax effect of non- |
— |
— |
— |
— |
— |
(2,552) |
|||||||||||
|
Total adjustments |
— |
618 |
(12,119) |
12,737 |
— |
10,185 |
|||||||||||
|
Non-GAAP |
$ |
171,796 |
$ |
86,884 |
$ |
67,865 |
$ |
19,019 |
$ |
(4,214) |
$ |
11,697 |
|||||
|
As a % of revenue (GAAP) |
50.2 % |
46.6 % |
3.7 % |
(2.5) % |
0.9 % |
||||||||||||
|
As a % of revenue (Non-GAAP) |
50.6 % |
39.5 % |
11.1 % |
(2.5) % |
6.8 % |
||||||||||||
|
Diluted net income per share: |
|||||||||||||||||
|
GAAP |
$ |
0.01 |
|||||||||||||||
|
Non-GAAP |
$ |
0.10 |
|||||||||||||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP and Non-GAAP |
115,256 |
||||||||||||||||
|
(1) Includes impairment charges of $0.4 million for right-of-use assets, $0.3 million for leasehold improvements, and $0.9 million related to the fair value of other unrecoverable facility costs. |
|
Three Months Ended |
Three Months Ended |
||||||||||||||||
|
July 3, 2026 |
June 27, 2025 |
||||||||||||||||
|
Continuing |
Discontinued |
Total |
Continuing |
Discontinued |
Total |
||||||||||||
|
Net income (loss) – GAAP |
$ |
17,051 |
$ |
(19,375) |
$ |
(2,324) |
$ |
(857) |
$ |
3,728 |
$ |
2,871 |
|||||
|
Stock-based compensation |
7,284 |
4,373 |
11,657 |
5,655 |
2,042 |
7,697 |
|||||||||||
|
Restructuring and related charges |
— |
— |
— |
428 |
222 |
650 |
|||||||||||
|
Asset impairment and related charges |
428 |
— |
428 |
1,637 |
— |
1,637 |
|||||||||||
|
Loss on held for sale and disposal of |
— |
6,251 |
6,251 |
— |
— |
— |
|||||||||||
|
Non-recurring advisory fees |
— |
3,359 |
3,359 |
— |
78 |
78 |
|||||||||||
|
Divestiture related employee compensation |
— |
1,765 |
1,765 |
||||||||||||||
|
Discrete tax items and tax effect of Non- |
(1,908) |
6,790 |
4,882 |
(3,163) |
530 |
(2,633) |
|||||||||||
|
Total adjustments |
5,804 |
22,538 |
28,342 |
4,557 |
2,872 |
7,429 |
|||||||||||
|
Net income – Non-GAAP |
$ |
22,855 |
$ |
3,163 |
$ |
26,018 |
$ |
3,700 |
$ |
6,600 |
$ |
10,300 |
|||||
|
As a % of revenue (GAAP) |
12.8 % |
(49.1) % |
(1.3) % |
(1.0) % |
7.3 % |
2.1 % |
|||||||||||
|
As a % of revenue (Non-GAAP) |
17.1 % |
8.0 % |
15.0 % |
4.3 % |
12.9 % |
7.5 % |
|||||||||||
|
Diluted net income (loss) per share: |
|||||||||||||||||
|
GAAP |
$ |
0.16 |
$ |
(0.18) |
$ |
(0.02) |
$ |
(0.01) |
$ |
0.04 |
$ |
0.03 |
|||||
|
Non-GAAP |
$ |
0.21 |
$ |
0.03 |
$ |
0.24 |
$ |
0.03 |
$ |
0.06 |
$ |
0.09 |
|||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP |
109,682 |
109,682 |
109,682 |
113,392 |
113,392 |
113,392 |
|||||||||||
|
Non-GAAP |
109,682 |
109,682 |
109,682 |
113,493 |
113,493 |
113,493 |
|||||||||||
|
Six Months Ended |
Six Months Ended |
||||||||||||||||
|
July 3, 2026 |
June 27, 2025 |
||||||||||||||||
|
Continuing |
Discontinued |
Total |
Continuing |
Discontinued |
Total |
||||||||||||
|
Net income (loss) – GAAP |
$ |
26,699 |
$ |
(21,714) |
$ |
4,985 |
$ |
1,512 |
$ |
7,299 |
$ |
8,811 |
|||||
|
Stock-based compensation |
12,848 |
8,619 |
21,467 |
10,672 |
5,490 |
16,162 |
|||||||||||
|
Restructuring and related charges |
— |
— |
— |
428 |
222 |
650 |
|||||||||||
|
Non-recurring advisory fees |
— |
7,343 |
7,343 |
— |
78 |
78 |
|||||||||||
|
Asset impairment and related charges |
428 |
— |
428 |
1,637 |
— |
1,637 |
|||||||||||
|
Divestiture related employee compensation |
— |
1,765 |
1,765 |
— |
— |
— |
|||||||||||
|
Loss on held for sale and disposal of |
— |
6,251 |
6,251 |
— |
— |
— |
|||||||||||
|
Discrete tax items and tax effect of Non- |
1,673 |
4,993 |
6,666 |
(2,552) |
(1,099) |
(3,651) |
|||||||||||
|
Total adjustments |
14,949 |
28,971 |
43,920 |
10,185 |
4,691 |
14,876 |
|||||||||||
|
Net income – Non-GAAP |
$ |
41,648 |
$ |
7,257 |
$ |
48,905 |
$ |
11,697 |
$ |
11,990 |
$ |
23,687 |
|||||
|
As a % of revenue (GAAP) |
10.5 % |
(24.2) % |
1.4 % |
0.9 % |
7.3 % |
3.2 % |
|||||||||||
|
As a % of revenue (Non-GAAP) |
16.3 % |
8.1 % |
14.2 % |
6.8 % |
12.1 % |
8.7 % |
|||||||||||
|
Diluted net income (loss) per share: |
|||||||||||||||||
|
GAAP |
$ |
0.24 |
$ |
(0.19) |
$ |
0.05 |
$ |
0.01 |
$ |
0.07 |
$ |
0.08 |
|||||
|
Non-GAAP |
$ |
0.38 |
$ |
0.06 |
$ |
0.44 |
$ |
0.10 |
$ |
0.11 |
$ |
0.21 |
|||||
|
Shares used in per share calculation: |
|||||||||||||||||
|
GAAP and Non-GAAP |
110,176 |
110,176 |
110,176 |
115,256 |
115,256 |
115,256 |
|||||||||||
|
Harmonic Inc. |
|||||||||||||||||||||||||||||
|
Q3 2026 Financial Guidance |
|||||||||||||||||||||||||||||
|
Revenue |
Gross Profit |
Total Operating |
Operating Profit |
Net Income |
|||||||||||||||||||||||||
|
GAAP |
$ |
125 |
to |
$ |
135 |
$ |
64 |
to |
$ |
70 |
$ |
47 |
to |
$ |
48 |
$ |
17 |
to |
$ |
22 |
$ |
11 |
to |
$ |
15 |
||||
|
Stock-based |
— |
— |
(6) |
6 |
6 |
||||||||||||||||||||||||
|
Total adjustments |
— |
— |
(6) |
6 |
6 |
to |
6 |
||||||||||||||||||||||
|
Non-GAAP |
$ |
125 |
to |
$ |
135 |
$ |
64 |
to |
$ |
70 |
$ |
41 |
to |
$ |
42 |
$ |
23 |
to |
$ |
28 |
$ |
17 |
to |
$ |
21 |
||||
|
As a % of revenue (GAAP) |
51.0 % |
to |
52.0 % |
37.6 % |
to |
35.6 % |
13.6 % |
to |
16.3 % |
8.8 % |
to |
11.1 % |
|||||||||||||||||
|
As a % of revenue (Non- |
51.0 % |
to |
52.0 % |
32.8 % |
to |
31.1 % |
18.4 % |
to |
20.7 % |
13.6 % |
to |
15.6 % |
|||||||||||||||||
|
Diluted net income per |
|||||||||||||||||||||||||||||
|
GAAP |
$ |
0.10 |
to |
$ |
0.14 |
||||||||||||||||||||||||
|
Non-GAAP |
$ |
0.15 |
to |
$ |
0.19 |
||||||||||||||||||||||||
|
Shares used in per share |
|||||||||||||||||||||||||||||
|
GAAP and Non-GAAP |
110.4 |
||||||||||||||||||||||||||||
|
FY 2026 Financial Guidance |
|||||||||||||||||||||||||||||
|
Revenue |
Gross Profit |
Total Operating |
Operating Profit |
Net Income |
|||||||||||||||||||||||||
|
GAAP |
$ |
505 |
to |
$ |
525 |
$ |
257 |
to |
$ |
272 |
$ |
183 |
to |
$ |
186 |
$ |
74 |
to |
$ |
86 |
$ |
49 |
to |
$ |
58 |
||||
|
Stock-based |
— |
1 |
(24) |
25 |
25 |
||||||||||||||||||||||||
|
Tax effect of Non-GAAP |
— |
— |
— |
— |
(1) |
to |
— |
||||||||||||||||||||||
|
Total adjustments |
— |
1 |
(24) |
25 |
24 |
to |
25 |
||||||||||||||||||||||
|
Non-GAAP |
$ |
505 |
to |
$ |
525 |
$ |
258 |
to |
$ |
273 |
$ |
159 |
to |
$ |
162 |
$ |
99 |
to |
$ |
111 |
$ |
73 |
to |
$ |
83 |
||||
|
As a % of revenue (GAAP) |
50.9 % |
to |
51.8 % |
36.2 % |
to |
35.4 % |
14.7 % |
to |
16.4 % |
9.7 % |
to |
11.0 % |
|||||||||||||||||
|
As a % of revenue (Non- |
51.0 % |
to |
52.0 % |
31.5 % |
to |
30.9 % |
19.6 % |
to |
21.1 % |
14.5 % |
to |
15.8 % |
|||||||||||||||||
|
Diluted net income per |
|||||||||||||||||||||||||||||
|
GAAP |
$ |
0.44 |
to |
$ |
0.53 |
||||||||||||||||||||||||
|
Non-GAAP |
$ |
0.67 |
to |
$ |
0.75 |
||||||||||||||||||||||||
|
Shares used in per share |
|||||||||||||||||||||||||||||
|
GAAP and non-GAAP |
110.4 |
||||||||||||||||||||||||||||
|
____________________________________ |
|
(1) Components may not sum to total due to rounding. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-second-quarter-2026-results-302849112.html
SOURCE Harmonic Inc.
