Financial Data and Key Metrics Changes - Calix reported record revenue of $272 million for Q4 2025, a sequential increase of 3% and a year-over-year growth of 32% [9] - The company surpassed $1 billion in annual revenue for the first time, reflecting a 20% growth over 2024 [9] - Non-GAAP gross margin reached a record 58%, marking the eighth consecutive quarter of margin improvement [11] - Remaining performance obligation (RPO) reached a record $385 million, up 9% sequentially and 18% year-over-year [9] - Free cash flow for the quarter was $40 million, with a record cash and investments total of $388 million, an increase of $48 million sequentially and $91 million year-over-year [12] Business Line Data and Key Metrics Changes - The addition of 25 new customers in Q4 demonstrates broad-based adoption of Calix's solutions [9] - Current RPOs were also a record at $152 million, representing an 8% sequential increase and a 26% rise from the same period last year [10] - The company has aligned its financial metrics to reflect the growth and value of its model, separating appliance revenue and gross margin from recurring software and services revenue [10] Market Data and Key Metrics Changes - The company is entering a sustained growth phase for 2026 and beyond, with demand visibility at an all-time high [7][8] - The BEAD program presents a significant opportunity for Calix, with an expected size of $1 billion to $1.5 billion, primarily focused on fiber-based deployments [14][15] Company Strategy and Development Direction - Calix launched its third-generation platform in December 2025, with over 300 customers migrated, aiming for full migration by the end of Q1 2026 [5][6] - The company is focusing on expanding into new global markets and large customers with private clouds, enhancing its operational capabilities [7] - The strategic partnership with Google Cloud allows for deployment flexibility, whether hosted by Calix or as a private instance for large customers [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2026, expecting sequential revenue growth despite traditional seasonal trends [13] - The company anticipates non-GAAP gross margin to remain strong, with some near-term impacts due to customer mix and overlapping cloud costs during the transition to the new platform [16] - Management emphasized the importance of AI capabilities in driving business outcomes and enhancing customer engagement [31][86] Other Important Information - Calix's culture and operational discipline have been recognized with multiple awards, reflecting the company's commitment to customer success [6] - The company has a disciplined capital allocation process, with a significant increase in its stock repurchase plan authorized by the board [13] Q&A Session Summary Question: Revenue growth outlook for 2026 - Management indicated that the revenue growth outlook for 2026 remains in the range of 10%-15%, with confidence in achieving higher than the low end [21][22] Question: New market expansion and international opportunities - Management noted that while new market contributions are not yet included in the numbers, confidence in international expansion is high following the platform launch [25][27] Question: Timing of monetization for the third-generation platform - Management expects to see monetization ramp up in the second half of 2026, with significant contributions from the Agent Workforce Cloud [79][82] Question: Contribution from the BEAD program - Management clarified that while the BEAD program presents an opportunity, it may not be fully incremental to the current run rate business due to resource constraints in the industry [74][76] Question: High appliance margins and software margins outlook - Management explained that high appliance margins are due to the company's investment in an abstracted operating system, while software margins are expected to exceed 70% as the dual cloud costs are lifted [50][51]

Calix (CALX) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +1.75%. A quarter ago, it was expected that this cloud, software platforms, systems and services provider for communications service providers would post earnings of $0.34 per share when it actually produced earnings of $0.4 ...

Exhibit 99.2 January 28, 2026 Fellow Calix stockholders: During the fourth quarter of 2025, the Calix team delivered record revenue of $272 million, our sixth quarter of consecutive revenue growth, a sequential growth rate of 3%, year-over-year growth of 32% while guiding to continued sequential growth in first quarter of 2026, underscoring the robust demand for our unique platform model by our Broadband Experience Provider (BXP) customers. A fitting close to 2025 as our customers' success with our platform ...

Core Insights - Calix (CALX) is set to announce its fourth-quarter 2025 results on January 28, 2026, with anticipated non-GAAP revenues between $267 million and $273 million, reflecting a 2% sequential increase and 20% year-over-year growth [1] - The Zacks Consensus Estimate for fourth-quarter earnings remains steady at $0.38 per share, indicating a significant 375% year-over-year increase, while the revenue consensus is pegged at $270.03 million, representing a 31.01% year-over-year growth [2] Group 1: Financial Performance Expectations - Calix's fourth-quarter performance is expected to benefit from strong customer demand, following record revenues in the third quarter of 2025, with a projected non-GAAP gross margin increase to 57.75% [4] - The company added 20 new customers in the third quarter of 2025, which is expected to contribute to revenue growth in the upcoming quarter as these customers begin deploying Calix solutions [5] - Calix's remaining performance obligations (RPOs) grew 2% sequentially to $355 million and increased 20% year-over-year, indicating strong demand for its cloud platform services [6] Group 2: Strategic Initiatives and Investments - Investments in AI are anticipated to significantly impact Calix's fourth-quarter performance, with new AI features aimed at simplifying operations and enhancing customer satisfaction [7] - The company has a strong balance sheet with record cash and investments of $340 million, supporting ongoing investments in AI and international expansion [8] Group 3: Earnings Guidance and Market Position - Calix expects sequential revenue growth driven by strong demand, new customers, and rising gross margins, with non-GAAP EPS guidance between $0.35 and $0.41 [10] - The company currently has an Earnings ESP of 0.00% and a Zacks Rank of 1 (Strong Buy), indicating a favorable outlook for potential earnings performance [11]

Core Viewpoint - Calix Inc. is identified as a promising mid-cap growth stock, with an upgrade from JPMorgan to Overweight and a price target increase to $90 from $75, driven by an improving spending environment among broadband service providers [1][2]. Group 1: Company Positioning - Calix is well-positioned to benefit from the Broadband Equity and Access Deployment program, particularly in unserved and underserved regions of the US [2]. - The company has invested $2 billion over 15 years into its platform and is now accelerating AI development through a partnership with Google Cloud [3]. - Calix's third-generation platform aims to simplify operations and support international expansion, with a monetization strategy that includes direct charges for AI tools [3]. Group 2: Market Outlook - JPMorgan has placed Calix on a Positive Catalyst Watch ahead of its Q4 2025 earnings report scheduled for January 28 and an investor day on February 24 [2]. - The firm highlights Calix's commitment to improving service levels, distinguishing it from other equipment providers [2].

Core Insights - Calix, Inc. announced that Zentro, a leading managed service provider, is accelerating deployments of its SmartMDU solution across major urban markets [1] Group 1: Company Developments - Zentro specializes in multi-dwelling units (MDUs) and is utilizing Calix's award-winning SmartMDU solution [1] - SmartMDU provides secure and reliable property-wide managed Wi-Fi for multifamily communities [1] Group 2: Market Impact - The deployment of SmartMDU helps Zentro personalize resident experiences and increase efficiency for property management [1]

Group 1 - Calix (CALX) shares increased by 7.4% to close at $59.04, supported by high trading volume, compared to a 3.5% gain over the past four weeks [1] - The optimism for Calix is driven by strong customer demand, accelerating subscriber additions, competitive displacements, and expanding platform adoption [1] - The upcoming quarterly earnings report for Calix is expected to show earnings of $0.38 per share, reflecting a year-over-year increase of 375%, with revenues projected at $270.03 million, up 31% from the previous year [2] Group 2 - The consensus EPS estimate for Calix has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [4] - Calix holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [4] - In the same industry, Confluent (CFLT) has a consensus EPS estimate of $0.1, representing an 11.1% increase year-over-year, and also holds a Zacks Rank of 3 (Hold) [5]

Core Insights - The article discusses concerns regarding Calix Inc.'s ability to maintain its performance levels, referencing previous analysis conducted in October [1]. Group 1: Company Overview - Calix Inc. is highlighted as a company of interest due to its strong fundamentals and potential for growth in the tech, infrastructure, and internet services sectors [1]. Group 2: Analyst Background - The author has a background in petroleum and gas engineering and has transitioned into finance, focusing on how businesses grow and market reactions [1]. - The author holds FMVA® and BIDA® certifications, indicating a strong foundation in financial analysis [1]. Group 3: Investment Philosophy - The article emphasizes a long-term investment perspective, aiming to connect with investors who prioritize sustainable returns over short-term fluctuations [1]. - The content aims to provide thoughtful analysis and investment ideas, incorporating data storytelling [1].

Core Viewpoint - Calix, Inc. will release its fourth quarter 2025 stockholder letter on January 28, 2026, and will host a conference call the following morning to discuss the results [1][2]. Financial Information - The stockholder letter for the period ended December 31, 2025, will be available on the Calix Investor Relations website [1]. - A conference call to discuss the results will take place on January 29, 2026, at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time [2]. - Interested parties can access the live conference call via a dedicated phone line or through a webcast link that will be active 15 minutes prior to the call [3]. Investor Engagement - Calix will host an Investor Day on February 24, 2026, at the New York Stock Exchange, aimed at analysts and institutional investors [4]. - The presentation will begin at 8:15 a.m. Eastern Time and will also be available virtually [4]. - The executive leadership team will present information regarding the company's long-term strategy and financial outlook [4]. Company Overview - Calix, Inc. provides an AI cloud and appliance-based platform designed for service providers to enhance their operations and customer engagement [5]. - The platform integrates agentic AI, intelligent appliances, and managed services to support various subscriber needs and drive value for stakeholders [5].

Core Insights - Calix, Inc. released initial findings from a national study on subscriber buying behavior for broadband service providers (BSPs) [1] - The study, conducted by Wakefield Research, focuses on "switchers," or subscribers who change BSPs, indicating market trends [1] - The findings emphasize the importance of customer experiences in influencing subscriber decisions [1] Industry Implications - The insights from the study are critical for BSPs to understand the dynamics of subscriber behavior and market direction [1] - Understanding the motivations of switchers can help BSPs tailor their services and improve customer retention strategies [1] - The research highlights a shift in consumer expectations, suggesting that enhanced experiences are becoming a key differentiator in the broadband market [1]