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ADTRAN Holdings, Inc. provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services. The company provides various software, such as Mosaic One SaaS, n-Command, Procloud, MCP, AOE, and ACI-E. It serves large, medium, and small service providers; alternative service providers, such as utilities, municipalities and fiber overbuilders; cable/MSOs; and SMBs and distributed enterprises. ADTRAN Holdings, Inc. was incorporated in 1985 and is headquartered in Huntsville, Alabama.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.1B | $81M | $-46M | $61M | -8.8% | 17.5% | - |
| 2024 | $923M | $-330M | $-460M | $38M | -83.6% | -19.7% | - |
| 2023 | $1.1B | $-104M | $-269M | $-89M | -25.6% | 12.0% | - |
| 2022 | $1.0B | $0M | $-2M | $-61M | -0.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,025.54 | 1,149.10 | 922.72 | 1,083.81 |
| Cost Of Revenue | 698.28 | 817.97 | 598.56 | 668.85 |
| Gross Profit | 327.25 | 331.13 | 324.16 | 414.95 |
| Operating Expense | 382.65 | 516.92 | 454.38 | 430.55 |
| Operating Income | -55.39 | -185.79 | -130.21 | -15.60 |
| EBITDA | 0.03 | -104.36 | -330.14 | 80.64 |
| EBIT | -67.53 | -217.31 | -420.67 | -11.91 |
| Pretax Income | -70.96 | -233.61 | -442.73 | -31.25 |
| Tax Provision | -62.08 | 28.30 | 7.34 | 4.99 |
| Net Income | -2.04 | -268.85 | -459.89 | -45.66 |
| Net Income Common Stockholders | -2.04 | -268.85 | -456.91 | -41.57 |
| Total Expenses | 1,080.93 | 1,334.89 | 1,052.93 | 1,099.40 |
| Interest Expense | 3.44 | 16.30 | 22.05 | 19.34 |
| Interest Income | 2.12 | 2.34 | 3.06 | 2.32 |
| Research And Development | 173.76 | 258.31 | 221.46 | 204.28 |
| Selling General And Administration | 208.89 | 258.61 | 232.92 | 226.28 |
| Normalized EBITDA | 28.80 | -69.24 | -36.38 | 77.64 |
| Normalized Income | 20.69 | -241.11 | -227.82 | -48.03 |
| Basic EPS | -0.03 | -3.41 | -5.67 | -0.52 |
| Diluted EPS | -0.03 | -3.41 | -5.67 | -0.52 |
| Tax Effect Of Unusual Items | -6.04 | -7.38 | -61.69 | 0.63 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -28.77 | -35.12 | -293.77 | 3 |
| Total Unusual Items Excluding Goodwill | -28.77 | -35.12 | -293.77 | 3 |
| Net Income From Continuing Operation Net Minority Interest | -2.04 | -268.85 | -459.89 | -45.66 |
| Reconciled Depreciation | 67.55 | 112.95 | 90.53 | 92.55 |
| Reconciled Cost Of Revenue | 698.28 | 817.97 | 598.56 | 668.85 |
| Net Interest Income | -1.31 | -13.96 | -19 | -17.02 |
| Net Income From Continuing And Discontinued Operation | -2.04 | -268.85 | -459.89 | -45.66 |
| Total Operating Income As Reported | -72.83 | -223.67 | -427.56 | -15.60 |
| Diluted Average Shares | 62.35 | 78.42 | 78.93 | 79.74 |
| Basic Average Shares | 62.35 | 78.42 | 78.93 | 79.74 |
| Diluted NI Availto Com Stockholders | -2.04 | -268.85 | -456.91 | -41.57 |
| Otherunder Preferred Stock Dividend | 0 | 0 | -2.98 | -4.08 |
| Minority Interests | 6.85 | -6.95 | -9.82 | -9.41 |
| Net Income Including Noncontrolling Interests | -8.89 | -261.91 | -450.07 | -36.24 |
| Net Income Continuous Operations | -8.89 | -261.91 | -450.07 | -36.24 |
| Other Income Expense | -14.26 | -33.85 | -293.52 | 1.37 |
| Other Non Operating Income Expenses | 14.52 | 1.27 | 0.25 | -1.63 |
| Special Income Charges | -17.43 | -37.87 | -297.35 | 0 |
| Write Off | 17.43 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 37.87 | 297.35 | 0 |
| Gain On Sale Of Security | -11.34 | 2.75 | 3.59 | 3 |
| Net Non Operating Interest Income Expense | -1.31 | -13.96 | -19 | -17.02 |
| Interest Expense Non Operating | 3.44 | 16.30 | 22.05 | 19.34 |
| Interest Income Non Operating | 2.12 | 2.34 | 3.06 | 2.32 |
| Operating Revenue | 1,025.54 | 1,149.10 | 922.72 | 1,083.81 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ADTRAN Holdings, Inc.this co. | ADTN | $1.4B | - | 9.20 | -8.8% | 24.29 |
| Donnelley Financial Solutions, Inc. | DFIN | $1.4B | 44.46 | 3.80 | 8.5% | 12.94 |
| VIA | VIA | $1.3B | - | 1.99 | -15.4% | -13.23 |
| Five9, Inc. | FIVN | $1.3B | 37.89 | 1.67 | 5.0% | 13.22 |
| Innodata Inc. | INOD | $1.3B | 43.42 |
| 12.06 |
| 30.1% |
| 28.64 |
| C3.ai, Inc. | AI | $1.3B | - | 1.78 | -34.4% | -1.60 |
| Sprinklr, Inc. | CXM | $1.3B | 54.54 | 2.11 | 3.9% | 14.89 |
| Allient Inc. | ALNT | $1.3B | 56.00 | 4.15 | - | 19.25 |
| Arteris, Inc. | AIP | $1.2B | - | -81.66 | 237.5% | -39.66 |
| Peer Median | - | 44.46 | 2.05 | 5.0% | 13.08 | |