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Nasdaq · Communication Services

ADTRAN Holdings, Inc. (ADTN)

As-reported financials and SEC filings for ADTRAN Holdings, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About ADTRAN Holdings, Inc.

ADTRAN Holdings, Inc. provides networking and communications platforms, software, systems, and services primarily for metro optical transport, data center interconnect, and broadband access markets. The company serves a wide range of customers including service providers, utilities, municipalities, cable operators, enterprises, data centers, and government agencies. Its products and services include fiber-based network infrastructure, customer premises equipment, software applications, and network design and support services.

Snapshot

Revenue
$1.08B
Revenue growth (YoY)
17.5%
Net income
$-45.7M
Diluted EPS
$-0.52
Gross margin
38.3%
Operating margin
-1.4%
Net margin
-4.2%
FCF margin
9.0%
ROE
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$629.0M
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at ADTRAN Holdings

  • Revenue grew 17.5% to $1.1B in FY2025, after a 19.7% decline the year before.
  • Operating margin is -1.4% in FY2025, +1.2 pp against -2.6% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $281M, up 6.1% from Q2 FY2025.
  • Free cash flow was $98M in FY2025, 9.0% of revenue.
  • Net loss narrowed to $46M in FY2025, from $460M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where ADTRAN Holdings’s fundamentals sit among the 216 Communication Services companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin38.3%
38th percentile of 105
Operating margin-1.4%
40th percentile of 185
Net margin-4.2%
38th percentile of 191
FCF margin9.0%
64th percentile of 164
Revenue growth (YoY)+17.5%
75th percentile of 209
Short interest4.61d
64th percentile of 216

1 reported insider purchase (code P) totaling $50,000 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+7 quant / multi-strat
Initiated / added
4
0 new, 4 added
Reduced / exited
5
5 trimmed, 0 exited
Combined position
$156.6M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$40.3M2.9MAdded
Millennium ManagementquantQ2 2026$37.8M2.7MAdded
Renaissance TechnologiesquantQ2 2026$24.7M1.8MAdded
First Eagle Investment ManagementQ2 2026$17.4M1.2MReduced
D. E. ShawquantQ2 2026$15.2M1.1MReduced
Point72 Asset ManagementquantQ2 2026$10.6M764.8KAdded
AQR Capital ManagementquantQ2 2026$9.3M671.4KReduced
Polen Capital ManagementQ2 2026$977,05970.3KReduced
Citadel AdvisorsquantQ2 2026$411,70429.6KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$50K
code P value
Sells (90d)
0
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-06
filed 2026-08-07
Santo Timothy PSVP of Finance; CFOBuy6.6K$7.60$50K
2026-05-20
filed 2026-05-22
Wilson James Denson JrChief Revenue OfficerSell9.3K$14.72$137K
2026-05-08
filed 2026-05-11
Glingener ChristophChief Technology OfficerSell22.3K$15.00$334K
2026-05-07
filed 2026-05-11
Glingener ChristophChief Technology OfficerSell84.9K$15.06$1.3M
2026-05-07
filed 2026-05-11
Glingener ChristophChief Technology OfficerSell41.2K$14.73$607K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
11.8M
settled 2026-08-14
Change vs prior
+10.7%
vs previous settlement
Days to cover
4.61
at avg daily volume
Avg daily volume
2.6M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1411.8M+10.7%4.61
2026-07-3110.6M-16.1%4.20
2026-07-1512.7M+0.9%9.24
2026-06-3012.6M+4.5%5.44
2026-06-1512.0M+4.8%4.54
2026-05-2911.5M+0.2%3.95
2026-05-1511.5M+2.9%3.76
2026-04-3011.1M+17.5%4.13

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.08B$922.7M$1.15B$1.03B$563.0M
Gross profit$415.0M$324.2M$331.1M$327.3M$218.4M
Operating income$-15.6M$-427.6M$-223.7M$-72.8M$-14.7M
Net income$-45.7M$-459.9M$-268.9M$-2.0M$-8.6M
Diluted EPS$-0.52$-5.79$-3.43$-0.03$-0.18

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$95.7M$76.0M$87.2M$108.6M$56.6M
Current assets$635.2M$599.1M$719.0M$882.4M$376.3M
Total assets$1.20B$1.17B$1.68B$1.94B$569.0M
Current liabilities$361.9M$293.5M$274.0M$428.6M$155.4M
Long-term debt
Total liabilities$685.3M$621.5M$628.9M$639.9M$211.9M
Total equity$145.8M$127.0M$605.3M$1.30B$357.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$129.8M$103.6M$-43.0M$-44.2M$3.0M
Capital expenditure$31.7M$34.5M$36.3M$17.1M$5.7M
Free cash flow$98.0M$69.1M$-79.4M$-61.3M$-2.7M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$281.1M6.1%$-10.9M$-0.13
Q1 FY2026$286.1M15.5%$-1.3M$-0.01
Q4 FY2025$291.6M20.1%$-3.6M$-0.05
Q3 FY2025$279.4M22.7%$-10.3M$-0.12
Q2 FY2025$265.1M17.3%$-20.5M$-0.24
Q1 FY2025$247.7M9.5%$-11.3M$-0.14
Q4 FY2024$242.9M7.7%$-46.1M$-0.58
Q3 FY2024$227.7M-16.4%$-33.3M$-0.38

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorCommunication Services
SIC industryTelephone & Telegraph Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2017
SEC CIK926282

Selected SEC filings

10-K2026-02-26
View on EDGAR →
10-Q2026-08-04
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-08-04
View on EDGAR →
8-K2026-07-23
View on EDGAR →
8-K2026-07-22
View on EDGAR →

Largest Communication Services peers

All Communication Services companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.