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Nasdaq · Communication Services

Harmonic Inc. (HLIT)

As-reported financials and SEC filings for Harmonic 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 Harmonic Inc.

Harmonic Inc. provides broadband access solutions to broadband operators worldwide, enabling the deployment of high-speed internet for data, voice, and video services. Its main product is the cOS software-based broadband access solution, which supports both cable and fiber-to-the-home services through virtualized software and hardware devices. The company serves cable and telecommunications operators primarily in the Americas, with additional customers in Europe, the Middle East, Africa, and Asia Pacific.

Snapshot

Revenue
$360.5M
Revenue growth (YoY)
-26.2%
Net income
$-43.3M
Diluted EPS
$-0.38
Gross margin
48.5%
Operating margin
3.9%
Net margin
-12.0%
FCF margin
26.9%
ROE
-11.3%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$1.14B
Long-term debt / equity
0.28×
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 Harmonic

  • Revenue fell 26.2% to $361M in FY2025, slower than the 25.7% the year before.
  • Operating margin is 3.9% in FY2025, +0.2 pp against 3.7% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $133M, up 53.5% from Q2 FY2025.
  • Free cash flow was $97M in FY2025, 26.9% of revenue.
  • Net income turned to a $43M loss in FY2025, from a $39M profit 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 Harmonic’s fundamentals sit among the 213 Communication Services companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin48.5%
56th percentile of 102
Operating margin3.9%
54th percentile of 182
Net margin-12.0%
29th percentile of 188
FCF margin26.9%
93rd percentile of 162
Revenue growth (YoY)-26.2%
5th percentile of 206
ROE-11.3%
34th percentile of 162
Long-term debt / equity0.28×
30th percentile of 100
Short interest4.44d
59th percentile of 212

Harmonic’s revenue growth of -26.2% ranks in the 5th percentile of the 206 Communication Services companies reporting it. Harmonic’s FCF margin of 26.9% ranks in the 93rd percentile of the 162 Communication Services companies reporting it.

No reported insider transactions (codes P/S) 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 1 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
1
+7 quant / multi-strat
Initiated / added
5
0 new, 5 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$144.5M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$30.7M1.9MReduced
Two Sigma InvestmentsquantQ2 2026$28.3M1.7MAdded
Renaissance TechnologiesquantQ2 2026$28.2M1.7MAdded
First Eagle Investment ManagementQ2 2026$23.6M1.4MAdded
Millennium ManagementquantQ2 2026$13.8M843.5KAdded
Point72 Asset ManagementquantQ2 2026$9.4M573.1KAdded
Citadel AdvisorsquantQ2 2026$5.3M326.0KReduced
AQR Capital ManagementquantQ2 2026$5.2M320.1KReduced

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)
0
code P
Bought (90d)
—
code P value
Sells (90d)
0
—
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-05-14
filed 2026-05-18
Stephanie CopelandDirectorSell4.3K$13.30$57K
2026-05-13
filed 2026-05-15
Neven HaltmayerSVP & GM, Video BusinessSell31.8K$13.24$421K

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
6.8M
settled 2026-09-30
Change vs prior
+8.0%
vs previous settlement
Days to cover
4.44
at avg daily volume
Avg daily volume
1.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-306.8M+8.0%4.44
2026-09-156.3M+8.1%5.08
2026-08-315.8M-0.5%4.29
2026-08-145.9M+0.7%2.91
2026-07-315.8M+17.9%4.18
2026-07-154.9M-13.0%3.00
2026-06-305.7M+45.2%2.07
2026-06-153.9M-10.5%1.16

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$360.5M$488.2M$388.5M$625.0M$507.1M
Gross profit
Operating income$14.1M$74.7M$30.0M$45.5M$18.8M
Net income$-43.3M$39.2M$84.0M$28.2M$13.3M
Diluted EPS$-0.38$0.33$0.72$0.25$0.12

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 (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

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 (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$108.0M$61.9M$7.1M$5.5M$41.0M
Capital expenditure$11.1M$9.2M$8.5M$9.3M$13.0M
Free cash flow

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 (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$133.5M53.5%$-2.3M$-0.02
Q1 FY2026$121.7M43.4%$7.3M$0.07
Q4 FY2025-267.6%
Q3 FY2025$142.4M-27.3%$2.7M$0.02
Q2 FY2025$86.9M-37.4%$2.9M$0.03
Q1 FY2025$84.9M-30.5%$5.9M$0.05
Q4 FY2024—
Q3 FY2024$195.8M53.9%$21.7M$0.19

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorCommunication Services
SIC industryRadio & Tv Broadcasting & Communications Equipment
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended July 3, 2026)
Oldest indexed filing2014
SEC CIK851310

Selected SEC filings

10-Q2026-08-17
View on EDGAR →
10-Q2026-05-13
View on EDGAR →
8-K2026-08-12
View on EDGAR →
8-K2026-06-17
View on EDGAR →
8-K2026-06-08
View on EDGAR →
8-K2026-06-05
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.