AVNW AVIAT NETWORKS, INC.

Overview and Growth

Fiscal 2026 results for AVIAT NETWORKS, INC. combined $439.68M of revenue with net income of $2.54M and an operating cash inflow of $13.56M. At $439.68M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $434.61M in fiscal 2025, revenue recorded a 1.2% year-over-year increase. On a per-share basis, diluted EPS was $0.19, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $0.10 in fiscal 2025, the current result was 90.0% higher. Revenue equaled 0.73x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $138.29M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 31.5% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $19.24M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 4.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $2.54M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 0.6%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $13.22M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 3.0% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $10.68M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 80.8%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

Total assets were $598.96M, supported by $331.57M of liabilities and $267.39M of shareholder equity. At period end, current assets of $439.25M compared with current liabilities of $223.15M, defining the company’s short-term resource position. At 1.97x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $72.84M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 32.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $97.00M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.36x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 16.2%, showing how much of the asset base was matched by borrowing. Liabilities represented 55.4% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 12.2%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $13.56M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 5.34x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $7.47M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 55.1% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $6.09M of positive free cash flow for the period. The free-cash-flow margin was 1.4%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 1.0%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Jul 3, 2026. Analysis generated Oct 21, 2026.