2Q26 Quick Take: EPS Beat Overshadowed by Soft Outlook on Rising Memory Costs and Pressures on Margins

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2Q26 Quick Take: EPS Beat Overshadowed by Soft Outlook on Rising Memory Costs and Pressures on Margins

J P M O R G A N North America Equity Research

20 July 2026

Calix

2Q26 Quick Take: EPS Beat Overshadowed by Soft Overweight

Outlook on Rising Memory Costs and Pressures on CALX, CALX US

Margins Price (20 Jul 26):$38.35

IT Hardware/ Telecom & Networking

Calix's 2Q26 revenue tracked modestly above expectations, with sequential Equipment

growth of +5% q/q (vs. +3% in 1Q26 and +3% in 4Q25), including +7% q/q for Joseph Cardoso AC

Software & Service (vs. +1% in 1Q26 and +7% in 4Q25) and +4% q/q for (1-212) 622-9036

Appliance (vs. +3% in 1Q26 and +2% in 4Q25). On the flip side, gross margins joseph.cardoso@jpmchase.com

came in softer than expected heading into the print, and toward the low end of the Marc Vitenzon

previously issued guidance range on higher memory costs. That said, Calix (1-212) 622-3342

marc.vitenzon@jpmchase.com

demonstrated strong opex management, leading to operating margins tracking

Manmohanpreet Singh

ahead of expectations and with it earnings, driving an EPS beat for the quarter.

(1-212) 622-4527

manmohanpreet.singh@jpmchase.com

Looking ahead, revenue is guided to ~$304 mn at the midpoint for 3Q26 (+4%

Akanksh Chauhan

q/q), tracking slightly above consensus, albeit modestly below JPMe. Calix (1-212) 622-0045

also raised its full-year revenue growth outlook to the "higher end" of the +15%- akanksh.chauhan@jpmorgan.com

20% range vs. "between" the range previously (implying growth of +3%-6% q/q J.P. Morgan Securities LLC

in 4Q26). On higher memory costs, however, gross margin is now expected to step

sequentially lower to ~52% at the midpoint for 3Q26, well below expectations.

This is despite the implementation of a memory surcharge program, as the