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Side-by-side financial comparison of ADTRAN Holdings, Inc. (ADTN) and Bandwidth Inc. (BAND). Click either name above to swap in a different company.
ADTRAN Holdings, Inc. is the larger business by last-quarter revenue ($291.6M vs $208.8M, roughly 1.4× Bandwidth Inc.). Bandwidth Inc. runs the higher net margin — 1.9% vs -1.2%, a 3.1% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs 20.1%). ADTRAN Holdings, Inc. produced more free cash flow last quarter ($30.6M vs $-1.0M). Over the past eight quarters, ADTRAN Holdings, Inc.'s revenue compounded faster (13.5% CAGR vs 9.7%).
Adtran, Inc. is an American fiber networking and telecommunications company headquartered in Huntsville, Alabama. It is a vendor of both residential and enterprise networking equipment, along with administrative software for network management and deployment. Its customers include communications service providers, governments, enterprises and utilities.
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
ADTN vs BAND — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $291.6M | $208.8M |
| Net Profit | $-3.6M | $4.0M |
| Gross Margin | 39.0% | 37.3% |
| Operating Margin | 1.5% | 60.5% |
| Net Margin | -1.2% | 1.9% |
| Revenue YoY | 20.1% | 20.1% |
| Net Profit YoY | 92.2% | 200.0% |
| EPS (diluted) | $-0.02 | $-0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $208.8M | ||
| Q4 25 | $291.6M | $207.7M | ||
| Q3 25 | $279.4M | $191.9M | ||
| Q2 25 | $265.1M | $180.0M | ||
| Q1 25 | $247.7M | $174.2M | ||
| Q4 24 | $242.9M | $210.0M | ||
| Q3 24 | $227.7M | $193.9M | ||
| Q2 24 | $226.0M | $173.6M |
| Q1 26 | — | $4.0M | ||
| Q4 25 | $-3.6M | — | ||
| Q3 25 | $-10.3M | $-1.2M | ||
| Q2 25 | $-20.5M | $-4.9M | ||
| Q1 25 | $-11.3M | $-3.7M | ||
| Q4 24 | $-46.1M | — | ||
| Q3 24 | $-33.3M | $413.0K | ||
| Q2 24 | $-49.7M | $4.1M |
| Q1 26 | — | 37.3% | ||
| Q4 25 | 39.0% | 37.6% | ||
| Q3 25 | 38.3% | 38.5% | ||
| Q2 25 | 37.3% | 39.8% | ||
| Q1 25 | 38.4% | 41.0% | ||
| Q4 24 | 36.9% | 36.4% | ||
| Q3 24 | 36.5% | 37.7% | ||
| Q2 24 | 36.0% | 37.3% |
| Q1 26 | — | 60.5% | ||
| Q4 25 | 1.5% | -1.9% | ||
| Q3 25 | -1.0% | -1.0% | ||
| Q2 25 | -5.0% | -2.1% | ||
| Q1 25 | -1.6% | -2.7% | ||
| Q4 24 | -6.9% | -1.3% | ||
| Q3 24 | -11.5% | -0.5% | ||
| Q2 24 | -17.0% | -3.5% |
| Q1 26 | — | 1.9% | ||
| Q4 25 | -1.2% | — | ||
| Q3 25 | -3.7% | -0.6% | ||
| Q2 25 | -7.7% | -2.7% | ||
| Q1 25 | -4.5% | -2.1% | ||
| Q4 24 | -19.0% | — | ||
| Q3 24 | -14.6% | 0.2% | ||
| Q2 24 | -22.0% | 2.3% |
| Q1 26 | — | $-0.08 | ||
| Q4 25 | $-0.02 | $-0.10 | ||
| Q3 25 | $-0.12 | $-0.04 | ||
| Q2 25 | $-0.24 | $-0.16 | ||
| Q1 25 | $-0.14 | $-0.13 | ||
| Q4 24 | $-0.58 | $0.27 | ||
| Q3 24 | $-0.38 | $0.01 | ||
| Q2 24 | $-0.63 | $-0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $95.7M | $47.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $145.8M | $405.7M |
| Total Assets | $1.2B | $984.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $47.3M | ||
| Q4 25 | $95.7M | $111.3M | ||
| Q3 25 | $93.7M | $80.4M | ||
| Q2 25 | $106.3M | $68.1M | ||
| Q1 25 | $101.3M | $41.7M | ||
| Q4 24 | $76.0M | $83.8M | ||
| Q3 24 | $88.5M | $79.9M | ||
| Q2 24 | $111.2M | $76.4M |
| Q1 26 | — | $405.7M | ||
| Q4 25 | $145.8M | $400.0M | ||
| Q3 25 | $141.6M | $392.7M | ||
| Q2 25 | $169.6M | $384.5M | ||
| Q1 25 | $138.9M | $345.4M | ||
| Q4 24 | $127.0M | $312.5M | ||
| Q3 24 | $205.6M | $336.6M | ||
| Q2 24 | $213.6M | $307.4M |
| Q1 26 | — | $984.2M | ||
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.2B | $964.4M | ||
| Q4 24 | $1.2B | $989.2M | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.0B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $42.2M | — |
| Free Cash FlowOCF − Capex | $30.6M | $-1.0M |
| FCF MarginFCF / Revenue | 10.5% | -0.5% |
| Capex IntensityCapex / Revenue | 4.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $42.2M | $38.6M | ||
| Q3 25 | $12.2M | $22.2M | ||
| Q2 25 | $32.2M | $31.7M | ||
| Q1 25 | $43.2M | $-3.1M | ||
| Q4 24 | $2.4M | $36.5M | ||
| Q3 24 | $43.3M | $20.5M | ||
| Q2 24 | $19.9M | $24.4M |
| Q1 26 | — | $-1.0M | ||
| Q4 25 | $30.6M | — | ||
| Q3 25 | $4.2M | — | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $35.8M | — | ||
| Q4 24 | $-895.0K | — | ||
| Q3 24 | $37.1M | — | ||
| Q2 24 | $8.4M | — |
| Q1 26 | — | -0.5% | ||
| Q4 25 | 10.5% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 3.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 5.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 49.55× | ||
| Q2 24 | — | 6.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
BAND
Segment breakdown not available.
