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Side-by-side financial comparison of CALIX, INC (CALX) and ExlService Holdings, Inc. (EXLS). Click either name above to swap in a different company.
ExlService Holdings, Inc. is the larger business by last-quarter revenue ($542.6M vs $280.0M, roughly 1.9× CALIX, INC). ExlService Holdings, Inc. runs the higher net margin — 11.1% vs 4.0%, a 7.1% gap on every dollar of revenue. On growth, CALIX, INC posted the faster year-over-year revenue change (27.1% vs 12.7%). ExlService Holdings, Inc. produced more free cash flow last quarter ($106.5M vs $6.5M). Over the past eight quarters, CALIX, INC's revenue compounded faster (18.9% CAGR vs 11.5%).
Calix, Inc. is a telecommunications company that specializes in providing software platforms, systems, and services to support the delivery of broadband services. The company was founded in 1999 and is headquartered in San Jose, California.
Exlservice Holdings, Inc. is a global analytics and digital solutions company serving industries including insurance, healthcare, banking and financial services, media, retail, and others. The company is headquartered in New York and has more than 54,000 professionals in locations throughout the United States, Europe, Asia, Latin America, Australia and South Africa.
CALX vs EXLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $280.0M | $542.6M |
| Net Profit | $11.2M | $60.2M |
| Gross Margin | 56.9% | 38.6% |
| Operating Margin | 47.6% | 14.4% |
| Net Margin | 4.0% | 11.1% |
| Revenue YoY | 27.1% | 12.7% |
| Net Profit YoY | — | 18.9% |
| EPS (diluted) | $0.16 | $0.38 |
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 | $280.0M | — | ||
| Q4 25 | $272.4M | $542.6M | ||
| Q3 25 | $265.4M | $529.6M | ||
| Q2 25 | $241.9M | $514.5M | ||
| Q1 25 | $220.2M | $501.0M | ||
| Q4 24 | $206.1M | $481.4M | ||
| Q3 24 | $200.9M | $472.1M | ||
| Q2 24 | $198.1M | $448.4M |
| Q1 26 | $11.2M | — | ||
| Q4 25 | $7.2M | $60.2M | ||
| Q3 25 | $15.7M | $58.2M | ||
| Q2 25 | $-199.0K | $66.1M | ||
| Q1 25 | $-4.8M | $66.6M | ||
| Q4 24 | $-17.9M | $50.7M | ||
| Q3 24 | $-4.0M | $53.0M | ||
| Q2 24 | $-8.0M | $45.8M |
| Q1 26 | 56.9% | — | ||
| Q4 25 | 57.7% | 38.6% | ||
| Q3 25 | 57.3% | 38.5% | ||
| Q2 25 | 56.3% | 37.7% | ||
| Q1 25 | 55.7% | 38.6% | ||
| Q4 24 | 55.0% | 38.1% | ||
| Q3 24 | 54.8% | 37.8% | ||
| Q2 24 | 54.3% | 37.1% |
| Q1 26 | 47.6% | — | ||
| Q4 25 | 3.4% | 14.4% | ||
| Q3 25 | 6.6% | 14.4% | ||
| Q2 25 | 0.2% | 15.8% | ||
| Q1 25 | -2.8% | 15.7% | ||
| Q4 24 | -9.1% | 14.8% | ||
| Q3 24 | -5.4% | 14.7% | ||
| Q2 24 | -5.7% | 13.7% |
| Q1 26 | 4.0% | — | ||
| Q4 25 | 2.6% | 11.1% | ||
| Q3 25 | 5.9% | 11.0% | ||
| Q2 25 | -0.1% | 12.8% | ||
| Q1 25 | -2.2% | 13.3% | ||
| Q4 24 | -8.7% | 10.5% | ||
| Q3 24 | -2.0% | 11.2% | ||
| Q2 24 | -4.0% | 10.2% |
| Q1 26 | $0.16 | — | ||
| Q4 25 | $0.11 | $0.38 | ||
| Q3 25 | $0.22 | $0.36 | ||
| Q2 25 | $0.00 | $0.40 | ||
| Q1 25 | $-0.07 | $0.40 | ||
| Q4 24 | $-0.27 | $0.31 | ||
| Q3 24 | $-0.06 | $0.33 | ||
| Q2 24 | $-0.12 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $54.6M | $328.4M |
| Total DebtLower is stronger | — | $298.6M |
| Stockholders' EquityBook value | $738.0M | $912.7M |
| Total Assets | — | $1.7B |
| Debt / EquityLower = less leverage | — | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $54.6M | — | ||
| Q4 25 | $143.1M | $328.4M | ||
| Q3 25 | $95.0M | $390.1M | ||
| Q2 25 | $76.5M | $353.3M | ||
| Q1 25 | $42.3M | $331.4M | ||
| Q4 24 | $43.2M | $340.6M | ||
| Q3 24 | $62.4M | $325.8M | ||
| Q2 24 | $84.5M | $276.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $298.6M | ||
| Q3 25 | — | $354.8M | ||
| Q2 25 | — | $260.0M | ||
| Q1 25 | — | $307.3M | ||
| Q4 24 | — | $288.5M | ||
| Q3 24 | — | $344.7M | ||
| Q2 24 | — | — |
| Q1 26 | $738.0M | — | ||
| Q4 25 | $859.2M | $912.7M | ||
| Q3 25 | $822.5M | $952.4M | ||
| Q2 25 | $772.7M | $1.1B | ||
| Q1 25 | $767.2M | $1.0B | ||
| Q4 24 | $780.9M | $929.9M | ||
| Q3 24 | $778.7M | $907.6M | ||
| Q2 24 | $754.2M | $852.6M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $976.4M | $1.7B | ||
| Q2 25 | $921.4M | $1.7B | ||
| Q1 25 | $917.1M | $1.7B | ||
| Q4 24 | $939.3M | $1.6B | ||
| Q3 24 | $937.5M | $1.6B | ||
| Q2 24 | $917.9M | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.31× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | — |
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 | $14.6M | $117.4M |
| Free Cash FlowOCF − Capex | $6.5M | $106.5M |
| FCF MarginFCF / Revenue | 2.3% | 19.6% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | 1.31× | 1.95× |
| TTM Free Cash FlowTrailing 4 quarters | $109.1M | $298.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.6M | — | ||
| Q4 25 | $46.0M | $117.4M | ||
| Q3 25 | $32.3M | $120.7M | ||
| Q2 25 | $39.4M | $109.4M | ||
| Q1 25 | $17.2M | $3.2M | ||
| Q4 24 | $15.4M | $105.3M | ||
| Q3 24 | $16.0M | $110.1M | ||
| Q2 24 | $22.3M | $74.9M |
| Q1 26 | $6.5M | — | ||
| Q4 25 | $40.3M | $106.5M | ||
| Q3 25 | $26.7M | $106.4M | ||
| Q2 25 | $35.6M | $95.0M | ||
| Q1 25 | $12.9M | $-9.7M | ||
| Q4 24 | $10.2M | $95.3M | ||
| Q3 24 | $12.8M | $97.3M | ||
| Q2 24 | $16.4M | $62.8M |
| Q1 26 | 2.3% | — | ||
| Q4 25 | 14.8% | 19.6% | ||
| Q3 25 | 10.1% | 20.1% | ||
| Q2 25 | 14.7% | 18.5% | ||
| Q1 25 | 5.9% | -1.9% | ||
| Q4 24 | 5.0% | 19.8% | ||
| Q3 24 | 6.3% | 20.6% | ||
| Q2 24 | 8.3% | 14.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 2.0% | ||
| Q3 25 | 2.1% | 2.7% | ||
| Q2 25 | 1.5% | 2.8% | ||
| Q1 25 | 2.0% | 2.6% | ||
| Q4 24 | 2.5% | 2.1% | ||
| Q3 24 | 1.6% | 2.7% | ||
| Q2 24 | 3.0% | 2.7% |
| Q1 26 | 1.31× | — | ||
| Q4 25 | 6.38× | 1.95× | ||
| Q3 25 | 2.06× | 2.08× | ||
| Q2 25 | — | 1.66× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 2.08× | ||
| Q3 24 | — | 2.08× | ||
| Q2 24 | — | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CALX
| Appliance | $232.8M | 83% |
| Software and service | $47.1M | 17% |
EXLS
| Insurance | $185.8M | 34% |
| Healthcare And Life Sciences | $142.2M | 26% |
| Banking Capital Markets And Diversified Industries | $122.6M | 23% |
| International Growth Markets | $92.0M | 17% |
