Short answer
AVIAT NETWORKS, INC. (AVNW) filed its fiscal 2026 10-K annual report with the SEC on Aug 27, 2026. It reported revenue of $440M (+1.2% year over year) and net income of $3M.
- Top risk flagged: Legal risk: Compliance with Foreign Corrupt Practices Act (FCPA) and anti-bribery laws increases cost and risk of fines, penalties, criminal sanctions, and damage to international business
FY2026 key financial metrics · XBRL
- Revenue
- $440M
- +1.2% YoY
- Net income
- $3M
- +89.3% YoY
- Operating margin
- 4.4%
- +1.9 pp YoY
- Gross margin
- 31.5%
- −0.6 pp YoY
- EPS (diluted)
- $0.19
- +90.0% YoY
- ROE
- 0.9%
- +0.4 pp YoY
- Operating cash flow
- $14M
- +137.0% YoY
Source: XBRL data from the AVIAT NETWORKS, INC. (AVNW) FY2026 10-K on SEC EDGAR. USD.
AVIAT NETWORKS, INC. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design, manufacture, sale of microwave and millimeter wave wireless transport and access networking solutions with professional services
- New multi-band products introduced: WTM 4800 single-box 80 GHz E-Band radio (up to 20 Gbps), plus multi-band solutions MB-XD, MB-MAX and MB-VA
- Strategic emphasis on e-commerce platform "Aviat Store" for faster delivery, lower costs, simplified purchases targeting ISPs and mobile 5G operators
- Research & development spend $28.4M (6.5% of revenue), down from $35.8M (8.2%) in prior year; new R&D center opened in Chennai, India with 223 total R&D employees
- Backlog increased to $367M from $323M prior year, reflecting strong order book and service contracts
Management Discussion & Analysis
- Revenue $439.7M, up 1.2% YoY driven by North America (+$12.4M, +6%), Europe (+$10.3M, +32.6%), Africa/ME (+$8.5M, +17.2%); LATAM/APAC down $26.2M (-18%)
- Gross margin 31.5% vs 32.1%; product margin 29.5% vs 27.7%; service margin 36.3% vs 40.7%; margin decline due to lower service revenue mix
- Best segment Europe revenue +$10.3M (+32.6%); worst segment LATAM/APAC down $26.2M (-18%) due to 50% lower field services demand
- Operating cash flow $13.6M vs $5.7M; investing cash flow used $7.3M vs $28.5M driven by no acquisition payments; financing cash flow provided $6.3M vs $18.7M; cash $72.8M; capex details not disclosed
- Management highlights 5G/LTE readiness focus; risks include pricing pressures, tariffs, macroeconomic factors; liquidity strong with $84.2M credit available; no material impact expected from recent tax law changes
Risk Factors
- Legal risk: Compliance with Foreign Corrupt Practices Act (FCPA) and anti-bribery laws increases cost and risk of fines, penalties, criminal sanctions, and damage to international business
- Macroeconomic risk: 50% of revenue from international sales, many in developing countries vulnerable to currency fluctuations, political instability, and supply chain disruptions
- Supply chain risk: Dependence on sole or limited suppliers for key components like MMICs and Taiwan-based semiconductors, risking interruptions from geopolitical tensions with China
- Competitive risk: Strong competition from Ericsson, Huawei, Nokia, and alternative technologies like fiber optics and low-earth-orbit satellites threatening microwave backhaul demand
- Financial risk: Revenue often concentrated among a few large customers; loss or reduced sales by any could significantly impact business and cash flows
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.