The FY2027 guidance midpoint ($462.5M revenue, $52.5M Adj. EBITDA) implies a significant step-up in profitability. Monitor the Q1 FY2027 earnings call for execution on the margin expansion plan and the trajectory of the $25-30M U.S. order. The GAAP earnings miss is tax-driven and non-operational, so the stock should trade on the revenue beat and guidance.
Price Chart
Executive Summary
Aviat Networks reported Q4 FY2026 revenue of $120.9M (+4.8% YoY), slightly above consensus, but GAAP EPS of -$0.10 missed the Street estimate of $0.40 by a wide margin due to a $6.2M tax expense. The company guided FY2027 revenue of $455-470M and Adjusted EBITDA of $50-55M, implying meaningful margin expansion. The mixed picture of a revenue beat and strong guidance against a GAAP earnings miss keeps the read-through neutral-to-mildly-bullish on operational trajectory, with the tax-driven earnings miss being non-operational.
Key Financial Metrics
Key Facts
- Q4 FY2026 total revenue of $120.9M, up 4.8% YoY vs $115.3M
- GAAP net loss of $1.3M ($0.10 diluted loss per share) vs net income of $5.2M ($0.40) YoY
- Non-GAAP diluted EPS of $0.64 vs $0.83 in the prior year quarter
- FY2027 guidance: revenue $455-470M, Adjusted EBITDA $50-55M (vs FY2026 Adj. EBITDA of $36.7M)
- Backlog of $367M, up 14% YoY; book-to-bill >1x for trailing twelve months
- North America revenue grew 17.8% YoY to $68.3M; International revenue declined 8.3% to $52.6M
- GAAP gross margin declined 340 bps YoY to 30.8% on product/customer mix
- Repurchased $2.2M of shares in Q4 at avg price $16.55
Financial Impact
Q4 revenue beat consensus by ~$10.8M (9.8%); GAAP EPS of -$0.10 missed Street estimate of $0.40 by 125%; FY2027 guidance implies 3.5-7% revenue growth and 36-50% Adj. EBITDA growth vs FY2026
Risk Factors
- International revenue declined 8.3% YoY, signaling ongoing project timing risk
- GAAP gross margin compressed 340 bps YoY to 30.8%, driven by unfavorable mix
- GAAP net loss of $1.3M vs net income of $5.2M YoY, though driven by a $6.2M tax provision
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-059186 |
| Document: 0001628280-26-059186-index.html | 0001628280-26-059186 |
| Document: 0001628280-26-059186.txt | 0001628280-26-059186 |
| 8-K Data (Synthetic) | 0001628280-26-059186 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | SC 13G/A | $20.40 $19.38 | ▲ +5.00% | ▲ +3.85% | $19.67 (+3.58%) |
Oct 8, 2026 18d ago | 3 | $20.77 $18.94 | ▼ −8.81% | ▼ −6.84% | $19.67 (−5.30%) |
Oct 6, 2026 20d ago | 8-K | $20.84 $19.44 | ▼ −6.72% | ▼ −5.74% | $19.67 (−5.61%) |
Oct 5, 2026 21d ago | 8-K | $21.10 $20.40 | ▼ −3.32% | ▼ −3.18% | $19.67 (−6.78%) |
Sep 1, 2026 7w ago | Insider Cluster | $19.25 $19.82 | ▲ +2.96% | ▲ +3.92% | $19.67 (+2.18%) |
Sep 1, 2026 7w ago | Insider Cluster | $19.25 $19.82 | ▼ −2.96% | ▼ −3.92% | $19.67 (−2.18%) |
Aug 27, 2026 8w ago | 8-K | $21.44 $19.32 | ▼ −9.89% | ▼ −10.16% | $19.67 (−8.26%) |
Aug 14, 2026 10w ago | Institutional Cluster | $22.04 $20.66 | ▼ −6.26% | ▼ −5.07% | $19.67 (−10.75%) |
May 4, 2026 25w ago | 8-K | $15.09 $15.86 | ▼ −5.10% | ▼ −3.12% | $19.67 (−30.35%) |
US Market Status
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