Bandwidth Inc.

BAND Nasdaq Services-Prepackaged Software Financials FY2016–FY2025

Bandwidth Inc. had $754M of revenue in fiscal 2025, up 0.7% on the year before. Over five years, revenue changed +17.0% a year on average.

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Last close · Oct 23, 2026

$44.18

9.1%

Earnings calendar · Bandwidth Inc.

Every quarter, companies publish how much they sold and earned. These are the days Bandwidth Inc. did it, and the next one. Share prices often move a lot on those days.

Next results

October 29, 2026

Thursday · in 3 days

Time: Before the market opens
Covers: Period ended Sep 30, 2026
Expected EPS: $0.22
Source: Earnings calendar

See who else reports that week →

Date	Results for	Time	Source
Jul 24, 2026	Period ended Jun 30, 2026	Time not announced	8-K ↗
Apr 30, 2026	Q1 '26	Before the market opens	8-K ↗
Feb 19, 2026	Q4 '25	Before the market opens	8-K ↗
Oct 30, 2025	Q3 '25	Before the market opens	8-K ↗
Jul 29, 2025	Q2 '25	Before the market opens	8-K ↗
May 7, 2025	Q1 '25	Before the market opens	8-K ↗
Feb 20, 2025	Q4 '24	Before the market opens	8-K ↗
Oct 28, 2024	Q3 '24	Time not announced	8-K ↗

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Results coming up

Results in 3 days

Bandwidth Inc. will publish its results for the period ended Sep 30, 2026 on Thursday October 29, 2026.

October 29, 2026
Before the market opens
Date from the earnings calendar

Analysts expect EPS of $0.22

Consensus estimate, usually adjusted, so it may differ from the reported (GAAP) figure.

Last results Jul 24, 2026

Share prices often move a lot around results. Dates can change: the company’s own announcement is final. Not investment advice.

KIRA’s summary AI analyst

Hi! I read Bandwidth Inc.’s latest annual report (fiscal 2025). Here is what stands out:

1 strength 4 to watch

1.Sales and profit

See section →

Bandwidth Inc. had $754M of revenue in fiscal 2025, up 0.7% on the year before. Over five years, revenue changed +17.0% a year on average.
Its operating margin was −1.9%, up 0.8 pts: of every 100 in sales, about −2 is left after running the business.
Bandwidth Inc. lost $12.9M in fiscal 2025.

2.Cash and shareholders

See section →

In the last 12 months, insiders sold $19.8M of shares on the open market and bought none.

3.Financial health

See section →

Bandwidth Inc. owes $136M more than it holds in cash, about 6.4 years of operating profit.
Its return on capital was −2.1%: every 100 invested in the business earned about −2 in a year.
Bandwidth Inc. passes 5 of 9 financial health tests (Piotroski F-score).

Bandwidth Inc. in 30 seconds

Good So-so Weak

Are sales growing?

+0.7%

Only a little. Sales grew 0.7% last year.

Does it make a profit?

−1.7%

No. It lost money last year.

Is debt under control?

6.4x

Heavy. Repaying its debt would take 6.4 years of operating profit.

How healthy are the accounts?

5 / 9

Mixed. It passes 5 of 9 health tests.

How is the share priced?

—

No P/E: it made no profit over the last four quarters.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap

$1.5B

Oct 23 close

P/E

—

On −$0.38 EPS (TTM)

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA · Bandwidth Inc. had $754M of revenue in fiscal 2025, up 0.7% on the year before. Over five years, revenue changed +17.0% a year on average. Its operating margin was −1.9%, up 0.8 pts: of every 100 in sales, about −2 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

FY16

Revenue $152M

FY17

Revenue $163M

FY18

Revenue $204M

FY19

Revenue $233M

FY20

Revenue $343M

FY21

Revenue $491M

FY22

Revenue $573M

FY23

Revenue $601M

FY24

Revenue $748M

FY25

Revenue $754M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Revenue

Q2 '23

Revenue $146M

Q3 '23

Revenue $152M

Q4 '23

Revenue $165M

Q1 '24

Revenue $171M

Q2 '24

Revenue $174M

Q3 '24

Revenue $194M

Q4 '24

Revenue $210M

Q1 '25

Revenue $174M

Q2 '25

Revenue $180M

Q3 '25

Revenue $192M

Q4 '25

Revenue $208M

Q1 '26

Revenue $209M

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Margins, % of revenue

FY16

Gross 44.0%

Operating 10.0%

Net 14.7%

FCF 0.9%

FY17

Gross 45.2%

Operating 9.0%

Net 3.7%

FCF 5.9%

FY18

Gross 47.0%

Operating 3.3%

Net 8.8%

FCF 6.0%

FY19

Gross 46.3%

Operating −7.6%

Net 1.1%

FCF −10.1%

FY20

Gross 44.9%

Operating −3.9%

Net −12.8%

FCF −2.3%

FY21

Gross 43.6%

Operating −0.5%

Net −5.6%

FCF —

FY22

Gross 41.6%

Operating −4.2%

Net 3.4%

FCF —

FY23

Gross 39.3%

Operating −5.9%

Net −2.7%

FCF —

FY24

Gross 37.4%

Operating −2.7%

Net −0.9%

FCF —

FY25

Gross 39.1%

Operating −1.9%

Net −1.7%

FCF —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Gross Operating Net FCF

Margins, % of revenue

Q2 '23

Gross 40.4%

Operating −5.2%

Net −2.7%

FCF —

Q3 '23

Gross 39.1%

Operating −4.0%

Net −3.4%

FCF —

Q4 '23

Gross 37.5%

Operating −6.1%

Net −6.6%

FCF —

Q1 '24

Gross 38.3%

Operating −6.1%

Net −5.4%

FCF —

Q2 '24

Gross 37.3%

Operating −3.5%

Net 2.3%

FCF —

Q3 '24

Gross 37.7%

Operating −0.5%

Net 0.2%

FCF —

Q4 '24

Gross 36.4%

Operating −1.3%

Net −0.8%

FCF —

Q1 '25

Gross 41.0%

Operating −2.7%

Net −2.1%

FCF —

Q2 '25

Gross 39.8%

Operating −2.1%

Net −2.7%

FCF —

Q3 '25

Gross 38.5%

Operating −1.0%

Net −0.6%

FCF —

Q4 '25

Gross 37.6%

Operating −1.9%

Net −1.4%

FCF —

Q1 '26

Gross 37.3%

Operating −2.2%

Net 2.0%

FCF —

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Gross Operating Net FCF

Net income and earnings per share

KIRA · Bandwidth Inc. lost $12.9M in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

FY16

Net income $22.4M

FY17

Net income $6.0M

FY18

Net income $17.9M

FY19

Net income $2.5M

FY20

Net income −$44.0M

FY21

Net income −$27.4M

FY22

Net income $19.6M

FY23

Net income −$16.3M

FY24

Net income −$6.5M

FY25

Net income −$12.9M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Net income

Q2 '23

Net income −$3.9M

Q3 '23

Net income −$5.1M

Q4 '23

Net income −$10.9M

Q1 '24

Net income −$9.2M

Q2 '24

Net income $4.1M

Q3 '24

Net income $0.4M

Q4 '24

Net income −$1.8M

Q1 '25

Net income −$3.7M

Q2 '25

Net income −$4.9M

Q3 '25

Net income −$1.2M

Q4 '25

Net income −$3.0M

Q1 '26

Net income $4.1M

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Diluted EPS

FY16

Diluted EPS $1.51

FY17

Diluted EPS $0.37

FY18

Diluted EPS $0.85

FY19

Diluted EPS $0.10

FY20

Diluted EPS −$1.83

FY21

Diluted EPS −$1.09

FY22

Diluted EPS −$0.48

FY23

Diluted EPS −$0.64

FY24

Diluted EPS −$0.24

FY25

Diluted EPS −$0.43

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Diluted EPS

Q2 '23

Diluted EPS −$0.15

Q3 '23

Diluted EPS −$0.20

Q4 '23

Diluted EPS −$0.01

Q1 '24

Diluted EPS −$0.35

Q2 '24

Diluted EPS −$0.17

Q3 '24

Diluted EPS $0.01

Q4 '24

Diluted EPS $0.27

Q1 '25

Diluted EPS −$0.13

Q2 '25

Diluted EPS −$0.16

Q3 '25

Diluted EPS −$0.04

Q4 '25

Diluted EPS −$0.10

Q1 '26

Diluted EPS −$0.08

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

FY16

Free cash flow $1.3M

FY17

Free cash flow $9.6M

FY18

Free cash flow $12.2M

FY19

Free cash flow −$23.5M

FY20

Free cash flow −$7.8M

FY21

Free cash flow —

FY22

Free cash flow —

FY23

Free cash flow —

FY24

Free cash flow —

FY25

Free cash flow —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations vs capital spending

FY16

Cash from operations $5.2M

Capital spending $3.8M

FY17

Cash from operations $14.6M

Capital spending $5.0M

FY18

Cash from operations $24.6M

Capital spending $12.4M

FY19

Cash from operations −$1.3M

Capital spending $22.2M

FY20

Cash from operations $4.5M

Capital spending $12.3M

FY21

Cash from operations $40.8M

Capital spending —

FY22

Cash from operations $34.9M

Capital spending —

FY23

Cash from operations $39.0M

Capital spending —

FY24

Cash from operations $83.9M

Capital spending —

FY25

Cash from operations $89.5M

Capital spending —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations Capital spending

Cash from operations vs capital spending

Q2 '23

Cash from operations $3.1M

Capital spending —

Q3 '23

Cash from operations $23.0M

Capital spending —

Q4 '23

Cash from operations $19.3M

Capital spending —

Q1 '24

Cash from operations $2.5M

Capital spending —

Q2 '24

Cash from operations $24.4M

Capital spending —

Q3 '24

Cash from operations $20.5M

Capital spending —

Q4 '24

Cash from operations $36.5M

Capital spending —

Q1 '25

Cash from operations −$3.1M

Capital spending —

Q2 '25

Cash from operations $31.7M

Capital spending —

Q3 '25

Cash from operations $22.2M

Capital spending —

Q4 '25

Cash from operations $38.6M

Capital spending —

Q1 '26

Cash from operations $8.8M

Capital spending —

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Cash from operations Capital spending

Dividends, buybacks and share count

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

FY16

Dividends —

Buybacks —

FY17

Dividends —

Buybacks —

FY18

Dividends —

Buybacks —

FY19

Dividends —

Buybacks —

FY20

Dividends —

Buybacks —

FY21

Dividends —

Buybacks —

FY22

Dividends —

Buybacks —

FY23

Dividends —

Buybacks —

FY24

Dividends —

Buybacks —

FY25

Dividends —

Buybacks —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Dividends Buybacks

Dividends and buybacks

Q2 '23

Dividends —

Buybacks —

Q3 '23

Dividends —

Buybacks —

Q4 '23

Dividends —

Buybacks —

Q1 '24

Dividends —

Buybacks —

Q2 '24

Dividends —

Buybacks —

Q3 '24

Dividends —

Buybacks —

Q4 '24

Dividends —

Buybacks —

Q1 '25

Dividends —

Buybacks $0.0M

Q2 '25

Dividends —

Buybacks —

Q3 '25

Dividends —

Buybacks —

Q4 '25

Dividends —

Buybacks —

Q1 '26

Dividends —

Buybacks $5.0M

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26

Dividends Buybacks

Diluted shares outstanding (annual)

FY16

Diluted shares 0.01B

FY17

Diluted shares 0.01B

FY18

Diluted shares 0.02B

FY19

Diluted shares 0.02B

FY20

Diluted shares 0.02B

FY21

Diluted shares 0.03B

FY22

Diluted shares 0.03B

FY23

Diluted shares 0.03B

FY24

Diluted shares 0.03B

FY25

Diluted shares 0.03B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Insider trades

KIRA · In the last 12 months, insiders sold $19.8M of shares on the open market and bought none.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$19.8M

11 insiders

Of sales under plans

32%

$6.4M

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Lukas M. RoushDirector	Sold plan	1,500	$49.04	$0.1M	Form 4
Sep 16, 2026	Lukas M. RoushDirector	Sold plan	1,500	$48.60	$0.1M	Form 4
Sep 2, 2026	Kade RossChief Information Officer	Sold plan	4,000	$48.15	$0.2M	Form 4
Sep 2, 2026	Daryl E RaifordChief Financial Officer	Sold plan	7,227	$49.00	$0.4M	Form 4
Sep 1, 2026	Devin M KrupkaController, PAO	Sold plan	3,074	$48.97	$0.2M	Form 4
Aug 31, 2026	Richard Brandon AsbillGeneral Counsel	Sold	1,832	$49.14	$0.1M	Form 4
Aug 31, 2026	Kade RossChief Information Officer	Sold	1,616	$49.14	$0.1M	Form 4
Aug 31, 2026	Devin M KrupkaController, PAO	Sold	1,219	$49.14	$0.1M	Form 4
Aug 31, 2026	Rebecca BottorffChief People Officer, Director	Sold	2,713	$49.14	$0.1M	Form 4
Aug 31, 2026	Devesh AgarwalChief Operating Officer	Sold	4,869	$49.14	$0.2M	Form 4
Aug 31, 2026	David A. MorkenChairman & CEO, Director	Sold	5,128	$49.14	$0.3M	Form 4
Aug 31, 2026	Daryl E RaifordChief Financial Officer	Sold	4,673	$49.14	$0.2M	Form 4
Aug 27, 2026	Lukas M. RoushDirector	Sold plan	1,500	$47.35	$0.1M	Form 4
Aug 17, 2026	Douglas A SurianoDirector	Sold plan	4,000	$53.09	$0.2M	Form 4
Aug 10, 2026	Devesh AgarwalChief Operating Officer	Sold	3,173	$50.45	$0.2M	Form 4
Jun 12, 2026	Devin M KrupkaController, PAO	Sold plan	14,413	$65.44	$0.9M	Form 4
Jun 5, 2026	Richard Brandon AsbillGeneral Counsel	Sold	29,214	$72.03	$2.1M	Form 4
Jun 2, 2026	Daryl E RaifordChief Financial Officer	Sold plan	6,374	$69.19	$0.4M	Form 4
Jun 2, 2026	Kade RossChief Information Officer	Sold plan	4,000	$69.39	$0.3M	Form 4
Jun 1, 2026	Daryl E RaifordChief Financial Officer	Sold	4,228	$64.15	$0.3M	Form 4
Jun 1, 2026	Daryl E RaifordChief Financial Officer	Sold plan	7,940	$68.51	$0.5M	Form 4
May 29, 2026	Rebecca BottorffChief People Officer, Director	Sold	2,176	$58.85	$0.1M	Form 4
May 29, 2026	Richard Brandon AsbillGeneral Counsel	Sold	1,781	$58.85	$0.1M	Form 4
May 29, 2026	Kade RossChief Information Officer	Sold	1,588	$58.85	$0.1M	Form 4
May 29, 2026	Devin M KrupkaController, PAO	Sold	1,198	$58.85	$0.1M	Form 4
May 29, 2026	Daryl E RaifordChief Financial Officer	Sold	3,961	$58.85	$0.2M	Form 4
May 29, 2026	Devesh AgarwalChief Operating Officer	Sold	4,066	$58.85	$0.2M	Form 4
May 29, 2026	David A. MorkenChairman & CEO, Director	Sold	4,632	$58.85	$0.3M	Form 4
May 20, 2026	Devesh AgarwalChief Operating Officer	Sold	15,000	$57.24	$0.9M	Form 4
May 14, 2026	Devesh AgarwalChief Operating Officer	Sold	8,251	$52.11	$0.4M	Form 4
May 13, 2026	Devesh AgarwalChief Operating Officer	Sold	11,749	$52.14	$0.6M	Form 4
May 12, 2026	Rebecca BottorffChief People Officer, Director	Sold	50,535	$49.42	$2.5M	Form 4
May 11, 2026	Kade RossChief Information Officer	Sold plan	20,000	$51.56	$1.0M	Form 4
May 5, 2026	Lukas M. RoushDirector	Sold	5,696	$47.62	$0.3M	Form 4
May 5, 2026	Devin M KrupkaController, PAO	Sold	4,444	$46.04	$0.2M	Form 4
May 5, 2026	Devesh AgarwalChief Operating Officer	Sold	4,742	$45.39	$0.2M	Form 4
May 4, 2026	Rebecca BottorffChief People Officer, Director	Sold	9,425	$45.30	$0.4M	Form 4
May 4, 2026	Richard Brandon AsbillGeneral Counsel	Sold	20,000	$44.15	$0.9M	Form 4
May 4, 2026	Devesh AgarwalChief Operating Officer	Sold	10,258	$45.02	$0.5M	Form 4
Apr 30, 2026	Kade RossChief Information Officer	Sold plan	10,000	$31.58	$0.3M	Form 4
Apr 16, 2026	Daryl E RaifordChief Financial Officer	Sold plan	8,040	$20.00	$0.2M	Form 4
Mar 13, 2026	Daryl E RaifordChief Financial Officer	Sold	16,100	$15.19	$0.2M	Form 4
Mar 12, 2026	Daryl E RaifordChief Financial Officer	Sold	17,026	$15.47	$0.3M	Form 4
Mar 11, 2026	Daryl E RaifordChief Financial Officer	Sold	8,807	$15.62	$0.1M	Form 4
Mar 10, 2026	Daryl E RaifordChief Financial Officer	Sold	14,000	$16.31	$0.2M	Form 4
Mar 9, 2026	Daryl E RaifordChief Financial Officer	Sold	8,968	$16.48	$0.1M	Form 4
Mar 6, 2026	Daryl E RaifordChief Financial Officer	Sold	4,900	$16.34	$0.1M	Form 4
Mar 5, 2026	Daryl E RaifordChief Financial Officer	Sold plan	5,100	$16.18	$0.1M	Form 4
Mar 4, 2026	Richard Brandon AsbillGeneral Counsel	Sold	30,000	$15.34	$0.5M	Form 4
Mar 4, 2026	Rebecca BottorffChief People Officer, Director	Sold	8,792	$15.52	$0.1M	Form 4
Mar 4, 2026	Devin M KrupkaController, PAO	Sold	5,613	$15.53	$0.1M	Form 4
Mar 4, 2026	Daryl E RaifordChief Financial Officer	Sold plan	17,857	$15.82	$0.3M	Form 4
Mar 2, 2026	Kade RossChief Information Officer	Sold plan	19,000	$14.94	$0.3M	Form 4
Dec 4, 2025	Daryl E RaifordChief Financial Officer	Sold plan	6,719	$14.49	$0.1M	Form 4
Dec 1, 2025	Rebecca BottorffChief People Officer, Director	Sold plan	5,973	$14.06	$0.1M	Form 4
Dec 1, 2025	Kade RossChief Information Officer	Sold plan	3,819	$14.06	$0.1M	Form 4
Dec 1, 2025	John C. MurdockDirector	Sold plan	1,215	$14.03	$0.0M	Form 4
Dec 1, 2025	Devin M KrupkaController, PAO	Sold plan	2,976	$14.06	$0.0M	Form 4
Dec 1, 2025	Richard Brandon AsbillGeneral Counsel	Sold plan	4,460	$14.06	$0.1M	Form 4
Dec 1, 2025	Devesh AgarwalChief Operating Officer	Sold plan	4,202	$14.06	$0.1M	Form 4
Dec 1, 2025	David A. MorkenChairman & CEO, Director	Sold plan	12,584	$14.06	$0.2M	Form 4
Dec 1, 2025	Daryl E RaifordChief Financial Officer	Sold plan	21,515	$14.06	$0.3M	Form 4
Nov 21, 2025	Brian D. BaileyDirector	Sold	3,033	$13.78	$0.0M	Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA · Bandwidth Inc. owes $136M more than it holds in cash, about 6.4 years of operating profit.

Cash, debt and the ratios that show how comfortably Bandwidth Inc. can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

FY16

Cash $6.8M

Debt $39.8M

FY17

Cash $37.6M

Debt $0.1M

FY18

Cash $58.7M

Debt —

FY19

Cash $184M

Debt $0.0M

FY20

Cash $72.2M

Debt $283M

FY21

Cash $331M

Debt $487M

FY22

Cash $185M

Debt $481M

FY23

Cash $153M

Debt $419M

FY24

Cash $83.8M

Debt $281M

FY25

Cash $111M

Debt $248M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash Debt

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	$331M	$185M	$153M	$83.8M	$111M
Debt incl. finance leases	$487M	$481M	$419M	$281M	$248M
Net debt / EBITDA	10.2x	—	—	16.9x	6.4x
Debt / equity	1.2x	1.8x	1.4x	0.9x	0.6x
Interest coverage	−0.1x	−4.7x	−9.5x	−6.7x	−5.9x
Current ratio	4.4x	2.5x	2.1x	1.3x	1.4x
Quick ratio	4.4x	2.5x	2.1x	1.3x	1.4x
Total assets	$1.1B	$929M	$1.1B	$989M	$1.1B
Total liabilities	$653M	$657M	$804M	$677M	$653M
Shareholders' equity	$413M	$272M	$297M	$313M	$400M
Net debt (− = net cash)	$155M	$296M	$265M	$197M	$136M

Returns on capital

KIRA · Its return on capital was −2.1%: every 100 invested in the business earned about −2 in a year.

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

FY16

Return on capital 142.8%

Return on equity —

Return on assets 32.0%

FY17

Return on capital 24.3%

Return on equity 22.0%

Return on assets 6.8%

FY18

Return on capital —

Return on equity 19.3%

Return on assets 14.1%

FY19

Return on capital −16.3%

Return on equity 1.3%

Return on assets 1.0%

FY20

Return on capital −1.7%

Return on equity −12.6%

Return on assets −7.1%

FY21

Return on capital −0.3%

Return on equity −6.5%

Return on assets −2.8%

FY22

Return on capital −4.3%

Return on equity 5.7%

Return on assets 2.0%

FY23

Return on capital −6.3%

Return on equity −5.7%

Return on assets −1.6%

FY24

Return on capital −3.9%

Return on equity −2.1%

Return on assets −0.6%

FY25

Return on capital −2.1%

Return on equity −3.6%

Return on assets −1.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA · Bandwidth Inc. passes 5 of 9 financial health tests (Piotroski F-score).

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

Test	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income is positive	✓	✓	✓	✓	✕	✕	✓	✕	✕	✕
Cash from operations is positive	✓	✓	✓	✕	✓	✓	✓	✓	✓	✓
Return on assets rose	—	✕	✓	✕	✕	✓	✓	✕	✓	✕
Cash from operations exceeds net income	✕	✓	✓	✕	✓	✓	✓	✓	✓	✓
Debt fell relative to assets	—	✓	—	—	✕	✕	✕	✓	✓	✓
Current ratio rose	—	✓	✓	✓	✕	✓	✕	✕	✕	✓
Share count didn't rise	—	✕	✕	✕	✕	✕	✕	✓	✕	✕
Gross margin rose	—	✓	✓	✕	✕	✕	✕	✕	✕	✓
Revenue rose relative to assets	—	✕	✕	✕	✕	✓	✓	✕	✓	✕
F-score	— / 3	6 / 9	6 / 8	2 / 8	2 / 9	5 / 9	5 / 9	4 / 9	5 / 9	5 / 9
Accruals ratio	24.6%	−9.9%	−5.3%	1.5%	−7.9%	−7.0%	−1.5%	−5.5%	−8.7%	−10.0%
Altman Z''	−0.58	5.59	5.44	7.06	1.44	2.38	1.26	0.75	0.43	0.70

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

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Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	$152M	$163M	$204M	$233M	$343M	$491M	$573M	$601M	$748M	$754M
Net interest income	−$0.9M	−$1.7M	—	—	—	—	—	—	—	—
Gross profit	$66.9M	$73.7M	$96.0M	$108M	$154M	$214M	$238M	$236M	$280M	$295M
Research and development	$8.5M	$10.8M	$20.9M	$31.5M	$54.6M	$69.5M	$98.0M	$104M	$119M	$133M
Operating income	$15.2M	$14.6M	$6.8M	−$17.7M	−$13.5M	−$2.2M	−$24.3M	−$35.5M	−$20.1M	−$14.4M
Interest expense	—	—	—	—	$16.4M	$28.7M	$5.2M	$3.7M	$3.0M	$2.4M
Pretax income	$14.3M	$12.9M	$7.1M	−$15.2M	−$29.0M	−$27.5M	$30.6M	$0.8M	$7.7M	−$3.5M
Income tax	−$11.1M	$6.9M	−$10.9M	−$17.7M	$15.0M	−$3.8M	−$2.3M	−$3.0M	−$2.4M	−$3.7M
Net income	$22.4M	$6.0M	$17.9M	$2.5M	−$44.0M	−$27.4M	$19.6M	−$16.3M	−$6.5M	−$12.9M
Net income to common	$19.4M	$5.3M	$17.9M	$2.5M	−$44.0M	−$27.4M	$19.6M	−$16.3M	−$6.5M	−$12.9M
Diluted EPS	$1.51	$0.37	$0.85	$0.10	−$1.83	−$1.09	−$0.48	−$0.64	−$0.24	−$0.43
Diluted shares	0.01B	0.01B	0.02B	0.02B	0.02B	0.03B	0.03B	0.03B	0.03B	0.03B
Cash flow
Cash from operations	$5.2M	$14.6M	$24.6M	−$1.3M	$4.5M	$40.8M	$34.9M	$39.0M	$83.9M	$89.5M
Capital expenditure	$3.8M	$5.0M	$12.4M	$22.2M	$12.3M	—	—	—	—	—
Free cash flow	$1.3M	$9.6M	$12.2M	−$23.5M	−$7.8M	—	—	—	—	—
Depreciation and amortization	$5.3M	$4.9M	$5.3M	$9.0M	$13.1M	$17.5M	$18.4M	$24.4M	$31.7M	$35.7M
Stock-based compensation	$1.4M	$1.8M	$3.3M	$6.6M	$9.9M	$14.5M	$20.7M	$37.0M	$48.4M	$52.3M
Acquisitions	—	—	—	$0.0M	$400M	$0.0M	$0.0M	—	—	—
Balance sheet
Cash and short-term investments	$6.8M	$37.6M	$58.7M	$184M	$72.2M	$331M	$185M	$153M	$83.8M	$111M
Total debt	$39.8M	$0.1M	—	$0.0M	$282M	$486M	$481M	$419M	$281M	$248M
Finance lease liabilities	—	—	—	—	$0.5M	$0.4M	$0.3M	—	—	—
Current assets	$28.0M	$65.3M	$91.7M	$227M	$194M	$413M	$280M	$253M	$188M	$219M
Current liabilities	$30.5M	$24.5M	$32.7M	$45.7M	$92.2M	$93.5M	$114M	$123M	$140M	$154M
Property and equipment, net	$11.2M	$14.9M	$25.1M	$41.7M	—	—	—	—	—	—
Goodwill	$6.9M	$6.9M	$6.9M	$6.9M	$372M	$344M	$326M	$336M	$317M	$357M
Intangible assets	$8.5M	$7.6M	$7.1M	$6.6M	$248M	$211M	$177M	$167M	$145M	$139M
Total assets	$70.0M	$104M	$150M	$341M	$891M	$1.1B	$929M	$1.1B	$989M	$1.1B
Total liabilities	$70.5M	$27.8M	$41.7M	$71.3M	$461M	$653M	$657M	$804M	$677M	$653M
Preferred stock	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M
Shareholders' equity	−$22.4M	$76.7M	$109M	$270M	$430M	$413M	$272M	$297M	$313M	$400M
Margins
Gross margin	44.0%	45.2%	47.0%	46.3%	44.9%	43.6%	41.6%	39.3%	37.4%	39.1%
Operating margin	10.0%	9.0%	3.3%	−7.6%	−3.9%	−0.5%	−4.2%	−5.9%	−2.7%	−1.9%
EBITDA margin	13.5%	12.0%	5.9%	−3.7%	−0.1%	3.1%	−1.0%	−1.8%	1.6%	2.8%
Net margin	14.7%	3.7%	8.8%	1.1%	−12.8%	−5.6%	3.4%	−2.7%	−0.9%	−1.7%
FCF margin	0.9%	5.9%	6.0%	−10.1%	−2.3%	—	—	—	—	—
Net interest share of revenue	−0.6%	−1.1%	—	—	—	—	—	—	—	—
Returns
Return on capital	142.8%	24.3%	—	−16.3%	−1.7%	−0.3%	−4.3%	−6.3%	−3.9%	−2.1%
Return on capital employed	38.6%	18.3%	5.7%	−6.0%	−1.7%	−0.2%	−3.0%	−3.6%	−2.4%	−1.6%
Return on equity	—	22.0%	19.3%	1.3%	−12.6%	−6.5%	5.7%	−5.7%	−2.1%	−3.6%
Return on assets	32.0%	6.8%	14.1%	1.0%	−7.1%	−2.8%	2.0%	−1.6%	−0.6%	−1.3%
Return on tangible equity	—	8.6%	18.9%	1.0%	—	—	—	—	—	—
Growth
Revenue growth	—	7.1%	25.3%	14.0%	47.5%	43.1%	16.8%	4.9%	24.5%	0.7%
Net income growth	—	−73.3%	200.2%	−86.1%	−1,863.3%	—	—	−183.5%	—	—
EPS growth	—	−75.5%	129.7%	−88.2%	−1,930.0%	—	—	—	—	—
FCF growth	—	625.8%	27.2%	−292.1%	—	—	—	—	—	—
Share count change	—	13.0%	45.4%	13.2%	0.7%	4.1%	23.2%	−17.1%	6.2%	10.2%
Financial health
Net debt / EBITDA	1.6x	−1.9x	—	—	—	10.2x	—	—	16.9x	6.4x
Debt / equity	—	0.0x	—	0.0x	0.7x	1.2x	1.8x	1.4x	0.9x	0.6x
Interest coverage	—	—	—	—	−0.8x	−0.1x	−4.7x	−9.5x	−6.7x	−5.9x
Current ratio	0.9x	2.7x	2.8x	5.0x	2.1x	4.4x	2.5x	2.1x	1.3x	1.4x
Quick ratio	0.9x	2.7x	2.8x	5.0x	2.1x	4.4x	2.5x	2.1x	1.3x	1.4x
Capital allocation
Capex / revenue	2.5%	3.1%	6.1%	9.6%	3.6%	—	—	—	—	—
Stock comp / revenue	0.9%	1.1%	1.6%	2.8%	2.9%	3.0%	3.6%	6.2%	6.5%	6.9%
Quality scores
Piotroski F-score	—	6.0	6.0	2.0	2.0	5.0	5.0	4.0	5.0	5.0
Altman Z''	−0.6	5.6	5.4	7.1	1.4	2.4	1.3	0.8	0.4	0.7
Accruals ratio	24.6%	−9.9%	−5.3%	1.5%	−7.9%	−7.0%	−1.5%	−5.5%	−8.7%	−10.0%

Source: SEC EDGAR XBRL filings (CIK 0001514416). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

Bandwidth Inc.

What Bandwidth Inc. does

Filing details

Earnings calendar · Bandwidth Inc.

KIRA’s summary AI analyst

1.Sales and profit

2.Cash and shareholders

3.Financial health

Bandwidth Inc. in 30 seconds

Key numbers, fiscal 2025

Revenue

Operating margin

Net income

Free cash flow

Return on capital

Sales and profit

Revenue and margins

Net income and earnings per share

Cash and shareholders

Cash flow

Dividends, buybacks and share count

Insider trades

Financial health

Balance sheet

Returns on capital

Piotroski F-score

All figures

10 years of figures