About ADTRAN Holdings, Inc. - Common Stock Company overview from Wikipedia

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.

History

Adtran was founded in 1985 by Mark C. Smith, Lonnie S. McMillian, and Larry Owen,

and began operations in 1986, following the AT&T divestiture of the Regional Bell Operating Companies (RBOCs). It supplied network equipment to both the RBOCs and independent telephone companies in the United States.

In 2006, Adtran acquired Luminous Networks, a manufacturer of access network equipment. In 2011, it acquired Bluesocket, a maker of enterprise Wi-Fi equipment based in Burlington, Massachusetts. In 2012, it acquired Nokia Siemens Networks' broadband access business based in Germany. In 2016, it acquired CommScope's active fiber business. In 2018, Adtran acquired connected home software provider SmartRG from Vancouver, WA.

In 2021, Adtran entered into a business combination with ADVA Optical Networking, a cloud and mobile services networking company based in Munich and Meiningen in Germany. In 2022, Adtran acquired the remaining shares of Cambridge Communication Systems (CCS) Limited, a developer of wireless backhaul and transport systems for small cells. It offers an mmWave Gigabit fiber extension system along with web-based management software for planning, configuring and monitoring networks. In 2024, Adtran self-certified itself "Buy America-compliant" with the U.S. Department of Commerce. This list acts as a reference for communications service providers applying for Broadband Equity Access and Deployment (BEAD) funding.

Notable products

50G PON: Adtran's implementation of 50Gbit/s passive optical network (PON) technology includes its SDX 6400 Series of optical line terminals.

Quantum key distribution (QKD): In collaboration with Orange, Adtran demonstrated a 400Gbit/s data transmission system using QKD. The hybrid approach integrated quantum-safe encryption with classical cryptographic methods to secure data across a 184 km system.

Optical cesium atomic clocks: Adtran's Oscilloquartz division has introduced atomic clocks that leverage optical pumping technology. The improved accuracy and stability of these devices exceed the current ITU-T G.811.1 Enhanced Primary Reference Clock (ePRC) specification. The current highest-end clocks in this range can combine with core grandmaster devices to maintain 100 nanosecond precision for up to 100 days.

Mosaic One: Mosaic One is a cloud-based software-as-a-service platform that aggregates data from management systems, broadband access and in-home devices to support network operations and customer care.

Locations

Adtran's corporate headquarters is located in Huntsville, Alabama, in Cummings Research Park. It has international offices located in:

Melbourne, Australia

Berlin and Greifswald, Germany

Hyderabad, India

Tel Aviv, Israel

Milan, Italy

Riyadh, Saudi Arabia

Bratislava, Slovakia

Tunis, Tunisia

Basingstoke, Hampshire, United Kingdom

Adastral Park, Ipswich, United Kingdom

Gdynia, Poland

Warsaw, Poland

Munich, Bavaria, Germany

York, North Yorkshire, United Kingdom

Merger with ADVA Optical Networking

Adtran's 2022 business combination with ADVA expanded its portfolio to include end-to-end data transport products, complementing its existing focus on access networking equipment. The merger also gave Adtran ownership of ADVA's subsidiary, Oscilloquartz, a manufacturer of timing and synchronization solutions based in Switzerland.

Certifications

Adtran is certified for ISO 9001, ISO 14001, ISO 27001 and TL 9000.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

ADTN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$7.89

Market Cap

$631M

P/E (TTM)

-15.2

EPS (TTM)

$-0.52

Revenue (TTM)

$1.08B

Div Yield

—

ROE

-28.9%

Debt/Equity

—

52W Range

$7 – $20

ADTN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $1.08B

2019-12-31 → 2025-12-31

EPS $-0.52

2019-12-31 → 2025-12-31

Free Cash Flow $98M

2019-12-31 → 2025-12-31

Margins -4.2%

2019-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

ADTN

Peer Median

P/E (TTM)

-15.2

24.0

P/S (TTM)

0.6

2.3

P/B

4.3

2.4

Price / FCF

6.4

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

ADTN

Peer Median

Gross Margin

38.3%

43.1%

Operating Margin

-1.4%

—

Net Profit Margin

-4.2%

2.0%

ROA

-3.8%

1.4%

ROE

-28.9%

3.9%

ROIC

-12.4%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

ADTN

Peer Median

Current Ratio

1.8

2.3

Quick Ratio

0.8

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

ADTN

Peer Median

Revenue YoY

17.5%

—

Revenue CAGR 3Y

1.9%

—

Revenue CAGR 5Y

16.4%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

ADTN

Peer Median

EPS (Diluted)

$-0.52

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

ADTN

Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

—

Payout Ratio

—

5Y Div CAGR

—

Ex-date	Amount
Aug. 18, 2023	$0.0900
May 22, 2023	$0.0900
March 6, 2023	$0.0900
Nov. 21, 2022	$0.0900
Aug. 17, 2022	$0.0900
May 18, 2022	$0.0900
Feb. 16, 2022	$0.0900
Nov. 15, 2021	$0.0900
Aug. 18, 2021	$0.0900
May 19, 2021	$0.0900
Feb. 17, 2021	$0.0900
Nov. 16, 2020	$0.0900
Aug. 19, 2020	$0.0900
May 20, 2020	$0.0900
Feb. 19, 2020	$0.0900
Nov. 13, 2019	$0.0900
July 31, 2019	$0.0900
May 1, 2019	$0.0900
Feb. 6, 2019	$0.0900
Oct. 30, 2018	$0.0900

ADTN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 15 analysts

Strong Buy 3 20.0%
Buy 9 60.0%
Hold 3 20.0%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

6 analysts · 2026-08-19

Median $14.50

← Below all targets $7.89

Low $11.00

High $21.00

Median target $14.50 +83.8%

Mean target $14.67 +85.9%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.02%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$0.04	$0.10	-0.06%
March 31, 2026	$0.14	$0.10	0.04%
Dec. 31, 2025	$0.16	$0.08	0.08%
Sept. 30, 2025	$0.05	$0.06	-0.01%
June 30, 2025	$0.00	$0.01	-0.01%
March 31, 2025	$0.03	$-0.03	0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ADTN	$695M	-16.7	17.5%	-4.2%	-28.9%	38.3%
VISN	$3.91B	1.9	39.7%	118.2%	-102.4%	49.5%
CALX	$3.55B	203.6	20.3%	1.8%	2.2%	56.8%
HLIT	$1.10B	-26.0	-26.2%	-12.0%	-10.4%	48.5%
NTGR	$685M	-38.9	3.8%	-2.6%	-3.5%	38.0%
CLFD	$476M	-59.3	19.6%	-5.4%	-3.1%	33.7%
RBBN	—	-4.4	1.3%	—	—	—
LTRX	$112M	-9.9	-23.3%	-9.2%	-14.9%	42.1%
AVNW	$304M	239.4	6.5%	0.31%	0.52%	32.1%
CSCO	$272.01B	26.9	5.3%	18.0%	22.0%	64.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$1.08B	$923M	$1.15B	$1.03B	$563M	$507M	$530M	$529M	$667M	$637M	$600M
Cost of Revenue	$669M	$599M	$818M	$698M	$345M	$289M	$311M	$326M	$363M	$345M	$333M
Gross Profit	$415M	$324M	$331M	$327M	$218M	$218M	$219M	$204M	$304M	$291M	$267M
R&D Expense	$204M	$221M	$258M	$174M	$109M	$113M	$126M	$125M	$131M	$125M	$130M
SG&A Expense	$226M	$233M	$259M	$209M	$124M	$114M	$130M	$124M	$136M	$132M	$124M
Operating Income	$-16M	$-428M	$-224M	$-73M	$-15M	$-10M	$-40M	$-45M	$37M	$35M	$13M
Interest Expense	$19M	$22M	$16M	$3M	$34.0K	$5.0K	$511.0K	$533.0K	$556.0K	$572.0K	$596.0K
Other Non-op	$-2M	$246.0K	$1M	$15M	$4M	$-3M	$1M	$1M	$-1M	$-489.0K	$-1M
Pretax Income	$-31M	$-443M	$-234M	$-71M	$-6M	$-6M	$-25M	$-33M	$45M	$47M	$26M
Income Tax	$5M	$7M	$28M	$-62M	$2M	$-9M	$28M	$-14M	$21M	$12M	$7M
Net Income	$-46M	$-460M	$-269M	$-2M	$-9M	$2M	$-53M	$-19M	$24M	$35M	$19M
EPS (Basic)	$-0.52	$-5.79	$-3.43	$-0.03	$-0.18	$0.05	$-1.11	$-0.40	$0.50	$0.72	$0.36
EPS (Diluted)	$-0.52	$-5.79	$-3.43	$-0.03	$-0.18	$0.05	$-1.11	$-0.40	$0.49	$0.72	$0.36
Shares (Basic)	79,742,000	78,928,000	78,416,000	62,346,000	48,582,000	47,996,000	47,836,000	47,880,000	48,153,000	48,724,000	51,145,000
Shares (Diluted)	79,742,000	78,928,000	78,416,000	62,346,000	48,582,000	48,288,000	47,836,000	47,880,000	48,699,000	48,949,000	51,267,000
EBITDA	$77M	$-337M	$-108M	$-5M	$1M	$7M	$-22M	·	$53M	$49M	$28M

Balance Sheet 30

Annual Balance Sheet data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Cash & Equivalents	$96M	$76M	$87M	$109M	$57M	$60M	$74M	$106M	$86M	$80M	$85M
Short-term Investments	·	·	$0	$340.0K	$350.0K	$3M	$33M	$3M	$16M	$43M	$34M
Receivables	$211M	$178M	$210M	$279M	$159M	$99M	$91M	$99M	$144M	$92M	$72M
Inventory	$216M	$262M	$360M	$428M	$140M	$125M	$98M	$100M	$123M	$105M	$92M
Prepaid Expense	$55M	$56M	$41M	$34M	$9M	$8M	$8M	$11M	$17M	$16M	$10M
Current Assets	$635M	$599M	$719M	$882M	$376M	$317M	$320M	$355M	$413M	$353M	$312M
PP&E (Net)	$124M	$106M	$118M	$111M	$56M	$62M	$68M	$81M	$85M	$84M	$73M
PP&E (Gross)	$360M	$413M	$444M	$410M	$335M	$332M	$327M	$346M	$339M	$327M	$304M
Accum. Depreciation	$235M	$306M	$326M	$299M	$280M	$269M	$259M	$265M	$254M	$243M	$231M
Goodwill	$60M	$53M	$358M	$386M	$7M	$7M	$7M	$7M	$3M	$3M	$3M
Intangibles	$294M	$285M	$337M	$401M	$19M	$23M	$28M	$33M	$5M	$7M	$5M
Other Non-current Assets	$73M	$78M	$88M	$67M	$31M	$25M	$20M	$6M	$9M	$12M	$9M
Total Assets	$1.20B	$1.17B	$1.68B	$1.94B	$569M	$526M	$545M	$628M	$669M	$667M	$633M
Accounts Payable	$167M	$172M	$163M	$238M	$102M	$50M	$45M	$60M	$61M	$77M	$49M
Accrued Liabilities	·	·	·	·	·	·	·	$12M	$13M	$12M	$12M
Short-term Debt	·	·	·	$25M	·	·	·	·	·	·	·
Current Liabilities	$362M	$293M	$274M	$429M	$155M	$94M	$113M	$118M	$107M	$127M	$93M
Capital Leases	$27M	$26M	$31M	$23M	$3M	$4M	$6M	·	·	·	·
Deferred Tax	$27M	$30M	$36M	$62M	·	·	·	·	·	·	$7M
Other Non-current Liabilities	$18M	$18M	$29M	$10M	$1M	$7M	$8M	$2M	$34M	$28M	$24M
Total Liabilities	$685M	$622M	$629M	$640M	$212M	$153M	$165M	$182M	$171M	$188M	$153M
Long-term Debt	·	·	·	·	·	·	$25M	$26M	$27M	$28M	$29M
Total Debt	·	·	·	·	·	·	$25M	·	$26M	$27M	$28M
Common Stock	$802.0K	$795.0K	$790.0K	$781.0K	$797.0K	$797.0K	$797.0K	$797.0K	$797.0K	$797.0K	$797.0K
Retained Earnings	$-730M	$-689M	$-232M	$55M	$741M	$782M	$807M	$884M	$922M	$922M	$907M
Treasury Stock	$5M	$5M	$6M	$4M	$662M	$679M	$685M	$692M	$682M	$684M	$665M
AOCI	$79M	$11M	$48M	$26M	$-12M	$-12M	$-16M	$-14M	$-3M	$-12M	$-9M
Stockholders' Equity	$146M	$127M	$605M	$1.30B	$357M	$373M	$380M	$446M	$498M	$480M	$480M
Liabilities + Equity	$1.20B	$1.17B	$1.68B	$1.94B	$569M	$526M	$545M	$628M	$669M	$667M	$633M
Shares Outstanding	79,926,000	79,218,000	78,674,000	77,889,000	49,063,000	48,241,000	48,020,000	47,751,000	48,485,000	48,472,000	49,558,000

Cash Flow 18

Annual Cash Flow data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
D&A	$93M	$91M	$113M	$68M	$16M	$17M	$18M	$16M	$16M	$14M	$14M
Stock-based Comp	$10M	$16M	$16M	$28M	$7M	$7M	$7M	$7M	$7M	$7M	$7M
Deferred Tax	$-4M	$6M	$16M	$-62M	$-2M	$-1M	$30M	$-17M	$14M	$-3M	$-692.0K
Amort. of Intangibles	$63M	$63M	$83M	$47M	$4M	$4M	$5M	$2M	$3M	$2M	$2M
Restructuring	$-284.0K	$41M	$22M	$2M	$411.0K	$6M	$6M	$7M	$274.0K	·	·
Other Non-cash	$77M	$451M	$78M	$-76M	$-10M	$-41M	$-4M	·	$-103M	$-12M	$-20M
Operating Cash Flow	$130M	$104M	$-43M	$-44M	$3M	$-17M	$-2M	$55M	$-42M	$42M	$19M
CapEx	$32M	$35M	$36M	$17M	$6M	$6M	$9M	$8M	$15M	$21M	$12M
Investing Cash Flow	$-69M	$-64M	$-35M	$56M	$10M	$41M	$-10M	$285.0K	$66M	$-6M	·
Net Debt Issued	·	·	·	·	·	·	$-1M	·	$-1M	$-1M	$-1M
Stock Repurchased	·	·	·	·	·	·	$184.0K	$16M	$17M	$26M	$66M
Net Stock Activity	·	·	·	·	·	·	$-184.0K	·	$-17M	$-26M	$-66M
Dividends Paid	·	$0	$21M	$23M	$18M	$17M	$17M	$17M	$17M	$18M	$18M
Financing Cash Flow	$-47M	$-50M	$59M	$53M	$-13M	$-43M	$-18M	$-32M	$-22M	$-40M	·
Net Change in Cash	·	·	·	·	·	·	·	$-4M	$5M	$-393.0K	·
Taxes Paid	$5M	$7M	$19M	·	·	·	·	·	·	·	·
Free Cash Flow	$98M	$69M	$-89M	$-61M	$-3M	$-23M	$-12M	·	$-57M	$21M	$7M
Levered FCF	$76M	$47M	$-107M	$-62M	$-3M	$-23M	$-13M	·	$-57M	$20M	$6M

Profitability 8

Annual Profitability data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Gross Margin	38.3%	35.1%	29.0%	31.9%	38.8%	43.0%	41.3%	·	45.5%	45.8%	44.5%
Operating Margin	-1.4%	-46.3%	-19.3%	-7.1%	-2.6%	-1.9%	-7.5%	·	5.7%	5.5%	2.2%
Net Margin	-4.2%	-49.8%	-23.3%	-0.20%	-1.5%	0.47%	-10.0%	·	3.6%	5.5%	3.1%
Pretax Margin	-2.9%	-48.0%	-20.1%	-6.9%	-1.1%	-1.2%	-4.7%	·	6.7%	7.4%	4.3%
EBITDA Margin	7.1%	-36.5%	-9.4%	-0.51%	0.25%	1.4%	-4.2%	·	8.0%	7.7%	4.6%
ROA	-3.8%	·	-14.8%	·	-1.6%	0.44%	-9.0%	·	3.6%	5.4%	2.7%
ROE	-28.9%	·	-42.2%	·	-2.4%	0.64%	-13.7%	·	4.9%	7.3%	3.6%
ROIC	-12.4%	·	-41.8%	·	-5.6%	1.0%	-21.1%	·	3.9%	5.1%	1.9%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Current Ratio	1.8	·	2.6	·	2.4	3.4	2.8	·	3.9	2.8	3.6
Quick Ratio	0.8	·	1.1	·	1.4	1.7	1.8	·	2.3	1.7	2.1
Debt / Equity	·	·	·	·	·	·	0.1	·	0.1	0.1	0.1
LT Debt / Equity	·	·	·	·	·	·	·	·	0.1	0.1	0.1
Interest Coverage	-0.8	-19.4	-13.6	-21.2	-432.4	-1954.6	-78.2	·	67.9	60.7	22.6

Efficiency 3

Annual Efficiency data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Asset Turnover	0.9	·	0.6	·	1.0	0.9	0.9	·	1.0	1.0	0.9
Inventory Turnover	2.8	·	2.1	·	2.6	2.6	3.1	·	3.2	3.5	3.8
Receivables Turnover	5.6	·	4.6	·	4.4	5.4	5.6	·	5.6	7.8	7.5

Per Share 7

Annual Per Share data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Book Value / Share	$1.82	·	$7.55	·	$7.28	$7.73	$7.92	·	$10.27	$9.89	$9.69
Revenue / Share	$13.59	$11.69	$14.65	$16.45	$11.59	$10.49	$11.08	·	$13.69	$13.01	$11.70
Cash Flow / Share	$1.63	$1.31	$-0.58	$-0.71	$0.06	$-0.34	$-0.05	·	$-0.87	$0.86	$0.36
Cash / Share	$1.20	·	$1.11	·	$1.15	$1.25	$1.54	·	$1.78	$1.65	$1.71
Dividend / Share	·	·	·	·	·	$0	$0	$0	$0	·	·
Dividend Paid / Share	·	·	$0	$0	$0	$0	$0	·	·	·	·
EPS (TTM)	$-0.52	$-5.79	$-3.43	$-0.03	$-0.18	$0.05	$-1.11	$-0.40	$0.49	$0.72	$0.36

Growth Rates 3

Annual Growth Rates data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue YoY	17.5%	-19.7%	12.0%	82.2%	11.2%	·	·	·	·	·	·
Revenue CAGR 3Y	1.9%	17.9%	31.4%	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	16.4%	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for ADTN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue TTM	$1.08B	$923M	$1.15B	$1.03B	$563M	$507M	$530M	$529M	$667M	$637M	$600M
Net Income TTM	$-46M	$-460M	$-269M	$-2M	$-9M	$2M	$-53M	$-19M	$24M	$35M	$19M
Market Cap	$695M	·	$577M	·	$1.12B	$713M	$475M	·	$938M	$1.08B	$853M
Enterprise Value	·	·	·	·	·	·	$393M	·	$861M	$987M	$762M
P/E	-16.7	-1.4	-2.1	-626.3	-126.8	295.4	-8.9	-26.9	39.5	31.0	47.8
P/S	0.6	·	0.5	·	2.0	1.4	0.9	·	1.4	1.7	1.4
P/B	4.8	·	1.0	·	3.1	1.9	1.2	·	1.9	2.3	1.8
P / Tangible Book	·	·	·	2.8	3.4	2.1	·	·	·	·	·
P / Cash Flow	5.4	·	-12.7	·	372.4	-43.1	-192.1	·	-22.1	25.8	46.0
P / FCF	7.1	·	-6.5	·	-420.9	-31.1	-39.7	·	-16.4	52.7	125.6
EV / EBITDA	·	·	·	·	·	·	-17.7	·	16.1	20.1	27.5
EV / FCF	·	·	·	·	·	·	-32.8	·	-15.1	48.0	112.2
EV / Revenue	·	·	·	·	·	·	0.7	·	1.3	1.6	1.3
Dividend Yield	·	·	3.7%	·	1.6%	2.4%	3.6%	·	1.8%	1.6%	2.2%
Earnings Yield	-6.0%	-69.5%	-46.7%	-0.16%	-0.79%	0.34%	-11.2%	-3.7%	2.5%	3.2%	2.1%
Payout Ratio	·	0.00%	-7.9%	-1123.5%	-203.0%	728.9%	-32.5%	·	73.0%	50.0%	98.7%
Annual Payout	·	$0	$21M	$23M	$18M	$17M	$17M	$17M	$17M	$18M	$18M

Income Statement 16

Quarterly Income Statement data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$281M	$286M	$292M	$279M	$265M	$248M	$243M	$228M	$226M	$226M	$225M	$272M	$327M	$324M	$358M	$341M
Cost of Revenue	$177M	$173M	$178M	$172M	$166M	$153M	$153M	$145M	$145M	$156M	$149M	$198M	$235M	$236M	$251M	$238M
Gross Profit	$104M	$113M	$114M	$107M	$99M	$95M	$90M	$83M	$81M	$70M	$77M	$74M	$93M	$88M	$107M	$103M
R&D Expense	$54M	$51M	$52M	$52M	$52M	$49M	$49M	$52M	$60M	$60M	$55M	$63M	$71M	$70M	$62M	$59M
SG&A Expense	$60M	$56M	$57M	$58M	$60M	$50M	$57M	$58M	$59M	$59M	$62M	$63M	$67M	$67M	$78M	$75M
Operating Income	$-10M	$6M	$4M	$-3M	$-13M	$-4M	$-17M	$-26M	$-38M	$-346M	$-40M	$-89M	$-45M	$-50M	$-33M	$-48M
Interest Expense	$4M	$4M	$5M	$5M	$5M	$5M	$5M	$6M	$7M	$5M	$4M	$5M	$4M	$3M	$2M	$1M
Other Non-op	$718.0K	$1M	$805.0K	$-745.0K	$-3M	$944.0K	$687.0K	$-850.0K	$-901.0K	$1M	$-3M	$3M	$2M	$-303.0K	$12M	$2M
Pretax Income	$-8M	$3M	$2M	$-7M	$-17M	$-9M	$-20M	$-31M	$-45M	$-347M	$-45M	$-92M	$-45M	$-52M	$-23M	$-49M
Income Tax	$788.0K	$2M	$3M	$1M	$1M	$-397.0K	$23M	$390.0K	$2M	$-19M	$65M	$-17M	$-8M	$-11M	$-58M	$-4M
Net Income	$-11M	$-1M	$-4M	$-10M	$-21M	$-11M	$-46M	$-33M	$-50M	$-331M	$-112M	$-78M	$-39M	$-40M	$39M	$-42M
EPS (Basic)	$-0.13	$-0.01	$-0.02	$-0.12	$-0.24	$-0.14	$-0.58	$-0.38	$-0.63	$-0.01	$-1.42	$-1.00	$-0.50	$-0.51	$0.52	$-0.57
EPS (Diluted)	$-0.13	$-0.01	$-0.02	$-0.12	$-0.24	$-0.14	$-0.58	$-0.38	$-0.63	$-0.01	$-1.42	$-1.00	$-0.50	$-0.51	$0.52	$-0.57
Shares (Basic)	80,948,000	80,321,000	-159,343,000	79,803,000	79,748,000	79,534,000	-157,690,000	78,952,000	78,852,000	78,814,000	-156,697,000	78,389,000	78,366,000	78,358,000	-108,926,000	73,036,000
Shares (Diluted)	80,948,000	80,321,000	-159,343,000	79,803,000	79,748,000	79,534,000	-157,690,000	78,952,000	78,852,000	80,321,000	-156,697,000	78,389,000	78,366,000	78,358,000	-109,612,000	73,036,000
EBITDA	$-10M	$31M	·	$-3M	$-13M	$18M	·	$-24M	$-38M	$-317M	·	$-89M	$-45M	$-16M	·	$-48M

Balance Sheet 28

Quarterly Balance Sheet data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$79M	$88M	$96M	$94M	$106M	$101M	$76M	$88M	$111M	$107M	·	$116M	$124M	$136M	·	$111M
Short-term Investments	·	·	·	·	·	·	·	·	·	·	·	·	$3M	$1M	·	$803.0K
Receivables	$206M	$215M	$211M	$179M	$165M	$167M	$178M	$172M	$186M	$188M	·	$229M	$240M	$262M	·	$302M
Inventory	$209M	$209M	$216M	$224M	$240M	$254M	$262M	$283M	$288M	$322M	·	$374M	$417M	$416M	·	$416M
Prepaid Expense	$60M	$62M	$55M	$72M	$68M	$62M	$56M	$69M	$59M	$60M	·	$36M	$34M	$37M	·	$31M
Current Assets	$618M	$634M	$635M	$603M	$607M	$612M	$599M	$639M	$668M	$697M	·	$780M	$850M	$884M	·	$876M
PP&E (Net)	$123M	$124M	$124M	$121M	$112M	$110M	$106M	$147M	$135M	$127M	·	$119M	$116M	$112M	·	$105M
PP&E (Gross)	$369M	$365M	$360M	$457M	$440M	$425M	$413M	$493M	$470M	$459M	·	$443M	$432M	$420M	·	$394M
Accum. Depreciation	$246M	$242M	$235M	$335M	$328M	$315M	$306M	$345M	$335M	$332M	·	$324M	$316M	$308M	·	$290M
Goodwill	$58M	$59M	$60M	$60M	$60M	$55M	$53M	$57M	$55M	$55M	$358M	$339M	$388M	$386M	$386M	$358M
Intangibles	$269M	$281M	$294M	$302M	$310M	$293M	$285M	$286M	$291M	$306M	·	$329M	$355M	$379M	·	$394M
Other Non-current Assets	$64M	$70M	$73M	$69M	$76M	$76M	$78M	$87M	$87M	$88M	·	$61M	$61M	$63M	·	$56M
Total Assets	$1.15B	$1.19B	$1.20B	$1.21B	$1.22B	$1.19B	$1.17B	$1.27B	$1.29B	$1.33B	·	$1.74B	$1.88B	$1.94B	·	$1.85B
Accounts Payable	$169M	$171M	$167M	$189M	$178M	$172M	$172M	$173M	$159M	$159M	·	$149M	$172M	$199M	·	$276M
Short-term Debt	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$30M
Current Liabilities	$345M	$359M	$362M	$308M	$310M	$303M	$293M	$305M	$290M	$283M	·	$285M	$310M	$342M	·	$465M
Capital Leases	·	·	$27M	·	·	·	$26M	·	·	·	·	·	·	·	·	$21M
Deferred Tax	$26M	$27M	$27M	$32M	$33M	$31M	$30M	$21M	$21M	$15M	·	$38M	$45M	$52M	·	$50M
Other Non-current Liabilities	$16M	$17M	$18M	$12M	$16M	$17M	$18M	$26M	$34M	$35M	·	$17M	$16M	$16M	·	$10M
Total Liabilities	$661M	$679M	$685M	$665M	$645M	$631M	$622M	$637M	$631M	$620M	·	$625M	$655M	$676M	·	$666M
Total Debt	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$30M
Common Stock	$815.0K	$808.0K	$802.0K	$801.0K	$800.0K	$800.0K	$795.0K	$792.0K	$791.0K	$791.0K	·	$787.0K	$787.0K	$787.0K	·	$776.0K
Retained Earnings	$-736M	$-731M	$-730M	$-729M	$-719M	$-701M	$-689M	$-635M	$-606M	$-558M	·	$-113M	$-41M	$8M	·	$32M
Treasury Stock	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	$5M	·	$6M	$6M	$6M	·	$4M
AOCI	$64M	$70M	$79M	$75M	$78M	$32M	$11M	$47M	$28M	$30M	·	$12M	$41M	$35M	·	$-40M
Stockholders' Equity	$129M	$138M	$146M	$142M	$170M	$139M	$127M	$214M	$220M	$266M	$605M	$685M	$782M	$820M	$1.30B	$1.18B
Liabilities + Equity	$1.15B	$1.19B	$1.20B	$1.21B	$1.22B	$1.19B	$1.17B	$1.27B	$1.29B	$1.33B	·	$1.74B	$1.88B	$1.94B	·	$1.85B
Shares Outstanding	81,195,000	80,546,000	79,926,000	79,831,000	79,779,000	79,707,000	79,218,000	78,967,000	78,855,000	78,850,000	·	78,391,000	78,364,000	78,361,000	·	77,619,000

Cash Flow 14

Quarterly Cash Flow data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$26M	$25M	$24M	$23M	$23M	$22M	$23M	$23M	$22M	$22M	$22M	$24M	$34M	$33M	$33M	$28M
Stock-based Comp	$3M	$2M	$1M	$3M	$3M	$3M	$5M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$12M	$12M
Deferred Tax	$-169.0K	$-244.0K	$-5M	$-474.0K	$1M	$-157.0K	$19M	$285.0K	$6M	$-20M	$62M	$-14M	$-8M	$-24M	$-36M	$-26M
Amort. of Intangibles	$18M	$17M	$17M	$16M	$16M	$15M	$17M	$16M	$15M	$15M	$14M	$16M	$26M	$26M	$25M	$20M
Restructuring	·	·	·	·	·	·	$4M	$6M	$17M	$13M	·	$4M	$6M	$2M	·	·
Other Non-cash	·	$-12M	·	·	·	$30M	·	·	·	$354M	·	·	·	$7M	·	·
Operating Cash Flow	$26M	$13M	$42M	$12M	$32M	$43M	$2M	$45M	$21M	$38M	$-14M	$7M	$-16M	$-20M	$-1M	$-37M
CapEx	$9M	$8M	$12M	$8M	$5M	$7M	$3M	$2M	$12M	$14M	$3M	$14M	$12M	$8M	$7M	$7M
Investing Cash Flow	$-17M	$-16M	$-20M	$-17M	$-14M	$-18M	$-15M	$-21M	$-17M	$-14M	$-12M	$-5M	$-11M	$-7M	$12M	$39M
Dividends Paid	·	·	·	·	·	·	·	·	·	·	$0	$7M	$7M	$7M	$7M	$7M
Financing Cash Flow	$-17M	$-2M	$-29M	$1M	$-20M	$324.0K	$-352.0K	$-45M	$-670.0K	$-4M	$-1M	$-8M	$13M	$56M	$-8M	$70M
Taxes Paid	$3M	$-814.0K	·	·	$2M	$2M	$-2M	·	·	·	·	·	·	·	·	·
Free Cash Flow	·	$5M	·	·	·	$36M	·	·	·	$23M	·	·	·	$-28M	·	·
Levered FCF	·	$4M	·	·	·	$31M	·	·	·	$19M	·	·	·	$-31M	·	·

Profitability 8

Quarterly Profitability data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	37.0%	39.5%	·	38.3%	37.3%	38.4%	·	37.4%	36.1%	31.9%	·	27.3%	28.3%	27.1%	·	30.2%
Operating Margin	-3.6%	2.2%	·	-1.0%	-5.0%	-1.6%	·	-10.5%	-17.0%	-150.2%	·	-32.8%	-13.6%	-15.3%	·	-14.1%
Net Margin	-3.9%	-0.46%	·	-3.7%	-7.8%	-4.5%	·	-13.7%	-22.1%	-143.5%	·	-28.8%	-11.9%	-12.4%	·	-12.3%
Pretax Margin	-2.8%	1.0%	·	-2.4%	-6.5%	-3.8%	·	-12.5%	-19.9%	-150.5%	·	-33.9%	-13.6%	-16.0%	·	-14.4%
EBITDA Margin	-3.6%	10.9%	·	-1.0%	-5.0%	7.1%	·	-10.5%	-17.0%	-140.2%	·	-32.8%	-13.6%	-5.0%	·	-14.1%
ROA	-0.92%	-0.11%	·	-0.83%	-1.6%	-0.89%	·	-2.1%	-3.1%	-19.9%	·	-4.4%	-3.1%	-3.2%	·	-3.5%
ROE	-7.3%	-0.96%	·	-5.8%	-10.5%	-5.6%	·	-7.0%	-10.0%	-59.8%	·	-8.4%	-6.9%	-6.8%	·	-5.4%
ROIC	-8.6%	1.5%	·	-2.3%	-8.3%	-2.7%	·	-11.4%	-18.2%	-120.8%	·	-10.7%	-4.6%	-4.7%	·	-3.6%

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	1.8	1.8	·	2.0	2.0	2.0	·	2.1	2.3	2.5	·	2.7	2.7	2.6	·	1.9
Quick Ratio	0.8	0.8	·	0.9	0.9	0.9	·	0.9	1.0	1.0	·	1.2	1.2	1.2	·	0.9
Debt / Equity	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	0.0
Interest Coverage	-2.4	1.5	·	-0.5	-2.9	-0.8	·	-4.2	-5.5	-73.9	·	-19.8	-11.0	-15.1	·	-36.9

Efficiency 3

Quarterly Efficiency data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.1	0.1	·	0.2	0.3	0.3	·	0.3
Inventory Turnover	0.8	0.7	·	0.7	0.6	0.5	·	0.4	0.4	0.4	·	0.5	0.8	0.8	·	0.9
Receivables Turnover	1.5	1.5	·	1.6	1.5	1.4	·	1.1	1.1	1.0	·	1.0	1.6	1.6	·	1.6

Per Share 6

Quarterly Per Share data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$1.59	$1.71	·	$1.77	$2.13	$1.74	·	$2.71	$2.79	$3.37	·	$8.74	$9.99	$10.47	·	$15.26
Revenue / Share	$3.47	$3.56	·	$3.50	$3.32	$3.11	·	$2.88	$2.87	$2.87	·	$3.47	$4.18	$4.13	·	$4.66
Cash Flow / Share	·	$0.16	·	·	·	$0.54	·	·	·	$0.46	·	·	·	$-0.25	·	·
Cash / Share	$0.98	$1.10	·	$1.17	$1.33	$1.27	·	$1.12	$1.41	$1.35	·	$1.48	$1.59	$1.74	·	$1.43
Dividend Paid / Share	·	·	·	·	·	·	·	·	·	·	$-0	$0	$0	$0	$-0	$0
EPS (TTM)	$-0.50	$-0.51	·	$-1.08	$-1.34	$-1.73	·	$-6.21	$-6.33	$-6.21	·	$-2.58	$-1.54	$-1.06	·	$-0.64

Valuation (TTM) 14

Quarterly Valuation (TTM) data for ADTN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$1.11B	$1.08B	·	$1.04B	$983M	$944M	·	$952M	$1.05B	$1.15B	·	$1.26B	$1.16B	$991M	·	$821M
Net Income TTM	$-43M	$-43M	·	$-88M	$-111M	$-140M	·	$-492M	$-497M	$-487M	·	$-199M	$-118M	$-81M	·	$-45M
Market Cap	$1.13B	$1.01B	·	$749M	$716M	$695M	·	$468M	$415M	$429M	·	$645M	$825M	$1.24B	·	$1.52B
Enterprise Value	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$1.44B
P/E	-27.8	-24.7	·	-8.7	-6.7	-5.0	·	-1.0	-0.8	-0.9	·	-3.2	-6.8	-15.0	·	-30.6
P/S	1.0	0.9	·	0.7	0.7	0.7	·	0.5	0.4	0.4	·	0.5	0.7	1.3	·	1.9
P/B	8.7	7.4	·	5.3	4.2	5.0	·	2.2	1.9	1.6	·	0.9	1.1	1.5	·	1.3
P / Tangible Book	·	·	·	·	·	·	·	·	·	·	·	37.7	21.0	22.5	·	3.5
P / Cash Flow	·	80.0	·	·	·	16.1	·	·	·	11.7	·	·	·	-62.4	·	·
P / FCF	·	196.2	·	·	·	19.4	·	·	·	18.5	·	·	·	-43.8	·	·
EV / EBITDA	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	-29.9
EV / Revenue	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	1.8
Earnings Yield	-3.6%	-4.0%	·	-11.5%	-14.9%	-19.8%	·	-104.7%	-120.3%	-114.1%	·	-31.4%	-14.6%	-6.7%	·	-3.3%
Payout Ratio	·	·	·	·	·	·	·	·	·	·	·	·	·	-17.6%	·	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31
Revenue	$1.08B	$923M	—	—	—
Gross Margin %	38.3%	35.1%	—	—	—
Operating Margin %	-1.4%	-46.3%	—	—	—
Net Income	$-46M	$-460M	—	—	—
Diluted EPS	$-0.52	$-5.79	—	—	—

Balance Sheet

	2025-12-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31
Current Ratio	1.8	—	—	—	—
Quick Ratio	0.8	—	—	—	—

Cash Flow

	2025-12-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31
Free Cash Flow	$98M	$69M	—	—	—

Latest News Recent headlines mentioning this company

ADTRAN (ADTN): Quantum-Safe Optical Transport Adds a Security Layer to AI Data Center Connectivity Yahoo Finance · 2 months ago
Is ADTRAN Holdings, Inc. (ADTN) A Good Stock To Buy Now? Yahoo Finance · 2 months, 1 week ago
Market Update: ADTN, WMT, SNAP, PINS Yahoo Finance · 2 months, 3 weeks ago
ADTRAN Q1 Loss Narrows, Revenue Rises Nasdaq · 3 months, 2 weeks ago

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Institutional owners (13F) 265 filers · $817.8M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
63 (+16 vs prior Q)	28 (-4 vs prior Q)	86 (+8 vs prior Q)	67 (+7 vs prior Q)	+13.0M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD PORTFOLIO MANAGEMENT LLC	$71,385,521	5,135,649	8.73%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$48,792,767	3,510,271	5.97%	Shares
STATE STREET CORP	$42,850,837	3,082,794	5.24%	Shares
ROYCE & ASSOCIATES LP	$41,323,546	2,972,917	5.05%	Shares
TWO SIGMA INVESTMENTS, LP	$40,259,307	2,896,353	4.92%	Shares
MILLENNIUM MANAGEMENT LLC	$37,847,198	2,722,820	4.63%	Shares
DNB Asset Management AS	$36,409,507	2,619,389	4.45%	Shares
RENAISSANCE TECHNOLOGIES LLC	$24,654,986	1,773,740	3.01%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$23,380,358	1,681,612	2.86%	Shares
Qube Research & Technologies Ltd	$19,444,891	1,398,913	2.38%	Shares
DIMENSIONAL FUND ADVISORS LP	$17,872,314	1,285,778	2.19%	Shares
First Eagle Investment Management, LLC	$17,354,247	1,248,507	2.12%	Shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	$15,276,364	1,099,019	1.87%	Shares
FMR LLC	$14,036,526	1,009,822	1.72%	Shares
D. E. Shaw & Co., Inc.	$13,653,456	982,263	1.67%	Shares
Assenagon Asset Management S.A.	$12,756,781	917,754	1.56%	Shares
Divisar Capital Management LLC	$11,836,211	851,526	1.45%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$10,937,535	786,873	1.34%	Shares
Point72 Asset Management, L.P.	$10,630,442	764,780	1.30%	Shares
HEARTLAND ADVISORS INC	$10,425,000	750,000	1.27%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$9,925,545	714,068	1.21%	Shares
Kovack Advisors, Inc.	$9,496,305	696,210	1.16%	Shares
BANK OF AMERICA CORP /DE/	$9,223,054	663,529	1.13%	Shares
GOLDMAN SACHS GROUP INC	$9,158,641	658,895	1.12%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$8,744,754	629,119	1.07%	Shares
Squarepoint Ops LLC	$8,581,693	617,388	1.05%	Shares
NORGES BANK	$7,998,060	575,400	0.98%	Shares
1492 Capital Management LLC	$7,966,479	573,128	0.97%	Shares
TUDOR INVESTMENT CORP ET AL	$7,526,224	541,455	0.92%	Shares
VANGUARD FIDUCIARY TRUST CO	$7,518,190	540,877	0.92%	Shares
Counterpoint Mutual Funds LLC	$7,365,137	529,866	0.90%	Shares
HENNESSY ADVISORS INC	$7,315,570	526,300	0.89%	Shares
NOMURA HOLDINGS INC	$6,982,276	502,322	0.85%	Shares
WESTERLY CAPITAL MANAGEMENT, LLC	$6,950,000	500,000	0.85%	Shares
BARCLAYS PLC	$6,595,064	474,465	0.81%	Shares
Trexquant Investment LP	$6,570,989	472,733	0.80%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$6,186,890	445,100	0.76%	Call option
NEEDHAM INVESTMENT MANAGEMENT LLC	$5,560,000	400,000	0.68%	Shares
Cubist Systematic Strategies, LLC	$5,488,657	585,145	0.67%	Shares
Y-Intercept (Hong Kong) Ltd	$5,147,087	370,294	0.63%	Shares
MARSHALL WACE, LLP	$5,074,155	365,047	0.62%	Shares
MACKENZIE FINANCIAL CORP	$4,898,888	352,438	0.60%	Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	$4,588,390	330,100	0.56%	Shares
WHITE PINE CAPITAL LLC	$3,879,101	279,072	0.47%	Shares
Balyasny Asset Management L.P.	$3,829,297	275,489	0.47%	Shares
AMERIPRISE FINANCIAL INC	$3,699,262	266,134	0.45%	Shares
GRATIA CAPITAL, LLC	$3,481,839	250,492	0.43%	Shares
AMERICAN CENTURY COMPANIES INC	$3,320,404	238,878	0.41%	Shares
ALGERT GLOBAL LLC	$3,171,424	228,160	0.39%	Shares
Boston Partners	$3,144,210	226,202	0.38%	Shares
Walleye Trading LLC	$2,895,064	208,278	0.35%	Shares
BlackRock, Inc.	$2,861,301	205,849	0.35%	Shares
HERALD INVESTMENT MANAGEMENT Ltd	$2,778,000	200,000	0.34%	Shares
Engineers Gate Manager LP	$2,761,888	198,697	0.34%	Shares
STATE OF WISCONSIN INVESTMENT BOARD	$2,676,139	192,528	0.33%	Shares
NFJ INVESTMENT GROUP, LLC	$2,659,529	191,333	0.33%	Shares
Empowered Funds, LLC	$2,566,023	184,606	0.31%	Shares
JANE STREET GROUP, LLC	$2,540,920	182,800	0.31%	Call option
BNP PARIBAS FINANCIAL MARKETS	$2,514,371	180,890	0.31%	Shares
XTX Topco Ltd	$2,482,165	178,573	0.30%	Shares
LAZARD ASSET MANAGEMENT LLC	$2,455,088	176,625	0.30%	Shares
CITADEL ADVISORS LLC	$2,061,370	148,300	0.25%	Call option
Swiss National Bank	$2,025,230	145,700	0.25%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$1,947,849	140,133	0.24%	Shares
JANE STREET GROUP, LLC	$1,922,148	138,284	0.24%	Shares
MORGAN STANLEY	$1,897,034	136,477	0.23%	Shares
GLOBEFLEX CAPITAL L P	$1,842,111	132,526	0.23%	Shares
Bienville Capital Management, LLC	$1,768,733	127,247	0.22%	Shares
Brevan Howard Capital Management LP	$1,737,417	124,994	0.21%	Shares
TITAN GLOBAL CAPITAL MANAGEMENT USA LLC	$1,716,105	123,465	0.21%	Shares
Lisanti Capital Growth, LLC	$1,607,188	115,625	0.20%	Shares
OCCUDO QUANTITATIVE STRATEGIES LP	$1,602,475	115,286	0.20%	Shares
Bank of New York Mellon Corp	$1,461,821	105,167	0.18%	Shares
RHUMBLINE ADVISERS	$1,432,246	103,040	0.18%	Shares
Man Group plc	$1,428,392	102,762	0.17%	Shares
Polymer Capital Management (US) LLC	$1,408,987	101,366	0.17%	Shares
BURNEY CO/	$1,300,998	93,597	0.16%	Shares
Integrated Quantitative Investments LLC	$1,292,658	92,997	0.16%	Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	$1,250,999	90,000	0.15%	Shares
SIMPLEX TRADING, LLC	$1,186,017	85,325	0.15%	Shares
Koesten, Hirschmann & Crabtree, INC.	$1,179,471	84,854	0.14%	Shares
Skandinaviska Enskilda Banken AB (publ)	$1,114,641	80,190	0.14%	Shares
VICTORY CAPITAL MANAGEMENT INC	$1,094,625	78,750	0.13%	Shares
SUSQUEHANNA ADVISORS GROUP, INC.	$1,026,793	73,870	0.13%	Shares
Headlands Technologies LLC	$1,005,776	72,358	0.12%	Shares
Diametric Capital, LP	$991,653	71,342	0.12%	Shares
Kerrisdale Advisers, LLC	$980,214	70,519	0.12%	Shares
POLEN CAPITAL MANAGEMENT LLC	$977,059	70,292	0.12%	Shares
Knights of Columbus Asset Advisors LLC	$949,148	68,284	0.12%	Shares
FEDERATED HERMES, INC.	$943,268	67,861	0.12%	Shares
CAXTON ASSOCIATES LLP	$933,649	67,169	0.11%	Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	$906,049	72,023	0.11%	Shares
Dynamic Technology Lab Private Ltd	$893,000	64,278	0.11%	Shares
Nuveen, LLC	$860,799	61,928	0.11%	Shares
ALLIANCEBERNSTEIN L.P.	$848,232	67,427	0.10%	Shares
VOYA INVESTMENT MANAGEMENT LLC	$821,143	59,075	0.10%	Shares
CITADEL ADVISORS LLC	$817,320	58,800	0.10%	Put option
JACOBS LEVY EQUITY MANAGEMENT, INC	$807,117	58,066	0.10%	Shares
Quantinno Capital Management LP	$794,038	57,125	0.10%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$771,450	55,500	0.09%	Put option

Company insiders 46 insiders · 21 officers · 21 directors

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Thomas R Stanton	Chairman & CEO	April 1, 2026 A	1,126,554	1	0	$300,002
Ulrich Dopfer	Chief Financial Officer	Jan. 26, 2025 F	48,195	0	0	$0
Michael Foliano	Chief Financial Officer	March 21, 2023 A	106,986	0	0	$0
Danny J Windham	President & COO	Nov. 3, 2006 A	28,648	0	0	$0
Howard A Thrailkill	President & COO	July 26, 2005 M	43,400	0	0	$0
James Denson Wilson Jr	Chief Revenue Officer	May 20, 2026 G	132,808	0	1	$-137,367
Robert Conger	SVP, Technology & Strategy	July 8, 2022 D	0	0	0	$0
Marc Kimpe	SVP, Research & Development	July 8, 2022 D	0	0	0	$0
Ronald Centis	SVP, Operations	July 8, 2022 D	0	0	0	$0
Ray Harris	Chief Information Officer	July 8, 2022 D	0	0	0	$0
Eduard Scheiterer	SVP, Research & Development	Nov. 30, 2021 A	40,027	0	0	$0
Jeffrey F Mcinnis	SVP, Subscriber Solutions	May 12, 2020 D	15,093	0	0	$0
John Neville	Sr VP Sales	Nov. 9, 2018 A	10,606	0	0	$0
Kevin P. Heering	Sr VP Services & Support	Nov. 17, 2017 A	12,017	0	0	$0
Charles E. Marsh	Sr VP Sales	Nov. 11, 2017 A	3,280	0	0	$0
Raymond R Schansman	SVP Global Services & Support	Oct. 27, 2017 I	0	0	0	$0
Kevin W Schneider	Chief Technology Officer	Nov. 14, 2015 A	54	0	0	$0
Robert A Fredrickson	VP - Carrier Network Sales	Nov. 26, 2014 M	0	0	0	$0
Everette R Ramage	Vice President	April 20, 2007 M	0	0	0	$0
Steven L Harvey	VP EN & CSP Sales	Nov. 3, 2006 A	27,087	0	0	$0
Peter C Voetsch	SR. VICE PRESIDENT, OPERATIONS	Oct. 24, 2005 M	0	0	0	$0
Anne Delsanto	Director	July 1, 2026 A	4,399	0	0	$0
Hourigan Rice Jacqueline	Director	March 4, 2026 S	13,809	0	1	$-148,238
Nikos Theodosopoulos	Director	Dec. 31, 2025 A	65,963	1	0	$100,429
Nair Balan	Director	Dec. 31, 2025 A	125,373	0	0	$0
Gregory James Mccray	Director	Dec. 31, 2025 A	72,893	0	0	$0
Kathryn A Walker	Director	Dec. 31, 2025 A	98,663	0	0	$0
Fenwick H Huss	Director	Dec. 31, 2025 A	107,600	0	0	$0
Brian Protiva	Director	Dec. 31, 2023 M	253,545	0	0	$0
Johanna Hey	Director	Sept. 19, 2023 F	8,294	0	0	$0
Roy J Nichols	Director	Sept. 2, 2021 M	63,870	0	0	$0
Anthony J. Melone	Director	Dec. 31, 2018 M	19,402	0	0	$0
William L Marks	Director	Dec. 31, 2018 M	61,505	0	0	$0
James E Matthews	Director	April 27, 2015 I	0	0	0	$0
James L North	Director	Aug. 14, 2014 A	91,785	0	0	$0
Ross K Ireland	Director	Oct. 8, 2013 A	1,697	0	0	$0
Mark C Smith	Director	Feb. 21, 2007 G	0	0	0	$0
BLOUNT W FRANK	Director	Dec. 31, 2006 A	—	0	0	$0
Richard A Anderson	Director	Feb. 1, 2006 X	4,780	0	0	$0
Mark Clay Smith	10% owner	June 30, 2009 S	2,836,936	0	0	$0
MCMILLIAN LONNIE S	10% owner	Dec. 30, 2003 G	0	0	0	$0
Christoph Glingener	—	Aug. 10, 2026 A	83,953	0	3	$-2,219,845
Timothy P Santo	—	Aug. 6, 2026 P	59,924	2	0	$99,323
Roger D Shannon	—	Nov. 18, 2018 F	18,095	0	0	$0
Steven P Locke	—	Feb. 8, 2011 M	0	0	0	$0
Linda Jones Smith	—	June 30, 2009 S	2,836,936	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 2 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
EGORA Ventures AG (f/k/a EGORA Holding GmbH), EGORA Investments GmbH, Brian Protiva	July 20, 2022	—	Initial filing	—	SEC
(ENTITIES ONLY) Lonnie S. McMillian	March 7, 2005	—	Initial filing	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 49 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
AZTD · Tidal Trust I	3.54%	87,870 NS	April 30, 2026	N-PORT
BRNY · EA Series Trust	0.60%	187,351 NS	April 30, 2026	N-PORT
FSCC · Federated Hermes ETF Trust	0.42%	69,415 NS	May 31, 2026	N-PORT
IDGT · iShares Trust	0.38%	261,194 SH	Aug. 8, 2026	Daily
JPSE · J.P. Morgan Exchange-Traded Fund Tr…	0.34%	113,148 NS	April 30, 2026	N-PORT
ESSC · Strategy Shares	0.32%	4,628 NS	April 30, 2026	N-PORT
VFMF · VANGUARD WELLINGTON FUND	0.16%	83,537 SH	Aug. 8, 2026	Daily
IWC · iShares Trust	0.13%	261,780 SH	Aug. 8, 2026	Daily
GSSC · Goldman Sachs ETF Trust	0.11%	64,982 NS	May 31, 2026	N-PORT
AVSC · AMERICAN CENTURY ETF TRUST	0.11%	177,679 NS	May 31, 2026	N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS	0.06%	82,436 SH	Aug. 8, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	0.05%	71,550 SH	Aug. 8, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.05%	181,681 SH	Aug. 8, 2026	Daily
RSSL · Global X Funds	0.04%	32,165 NS	April 30, 2026	N-PORT
IWO · iShares Trust	0.04%	704,745 SH	Aug. 8, 2026	Daily
OMFS · Invesco Exchange-Traded Self-Indexe…	0.03%	13,105 SH	Aug. 8, 2026	Daily
DFAS · Dimensional ETF Trust	0.03%	254,316 NS	April 30, 2026	N-PORT
ITWO · ProShares Trust	0.03%	3,500 NS	May 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.03%	442,991 SH	Aug. 8, 2026	Daily
SCHA · SCHWAB STRATEGIC TRUST	0.03%	357,652 NS	May 31, 2026	N-PORT
FTEC · FIDELITY COVINGTON TRUST	0.02%	226,646 NS	April 30, 2026	N-PORT
IWM · iShares Trust	0.02%	1,967,868 SH	Aug. 8, 2026	Daily
UWM · ProShares Trust	0.02%	2,737 NS	May 31, 2026	N-PORT
URTY · ProShares Trust	0.01%	2,766 NS	May 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	858,101 SH	Aug. 8, 2026	Daily
VGT · VANGUARD WORLD FUND	0.01%	1,811,375 SH	Aug. 8, 2026	Daily
ISCV · iShares Trust	0.01%	9,393 SH	Aug. 8, 2026	Daily
ISCB · iShares Trust	0.01%	3,368 SH	Aug. 8, 2026	Daily
ISCG · iShares Trust	0.01%	10,819 SH	Aug. 8, 2026	Daily
SMLF · iShares Trust	0.01%	41,288 SH	Aug. 8, 2026	Daily
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.01%	3,016 NS	May 31, 2026	N-PORT
WSML · iShares Trust	0.01%	5,519 SH	Aug. 8, 2026	Daily
DFAC · Dimensional ETF Trust	0.01%	152,362 NS	April 30, 2026	N-PORT
HDG · ProShares Trust	0.01%	70 NS	May 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	5,451 NS	April 30, 2026	N-PORT
AVSU · AMERICAN CENTURY ETF TRUST	0.00%	867 NS	May 31, 2026	N-PORT
IGM · iShares Trust	0.00%	38,451 SH	Aug. 8, 2026	Daily
TILT · FlexShares Trust	0.00%	2,544 NS	April 30, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	17,582 NS	April 30, 2026	N-PORT
SCHB · SCHWAB STRATEGIC TRUST	0.00%	40,597 NS	May 31, 2026	N-PORT
AVUS · AMERICAN CENTURY ETF TRUST	0.00%	12,046 NS	May 31, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.00%	1,773 NS	April 30, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	8,779 NS	April 30, 2026	N-PORT
ITOT · iShares Trust	0.00%	96,468 SH	Aug. 8, 2026	Daily
IWV · iShares Trust	0.00%	18,818 SH	Aug. 8, 2026	Daily
DXUV · Dimensional ETF Trust	0.00%	16 NS	April 30, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	2,569,422 SH	Aug. 8, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	6,489 SH	Aug. 8, 2026	Daily
EBI · RBB Fund Trust	0.00%	3 NS	May 31, 2026	N-PORT

About ADTRAN Holdings, Inc. - Common Stock Company overview from Wikipedia

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Merger with ADVA Optical Networking

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Institutional owners (13F) 265 filers · $817.8M total · As of June 30, 2026

Company insiders 46 insiders · 21 officers · 21 directors

Activists & 5%+ owners 2 positions

ETF ownership Held by 49 ETFs