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Applied Opt (AAOI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

TECHNOLOGY · COMMUNICATION EQUIPMENT · DATA UPDATED 2026-08-09

Applied Opt (AAOI) operates in the COMMUNICATION EQUIPMENT industry and is headquartered in Sugar Land, United States with about 4,691 employees. Its market capitalization is roughly $9 billion. In the fiscal year ended 2025-12-31, AAOI reported $456M in revenue and ($38M) in net income.

Applied Optoelectronics, Inc. engages in the design, manufacture, and sale of fiber-optic networking products in the United States, Taiwan, and China.

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AAOI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Total Revenue	$596M	$456M	$249M	$218M	$223M	$212M	$235M	$191M	$267M	$382M	$261M	$190M	$130M	$78M	$63M	$48M	$40M
Gross Profit	$172M	$137M	$62M	$59M	$34M	$38M	$51M	$46M	$88M	$166M	$87M	$60M	$44M	$23M	$19M	$13M	$13M
Gross Margin %	28.9%	30.0%	24.8%	27.1%	15.1%	17.8%	21.5%	24.2%	32.8%	43.5%	33.4%	31.8%	33.9%	29.4%	29.8%	28.0%	32.0%
Operating Income (EBIT)	($68M)	($55M)	($71M)	($41M)	($59M)	($57M)	($49M)	($49M)	($11M)	$87M	$23M	$13M	$5M	$0M	$0M	($4M)	($3M)
Operating Margin %	-11.4%	-12.0%	-28.4%	-19.0%	-26.5%	-26.8%	-20.8%	-25.5%	-4.0%	22.7%	8.8%	7.1%	3.9%	-0.4%	0.3%	-7.8%	-7.6%
Net Income	($57M)	($38M)	($187M)	($56M)	($66M)	($54M)	($58M)	($66M)	($2M)	$74M	$31M	$11M	$4M	($1M)	($1M)	($5M)	($3M)
Net Margin %	-9.6%	-8.4%	-74.9%	-25.8%	-29.8%	-25.6%	-24.9%	-34.6%	-0.8%	19.3%	12.0%	5.7%	3.3%	-1.8%	-1.5%	-11.1%	-8.3%
EBITDA	($35M)	($16M)	($159M)	($26M)	($37M)	($23M)	($21M)	($22M)	$21M	$106M	$37M	$22M	$11M	$3M	$3M	($1M)	$1M
Earnings Per Share (EPS)	$-0.78	$-0.64	$-4.50	$-1.75	$-2.38	$-2.01	$-2.67	$-3.31	$-0.11	$3.67	$1.76	$0.65	$0.28	$-0.14	$-0.11	$-0.60	$-0.40
Shares Outstanding (M)	82M	60M	42M	32M	28M	27M	22M	20M	20M	20M	18M	17M	15M	10M	9M	9M	8M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAOI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$192M	$151M	$134M	$119M	$103M	$100M	$100M	$65M
Gross Profit	$53M	$44M	$42M	$33M	$31M	$31M	$29M	$16M
Gross Margin %	27.7%	29.1%	31.2%	28.0%	30.3%	30.6%	28.6%	24.4%
Operating Income (EBIT)	($25M)	($13M)	($12M)	($18M)	($16M)	($9M)	($6M)	($17M)
Operating Margin %	-12.9%	-8.6%	-8.6%	-15.3%	-15.5%	-8.9%	-6.5%	-25.4%
Net Income	($23M)	($14M)	($2M)	($18M)	($9M)	($9M)	($120M)	($18M)
Net Margin %	-11.9%	-9.4%	-1.5%	-15.1%	-8.8%	-9.2%	-119.4%	-27.3%
EBITDA	($21M)	($3M)	($1M)	($10M)	($2M)	($3M)	($113M)	($11M)
Earnings Per Share (EPS)	$-0.28	$-0.19	$-0.03	$-0.28	$-0.16	$-0.18	$-2.60	$-0.42
Shares Outstanding (M)	82M	76M	70M	63M	57M	50M	46M	42M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAOI Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Cash from Operations (CFO)	($132M)	($174M)	($70M)	($8M)	($14M)	($12M)	($44M)	($2M)	$14M	$84M	$57M	($15M)	$7M	($7M)	$0M	($4M)	($3M)
Capital Expenditures (CapEx)	$489M	$179M	$43M	$10M	$4M	$11M	$20M	$32M	$77M	$70M	$50M	$58M	$44M	$10M	$3M	$2M	$3M
Free Cash Flow (FCF)	($622M)	($354M)	($113M)	($18M)	($18M)	($22M)	($64M)	($34M)	($63M)	$14M	$7M	($73M)	($37M)	($16M)	($4M)	($6M)	($6M)
FCF Margin %	-104.4%	-77.6%	-45.3%	-8.1%	-8.2%	-10.5%	-27.1%	-17.8%	-23.6%	3.6%	2.7%	-38.3%	-28.5%	-20.8%	-5.9%	-12.7%	-15.5%
Dividends Paid	—	—	—	—	$0M	$1M	$1M	$1M	—	$0M	$0M	$0M	$0M	$0M	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAOI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$11M	($85M)	($30M)	($28M)	($65M)	($51M)	($25M)	($14M)
Capital Expenditures (CapEx)	$277M	$58M	$104M	$50M	$25M	$28M	$29M	$6M
Free Cash Flow (FCF)	($265M)	($144M)	($134M)	($79M)	($91M)	($79M)	($53M)	($20M)
FCF Margin %	-138.0%	-95.0%	-99.5%	-66.4%	-88.3%	-79.5%	-53.0%	-31.5%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AAOI Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Total Assets	$2.3B	$1.2B	$547M	$389M	$408M	$454M	$481M	$467M	$467M	$453M	$322M	$273M	$184M	$111M	$66M	$54M
Cash & Cash Equivalents	$500M	$216M	$67M	$45M	$25M	$35M	$43M	$60M	$56M	$83M	$50M	$28M	$32M	$22M	$11M	$2M
Total Liabilities	$633M	$435M	$318M	$174M	$224M	$200M	$203M	$193M	$138M	$120M	$95M	$108M	$69M	$48M	$35M	$33M
Total Debt (Short + Long-Term)	$192M	$167M	$182M	$116M	$150M	$143M	$133M	$134M	$89M	$50M	$43M	$68M	$30M	$28M	$25M	$23M
Total Shareholders' Equity	$1.7B	$734M	$229M	$215M	$185M	$255M	$278M	$274M	$329M	$333M	$227M	$165M	$115M	$63M	$31M	$21M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AAOI viewer.

AAOI Metric Deep Dives

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