Vistance Networks (VISN) Q4 2025 earnings summary

Executive summary

• Completed sale of CCS segment to Amphenol in January 2026, using $10 billion in proceeds to repay all debt and redeem preferred equity.

• Renamed to Vistance Networks, now focused on Aurora Networks and Ruckus Networks.

• Delivered strong growth in both revenue and adjusted EBITDA for 2025, exceeding guidance.

• Ended Q4 2025 with $923 million in cash, up $218 million from the previous quarter.

• Announced special cash distribution of at least $10 per share to shareholders by April 2026.

Financial highlights

• Q4 2025 core net sales: $515 million, up 24% year-over-year; full-year core net sales: $1.93 billion, up 40%.

• Q4 2025 core adjusted EBITDA: $99 million, up 55%; full-year core adjusted EBITDA: $379 million, up 176%.

• Adjusted EPS for 2025: $0.77 vs $0.10 in 2024; Q4 adjusted EPS: $0.17 vs $0.14 in Q4 2024.

• Cash at year-end: $923 million, liquidity at $1.54 billion.

• Free cash flow for Q4: $255 million; full-year free cash flow: $252.6 million.

Outlook and guidance

• 2026 core adjusted EBITDA projected at $350–$400 million, including ~$30 million stranded costs.

• Special cash distribution of at least $10 per share planned by April 2026.

• Ruckus expected to deliver low teen adjusted EBITDA growth; Aurora EBITDA to decline as legacy business normalizes.

• Aurora revenue expected to increase in 2026, but EBITDA to decline due to mix and stranded costs.

• Ruckus revenue expected to grow in the mid-teens, outpacing the market.