# Spok Holdings, Inc (SPOK)

Informational only - not investment advice.

CIK: 0001289945
SIC: 4812 Radiotelephone Communications
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4812 Radiotelephone Communications](/industry/4812/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1289945
Filing source: https://www.sec.gov/Archives/edgar/data/1289945/000128994526000010/spok-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001289945-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001289945.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 139,708,000 USD | 2025 | verified |
| Net income | 15,881,000 USD | 2025 | verified |
| Assets | 206,111,000 USD | 2025 | verified |
| Free cash flow | 25,196,000 USD | 2025 | computed |
| Net margin | 11.37% | 2025 | computed |
| Operating margin | 14.11% | 2025 | computed |
| Revenue YoY | +1.49% | 2025 | computed |
| ROE | 10.85% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SPOK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 11.4% | 1.8% | 73 | 46 |
| Operating margin | 14.1% | 3.9% | 75 | 45 |
| Revenue growth | 1.5% | 2.6% | 45 | 48 |
| FCF margin | 18.0% | 8.6% | 82 | 45 |
| ROE | 10.8% | 2.1% | 70 | 45 |
| ROA | 7.7% | 0.9% | 87 | 48 |
| Liabilities / equity | 0.41 | 1.81 | 7 | 45 |
| Current ratio | 1.18 | 1.51 | 32 | 48 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 48 Communications, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 139708000 | USD | 2025 | 2026-02-26 |
| Net income | 15881000 | USD | 2025 | 2026-02-26 |
| Assets | 206111000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001289945.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 179,561,000 | 171,175,000 | 169,474,000 | 160,289,000 | 148,180,000 | 142,153,000 | 134,534,000 | 139,025,000 | 137,653,000 | 139,708,000 |
| Net income |  |  |  | 13,979,000 | -15,306,000 | -1,479,000 | -10,765,000 | -44,225,000 | -22,180,000 | 21,856,000 | 15,666,000 | 14,965,000 | 15,881,000 |
| Operating income |  |  |  | 22,153,000 | 10,706,000 | -3,173,000 | -15,809,000 | -22,665,000 | -27,718,000 | 238,000 | 21,228,000 | 18,965,000 | 19,710,000 |
| Diluted EPS | 1.25 | 0.94 | 3.98 |  |  |  | -0.56 | -2.32 | -1.14 | 1.09 | 0.77 | 0.73 | 0.75 |
| Operating cash flow |  |  |  | 37,551,000 | 15,515,000 | 10,315,000 | 11,693,000 | 26,163,000 | 7,968,000 | 6,456,000 | 26,184,000 | 28,922,000 | 28,949,000 |
| Capital expenditures |  |  |  | 6,254,000 | 9,214,000 | 5,915,000 | 4,837,000 | 3,455,000 | 4,393,000 | 3,776,000 | 3,417,000 | 3,209,000 | 3,753,000 |
| Dividends paid |  |  |  | 10,287,000 | 15,234,000 | 10,064,000 | 9,819,000 | 9,771,000 | 10,025,000 | 25,011,000 | 25,642,000 | 26,381,000 | 27,259,000 |
| Assets |  |  |  | 388,087,000 | 348,004,000 | 327,712,000 | 319,872,000 | 277,291,000 | 248,154,000 | 244,477,000 | 227,684,000 | 217,103,000 | 206,111,000 |
| Liabilities |  |  |  | 66,000,000 | 57,475,000 | 53,158,000 | 69,778,000 | 76,678,000 | 74,463,000 | 73,380,000 | 63,913,000 | 62,357,000 | 59,732,000 |
| Stockholders' equity |  |  |  | 322,087,000 | 290,529,000 | 274,554,000 | 250,094,000 | 199,632,000 | 172,710,000 | 171,097,000 | 163,771,000 | 154,746,000 | 146,379,000 |
| Cash and cash equivalents |  |  |  | 121,825,000 | 103,179,000 | 83,343,000 | 47,361,000 | 48,729,000 | 44,583,000 | 35,754,000 | 31,989,000 | 29,145,000 | 25,280,000 |
| Free cash flow |  |  |  | 31,297,000 | 6,301,000 | 4,400,000 | 6,856,000 | 22,708,000 | 3,575,000 | 2,680,000 | 22,767,000 | 25,713,000 | 25,196,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 7.79% | -8.94% | -0.87% | -6.72% | -29.85% | -15.60% | 16.25% | 11.27% | 10.87% | 11.37% |
| Operating margin |  |  |  | 12.34% | 6.25% | -1.87% | -9.86% | -15.30% | -19.50% | 0.18% | 15.27% | 13.78% | 14.11% |
| Return on equity |  |  |  | 4.34% | -5.27% | -0.54% | -4.30% | -22.15% | -12.84% | 12.77% | 9.57% | 9.67% | 10.85% |
| Return on assets |  |  |  | 3.60% | -4.40% | -0.45% | -3.37% | -15.95% | -8.94% | 8.94% | 6.88% | 6.89% | 7.71% |
| Liabilities / equity |  |  |  | 0.20 | 0.20 | 0.19 | 0.28 | 0.38 | 0.43 | 0.43 | 0.39 | 0.40 | 0.41 |
| Current ratio |  |  |  | 2.77 | 2.99 | 2.91 | 2.30 | 2.07 | 1.71 | 1.29 | 1.33 | 1.26 | 1.18 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SPOK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001289945.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.15 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.15 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.23 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 4,733,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 35,428,000 |  | 0.22 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 33,953,000 | 3,365,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 34,909,000 | 4,236,000 | 0.21 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 4,236,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 33,982,000 |  | 0.17 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 3,425,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 34,870,000 |  | 0.18 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 33,892,000 | 3,644,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 36,294,000 | 5,196,000 | 0.25 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 5,196,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 35,686,000 |  | 0.22 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 4,552,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 33,867,000 |  | 0.15 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 33,861,000 | 2,930,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 33,226,000 | 1,987,000 | 0.09 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 1,987,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 35,011,000 |  | 0.20 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SPOK's latest 10-K: [/company/SPOK/business/](/company/SPOK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SPOK's latest 10-K: [/company/SPOK/risk-factors/](/company/SPOK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1289945/000128994526000050/spok-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements and information relating to Spok Holdings, Inc. and its subsidiaries (collectively, “we,” "us," “Spok,” “our” or the “Company”) that set forth anticipated results based on management’s current plans, known trends and assumptions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “target,” “forecast” and similar expressions, as they relate to Spok are forward-looking statements.

Although these statements are based upon current plans, known trends and assumptions that management considers reasonable, they are subject to certain risks, uncertainties and assumptions, including, but not limited to, those discussed in this section and "Risk Factors" below and under the captions “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”),” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report"). Should known or unknown risks or uncertainties materialize, known trends change, or underlying assumptions prove inaccurate, actual results or outcomes may differ materially from past results and those described herein as anticipated, believed, estimated, expected, intended, targeted or forecasted. Investors are cautioned not to place undue reliance on these forward-looking statements.

The Company undertakes no obligation to update forward-looking statements. Investors are advised to consult all further disclosures the Company makes in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that it will file with the SEC. Also note that, in the 2025 Annual Report, the Company provides a cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant to its business. These are factors that, individually or in the aggregate, could cause the Company’s actual results to differ materially from past results as well as those results that may be anticipated, believed, estimated, expected, intended, targeted or forecasted. It is not possible to predict or identify all such risk factors. Consequently, investors should not consider the risk factor discussion to be a complete discussion of all of the potential risks or uncertainties that could affect Spok's business, statements of operations or financial condition, subsequent to the filing of this Quarterly Report.

Overview

The following MD&A is intended to help the reader understand the results of operations and financial condition of Spok. This MD&A is provided as a supplement to, and should be read in conjunction with, our 2025 Annual Report and our unaudited Condensed Consolidated Financial Statements and accompanying notes. A reference to a “Note” in this section refers to the accompanying Unaudited Notes to Condensed Consolidated Financial Statements.

Spok, acting through its indirect wholly owned operating subsidiary, Spok, Inc., delivers smart, reliable clinical communication and collaboration solutions to organizations, primarily in the United States healthcare industry, to help protect the health, well-being and safety of individuals. Organizations rely on Spok for workflow improvement, secure messaging, paging services, contact center optimization and public safety response.

Business

See Note 1, "Organization and Significant Accounting Policies" in Item 1 of Part I of this Quarterly Report and Item 1. "Business" of Part I of the 2025 Annual Report, which describe our business in further detail.

In April 2026, we announced a strategic realignment designed to further enhance our cost optimization efforts. These actions will enable us to direct resources towards continued investment in our Care Connect Suite and artificial intelligence initiatives, while sustaining our commitment to returning cash to stockholders. This realignment eliminated approximately 10% of our workforce, which is expected to result in annualized savings of over $6.0 million in payroll and related expenses and other operating expenses. The majority of the workforce reductions were completed in the second quarter of 2026, with the remainder expected to be completed in the third quarter of 2026.

19

Results of Operations

The following table is a summary of our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","Change","","For the Six Months Ended June 30,","","Change"],["(Dollars in thousands)","2026","","2025","","Total","","%","","2026","","2025","","Total","","%"],["Revenue:"],["Wireless revenue","$","17,213","","","$","18,440","","","$","(1,227)","","","(6.7)","%","","$","34,699","","","$","36,914","","","$","(2,215)","","","(6.0)","%"],["Software revenue","17,798","","","17,246","","","552","","","3.2","%","","33,538","","","35,066","","","(1,528)","","","(4.4)","%"],["Total revenue","35,011","","","35,686","","","(675)","","","(1.9)","%","","68,237","","","71,980","","","(3,743)","","","(5.2)","%"],["Operating expenses:"],["Cost of revenue (exclusive of items shown separately below)","6,836","","","7,403","","","(567)","","","(7.7)","%","","14,565","","","14,687","","","(122)","","","(0.8)","%"],["Research and development","3,280","","","3,065","","","215","","","7.0","%","","6,737","","","6,159","","","578","","","9.4","%"],["Technology operations","5,870","","","6,233","","","(363)","","","(5.8)","%","","12,032","","","12,423","","","(391)","","","(3.1)","%"],["Selling and marketing","3,923","","","4,349","","","(426)","","","(9.8)","%","","8,411","","","9,274","","","(863)","","","(9.3)","%"],["General and administrative","7,203","","","8,370","","","(1,167)","","","(13.9)","%","","14,835","","","16,237","","","(1,402)","","","(8.6)","%"],["Depreciation and accretion","929","","","854","","","75","","","8.8","%","","1,921","","","1,713","","","208","","","12.1","%"],["Severance and restructuring","1,545","","","20","","","1,525","","","7,625.0","%","","1,867","","","77","","","1,790","","","2,324.7","%"],["Total operating expenses","29,586","","","30,294","","","(708)","","","(2.3)","%","","60,368","","","60,570","","","(202)","","","(0.3)","%"],["Operating income","5,425","","","5,392","","","33","","","0.6","%","","7,869","","","11,410","","","(3,541)","","","(31.0)","%"],["Interest income","222","","","256","","","(34)","","","(13.3)","%","","396","","","475","","","(79)","","","(16.6)","%"],["Other (expense) income","(11)","","","734","","","(745)","","","(101.5)","%","","(6)","","","756","","","(762)","","","(100.8)","%"],["Income before income taxes","5,636","","","6,382","","","(746)","","","(11.7)","%","","8,259","","","12,641","","","(4,382)","","","(34.7)","%"],["Provision for income taxes","(1,516)","","","(1,830)","","","314","","","(17.2)","%","","(2,152)","","","(2,893)","","","741","","","(25.6)","%"],["Net income","$","4,120","","","$","4,552","","","$","(432)","","","(9.5)","%","","$","6,107","","","$","9,748","","","$","(3,641)","","","(37.4)","%"],["Supplemental Information"],["Full-Time Equivalent (\"FTE\") Employees","382","","","419","","","(37)","","","(8.8)","%"],["Active transmitters","2,756","","","2,925","","","(169)","","","(5.8)","%"]]
[[/GREPCENT_TABLE]]

Revenue

We offer a focused suite of unified clinical communications and collaboration solutions that include call center applications, clinical alerting and notifications, one-way and advanced two-way wireless messaging services, mobile communications and public safety solutions.

We develop, sell and support enterprise-wide systems for healthcare, government, large enterprise and other organizations needing to automate, centralize and standardize their approach to clinical communications and collaboration. Our solutions can be found in prominent hospitals, large government agencies, leading public safety institutions, colleges and universities, large hotels, resorts and casinos, and well-known manufacturers. Our primary market is the healthcare industry, particularly hospitals. While we have historically identified hospitals with 200 or more beds as the primary targets for our software solutions, as well as our paging services, we have expanded our focus to include smaller hospitals with shorter sales cycles, including academic medical centers.

20

Revenue generated by wireless messaging services (including voice mail, personalized greetings, message storage and retrieval, equipment, maintenance plans and/or equipment loss protection for both one-way and two-way messaging subscribers) is presented as wireless revenue in our Condensed Consolidated Statements of Operations. Revenue generated by the sale of our software solutions, which includes revenue from our perpetual and term software license arrangements, revenue from the sale of hardware that facilitates the use of our software solutions, professional services revenue related to the implementation of our solutions and value-added services, and maintenance and subscription revenue that is generated from the ongoing support of our perpetual and term software license arrangements, is presented as software revenue in our Condensed Consolidated Statements of Operations. Our software is licensed to end users under an industry standard software license agreement.

Refer to Note 5, "Revenue, Deferred Revenue and Prepaid Commissions" in the Notes to Condensed Consolidated Financial Statements for additional information on our wireless and software revenue streams.

The table below details revenue for the periods stated:

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","Change","","For the Six Months Ended June 30,","","Change"],["(Dollars in thousands)","2026","","2025","","Total","","%","","2026","","2025","","Total","","%"],["Revenue - wireless:"],["Paging revenue","$","16,011","","","$","17,192","","","$","(1,181)","","","(6.9)","%","","$","32,580","","","$","34,799","","","$","(2,219)","","","(6.4)","%"],["Product and other revenue","1,202","","","1,248","","","(46)","","","(3.7)","%","","2,119","","","2,115","","","4","","","0.2","%"],["Total wireless revenue","17,213","","","18,440","","","(1,227)","","","(6.7)","%","","34,699","","","36,914","","","(2,215)","","","(6.0)","%"],["Revenue - software:"],["License","3,632","","","2,394","","","1,238","","","51.7","%","","4,994","","","5,025","","","(31)","","","(0.6)","%"],["Professional services - projects","2,768","","","3,831","","","(1,063)","","","(27.7)","%","","6,096","","","8,302","","","(2,206)","","","(26.6)","%"],["Professional services - managed services","2,332","","","1,520","","","812","","","53.4","%","","4,391","","","2,835","","","1,556","","","54.9","%"],["Hardware","128","","","376","","","(248)","","","(66.0)","%","","314","","","697","","","(383)","","","(54.9)","%"],["Maintenance and subscription","8,938","","","9,125","","","(187)","","","(2.0)","%","","17,743","","","18,207","","","(464)","","","(2.5)","%"],["Total software revenue","17,798","","","17,246","","","552","","","3.2","%","","33,538","","","35,066","","","(1,528)","","","(4.4)","%"],["Total revenue","$","35,011","","","$","35,686","","","$","(675)","","","(1.9)","%","","$","68,237","","","$","71,980","","","$","(3,743)","","","(5.2)","%"]]
[[/GREPCENT_TABLE]]

Wireless Revenue

Wireless revenue is generally reflective of the number of units in service and measured monthly as Average Revenue Per User ("ARPU"). On a consolidated basis, ARPU is affected by several factors, including the mix of units in service and the pricing

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1289945/000128994526000010/spok-20251231.htm
Complete FY 2025 MD&A: /company/SPOK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and the discussion under "Organization and Significant Accounting Policies” (refer to Note 1 in the Notes to the Consolidated Financial Statements), which describes key estimates and assumptions we make in the preparation of our Consolidated Financial Statements; the cautionary language that appears under the title "Forward Looking Statements" immediately following the Table of Contents; "Item 1. Business," which describes our operations; and "Item 1A. Risk Factors," which describes key risks associated with our operations and markets in which we operate. A reference to a "Note" in this section refers to the accompanying Notes to Consolidated Financial Statements.

Overview and Highlights

We offer a focused suite of unified clinical communication and collaboration solutions that include call center applications, clinical alerting and notifications, one-way and advanced two-way wireless messaging services, mobile communications and public safety solutions. Our customers rely on Spok for workflow improvement, secure texting, paging services, contact center optimization and public safety response. Our product offerings are capable of addressing a customer’s clinical communications needs. We develop, sell and support enterprise-wide systems for healthcare and other organizations needing to automate, centralize and standardize their approach to clinical communications. While our primary market has been the healthcare industry with a focus on prominent hospitals, our solutions can be found in prominent hospitals, large government agencies, leading public safety institutions, colleges and universities, large hotels, resorts and casinos and well-known manufacturers.

29

Table of Contents

Revenue generated by wireless messaging services (including voice mail, personalized greetings, message storage and retrieval, equipment, maintenance plans and/or equipment loss protection to both one-way and two-way messaging subscribers) is presented as wireless revenue in our Consolidated Statements of Operations. Revenue generated by the sale of our software solutions, which includes revenue from our perpetual and term software license arrangements, revenue from the sale of hardware that facilitates the use of our software solutions, professional services revenue related to the implementation of our solutions and value-added services, and maintenance and subscription revenue that is generated from the ongoing support of our perpetual and term software license arrangements, is presented as software revenue in our Consolidated Statements of Operations. Our software is licensed to end users under an industry standard software license agreement.

Results of Operations

The following table is a summary of our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, and the discussion that follows compares the year ended December 31, 2025 to the year ended December 31, 2024. For a discussion and analysis of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025:

[[GREPCENT_TABLE]]
[["(Dollars in thousands)","2025","","Change","","2024","","Change","","2023"],["Revenue:"],["Wireless revenue","$","72,522","","","$","(1,001)","","","(1.4)","%","","$","73,523","","","$","(2,445)","","","(3.2)","%","","$","75,968"],["Software revenue","67,186","","","3,056","","","4.8","%","","64,130","","","1,073","","","1.7","%","","63,057"],["Total revenue","139,708","","","2,055","","","1.5","%","","137,653","","","(1,372)","","","(1.0)","%","","139,025"],["Operating expenses:"],["Cost of revenue (exclusive of items shown separately below)","29,785","","","1,078","","","3.8","%","","28,707","","","1,613","","","6.0","%","","27,094"],["Research and development","12,216","","","522","","","4.5","%","","11,694","","","1,010","","","9.5","%","","10,684"],["Technology operations","24,603","","","(1,032)","","","(4.0)","%","","25,635","","","(1,510)","","","(5.6)","%","","27,145"],["Selling and marketing","17,703","","","1,483","","","9.1","%","","16,220","","","(526)","","","(3.1)","%","","16,746"],["General and administrative","31,804","","","624","","","2.0","%","","31,180","","","121","","","0.4","%","","31,059"],["Severance and restructuring","458","","","(646)","","","(58.5)","%","","1,104","","","531","","","92.7","%","","573"],["Depreciation and accretion","3,429","","","(719)","","","(17.3)","%","","4,148","","","(348)","","","(7.7)","%","","4,496"],["Total operating expenses","119,998","","","1,310","","","1.1","%","","118,688","","","891","","","0.8","%","","117,797"],["Operating income","19,710","","","745","","","3.9","%","","18,965","","","(2,263)","","","(10.7)","%","","21,228"],["Interest income","820","","","(333)","","","(28.9)","%","","1,153","","","54","","","4.9","%","","1,099"],["Other income (expense)","912","","","998","","","(1,160.5)","%","","(86)","","","(84)","","","4,200.0","%","","(2)"],["Income before income taxes","21,442","","","1,410","","","7.0","%","","20,032","","","(2,293)","","","(10.3)","%","","22,325"],["Provision for income taxes","(5,561)","","","(494)","","","9.7","%","","(5,067)","","","1,592","","","(23.9)","%","","(6,659)"],["Net income","$","15,881","","","$","916","","","6.1","%","","$","14,965","","","$","(701)","","","(4.5)","%","","$","15,666"],["Supplemental Information"],["FTEs","421","","","11","","","2.7","%","","410","","","26","","","6.8","%","","384"],["Active transmitters","2,869","","","(179)","","","(5.9)","%","","3,048","","","(167)","","","(5.2)","%","","3,215"]]
[[/GREPCENT_TABLE]]

Certain amounts in the Consolidated Financial Statements, for the years ended December 31, 2024 and 2023, have been reclassified to conform to the current presentation for the year ended December 31, 2025. Management concluded that presenting certain information technology ("IT") expenses within their respective functional expense categories provides a more meaningful and representative depiction of the nature of these costs. Accordingly, we reclassified these IT-related

30

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expenses from general and administrative to the applicable functional categories for all periods presented. These reclassifications had no effect on the reported results of operations or the statement of financial position.

To conform with the current year presentation, we reclassified previously reported operating expenses for the years ended December 31, 2024 and 2023 as follows:

[[GREPCENT_TABLE]]
[["","For the Year Ended December 31, 2024"],["(Dollars in thousands)","As Previously Reported","","Adjustment","","As Reclassified"],["Cost of revenue","$","28,430","","","$","277","","","$","28,707"],["Research and development","11,548","","","146","","","11,694"],["Technology operations","24,306","","","1,329","","","25,635"],["Selling and marketing","15,851","","","369","","","16,220"],["General and administrative","33,301","","","(2,121)","","","31,180"],["Total operating expenses","$","113,436","","","$","\u2014","","","$","113,436"],["","For the Year Ended December 31, 2023"],["(Dollars in thousands)","As Previously Reported","","Adjustment","","As Reclassified"],["Cost of revenue","$","26,818","","","$","276","","","$","27,094"],["Research and development","10,549","","","135","","","10,684"],["Technology operations","25,843","","","1,302","","","27,145"],["Selling and marketing","16,350","","","396","","","16,746"],["General and administrative","33,168","","","(2,109)","","","31,059"],["Total operating expenses","$","112,728","","","$","\u2014","","","$","112,728"]]
[[/GREPCENT_TABLE]]

Revenue

We offer a focused suite of unified clinical communications and collaboration solutions that include call center applications, clinical alerting and notifications, one-way and advanced two-way wireless messaging services, mobile communications and public safety solutions.

We develop, sell and support enterprise-wide systems for healthcare, government, and large enterprise and other organizations needing to automate, centralize and standardize their approach to clinical communications and collaboration. Our solutions can be found in prominent hospitals, large government agencies, leading public safety institutions, colleges and universities, large hotels, resorts and casinos and well-known manufacturers. Our primary market is the healthcare industry, particularly hospitals. While we have historically identified hospitals with 200 or more beds as the primary targets for our software solutions, as well as our paging services, we have recently expanded our focus to include smaller hospitals with shorter sales cycles, including academic medical centers.

Revenue generated by wireless messaging services (including voice mail, personalized greetings, message storage and retrieval, equipment, maintenance plans and/or equipment loss protection to both one-way and two-way messaging subscribers) is presented as wireless revenue in our Consolidated Statements of Operations. Revenue generated by the sale of our software solutions, which includes revenue from our perpetual and term software license arrangements, revenue from the sale of hardware that facilitates the use of our software solutions, professional services revenue related to the implementation of our solutions and value-added services, and maintenance and subscription revenue that is generated from the ongoing support of our perpetual and term software license arrangements, is presented as software revenue in our Consolidated Statements of Operations. Our software is licensed to end users under an industry standard software license agreement.

Refer to Note 3, "Revenue, Deferred Revenue and Prepaid Commissions," in the Notes to Consolidated Financial Statements for additional information on our wireless and software revenue streams.

The table below details total revenue for the periods stated:

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[[GREPCENT_TABLE]]
[["(Dollars in thousands)","2025","","Change","","2024","","Change","","2023"],["Wireless revenue:"],["Paging revenue","$","68,559","","","$","(2,399)","","","(3.4)","%","","$","70,958","","","$","(2,177)","","","(3.0)","%","","$","73,135"],["Product and other revenue","3,963","","","1,398","","","54.5","%","","2,565","","","(268)","","","(9.5)","%","","2,833"],["Wireless revenue","72,522","","","(1,001)","","","(1.4)","%","","73,523","","","(2,445)","","","(3.2)","%","","75,968"],["Software revenue:"],["License","7,347","","","(301)","","","(3.9)","%","","7,648","","","(1,073)","","","(12.3)","%","","8,721"],["Professional services - projects","15,496","","","880","","","6.0","%","","14,616","","","1,311","","","9.9","%","","13,305"],["Professional services - managed services","6,623","","","3,364","","","103.2","%","","3,259","","","1,870","","","134.6","%","","1,389"],["Hardware","1,287","","","(95)","","","(6.9)","%","","1,382","","","(1,293)","","","(48.3)","%","","2,675"],["Maintenance and subscription","36,433","","","(792)","","","(2.1)","%","","37,225","","","258","","","0.7","%","","36,967"],["Software revenue","67,186","","","3,056","","","4.8","%","","64,130","","","1,073","","","1.7","%","","63,057"],["Total revenue","$","139,708","","","$","2,055","","","1.5","%","","$","137,653","","","$","(1,372)","","","(1.0)","%","","$","139,025"]]
[[/GREPCENT_TABLE]]

Wireless Revenue

Wireless revenue consists of two primary components: paging revenue and product and other revenue. Paging revenue consists primarily of recurring fees associated with the provision of messaging services a

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SPOK/mda/fy2025/
All MD&A years: /company/SPOK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SPOK/mda/fy2024/): filed 2025-02-27; accession 0001289945-25-000008 (https://www.sec.gov/Archives/edgar/data/1289945/000128994525000008/spok-20241231.htm)
- [FY 2023 MD&A](/company/SPOK/mda/fy2023/): filed 2024-02-22; accession 0001289945-24-000010 (https://www.sec.gov/Archives/edgar/data/1289945/000128994524000010/spok-20231231.htm)
- [FY 2022 MD&A](/company/SPOK/mda/fy2022/): filed 2023-02-23; accession 0001289945-23-000009 (https://www.sec.gov/Archives/edgar/data/1289945/000128994523000009/spok-20221231.htm)
- [FY 2021 MD&A](/company/SPOK/mda/fy2021/): filed 2022-02-17; accession 0001289945-22-000009 (https://www.sec.gov/Archives/edgar/data/1289945/000128994522000009/spok-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4812 Radiotelephone Communications) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SPOK.md · JSON record: /company/SPOK.json · verified financials: /company/SPOK/financials.json / /company/SPOK/financials.csv · machine TOC for the whole site: /llms.txt