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Sep 27
Lumentum Q1 2026 Earnings Report
Lumentum reported its financial results for the first quarter of fiscal year 2026, with significant year-over-year revenue growth and operating margin expansion.
Key Takeaways
Lumentum delivered strong first-quarter fiscal year 2026 results, with net revenue reaching $533.8 million, marking a 58.4% year-over-year increase. The company also achieved substantial operating margin expansion and reported GAAP diluted net income per share of $0.05 and non-GAAP diluted net income per share of $1.10, both at the high end of guidance.
Net revenue for Q1 FY26 was $533.8 million, a 58.4% increase year-over-year.
Non-GAAP operating margin expanded significantly to 18.7%, up 1,570 basis points year-over-year.
GAAP diluted net income per share was $0.05, and non-GAAP diluted net income per share was $1.10.
The company ended the quarter with $1,121.8 million in total cash, cash equivalents, and short-term investments.
Lumentum
Lumentum
Lumentum Revenue by Segment
Revenue by Segment
Components Revenue
CapyFin.comSystems Revenue
CapyFin.com Forward Guidance
For the second quarter of fiscal year 2026, Lumentum expects net revenue between $630 million and $670 million, non-GAAP operating margin of 20.0% to 22.0%, and non-GAAP diluted earnings per share of $1.30 to $1.50.
Positive Outlook
- Expected sequential revenue growth of over 20% for Q2 FY26.
- Anticipated growth in cloud transceivers, expected to be on a sustainable upward path.
- Strong momentum across data center, data center interconnect, and long-haul markets.
- Well-positioned to support the rapid expansion of AI compute with a broad optical portfolio.
- Future contributions expected from optical circuit switches and co-packaged optics.
Challenges Ahead
- Guidance for non-GAAP measures is provided without GAAP reconciliation due to unreasonable effort.
- High volatility of non-GAAP adjustments makes future projections difficult.
- Low visibility into the range of certain non-GAAP adjustments.
- Potential for material limitations associated with the use of non-GAAP financial measures.
- Uncertainty and volatility in global markets, including macroeconomic environment and geopolitical conflicts, could impact demand and costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income