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Sep 27, 2025
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.
Revenue by Segment
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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