Lumentum Holdings Inc. Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Date: Earnings call for fiscal Q4 ended ~June 2026 (compared to Q4 FY2025 and Q3 FY2026 where noted). Strong AI-driven demand across optical connectivity, transceivers, and lasers. All figures non-GAAP unless noted.

Key Financial Highlights

  • Revenue: $1.01 billion (+109% YoY from Q4 FY2025; eighth consecutive quarter of growth; +~22%+ sequential implied by context of third straight quarter >20% seq growth).
  • Non-GAAP Gross Margin: 50.4% (+250 bps sequential from Q3 FY2026; +1,260 bps YoY from Q4 FY2025). Crossed 50% threshold earlier than expected (originally targeted at $2B quarterly run rate). Driven by mix, utilization, and pricing.
  • Non-GAAP Operating Margin: 36.6% (+440 bps sequential; +2,160 bps YoY). Non-GAAP operating profit: $368.8M. Adjusted EBITDA: $406.4M.
  • Non-GAAP EPS: $3.23 (above prior guidance range).
  • GAAP Results: Gross margin 47.4%, operating margin 27.8%. GAAP net loss $7.2B due to one-time $7.8B non-cash charge from equitizing $1.1B convertible notes (~35% of outstanding debt).
  • Balance Sheet/Cash: Cash & short-term investments $2.74B (down $0.43B QoQ due to debt conversions). Inventory up $59M to support growth. CapEx $167M focused on AI/cloud capacity.

Revenue by Segment

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Operator: Good day, everyone, and welcome to the Lumentum Holdings Fourth Quarter and Fiscal Year 2026 Earnings Call. [Operator Instructions] Please also note, today's event is being recorded for replay purposes. [Operator Instructions]. At this time, I would like to turn the conference call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead. Kathryn Ta: Thank you, Matthew, and welcome to Lumentum's Fiscal Fourth Quarter and Full Year 2026 Earnings Call. This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Michael Hurlston, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Wupen Yuen, President, Global Business Units. Today's call will include forward-looking statements, including, without limitation, statements regarding our future operating results, strategies, trends and expectations for our products and technologies, that are being made under the safe harbor of the Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations. We encourage you to review our most recent filings with the SEC, particularly the risks described under Risk Factors and elsewhere in our 10-Q for the fiscal quarter ended March 28, 2026, and in our most recent 10-K for the fiscal year ended June 27, 2026, to be filed by Lumentum with the SEC. The forward-looking

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