Lumentum (United States) 8-K

Summary

Q4 and FY2026 results with Q1 FY2027 guidance. Q4 revenue more than doubled Y/Y, with growth across components and systems. GAAP losses reflect a one-time, non-cash loss on extinguishment of convertible notes after their equitization; AI demand is driving the company’s higher near-term revenue outlook.

Key Figures

• FY2026 revenue was $3.01B, up 83.2% Y/Y; GAAP net loss was $6.94B vs net income of $25.9M. The equitization of convertible notes contributed a $7.8B one-time, non-cash debt-extinguishment loss.
• FY2026 non-GAAP net income was $782M, up 434% Y/Y, and non-GAAP diluted EPS was $8.67 vs $2.06. Q4 GAAP operating margin was 27.8% (+2,950bp Y/Y); non-GAAP operating margin was 36.6% (+2,160bp).
• Cash, cash equivalents and short-term investments totaled $2.7B at quarter-end, down $434M Q/Q and up $1.9B from FY2025-end. Common shares outstanding rose to 88.6M from 69.8M Y/Y following note equitizations and other share issuances.

Guidance

Management cited AI demand as driving the Q1 revenue outlook midpoint of $1.25B, reaching its target model more than a quarter ahead of schedule.

Investor Takeaways

• Q1 results against the revenue, non-GAAP operating-margin and non-GAAP EPS ranges will test whether AI-driven demand translates into continued growth and margin expansion.
• Watch whether adoption of 1.6T cloud modules and demand for optical circuit switching, high-power co-packaged optics lasers and external laser source modules contribute to the growth trajectory described by management.