Lumentum (United States) 8-K
PositiveEarningsNew guidance
Second NPO/CPO win brings >$5B in purchase commitments as pump lasers and optical circuit switches lead growth.
Filed 2026-11-02 07:12 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 FY2027 results with Q2 FY2027 guidance.
Revenue reached $1.26B as growth across the businesses was led by pump lasers and optical circuit switches (OCS). Lumentum also secured its second major near-package optics/co-packaged optics (NPO/CPO) win, backed by purchase commitments exceeding $5B; cloud modules improved on the gross-margin line.
Q2 revenue guide midpoint implies +27% Q/Q from $1.26B; non-GAAP operating margin midpoint is 45.5% vs 42.3%, and non-GAAP diluted EPS midpoint is $6.05 vs $4.57. Management characterized the revenue step-up as ≈$350M Q/Q.
Key Figures
| Metric | Q1 FY2027 |
|---|---|
| Revenue | $1.26B, +136.5% Y/Y |
| GAAP gross margin | 51% vs 34% |
| Non-GAAP gross margin | 53.2% vs 39.4% |
| GAAP operating margin | 28.5% vs 1.3% |
| Non-GAAP operating margin | 42.3% vs 18.7% |
| GAAP operating income | $359.8M vs $6.7M |
| GAAP net income | $360.3M vs $4.2M |
| Non-GAAP net income | $461.1M, +434% Y/Y |
| GAAP diluted EPS | $3.54 vs $0.05 |
| Non-GAAP diluted EPS | $4.57, +315% Y/Y |
- Systems revenue was $508.4M, +229% Y/Y, while components revenue was $754.2M, +99% Y/Y. The company identified pump lasers and OCS as the leading contributors to growth.
- Non-GAAP results exclude $146.7M of stock-based compensation and related payroll taxes, including $89.4M associated with an executive retirement equity-award modification. GAAP results include a $6.9M gain on sale of a product line.
- Cash, cash equivalents and short-term investments totaled $2.0B at quarter-end, down $758.8M from Q4 FY2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q2 FY2027 | $1.575B-$1.625B | — | — |
| Non-GAAP operating margin | Q2 FY2027 | 45.0%-46.0% | — | — |
| Non-GAAP diluted EPS | Q2 FY2027 | $5.90-$6.20 | — | — |
Investor Takeaways
- Watch whether the >$5B in purchase commitments from the NPO/CPO win and expanding OCS demand visibility convert into shipments and revenue, supporting continued Systems growth and the company’s stated path to a multi-billion-dollar annual OCS business.
- Cloud modules’ gross-margin progress is a metric to watch as Lumentum delivers the sharp Q2 revenue increase and higher operating margin it forecasts.
The summary is written by an AI model reading the filing.
Model 005 · prompt v173 · 2026-11-02 15:33:13Z