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Lumentum (LITE) investor relations material
Lumentum Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary4 Nov, 2025
Executive summary
Achieved record quarterly revenue of $533.8 million in Q1 FY26, up 58% year-over-year, driven by strong AI, cloud, and data center demand, with significant growth in both Components and Systems products.
Non-GAAP diluted EPS reached $1.10, at the high end of guidance; GAAP net income was $4.2 million, a turnaround from a net loss in the prior year.
Over 60% of total revenue now comes from cloud and AI infrastructure, with hyperscale customers and network equipment manufacturers as key contributors.
Transitioned to a single reportable segment, with revenue now broken out by components and systems product types.
Strong momentum in data center, interconnect, and long-haul markets, with cloud transceivers and optical circuit switches expected to drive further growth.
Financial highlights
Q1 non-GAAP EPS was $1.10; GAAP net income was $4.2 million ($0.05 per share); non-GAAP gross margin was 39.4%, up 660 bps year-over-year; GAAP gross margin was 34.0%, up 1,090 bps.
Non-GAAP operating margin was 18.7%, up from 3.0% a year ago; GAAP operating margin improved to 1.3% from -24.5%.
Adjusted EBITDA reached $127.6 million, up from $37.0 million a year ago.
Cash and short-term investments increased to $1,121.8 million, up $244.7 million sequentially.
Q1 components revenue was $379.2 million (up 64% year-over-year); systems revenue was $154.6 million (up 47% year-over-year).
Outlook and guidance
Q2 FY26 revenue expected between $630 million and $670 million, with a midpoint of $650 million, surpassing previous targets by two quarters.
Q2 non-GAAP operating margin projected at 20%-22%; non-GAAP EPS guidance of $1.30-$1.50.
Growth in Q2 expected to be split evenly between components and systems, with strong demand for cloud transceivers and early ramp of optical circuit switches.
FY26 non-GAAP effective tax rate projected at 16.5%.
Management expects continued strong demand from AI and cloud customers, with ongoing manufacturing expansion to support future growth.
Primary growth driver for Systems revenue
What is driving the non-GAAP margin expansion?
When is broader CPO laser ramp expected?
What drives current 20%+ sequential growth?
Explain current long-term debt increase.
What are the benefits of recent restructuring?
Indium phosphide capacity allocation strategy?
OCS ramp to $100M/Q: Key milestones and challenges?
Transceiver margin profile with 1.6T and selectivity?
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Q2 20265 Feb, 2026
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Frequently asked questions
Lumentum Holdings Inc. manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers an array of components for applications that transmit, receive, or convert light signals or waves for fiber-optic and free-space communications systems under the brand name Crystal; provides products for converting laser beams into light signals under the brand name Manta Ray; and designs, manufactures, and sells electro-absorption modulators and lasers used in voice and data transmission as well as financial trading applications under the brand name PORCELAIN. It also offers various semiconductor diode lasers and modules for enterprise, data center interconnecting network equipment under PASS Laser Solutions; telecom infrastructure applications under LUMINANT Business Unit; broadband access solutions; fiber access solutions; laser source solutions; metro optical solutions; nanophotonic solutions; fiber laser solutions; metrology solutions; senior care solutions; femtosecond lasers for material processing applications, dental applications, eye surgery applications utilized in corneal reshaping procedures, refractive surgery procedures called LASIK. Lumentum Holdings Inc is based in San Jose, California.
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