Viavi Solutions (VIAV) investor relations material

Executive summary

• Fiscal Q4 2025 revenue reached $290.5M, up 15.3% year-over-year, with non-GAAP EPS of $0.13, a 62.5% increase year-over-year, and GAAP net income of $8.0M.

• Fiscal 2025 revenue totaled $1.084B, up 8.4% year-over-year, with non-GAAP EPS of $0.47, a 42.4% increase year-over-year, and GAAP net income of $34.8M.

• Growth was driven by strong demand in data center ecosystem and aerospace/defense, supported by successful acquisitions.

• Q4 and full-year results were at the high end of guidance, with stabilization in core businesses and positive momentum expected to continue.

• Diversification into data center and aerospace/defense offset traditional seasonality and drove recovery after two years of decline.

Financial highlights

• Q4 net revenue was $290.5M, up 2% sequentially and 15.3% year-over-year.

• Q4 non-GAAP operating margin was 14.4%, up 350 bps year-over-year; GAAP operating margin was 5.3%, up 760 bps.

• Q4 non-GAAP EPS was $0.13, up $0.05 year-over-year; GAAP EPS was $0.04, up $0.14 year-over-year.

• Full year revenue reached $1.084B, up 8.4% year-over-year; non-GAAP EPS was $0.47, up $0.14; GAAP EPS was $0.15, up $0.27.

• Cash and short-term investments at Q4 end were $429M; Q4 operating cash flow was $23.8M; full year operating cash flow was $89.8M.

Outlook and guidance

• Q1 fiscal 2026 revenue expected between $290M and $298M; non-GAAP EPS expected between $0.13 and $0.14.

• NSE Q1 revenue guided at ~$211M, OSP at ~$83M; both segments expected to be slightly up sequentially.

• Non-GAAP operating margin guidance: 15.0% overall, 5.8% for NSE, 38.3% for OSP.

• Guidance excludes impact from pending Spirent business acquisition, expected to close by September.

• Management anticipates continued positive momentum in end markets through calendar year 2025.