LITE — FY2026 Annual Financial Report Analysis
Full Year · Fiscal year 2026 · Published by Pham Hop · AI-drafted from the SEC filing
Lumentum fiscal 2026 revenue rose 83% to $3.01B on AI data-center laser and transceiver demand, and GAAP operating margin swung from -10.9% to 17.4%, but a $7.8B non-cash loss on convertible-note exchanges produced a $6.9B GAAP net loss.
- Revenue
- $3.0B
- +83.2% YoY
- Net income
- -$6.9B
- Diluted EPS
- $-92.96
- Operating margin
- 17.4%
Revenue up 83% on AI data-center lasers, but a $7.8 billion accounting loss on convertible notes swamps GAAP profit
Lumentum makes the lasers, optical chips and transceivers that move data as light, and fiscal 2026 (the year ended June 27, 2026) is when AI data-center demand showed up in its numbers. Net revenue rose 83.2% to $3,014.0 million, from $1,645.0 million, and the business went from a $180.1 million operating loss to $524.8 million of operating income.
The bottom line points the other way. Lumentum reports a GAAP net loss of $6,935.1 million ($92.96 per share). That loss does not come from the business. In the fourth quarter the company swapped a large block of its convertible notes for about 10.6 million new shares. Because the shares were worth far more than the notes' face value, it booked a one-time, non-cash $7,756.6 million loss on debt extinguishment. Take that charge out and pre-tax income was about $583.8 million. The operating result is the better guide to how the business did, and the share-count increase is the lasting cost.
Key figures — fiscal year 2026
| Metric | FY2026 | FY2025 | YoY Change |
|---|---|---|---|
| Net revenue | $3,014.0M | $1,645.0M | +83.2% |
| Components revenue | $2,005.6M | $1,116.3M | +79.7% |
| Systems revenue | $1,008.4M | $528.7M | +90.7% |
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