Lumentum Holdings — 2026Q3 财报

“GAAP gross margin of 47.4%; Non-GAAP gross margin of 50.4% • GAAP operating margin of 27.8%; Non-GAAP operating margin of 36.6%”

The quarter's profitability came in at 47.4% GAAP and 50.4% non-GAAP gross margin, with non-GAAP operating margin of 36.6%.

“Non-GAAP net income for the fourth quarter of fiscal year 2026 was $326.3 million, or $3.23 per diluted share”

Non-GAAP net income was $326.3 million, or $3.23 per diluted share — the figure the deterministic consensus comparison scored as the beat.

“Net revenue for the fourth quarter of fiscal year 2026 was $1.01 billion, with GAAP net loss of $7.2 billion, or $84.65 per diluted share.”

The headline GAAP result is a $7.2 billion net loss on $1.01 billion of revenue — a distortion, not an operating outcome, and one that makes GAAP EPS unusable for this quarter.

“The GAAP net loss was driven by the equitization of certain amounts of our convertible notes in the fourth quarter of fiscal year 2026, which contributed to a one-time, non-cash loss on debt extinguishment of $7.8 billion.”

The company attributes that GAAP loss entirely to a one-time, non-cash loss on debt extinguishment of $7.8 billion from equitizing convertible notes.

“Forecasting first quarter of fiscal year 2027 revenue of $1.225 billion to $1.275 billion; Non-GAAP operating margin of 39.5% to 40.5%; and Non-GAAP diluted net income per share of $4.05 to $4.35”

Guidance steps revenue, operating margin and EPS all higher again for the September quarter.

“As AI compute workloads increase in both speed and bandwidth, data center architects are turning to optical links as a primary means of connectivity.”

The CEO frames the demand as an architectural shift inside the data centre rather than a cyclical upturn — optics displacing electrical links as compute speed and bandwidth rise.

“The Company held $2.7 billion in total cash, cash equivalents, and short-term investments at the end of the fourth quarter of fiscal year 2026, a decrease of $433.9 million from the end of the third quarter of fiscal year 2026.”

Cash and short-term investments fell sequentially by $433.9 million to $2.7 billion as the company funded capacity expansion.

“In addition to strong top line performance, non-GAAP gross margin crossed 50%. We had originally targeted this threshold at a $2 billion quarterly run rate. So this milestone came quite a bit sooner than expectations.”

Non-GAAP gross margin crossed 50% well before the $2 billion quarterly run rate management had modelled for that threshold.

“We are way behind. Our shipments, unfortunately, on high-powered lasers. So we -- if one vector has really changed since the last time you and I talked, I'd say it's your high-powered lasers, and we are very much further behind. The demand signals increased and we are very much further behind relative to our ability to supply.”

The CEO named high-powered lasers — the co-packaged and near-packaged optics input — as the place where the company is furthest behind customer demand, and as the vector that changed most since the prior quarter.

“I think just to clarify -- yes, just to clarify, our execution of the ramp is on track, right? We're further behind because our -- the demand has accelerated.”

The head of the business units drew the distinction that matters for reading that shortfall: the capacity ramp is executing to plan and the gap opened because demand accelerated, not because the ramp slipped.

“Pump laser shipments surged more than 80% year-over-year, and we will remain effectively sold out for the foreseeable future despite our rapid capacity expansion.”

Pump laser shipments grew more than 80% year over year and management expects to stay effectively sold out despite adding capacity.

“While pockets of supply chain tightness for certain components capped shipments below total market demand, our factories executed to our aggressive plan for both product lines.”

In the Systems business, component-level supply tightness — not customer demand — held shipments below what the market would have taken.

“This action reduces our debt by $1.1 billion or approximately 35% of our outstanding convertible debt. This transaction resulted in a one-time non-cash GAAP charge of $7.8 billion, bringing our fourth quarter GAAP net loss to $7.2 billion.”

The CFO tied the GAAP charge to a real balance-sheet improvement: convertible debt down $1.1 billion, roughly 35% of the outstanding, with the $7.8 billion charge explicitly non-cash.

“The bulk of our cloud transceiver shipments in the quarter were at 800 gig speeds, and we began shipping 1.6T transceivers as planned.”

The cloud transceiver mix is still predominantly 800G, with 1.6T only beginning to ship — so the higher-ASP transition is ahead of the company, not behind it.