Lumentum Holdings Inc. reported financial results for its fiscal first quarter ended September 26, 2026, filing an -K with the SEC on November 2, 2026. The company reported net revenue of $1.26 billion for the quarter, a 25.5% increase compared to the prior quarter and a 136.5% increase year-over-year. GAAP net income was $360.3 million, or $3.54 per diluted share, while non-GAAP net income was $461.1 million, or $4.57 per diluted share.
GAAP gross margin for the quarter was 51.0%, while non-GAAP gross margin was 53.2%. GAAP operating margin was 28.5%, and non-GAAP operating margin was 42.3%. The company noted that pump lasers and optical circuit switches (OCS) were leading contributors to the growth. Lumentum also secured a second major NPO/CPO win backed by purchase commitments exceeding $5 billion and noted expanded visibility for OCS demand.
Regarding the balance sheet, the company held $2.0 billion in total cash, cash equivalents, and short-term investments at the end of the quarter, a decrease of $758.8 million from the end of the prior quarter. The company provided guidance for the second quarter of fiscal year 2027, expecting net revenue between $1.575 billion and $1.625 billion, non-GAAP operating margin of 45.0% to 46.0%, and non-GAAP diluted earnings per share of $5.90 to $6.20.
