Lumentum Holdings Inc.

investor.lumentum.com

What Do They Do?

Sells optical modules and circuit switches to cloud and network infrastructure customers, and industrial lasers to manufacturers.

How Do They Make Money?

Customers pay for hardware products when goods ship or are delivered, and for services when rendered. Payment terms vary by customer.

revenue

Segment	Share	Revenue	How money arrives
Components Sold outright	33%		Sold outright
Systems Sold outright	67%		Sold outright

Who Are Their Customers?

Network equipment manufacturers integrate optical components into their systems; cloud and network service providers and AI infrastructure providers use optical products, while manufacturers use industrial lasers.

Customers above 10% of revenue, FY2026

of revenue from two customers (27%, 15%)

FY2024: 30% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $6.9B in FY2026, but brought in more cash than it spent: $300.1M of free cash flow.

Operating income, FY2026

17% of revenue

▲ Now profitable vs FY2025 (−$180.1M, −11%)

Net income, FY2026

−230% of revenue

▼ Now a loss vs FY2025 ($25.9M, 2%)

Free cash flow, FY2026

10% of revenue

▲ Now profitable vs FY2025 (−$104.7M, −6%)

How Are They Changing?

Growing. Revenue grew 76% in 4 years, from $1.7B in FY2022 to $3B in FY2026, about 15% a year.

Revenue over time

Components Systems

$5B$2.5B$0

FY2025 FY2026

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