Viavi Solutions Inc.

viavisolutions.com

What Do They Do?

Sells network testing, monitoring and assurance equipment and resilient positioning, navigation and timing products to communications and data-center operators, government and defense agencies, and critical-infrastructure operators. Also sells optical technologies for banknote security, consumer electronics, and industrial and automotive sensing.

How Do They Make Money?

Product buyers pay when hardware ships or is delivered, and when software is shipped, delivered, or ready to download. Service revenue comes from support over the contract term, repairs when completed, and professional work as it is performed or accepted.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	87% FY2023: 85%		Sold outright
Service Mix	13% FY2023: 15%		Mix

Who Are Their Customers?

Communications and data-center operators, equipment makers, government agencies and critical-infrastructure customers buy network solutions; VIAVI sells directly and also uses channel partners. Optical customers include banknote-security, aerospace, automotive and industrial buyers; OSP sells directly and uses distributors and manufacturers’ representatives in some regions and for select products.

Do Revenues Turn Into Profits?

Not on paper. It lost $30.4M in FY2026, but brought in more cash than it spent: $82.8M of free cash flow.

Operating income, FY2026

7% of revenue

▲ +83% vs FY2025 ($57.5M, 5%)

Net income, FY2026

−2% of revenue

▼ Now a loss vs FY2025 ($34.8M, 3%)

Free cash flow, FY2026

5% of revenue

▲ +34% vs FY2025 ($62M, 6%)

How Are They Changing?

Growing. Revenue grew 17% in 4 years, from $1.3B in FY2022 to $1.5B in FY2026, about 4% a year.

Expanded high-speed network testing VIAVI added a high-speed Ethernet, network-security and channel-emulation testing business through the Spirent acquisition; the older report described network test instruments and solutions for lab, field and service use.

Revenue over time

Product Service

$2B$1B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Anritsu, EXFO, Keysight Technologies, NetScout Systems, Riverbed Technology, Rohde & Schwarz, VeEX, Giesecke & Devrient, Crane NXT, GNMI Group, FYOTEC, Materion, Zhejiang Crystal-Optech, Platinum Optics Technology, and Coherent

Comments