Lumentum Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Lumentum Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,002	1,248	1,565	1,679	1,743	1,713	1,767	1,359	1,645	3,014
Cost of revenue	677	812	1,093	975	898	861	1,114	1,024	1,103	1,681
Gross profit	318	432	426	650	783	789	569	252	460	1,256
Research and development	148	157	185	199	215	221	308	302	304	357
Selling, general and administrative	110	128	200	235	241	266	349	311	348	363
Operating expenses	271	292	448	446	256	485	685	686	640	731
Operating income	47.6	140	-21.6	204	527	303	-116	-434	-180	525
Interest expense	5.5	18.2	36.3	61.2	66.7	80.2	35.5	33.8	22.2	21.8
Interest income	1.1	8.5	13.9	15.8	5.7	6.1	40.8	61.3	34.4	60.2
Other non-operating income	2.3	8.5	15.8	31.4	2.8	12	48.8	28.3	8	-7,698
Pre-tax income	-59.8	129	-33.3
Income tax	42.7	-119	3.1	38.8	65.8	36.2	29.2	141	-198	-238
Net income	-103	248	-36.4	136	397	199	-132	-547	25.9	-6,935
EBITDA	102	214	81.3	317	618	385	-9.1	-323	-75.8	654
EPS, basic	-1.71	3.88	-0.54	1.79	5.27	2.79	-1.93	-8.12	0.38	-92.96
EPS, diluted	-1.71	3.82	-0.54	1.75	5.07	2.68	-1.93	-8.12	0.37	-92.96
Shares, basic (weighted)	60.6	62.3	70.7	75.9	75.4	71.2	68.3	67.3	69	74.6
Shares, diluted (weighted)	60.6	63.3	70.7	77.6	78.4	74.2	68.3	67.3	69.6	74.6

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	273	397	433	298	774	1,290	859	437	521	2,044
Short-term investments	282	314	336	1,256	1,172	1,259	1,155	450	356	695
Receivables	166	197
Inventory	145	174	229	189	196	250	409	398	470	692
Other current assets	63.5	44.5	97.5	73.8	81.6	78.1	110	110	120	212
Total current assets	930	1,127	1,333	2,050	2,437	3,139	2,778	1,590	1,717	4,162
Property, plant and equipment	274	307	433	393	361	361	490	573	726	1,159
Lease right-of-use assets				78.7	67.4	73.6	77.3	72.8	27.9	29.2
Goodwill	11.4	11.3	369	369	369	369	695	1,056	1,061	1,069
Intangible assets	10.1	7	395	317	241	156	459	618	465	327
Other non-current assets	3.7	3.5	16.6	4	3.3	37.3	16.8	12.5	10.8	30.2
Total assets	1,233	1,582	2,717	3,293	3,552	4,162	4,632	3,932	4,219	7,308
Accounts payable	115	127	161	151	117	157	169	126	225	567
Accrued liabilities	19.3	33.9	46.7	23.7	33.1	44.7	51.2	52.4	34.6	64.9
Deferred revenue	6.9	2.8							0.7	15.4
Short-term debt						410		0	10.6	1,597
Total current liabilities	184	214	294	283	665	717	634	269	393	2,481
Long-term debt						1,466		2,503	2,563	40.5
Lease liabilities				57.6	47.6	48.8	47.7	43	23.6	20.3
Other non-current liabilities	25	18.7	33.7	36	40.9	42.9	91.4	103	97.8	115
Total liabilities	578	620	1,220	1,543	1,579	2,287	3,276	2,975	3,084	2,664
Total debt	457	457		1,539	1,532	2,411		2,503	2,573	1,637
Paid-in capital	695	753	1,361	1,677	1,744	2,004	1,692	1,835	1,987	12,430
Retained earnings	-83.2	166	129	64.6	221	-129	-341	-887	-861	-7,796
Other comprehensive income	7.4	6.4	7.1	7.9	8.2	0.4	4.1	9.3	9	10
Shareholders' equity	619	926	1,497	1,749	1,973	1,875	1,356	957	1,135	4,644
Total equity	619	926	1,497	1,749	1,973	1,875	1,356	957	1,135	4,644
Total liabilities and equity	1,233	1,582	2,717	3,293	3,552	4,162	4,632	3,932	4,219	7,308
Shares outstanding	61.5	62.8	76.7	75.1	73	68	66.4	67.9	69.8	88.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-103	248	-36.4	136	397	199	-132	-547	25.9	-6,935
Depreciation and amortization	54.2	74	103	113	91.4	81.6	107	111	104	129
Stock-based compensation	32.7	46.8	60.7	73.2	92.9	103	148	129	177	170
Change in receivables	4.2	-30.8	27.7	5	20.2	-49.2	83.2	72.3	-58.7	-270
Change in inventory	-41.7	-7.7	40.6	32.7	-6.6	-51.8	-81.5	73.8	-71.3	-228
Change in payables	-16.9	4.8	-10.6	-11.7	-34	47	-74	-89.7	69.2	222
Cash from operations	85	248	330	524	739	459	180	24.7	126	751
Capital expenditures	-138	-93.2	-166	-86	-84.8	-91.2	-129	-133	-231	-451
Acquisitions	-5.1	0	-620	0	0	0	-862	-701	0	-38
Purchases of investments	-291	-634	-270	-1,341	-1,991	-1,085	-1,030	-279	-366	-603
Cash from investing	-426	-127	-780	-988	1	-226	-874	-114	-84.1	-786
Debt issued							0	0	76.5	47.9
Stock issued	3.4	1.7	0.4	0.7	0.2	0	0
Share buybacks		0	0	-200	-236	-544	-176	0	0
Dividends paid	-0.9	-0.7	-0.7	0	0
Cash from financing	457	3.8	485	329	-263	283	263	-333	41.8	1,557
Exchange rate effect	-0.2	0.1	-0.2	0	0
Net change in cash	116	124	35.3	-135	476	516	-431	-422	84	1,523
Free cash flow	-53.1	154	164	438	654	368	51.3	-108	-105	300
Interest paid	0	1.3	15.1	13.4	6.4	7.5	10.8	19.7	19.1	15.7
Income taxes paid	9.5	12.7	8.7	7.6	50	57	67.3	61.2	20.6	46.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $941.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.7%	Gross profit / revenue.
Operating margin	17.4%	Operating income / revenue.
EBITDA margin	21.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-230.1%	Net income / revenue.
FCF margin	10.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.9%	Cash from operations / revenue.
Return on equity (ROE)	-240.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-120.3%	Net income / average total assets.
Return on invested capital (ROIC)	11.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	11.8%	Research and development expense / revenue.
SG&A / revenue	12.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	15.0%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	83.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	173.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	30.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-26,876.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-25,224.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	494.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	61.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	80.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	309.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	50.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	73.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.68x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.4%	Total debt / total assets.
Liabilities / assets	36.5%	Total liabilities / total assets.
Net debt	-$1.10B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.68x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	24.1x	Operating income / interest expense.
Working capital	$1.68B	Current assets - current liabilities.
Goodwill and intangibles / assets	19.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.25B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	3.20x	Revenue / average property, plant and equipment.
Inventory turnover	2.89x	Cost of revenue / average inventory.
Days inventory	126 days	365 x average inventory / cost of revenue.
Days payables	86 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	60.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$92.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$92.96	Net income per basic share, as reported (split-adjusted).
Revenue per share	$40.40	Revenue / diluted weighted shares.
FCF per share	$4.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.07	Cash from operations / diluted weighted shares.
Book value per share	$52.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.66	Tangible book value / shares outstanding.
Cash per share	$30.91	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$73.26B	Share price x shares outstanding.
Enterprise value	$72.16B	Market cap + total debt - cash - short-term investments.
P/S	24.3x	Market cap / revenue.
P/B	15.8x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	22.6x	Market cap / tangible book value, when positive.
P/FCF	244x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	97.5x	Market cap / cash from operations, when positive.
EV/Sales	23.9x	Enterprise value / revenue.
EV/EBIT	137x	Enterprise value / operating income, when both are positive.
EV/EBITDA	110x	Enterprise value / EBITDA, when both are positive.
EV/FCF	240x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	-9.5%	Net income / market cap (the inverse of P/E).

What was Lumentum Holdings Inc.'s revenue in fiscal 2026?

Lumentum Holdings Inc. reported revenue of $3.01B for fiscal 2026, 83.2% higher than the year before.

Was Lumentum Holdings Inc. profitable in fiscal 2026?

No. It reported a net loss of $6.94B.

How much free cash flow did Lumentum Holdings Inc. generate in fiscal 2026?

Cash from operations of $751.4M minus capital expenditures of $451.3M left free cash flow of $300.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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