VIAVI SOLUTIONS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VIAVI SOLUTIONS 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	811	876	1,130	1,136	1,199	1,292	1,106	1,000	1,084	1,518
Cost of revenue	326	387	479	471	485	519	467	425	463	643
Gross profit	479	488	651	665	714	774	639	576	621	875
Research and development	136	133	187	194	203	213	207	202	209	263
Selling, general and administrative	300	324	344	315	338	366	329	333	349	469
Operating expenses	472	487	584	547	572	589	556	555	564	770
Operating income	7	1.9	67.4	118	142	185	82.4	20.8	57.5	105
Interest expense	43.2	47.3	34.3	13.4	14.7	23.3	27.1	30.9	30	47.4
Interest income	11.1	16	8.1	7.1	2.9	3.4	10.2	18.9	13.1	15.4
Other non-operating income	13.1	9.7	6.2	9.6	3.3	5.2	7.6	21.7	11.1	15.3
Pre-tax income	180	-35.7	39.3	114	131	65.1	60.7	11.6	38.6	16.3
Income tax	21.4	12.9	31.5	65.3	63.3	49.6	35.2	37.4	4.4	47.5
Income from continuing operations	159	-48.6	7.8	28.7	46.1
Net income	160	-48.6	5.4	49	67.5	15.5	25.5	-25.8	34.8	-30.4
EBITDA	36.4	37.6	107	158	178	221	119	59.4	95.9	146
EPS, basic	1.23	-0.37	0.04	0.21	0.30	0.07	0.11	-0.12	0.16	-0.13
EPS, diluted	1.19	-0.37	0.04	0.21	0.29	0.07	0.11	-0.12	0.15	-0.13
Shares, basic (weighted)	131	130	130	229	229	231	225	223	223	230
Shares, diluted (weighted)	134	130	132	235	236	238	227	223	226	230

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	1,004	611	522	539	698	560	507	471	424	648
Short-term investments	432	169	1.5	1.5	1.6	1.4	14.6	19.9	1.7	2
Receivables	120	219	238	236	257	261	231	213	261	351
Inventory	48	92.3	103	83.3	94.9	110	116	96.5	118	155
Other current assets	50.8	56.3	49.9	50.8	57	69.2	72.1	70.7	77.3	93.2
Total current assets	1,667	1,155	917	914	1,112	1,005	945	877	885	1,257
Property, plant and equipment	137	171	180	173	196	229	243	228	232	225
Lease right-of-use assets				40.5	45.1	45.2	40.4	35.8	34.1	42.6
Goodwill	152	336	381	381	397	388	455	453	596	701
Intangible assets	31.1	235	212	148	88	54.2	58.6	38.2	132	378
Long-term investments								0	3	3
Other non-current assets	14.4	15.4	17.3	55.3	59.5	65.8	61.7	58	62.2	71.8
Total assets	2,111	2,027	1,815	1,776	1,961	1,828	1,851	1,736	1,994	2,706
Accounts payable	32.6	55.5	63.4	53	63.2	58.3	47.2	50.4	68.8	92.2
Accrued liabilities	30.8	30.1	34.2	22.6	24.8	29.3	21.2	25.3	28.7	27.3
Deferred revenue	60.2	60.6	55.3	54.6	69.7	81	78.6	65.7	74.1	102
Short-term debt	0	275	0	2.8	457	68.4	96.2	0	246	245
Total current liabilities	229	553	284	233	747	369	344	247	590	681
Lease liabilities			0	28.1	30.8	33.5	29.4	25.7	24.1	31.2
Other non-current liabilities	164	181	227	231	226	170	187	172	228	180
Total liabilities	1,307	1,292	1,188	1,143	1,198	1,156	1,160	1,055	1,214	1,257
Total debt				679	224	617	630	636	396
Paid-in capital	70,184	70,216	70,245	70,146	70,183	70,370	70,427	70,472	70,518	71,253
Retained earnings	-69,306	-69,379	-69,385	-69,347	-69,322	-69,542	-69,601	-69,647	-69,628	-69,689
Other comprehensive income	-92.4	-103	-135	-166	-97.2	-156	-136	-144	-110	-116
Shareholders' equity	804	735	627	633	764	672	691	682	780	1,449
Total equity	804	735	627	633	764	672	691	682	780	1,449
Total liabilities and equity	2,111	2,027	1,815	1,776	1,961	1,828	1,851	1,736	1,994	2,706
Shares outstanding	130	130	131	228	228	226	222	222	223	247

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	160	-48.6	5.4	49	67.5	15.5	25.5	-25.8	34.8	-30.4
Depreciation and amortization	29.4	35.7	39.7	40	35.8	35.7	36.2	38.6	38.4	40.4
Stock-based compensation	33.2	30.5	38.2	44.6	48.3	52.3	51.2	49.4	53.1	55.4
Deferred income tax						-10.5	4.8	0.3	-28.4	10.6
Change in receivables	23.7	-53.2	-17.8	-5.1	-15	-18.3	37.4	13.9	-34.1	-94.9
Change in inventory	-1.1	-5.5	-15.4	3.7	-14.3	-27.7	-10.7	10.5	-7.5	-49
Change in payables	-14.8	13.2	8.7	-9.2	7	-5.6	-9.4	3.2	14.6	24
Cash from operations	94.3	66	139	136	243	178	114	116	89.8	114
Capital expenditures	-38.6	-42.5	-45	-31.9	-52.1	-72.5	-51.1	-19.5	-27.8	-31.1
Acquisitions	0	-510	-47	-2.5	-0.7	-8.3	-67.3	0	-121	-399
Purchases of investments	-679	-383	0	0	0	0	-13.1	-225	-149	-125
Sales and maturities of investments	470	438	47.3	0	0
Cash from investing	114	-287	80.6	-29.8	-48.7	-71	-127	-21.6	-128	-427
Debt issued				0	0	400	118	0	0	749
Debt repaid								-96.4	0	-649
Stock issued								0	0	575
Share buybacks	-92	-40.8	-11.2	-44.4	-42.2	-236	-83.9	-20	-16.4	-30
Cash from financing	311	-181	-300	-71.7	-58.8	-210	-50	-126	-23.6	541
Exchange rate effect	2.5	2.9	-12.9	-17.1	25.2	-32.3	5.8	-2.9	12.5	-0.4
Net change in cash	521	-398	-93.9	17	161	-136	-57.2	-33.8	-49.7	228
Free cash flow	55.7	23.5	93.8	104	191	106	63	96.9	62	82.8
Interest paid	6.7	11.2	11.8	11.3	12.3	17.9	22	23.9	22.9	38.7
Income taxes paid	23.1	24.4	29.8	50.6	36.7	77.1	47.5	30.9	29.5	23.8

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $40.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.7%	Gross profit / revenue.
Operating margin	6.9%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.1%	Pre-tax income / revenue.
Net margin	-2.0%	Net income / revenue.
FCF margin	5.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.5%	Cash from operations / revenue.
Effective tax rate	291.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-2.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.3%	Net income / average total assets.
Return on invested capital (ROIC)	10.7%	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	17.3%	Research and development expense / revenue.
SG&A / revenue	30.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.0%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	40.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	40.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.1%	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	4.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	82.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	51.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-187.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-186.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.1%	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	-14.1%	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 growth, 1y	33.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	9.5%	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	-15.4%	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	85.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.0%	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	13.7%	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	35.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.5%	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	6.6%	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	1.7%	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	0.4%	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	-0.6%	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	1.85x	Current assets / current liabilities.
Quick ratio	1.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.95x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	46.5%	Total liabilities / total assets.
Interest coverage	2.22x	Operating income / interest expense.
Working capital	$576.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$370.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	6.65x	Revenue / average property, plant and equipment.
Inventory turnover	4.71x	Cost of revenue / average inventory.
Days inventory	78 days	365 x average inventory / cost of revenue.
Receivables turnover	4.96x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	105 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	27.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.13	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	-$0.13	Net income per basic share, as reported (split-adjusted).
Revenue per share	$6.62	Revenue / diluted weighted shares.
FCF per share	$0.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.50	Cash from operations / diluted weighted shares.
Book value per share	$5.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.50	Tangible book value / shares outstanding.
Cash per share	$2.63	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	36.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.04B	Share price x shares outstanding.
Enterprise value	$9.39B	Market cap + total debt - cash - short-term investments.
P/S	6.61x	Market cap / revenue.
P/B	6.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	27.1x	Market cap / tangible book value, when positive.
P/FCF	121x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	88.1x	Market cap / cash from operations, when positive.
EV/Sales	6.18x	Enterprise value / revenue.
EV/EBIT	89.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	64.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	113x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.8%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.

What was VIAVI SOLUTIONS INC.'s revenue in fiscal 2026?

VIAVI SOLUTIONS INC. reported revenue of $1.52B for fiscal 2026, 40% higher than the year before.

Was VIAVI SOLUTIONS INC. profitable in fiscal 2026?

No. It reported a net loss of $30.4M.

How much free cash flow did VIAVI SOLUTIONS INC. generate in fiscal 2026?

Cash from operations of $113.9M minus capital expenditures of $31.1M left free cash flow of $82.8M.

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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