Lumentum Holdings Inc. (“Lumentum” or the “Company”) today reported results for its fiscal third quarter ended March 28, 2026.

“Lumentum delivered an exceptional third quarter, with revenue growing 90% year over year to a record $808 million. While our top line growth continues to garner headlines, the more impressive part of our recent performance has been our margin expansion. In fiscal Q3, gross margin improved by 540 basis points on quarter and operating margin by 700 basis points,” said President and CEO Michael Hurlston.

“Margin improvement has been driven by many factors including operational rigor, pricing discipline, and product mix. This quarter, mix was aided by strength in laser chips, but also by a less-heralded part of our portfolio, ‘scale-across’ components, which include our pump lasers and narrow linewidth laser assemblies. As our key growth drivers of co-packaged optics and optical circuit switches begin to kick in, we would expect further increases in earnings power.”

Fiscal Third Quarter Highlights:
Net revenue for the third quarter of fiscal year 2026 was $808.4 million, with GAAP net income of $144.2 million, or $1.50 per diluted share. Net revenue for the second quarter of fiscal year 2026 was 665.5 million, with GAAP net income of $78.2 million, or $0.89 per diluted share. Net revenue for the third quarter of fiscal year 2025 was 425.2 million, with GAAP net loss of $44.1 million, or $0.64 per diluted share.

Non-GAAP net income for the third quarter of fiscal year 2026 was $225.7 million, or $2.37 per diluted share. Non-GAAP net income for the second quarter of fiscal year 2026 was $143.9 million, or $1.67 per diluted share. Non-GAAP net income for the third quarter of fiscal year 2025 was $40.9 million, or $0.57 per diluted share.

The Company held $3,172.3 million in total cash, cash equivalents, and short-term investments at the end of the third quarter of fiscal year 2026, up $2,017.0 million from the end of the second quarter of fiscal year 2026 primarily due to the proceeds from the issuance of Series A Convertible Preferred Stock in March 2026.

Financial Overview – Fiscal Third Quarter Ended March 28, 2026

The tables above provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP Financial Measures.”

Business Outlook
Lumentum expects the following for the fourth quarter of fiscal year 2026:

• Net revenue in the range of $960 million to $1.01 billion
• Non-GAAP operating margin of 35.0% to 36.0%
• Non-GAAP diluted earnings per share of $2.85 to $3.05

We have not provided reconciliations from GAAP to non-GAAP financial measures or the equivalent GAAP measure for non-GAAP financial measures in our outlook, as they cannot be provided without unreasonable effort. A large portion of non-GAAP adjustments, such as stock-based compensation and related payroll expenses, acquisition related costs, net, integration related costs, restructuring and related charges (reversals), non-GAAP income tax reconciling adjustments, and other non-GAAP adjustments are by their nature highly volatile and we have low visibility as to the range that may be incurred in the future.

TrendForce 2026 Infrared Sensing Application Market and Branding Strategies
Release: 01 January 2026
Format: PDF / EXCEL
Language: Traditional Chinese / English
Page: 168