美股光通信龙头Lumentum发布财报，公司2026财年Q2营收6.655亿美元，同比暴增65%。AI业务成增长 引擎，光断路开关(OCS)订单积压超4亿美元，共封装光学(CPO)新获数亿美元订单。 Q3指引更强劲：营收预计7.8-8.3亿美元，同比增长超85%。公司CEO强调，随着AI数据中心对带宽和能 效要求的爆发式增长，Lumentum正迎来其历史上最强劲的增长周期。 受此影响，公司盘后涨超6%，继续创下历史新高。 OCS交换机是直接对光信号进行交换和路径重构的网络设备，能无缝承载400G至1.6T及以上速率的业 务，从根本上保证了网络的极致带宽和前瞻兼容性。相比传统电交换机，OCS无需光电转换和数据包处 理，具备低延迟、低功耗、高可靠性的优势，且支持跨代设备无缝互联，延长硬件使用寿命。OCS主要 应用于AI算力集群的三大场景：Scale-Up（单节点性能强化，如谷歌TPUv4集群）、Scale-Out（多节点 协同，如谷歌Jupiter架构）和Scale-Across（跨数据中心互联，如英伟达DCI）。 此外，华西证券认为，CPO技术已经进入了商用元年，由AI算力驱动，800G光模块实现规模化应用， ...

Lumentum (LITE) came out with quarterly earnings of $1.67 per share, beating the Zacks Consensus Estimate of $1.41 per share. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +18.68%. A quarter ago, it was expected that this optical networking products maker would post earnings of $1.03 per share when it actually produced earnings of $1.1, delivering a surprise of +6.8%.Over the last four quar ...

Financial Data and Key Metrics Changes - The company reported a record quarterly revenue of $665.5 million, representing over 65% year-over-year growth and a non-GAAP operating margin increase of more than 1,700 basis points [6][20] - Non-GAAP gross margin for the second quarter was 42.5%, up 310 basis points sequentially and 1,020 basis points year-on-year [21] - Non-GAAP operating margin was 25.2%, an increase of 650 basis points sequentially and 1,730 basis points year-on-year [22] Business Line Data and Key Metrics Changes - Components revenue reached $443.7 million, a 17% sequential increase and 68% year-over-year growth, driven by demand for laser chips and assemblies [24][14] - Systems revenue was $221.8 million, reflecting a 43% sequential increase and 60% year-over-year growth, primarily from cloud transceivers [24][17] Market Data and Key Metrics Changes - The order backlog for Optical Circuit Switches (OCS) surged past $400 million, with most shipments expected in the second half of the calendar year [9][30] - The company anticipates a significant increase in revenue from cloud applications, with guidance for Q3 revenue between $780 million and $830 million [25] Company Strategy and Development Direction - The company is focusing on three primary growth catalysts: cloud transceivers, OCS, and co-packaged optics (CPO), with a strong emphasis on scaling production capabilities [8][12] - A new growth driver, optical scale-up, is being developed to replace copper connections in data centers, expected to begin shipments by late 2027 [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing the previously projected $750 million quarterly revenue milestone, now expecting a midpoint of $805 million for March [7] - The company is actively negotiating with customers to secure long-term supply assurances, indicating strong demand for its technology [13][43] Other Important Information - The company is investing in manufacturing capacity to support cloud and AI customers, with a CapEx of $84 million in Q2 [24] - The company has established long-term agreements (LTAs) with customers, which have improved pricing stability and allowed for incremental pricing discussions [78][80] Q&A Session Summary Question: Can you provide more details on the OCS market and the impact of price increases? - Management noted that the OCS market is developing better than expected, with a backlog exceeding $400 million and significant customer demand [30] - Price increases are positively impacting both top line and gross margin, although the overall revenue impact is modest [31] Question: What is the status of indium phosphide capacity ramp and potential new fabs? - The company confirmed that it has front-loaded capacity increases and is exploring options for new fabs to meet growing demand [38][43] Question: How is the transition to 1.6T transceivers progressing? - Management indicated strong demand for EMLs and silicon photonics, with expectations for continued growth in transceiver products [51][52] Question: What is the outlook for CPO and its competitive landscape? - The company feels confident in its position in the CPO market, highlighting the reliability of its products and the growing customer engagement [56][58] Question: How is the supply-demand imbalance affecting long-term agreements? - The supply-demand imbalance remains significant, with all EML capacity spoken for under LTAs, allowing for pricing flexibility [78][80]

Financial Data and Key Metrics Changes - Lumentum reported a record quarterly revenue of $665.5 million, representing over 65% year-over-year growth and a non-GAAP operating margin increase of more than 1,700 basis points [6][20] - Non-GAAP gross margin for Q2 was 42.5%, up 310 basis points sequentially and 1,020 basis points year-on-year, driven by better manufacturing utilization and increased pricing [21] - Non-GAAP operating margin reached 25.2%, up 650 basis points sequentially and 1,730 basis points year-on-year, primarily due to revenue growth in components products [22] Business Line Data and Key Metrics Changes - Components revenue was $443.7 million, a 17% sequential increase and 68% year-over-year growth, driven by demand for laser chips and assemblies [24][14] - Systems revenue reached $221.8 million, reflecting a 43% sequential increase and 60% year-over-year growth, with cloud transceivers being the main contributor [24][17] Market Data and Key Metrics Changes - The order backlog for optical circuit switches (OCS) surged past $400 million, with most shipments expected in the second half of the calendar year [9] - Demand for cloud transceivers has significantly increased, with revenue growing and expectations for continued growth in Q3 [10][19] Company Strategy and Development Direction - Lumentum aims to capitalize on three primary growth drivers: cloud transceivers, optical circuit switches (OCS), and co-packaged optics (CPO), with a focus on scaling production and improving profitability [8][12] - The company is exploring opportunities in the broader external light source (ELS) market to diversify its customer base and increase its serviceable market [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing the previously projected $750 million in quarterly revenue, with guidance for Q3 indicating a midpoint of $805 million, representing an 85%+ year-over-year increase [7] - The company acknowledged ongoing cyclical softness in the industrial market but highlighted strong demand in cloud-related businesses [18] Other Important Information - Lumentum's cash and short-term investments increased by $33 million to $1.16 billion, while inventory levels rose by $39 million to support expected growth [24] - The company is actively negotiating with leading customers to offset capital requirements in exchange for long-term supply assurances [12] Q&A Session Summary Question: Can you provide more details on the OCS market and the impact of price increases? - Management noted that the OCS market is developing better than expected, with a backlog exceeding $400 million and significant customer demand [30] - Price increases are positively impacting both top line and gross margin, with modest overall revenue impact expected [31] Question: What is the status of indium phosphide capacity ramp and potential new fabs? - Management confirmed that capacity increases are ahead of schedule, with expectations for better than 40% capacity growth [38] - Discussions about new fabs are ongoing, with a focus on increasing overall capacity [43] Question: How is the transition to 1.6T transceivers progressing? - The transition is primarily driven by EMLs, with expectations for significant growth in both EML and silicon photonics [51] - Management remains committed to vertically integrating CW lasers for transceivers, with timelines slightly pushed out [55] Question: What is the outlook for CPO and its competitive landscape? - Management expressed confidence in their position in the CPO market, highlighting reliability and customer engagement as key advantages [56] - The company anticipates significant growth in CPO, with a multi-hundred million dollar order expected to ramp in early 2027 [65] Question: How has the supply-demand imbalance affected long-term agreements with customers? - The supply-demand imbalance remains significant, with long-term agreements in place that provide pricing flexibility and stability [78] - Customers are increasingly seeking additional capacity beyond what is covered in LTAs, allowing for incremental pricing discussions [80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 27, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36861 Lumentum Holdings Inc. (Exact name of Registrant as specified in its charter) Delaware 47-3108385 (State or other juri ...

Financial Data and Key Metrics Changes - Lumentum reported a record quarterly revenue of $665.5 million, representing over 65% year-over-year growth and a non-GAAP operating margin increase of more than 1,700 basis points [5][17] - Non-GAAP gross margin for Q2 was 42.5%, up 310 basis points sequentially and 1,020 basis points year-on-year, driven by better manufacturing utilization and increased pricing [17][18] - Non-GAAP operating margin reached 25.2%, up 650 basis points sequentially and 1,730 basis points year-on-year, primarily due to revenue growth in components products [18] Business Line Data and Key Metrics Changes - Components revenue was $443.7 million, a 17% sequential increase and 68% year-over-year growth, driven by demand for laser chips and assemblies [21][11] - Systems revenue reached $221.8 million, reflecting a 43% sequential increase and 60% year-over-year growth, with cloud transceivers being the main contributor [21][14] - The optical circuit switches (OCS) business exceeded expectations, with a backlog exceeding $400 million, primarily to be shipped in the second half of the calendar year [7][27] Market Data and Key Metrics Changes - The demand for cloud transceivers and optical circuit switches is accelerating, with significant contributions expected from these segments in the upcoming quarters [6][16] - The company is experiencing a demand-supply imbalance, with a gap of approximately 25%-30% in EML products, indicating strong market demand [75] - The transition to 1.6T speeds is being driven primarily by EMLs, with silicon photonics expected to dominate future shipments [50][51] Company Strategy and Development Direction - Lumentum aims to capitalize on the AI revolution, positioning itself as a foundational technology provider for AI networks [5] - The company is focusing on expanding its capacity and improving manufacturing efficiency to meet growing demand, particularly in cloud applications [10][21] - Lumentum is exploring new market opportunities, including pluggable external light source modules, which could significantly increase its addressable market [9][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing previous revenue projections, with Q3 guidance indicating a midpoint of $805 million, representing an 85%+ year-over-year increase [5][22] - The company anticipates continued growth in its components portfolio, driven by cloud applications, while also addressing cyclical softness in the industrial market [15][16] - Management highlighted the importance of long-term agreements with customers, which provide pricing flexibility and stability in supply [76][78] Other Important Information - The company is actively negotiating with customers to offset capital requirements in exchange for long-term supply assurances, indicating the critical nature of its technology [10] - Lumentum's cash and short-term investments increased by $33 million to $1.16 billion, with inventory levels rising to support expected growth [21] Q&A Session Summary Question: Insights on the OCS market and price increases impact - Management noted that the OCS market is developing better than expected, with a backlog exceeding $400 million and significant demand from multiple customers [27][28] - Price increases are positively impacting both top line and gross margin, with modest overall revenue impact expected [29][30] Question: Indium phosphide capacity ramp and future capacity plans - Management confirmed that capacity increases are ahead of schedule, with expectations for better than previously outlined growth [35][36] - Discussions about new fabs are ongoing, indicating a proactive approach to expanding capacity [42] Question: Transceiver market dynamics and pricing - Demand for transceiver products is strong, with expectations for growth beyond initial projections, driven by multiple customers [39][40] - Management indicated that pricing discussions are ongoing, with opportunities for incremental pricing based on demand [78] Question: CPO opportunity and market share - Management expressed confidence in the CPO market, highlighting a significant order and the potential for increased market share [61][64] - The introduction of external light source modules is expected to enhance revenue potential significantly [83]

Q2 FY26 Conference Call February 3, 2026 ▪ Systems Forward Looking Statements and Financial Presentation This presentation and our earnings call contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These include statements regarding: our revenue, profitability, revenue growth and momentum, growth catalysts and drivers, the sustainability of our growth, the potential for our products, our ability to scale co ...

NEWS RELEASE LUMENTUM ANNOUNCES SECOND QUARTER OF FISCAL YEAR 2026 FINANCIAL RESULTS San Jose, Calif., February 3, 2026 – Lumentum Holdings Inc. ("Lumentum" or the "Company") today reported results for its fiscal second quarter ended December 27, 2025. "Lumentum delivered a standout second quarter, with over 65 percent year-over-year revenue growth and non-GAAP operating margin expansion above 1,700 basis points," said President and CEO Michael Hurlston. "Revenue hit the high end of our guidance range, whil ...

In the current session, the stock is trading at $431.90, after a 10.22% spike. Over the past month, Lumentum Holdings Inc. (NASDAQ:LITE) stock increased by 8.68%, and in the past year, by 400.29%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.How Does Lumentum Holdings P/E Compare to Other Companies?The P/E ratio measures the current share price to the company's EPS. It is used by ...

Core Insights - Lumentum Holdings Inc. is set to release its quarterly earnings on February 3, 2026, with analysts expecting an EPS of $1.40 and revenue of approximately $646.7 million [1][6] - The company is experiencing significant growth driven by increased demand for AI and cloud technologies, projecting revenues between $630 million and $670 million and non-GAAP EPS ranging from $1.30 to $1.50 [2][6] - Over 60% of Lumentum's revenue comes from AI and cloud demand, primarily from hyperscaler customers, with a Zacks Consensus Estimate for revenues at $652.4 million, reflecting a 62.2% increase from the previous year [3] Revenue and Growth Projections - Lumentum's optics business is thriving due to the adoption of AI technologies, with expectations to surpass its revenue guidance of $650 million sooner than anticipated [4] - The company's components for cloud and data center applications are crucial for data center operations, contributing to half of the expected growth in the second quarter [3][4] Market Impact - The upcoming earnings report could significantly impact Lumentum's stock price, with potential for a rise if expectations are exceeded, or a decline if results fall short [5]