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Sentiment · FY2026 Q4
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ryan Koontz | Needham | 13 (0%) |
| Simon Leopold | Raymond James | 12 (8%) |
| Samik Chatterjee | JPMorgan | 12 (0%) |
| Meta Marshall | Morgan Stanley | 9 (0%) |
| Chris Rolland | Susquehanna | 8 (63%) |
| George Notter | Wolfe Research | 7 (0%) |
| Tom O'Malley | Barclays | 7 (0%) |
| Karl Ackerman | BNP Paribas | 7 (14%) |
| Mike Genovese | Rosenblatt Securities | 7 (0%) |
| Papa Sylla | Citigroup | 7 (14%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 15 (0%) |
| Needham | 1 | 13 (0%) |
| Raymond James | 1 | 12 (8%) |
| Morgan Stanley | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $337M | +6.1% | $-1.21 | -18.6% | 23.1% | -24.5% | -24.5% | $-35M |
| FY2025 Q2 | $402M | +30.5% | $-0.88 | +76.3% | 24.8% | -12.7% | -15.1% | $-16M |
| FY2025 Q3 | $425M | +26.2% | $-0.64 |
| 11 (0%) |
| Susquehanna | 2 | 10 (50%) |
| BNP Paribas | 1 | 7 (14%) |
| Barclays | 1 | 7 (0%) |
| Loop Capital | 2 | 7 (0%) |
| +47.1% |
| 28.8% |
| -15.4% |
| -10.4% |
| $-64M |
| FY2025 Q4 | $481M | +55.9% | $2.96 | +179.6% | 33.3% | -0.7% | 44.4% | $10M |
| FY2026 Q1 | $534M | +58.4% | $0.05 | +104.1% | 34.0% | 2.8% | 0.8% | $-18M |
| FY2026 Q2 | $666M | +65.5% | $0.89 | +201.1% | 36.1% | 9.6% | 11.8% | $203M |
| FY2026 Q3 | $808M | +90.1% | $1.50 | +334.4% | 44.2% | 21.7% | 17.8% | $79M |
| FY2026 Q4 | $1.01B | +109.3% | $-95.40 | -3323.0% | 47.4% | 26.9% | -711.7% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Revenue surged 90% year-over-year to a record $808 million, with components up 77% to $533 million and systems up 121% to $275 million as cloud transceivers grew over 40% sequentially. Non-GAAP operating margin reached 32.2%, up 2,140 basis points year-over-year on better factory utilization, a richer data center laser chip mix and pricing on constrained products, and GAAP net income per share was $1.50. Supply remained the binding constraint, with the EML supply-demand imbalance above 30% and pump lasers tighter still, so shipments stayed well below customer demand. Management guided fiscal Q4 revenue to $960 million to $1.01 billion, another record, and reaffirmed the $2 billion quarterly revenue goal articulated at its OFC event.
Cloud & AI | Competitive Dynamics | Revenue Growth | Supply Chain | Innovation & R&D | Demand | Margin | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 13 | 6 | 3 | 5 | 7 | 8 | 4 | 7 |
| 2025Q2 | 10 | 6 | 5 | 5 | 3 | 6 | 2 | 4 |
| 2025Q3 | 13 | 4 | 4 | 6 | 5 | 4 | 4 | 1 |
| 2025Q4 | 11 | 7 | 7 | 4 | 3 | 2 | 4 | 4 |
| 2026Q1 | 11 | 5 | 6 | 5 | 4 | 3 | 4 | 3 |
| 2026Q2 | 10 | 4 | 5 | 4 | 3 | 2 | 2 | 4 |
| 2026Q3 | 1 | 3 | 5 | 6 | 4 | 3 | 5 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 13 | 10 | 13 | 11 | 11 | 10 | 1 |
| Competitive Dynamics | 6 | 6 | 4 | 7 | 5 | 4 | 3 |
| Revenue Growth | 3 | 5 | 4 | 7 | 6 | 5 | 5 |
| Supply Chain | 5 | 5 | 6 | 4 | 5 | 4 | 6 |
| Innovation & R&D | 7 | 3 | 5 | 3 | 4 | 3 | 4 |
| Demand | 8 | 6 | 4 | 2 | 3 | 2 | 3 |
| Margin | 4 | 2 | 4 | 4 | 4 | 2 | 5 |
| Product Launch | 7 | 4 | 1 | 4 | 3 | 4 | 1 |
What LITE and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I would say that Google is driving a lot of demand on our business, right? They're certainly one of our largest customers, and we benefited greatly from that relationship.”
Google is one of Lumentum's largest customers and is driving significant OCS/optical demand tied to its TPU buildout, a positive read-through for Google's AI-infrastructure investment.
“the increase primarily driven by NVIDIA's direct investment in Lumentum.”
NVIDIA made a direct equity investment in Lumentum that drove a roughly $2 billion increase in Lumentum's cash and short-term investments, deepening the NVIDIA-Lumentum relationship.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LITE Lumentum Holdings Inc. | 9 | +90.1% | |
| CIEN Ciena Corporation | 10 | +33.1% | |
| CSCO Cisco Systems, Inc. | 9 | +9.7% | |
| ECHO EchoStar Corporation | 4 | -5.2% | |
| HPE Hewlett Packard Enterprise | 8 | +19.1% | |
| MSI Motorola Solutions | 7 | +7.4% | |
| ZBRA Zebra Technologies | 8 | +14.3% |