Quarterly trend — last 8 quarters

The eight-quarter window from Q3 FY2024 (December 2023 quarter) through Q2 FY2026 (December 2025 quarter) captures three distinct regimes for Lumentum: the FY2024 trough, the FY2025 AI-driven recovery, and the FY2026 inflection as 200G/lane EML volume scales and the Cloud Light hyperscaler-direct business contributes meaningfully. Lumentum’s fiscal year ends on the Saturday closest to June 30 — FY2025 ended June 28, 2025; FY2026 ends approximately June 27, 2026.

Quarterly revenue and margins

Fiscal quarter	Calendar period	Net revenue ($M)	GAAP GM	Non-GAAP GM	Non-GAAP op margin	Non-GAAP diluted EPS
Q3 FY2024	Jan–Mar 2024	$366.5	n/a	n/a	n/a	n/a
Q4 FY2024	Apr–Jun 2024	$308.3	n/a	n/a	n/a	n/a
Q1 FY2025	Jul–Sep 2024	$336.9	23.1%	32.8%	3.0%	$0.18
Q2 FY2025	Oct–Dec 2024	$402.2	n/a	~33%	~6%	n/a
Q3 FY2025	Jan–Mar 2025	$425.2	n/a	~35%	~10%	$0.57
Q4 FY2025	Apr–Jun 2025	$480.7	n/a	37.8%	~13%	n/a
Q1 FY2026	Jul–Sep 2025	$533.8	34.0%	39.4%	18.7%	$1.10
Q2 FY2026	Oct–Dec 2025	$665.5	36.1%	42.5%	25.2%	$1.67

Sources: Lumentum quarterly press releases linked at the bottom of this page. Gaps (Q3/Q4 FY2024 GAAP/non-GAAP margin detail, Q2/Q4 FY2025 detail) reflect data not surfaced in initial primary-source review and should be filled in from EDGAR-filed earnings 8-Ks during the next refresh cycle.

Annual roll-up

Fiscal year	Net revenue ($M)	Net revenue YoY	GAAP net income ($M)	Comments
FY2023	$1,767.0	n/a	n/a	Pre-Cloud-Light; pre-AI-cycle
FY2024	$1,359.2	-23.1%	-$546.5	Inventory-correction trough; included Cloud Light contribution from Nov 2023
FY2025	$1,645.0	+21.0%	+$25.9	Recovery + AI-led Cloud & Networking ramp
H1 FY2026 (6mo)	$1,199.3	n/a	+$82.4	First-half FY2026; full-year run-rate suggests $2.6–3.0B

H1 FY2026 net income of $82.4M compares to a $143.3M net loss in H1 FY2025 — reflecting the combined operating-leverage and mix-shift uplift from the cloud-led recovery.

Q3 FY2026 guidance

Lumentum’s Q2 FY2026 release (Feb 3, 2026) provided the following Q3 FY2026 (Jan–Mar 2026) guidance:

Metric	Q3 FY2026 guidance
Net revenue	$780–$830M
Non-GAAP operating margin	30.0%–31.0%
Non-GAAP diluted EPS	$2.15–$2.35

Mid-point implied:

Revenue: $805M (+21% sequential, +90% YoY)
Non-GAAP op income: ~$245M
Non-GAAP diluted EPS: $2.25

This guidance is the most aggressive sequential-growth trajectory Lumentum has guided to in recent history, and it sits before the NVDA-funded San Jose fab capacity hits production — meaning the guide is achieved primarily on existing capacity yield/throughput improvements plus mix shift to higher-ASP 200G/lane EML and 1.6T modules.

Three regimes — narrative summary

Regime 1: FY2024 trough (Q1 FY2024 – Q4 FY2024)

Revenue fell 23% YoY in FY2024 driven by a broad inventory correction across the optical-networking industry: cloud customers had over-ordered during the post-COVID capacity buildout and spent much of FY2024 digesting excess inventory (Lumentum FY2024 10-K MD&A discussion). GAAP net loss of $546.5M reflected the operating deleverage. The Cloud Light acquisition closed November 7, 2023 and contributed only a partial year to FY2024.

Regime 2: FY2025 recovery (Q1 FY2025 – Q4 FY2025)

The trough bottomed in Q4 FY2024 / Q1 FY2025. From Q1 FY2025 ($336.9M) through Q4 FY2025 ($480.7M), revenue increased 43% in four quarters — driven by AI-cluster-led cloud demand. Gross margin rebuilt from 23.1% GAAP / 32.8% non-GAAP in Q1 FY2025 to ~37.8% non-GAAP by Q4 FY2025. The recovery was Cloud & Networking-led; Industrial Tech remained weak.

Regime 3: FY2026 inflection (Q1 FY2026 onward)

Q1 FY2026 ($533.8M, +58% YoY) and Q2 FY2026 ($665.5M, +65% YoY) mark a discontinuous step-change. Non-GAAP operating margin reached 25.2% in Q2 FY2026, the highest in Lumentum’s post-Oclaro history. This is the regime in which the NVDA $2B strategic investment (March 2026) layered on top of an already-accelerating organic ramp.

The operating-leverage characteristics of the inflection are notable:

Q1 FY2026 revenue +58% YoY translated to non-GAAP op margin expansion from 3.0% to 18.7% — extreme operating leverage
Q2 FY2026 revenue +65% YoY translated to non-GAAP op margin 25.2% — leverage continues
This is consistent with a fixed-cost-heavy InP fab and module-assembly business where contribution margins on incremental volume are very high once base fixed costs are absorbed

Forward path

Lumentum’s stated revenue milestones (CEO Alan Lowe — March 2026 OFC investor commentary):

Milestone	Target window
$1.25B quarterly revenue run rate	9–12 months from March 2026
$2.0B quarterly revenue run rate	18–24 months from March 2026
$30+ annualized EPS	CY2028

These targets are management-framed; treat as ⚠ aspirational unless / until they are reaffirmed in formal SEC filings.

Cross-link

Segment revenue mix — Cloud & Networking vs Industrial Tech
Margins and pricing — gross-margin profile detail
Earnings calls — management commentary by quarter
Capex cycle — capacity-investment side
04_market AI capex cycle — top-down demand variable