Lumentum Holdings Inc.

Company facts

Industry

Communications Equipment, NEC

Headquarters

San Jose, California

Most recent report

10-K, filed Aug 17, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 1633978

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 5 of 27 sections worth reading, with 3 positive, 15 notable, and 3 negative flags.

• Business (Item 1)

  Customer concentration, segment restructure, patent decline, employee surge, new facility.
  Notable

  • Company now reports one operating segment; previously had two (Cloud & Networking and Industrial Tech).
  • AI/cloud demand now outpaces supply, forcing allocation decisions; company is adding capacity.
  • International revenue was 79.2% of FY2026 net revenue, high and stable; down from 81.0% in FY2025.
  • U.S. patents fell to ~1,000 from ~1,020; foreign patents to ~900 from ~1,100; pending to ~670 from ~780.
  • Employee count rose 30% to 13,757 from 10,562, with most growth in manufacturing (11,916 from 8,706).

• Risk Factors (Item 1A)

  Company-specific concerns: Huawei subpoenas, notes conversion risk, going-concern warning.
  Notable

  • Secretary of Commerce initiated Section 232 investigation April 14, 2025 on semiconductors and derivative products.
  • $1,554.3 million aggregate principal of convertible notes outstanding (2026, 2028, 2029, 2032 series) as of FY2026.
  Negative

  • Received subpoenas from BIS and DOJ over Huawei shipments after stopping all shipments in early 2024.
  • Convertible notes may be converted for cash, which 'could adversely impact our ability to continue as a going concern'.

• Management's Discussion (Item 7)

  Revenue surged 83% to $3.0B, gross margin 41.7%; but $7.8B debt extinguishment loss, customer concentration, convertible note liquidity risk.
  Positive

  • Net revenue surged 83.2% to $3.014B in FY2026, led by 79.7% growth in Components and 90.7% in Systems.
  • Gross margin improved to 41.7% from 28.0%, driven by higher factory utilization and mix shift to higher-margin products.
  Notable

  • A $7,756.6M non-cash loss on debt extinguishment from exchanging convertible notes for common stock in FY2026.
  Negative

  • All convertible notes (carrying $1,544.6M, fair value $7,607.2M) are convertible and classified as current liabilities.

• Market Risk (Item 7A)

  Large cash jump, new notes, debt conversions, and credit facility are company-specific.
  Positive

  • Cash and short-term investments rose from $877.1M to $2,738.4M, tripling liquidity in FY2026.
  Notable

  • Foreign exchange loss improved to $0.5M from a $4.2M loss in the prior year.
  • Issued $1.265B in new 0.375% 2032 convertible notes in September 2025.
  • Equitized $1.125B of existing convertible notes and settled early conversions on $519.4M more.
  • New $400M senior secured revolving credit facility entered December 2025, currently undrawn.
  • Unrestricted cash in operating accounts increased to $635.9M from $349.5M a year earlier.

• Financial Statements (Item 8)

  Full financial statements with major capital restructuring, revenue surge, and new disclosures.
  Notable

  • Issued $2.0B of Series A Convertible Preferred Stock to NVIDIA in March 2026.
  • Received inquiries from BIS and DOJ regarding voluntary disclosure; outcome uncertain.

What changed: FY2026 vs. FY2025

About 17% of LITE's FY2026 10-K is new information. 199 paragraphs were added, 363 changed, and 266 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 228
• Risk Factors (Item 1A) 101
• Management's Discussion (Item 7) 69
• Business (Item 1) 46
• Form 10-K Summary (Item 16) 12
• Market Risk (Item 7A) 9
• Cybersecurity (Item 1C) 9
• Controls and Procedures (Item 9A) 5
• Properties (Item 2) 2
• Market for the Stock (Item 5) 2