Lumentum Holdings Inc. · Common stock · San Jose, California

The lasers inside AI's optical wiring.

Lumentum makes the lasers, transceivers and optical circuit switches that link GPUs inside AI data centers. Revenue doubled to $1.0B last quarter and is guided to $1.25B, with non-GAAP operating margin heading to 40%. The stock is up about seven-fold in a year.

Last close · Oct 9, 2026

$1,103.36

Market cap

$85.8B

at current price

52-week range

$148–1,143

closing low / high

P/E

~66×

Q1 guide EPS $4.20 × 4 (non-GAAP)

Revenue TTM

Q1 FY27 guide

$1.25B

±$25M · EPS $4.05–4.35

Next earnings

Early Nov

Q1 FY27 · date not yet announced

Price, last 12 months

Daily closes with the 50-day average. Lumentum rose about seven-fold over the year on AI optical demand.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.54

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with GAAP gross margin on the right axis. Lumentum's fiscal year ends around July 1. Q4 FY26 GAAP EPS of −$84.65 comes from a one-time $7.8B non-cash charge for converting notes into stock. The last bar is guidance at the midpoint.

RevenueGross margin (right axis)Guidance

Q4 FY26

$1.01B

+109% YoY · 8th straight rise

Components

$649M

+103% · record EML lasers

Systems

$357M

+123% · 800G and first 1.6T

Gross margin

50.4%

non-GAAP · 37.8% a year ago

Op. margin

36.6%

non-GAAP · Q1 guide 39.5–40.5%

FY26 revenue

$3.01B

+83% vs FY25

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

1.6T ramp

Record 800G transceiver shipments and the first 1.6T production shipments in Q4. Management expects 1.6T adoption to intensify through calendar 2027.

Tailwind

Optical circuit switches

OCS shipments are expanding at hyperscalers, and near-packaged optics and ultra-high-power lasers come next, with a $100M+ laser quarter targeted for Q3 FY27.

Watch

Supply is the limit

Management says supply, not demand, is the binding constraint. Capex rose to $167M in Q4 to add capacity.

Watch

Dilution from note conversions

Converting $1.1B of notes cut debt by 35% but issued new shares and created the $7.8B GAAP charge. About $2B of convertible debt remains.

Risk

Customer concentration

Growth depends on a handful of hyperscalers' AI build-outs. A pause in their orders would show up quickly.

Risk

Valuation and volatility

About 66× annualized guided earnings after a seven-fold rise. Optical stocks swing hard on AI capex headlines, so position sizing matters.

Calendar

Early Nov 2026

Q1 FY27 earnings

Guide: $1.225–1.275B revenue, 39.5–40.5% non-GAAP operating margin, EPS $4.05–4.35. Last year's Q1 was reported on Nov 4.

Calendar 2027

1.6T volume ramp

1.6T transceiver uptake is expected to build through the year.

Q3 FY27 (Mar 2027)

Laser milestone

Target: first $100M+ quarter for ultra-high-power lasers.