Viavi Solutions (VIAV) FY2025 results: revenue $1.1 billion, up 8.4% on the year

Viavi Solutions Inc. (VIAV) reported revenue of $1.1 billion for fiscal 2025, the year ended 28 June 2025, up 8.4% on the year before. Net income was $35 million, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 11 August 2025.

Revenue

$1.1 billion

+8.4% on the year

FY2018FY2025

Operating margin

5.3%

2.1% a year earlier

FY2018FY2025

Net income

$35 million

FY2018FY2025

Diluted EPS

$0.15

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	1,084	1,000	1,106	+8.4%
Cost of revenue	463	424	467	+9.1%
Gross profit	621	576	639	+7.8%
Gross margin	57.3%	57.6%	57.8%
Research and development	209	202	207	+3.4%
Selling, general and administrative	349	333	329	+4.8%
Operating income	57.5	20.8	82.4	+176.4%
Operating margin	5.3%	2.1%	7.4%
Interest expense	30.0	30.9	27.1	-2.9%
Pre-tax income	38.6	11.6	60.7	+232.8%
Income tax	4.4	37.4	35.2	-88.2%
Effective tax rate	11.4%	322.4%	58.0%
Net income	34.8	-25.8	25.5
Net margin	3.2%	-2.6%	2.3%
Diluted EPS	$0.15	-$0.12	$0.11

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	89.8	116	114	-22.9%
Capital expenditure	27.8	19.5	51.1	+42.6%
Free cash flow	62.0	96.9	63.0	-36.0%
Free cash flow margin	5.7%	9.7%	5.7%
Cash from investing	-128	-21.6	-127
Cash from financing	-23.6	-126	-50.0
Depreciation and amortisation	43.2	44.9	44.9	-3.8%
Share-based compensation	53.1	49.4	51.2	+7.5%
Buybacks	16.4	20.0	83.9	-18.0%
Diluted shares, weighted	226m	223m	227m	+1.4%
Shares outstanding at period end	223m	222m	222m	+0.5%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	780	682	691	+14.5%
Short-term borrowings	n/a	0.0	n/a
Debt	642	636	726	+1.0%
Operating lease liabilities	24.1	25.7	29.4	-6.2%
Other liabilities	547	393	405	+39.2%
Total liabilities and equity	1,994	1,736	1,850	+14.8%
Fixed assets	232	228	243	+1.6%
Goodwill	596	453	455	+31.5%
Intangible assets	132	38.2	58.6	+244.5%
Investments	4.7	19.9	0.2	-76.4%
Trading assets	1.6	1.5	1.5	+6.7%
Cash and equivalents	424	471	506	-10.1%
Receivables	261	213	231	+22.5%
Inventory	118	96.5	116	+22.2%
Other assets	226	215	238	+5.2%
Total assets	1,994	1,736	1,850	+14.8%

10-K for the year ended 28 June 2025, filed 11 August 2025: the filing.