Viavi Solutions (VIAV) FY2026 results: revenue $1.5 billion, up 40.0% on the year
Viavi Solutions Inc. (VIAV) reported revenue of $1.5 billion for fiscal 2026, the year ended 27 June 2026, up 40.0% on the year before. Net income was -$30 million, and diluted earnings per share $-0.13. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new.
- Revenue rose 52.5% year over year: Fourth-quarter net revenue was $443.1 million, up 8.9% from $406.8 million in the third quarter.
- Network and Service Enablement up 69.2%: Segment revenue was $353.9 million, up 10.1% from the third quarter. Segment operating margin was 20.0%, against 4.6% a year earlier.
- Non-GAAP operating margin reached 24.0%: Non-GAAP operating margin was 24.0%, against 14.4% a year earlier. The Q3 column in this release shows 21.2%, while the third-quarter release gave 21.0%.
- Diversification named as growth driver: Management named its diversification into data center ecosystem and aerospace and defense end markets as a key growth driver in fiscal 2026.
- Cash and investments reached $656.7 million: Total cash, short-term investments and short-term restricted cash was $656.7 million, against $508.0 million at March 28, 2026.
From this 10-K
Viavi Solutions makes test and measurement and optical technologies. Its test, monitoring and resilient position, navigation and timing (PNT) products are used to build and secure data centers, communication networks and military, aerospace, railway and first responder communications, and its optical coatings and pigments go into anti-counterfeiting, consumer electronics, aerospace, industrial and automotive products. Its fiscal year ended June 27, 2026. It reports two segments, Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP).
The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026
Income statement (profit and loss)
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,518 | 1,084 | 1,000 | +40.0% | |
| Cost of revenue | 643 | 463 | 424 | +38.8% | |
| Gross profit | 875 | 621 | 576 | +40.9% | |
| Gross margin | 57.7% | 57.3% | 57.6% | ||
| Research and development | 263 | 209 | 202 | +25.9% | |
| Selling, general and administrative | 469 | 349 | 333 | +34.3% | |
| Operating income | 105 | 57.5 | 20.8 | +82.8% | |
| Operating margin | 6.9% | 5.3% | 2.1% | ||
| Interest expense | 47.4 | 30.0 | 30.9 | +58.0% | |
| Pre-tax income | 16.3 | 38.6 | 11.6 | -57.8% | |
| Income tax | 47.5 | 4.4 | 37.4 | +979.5% | |
| Effective tax rate | 291.4% | 11.4% | 322.4% | ||
| Net income | -30.4 | 34.8 | -25.8 | ||
| Net margin | -2.0% | 3.2% | -2.6% | ||
| Diluted EPS | -$0.13 | $0.15 | -$0.12 |
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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 | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 114 | 89.8 | 116 | +26.8% | |
| Capital expenditure | 31.1 | 27.8 | 19.5 | +11.9% | |
| Free cash flow | 82.8 | 62.0 | 96.9 | +33.5% | |
| Free cash flow margin | 5.5% | 5.7% | 9.7% | ||
| Cash from investing | -427 | -128 | -21.6 | ||
| Cash from financing | 541 | -23.6 | -126 | ||
| Depreciation and amortisation | 62.9 | 43.2 | 44.9 | +45.6% | |
| Share-based compensation | 55.4 | 53.1 | 49.4 | +4.3% | |
| Buybacks | 30.0 | 16.4 | 20.0 | +82.9% | |
| Diluted shares, weighted | 230m | 226m | 223m | +1.7% | |
| Shares outstanding at period end | 247m | 223m | 222m | +10.8% |
Balance sheet
| $ million | FY2026 | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,448 | 780 | 682 | +85.7% | |
| Short-term borrowings | n/a | n/a | 0.0 | ||
| Debt | 642 | 642 | 636 | -0.1% | |
| Operating lease liabilities | 31.2 | 24.1 | 25.7 | +29.5% | |
| Other liabilities | 584 | 547 | 393 | +6.8% | |
| Total liabilities and equity | 2,706 | 1,994 | 1,736 | +35.7% | |
| Fixed assets | 224 | 232 | 228 | -3.2% | |
| Goodwill | 701 | 596 | 453 | +17.6% | |
| Intangible assets | 378 | 132 | 38.2 | +186.9% | |
| Investments | 5.0 | 4.7 | 19.9 | +6.4% | |
| Trading assets | 1.9 | 1.6 | 1.5 | +18.8% | |
| Cash and equivalents | 648 | 424 | 471 | +52.9% | |
| Receivables | 351 | 261 | 213 | +34.6% | |
| Inventory | 155 | 118 | 96.5 | +31.7% | |
| Other assets | 242 | 226 | 215 | +7.0% | |
| Total assets | 2,706 | 1,994 | 1,736 | +35.7% |
10-K for the year ended 27 June 2026, filed 13 August 2026: the filing.