Analysis of Revenues

Revenues as Reported

Revenues as Reported

Lumentum Holdings Inc., income statement, revenues

US$ in thousands

12 months ended:	Jun 28, 2025	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020
United States	312,300)	356,100)	241,300)	173,900)	133,400)	149,800)
Mexico	148,500)	91,700)	180,000)	160,900)	134,800)	122,800)
Other Americas	20,100)	3,400)	9,300)	12,100)	12,100)	5,500)
Americas	480,900)	451,200)	430,600)	346,900)	280,300)	278,100)
Thailand	291,800)	183,800)	269,000)	102,300)	116,800)	—)
Hong Kong	398,600)	261,900)	246,700)	458,200)	546,300)	532,000)
South Korea	32,400)	75,200)	170,200)	265,200)	240,000)	260,900)
Japan	78,300)	84,600)	179,500)	181,200)	114,700)	137,900)
Other Asia-Pacific	199,500)	174,300)	276,300)	242,400)	304,500)	346,000)
Asia-Pacific	1,000,600)	779,800)	1,141,700)	1,249,300)	1,322,300)	1,276,800)
EMEA	163,500)	128,200)	194,700)	116,400)	140,200)	123,700)
Net revenue	1,645,000)	1,359,200)	1,767,000)	1,712,600)	1,742,800)	1,678,600)

Based on: 10-K (reporting date: 2025-06-28), 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27).

Overall net revenue exhibited a fluctuating pattern over the observed period. Initial growth from Jun 27, 2020 to Jul 3, 2021 was followed by a slight decline in Jul 2, 2022, a subsequent increase in Jul 1, 2023, and a significant decrease in Jun 29, 2024, before a partial recovery projected for Jun 28, 2025.

Americas Revenue: Revenue from the Americas region demonstrated consistent growth from 2020 through 2023, increasing from US$278.1 million to US$430.6 million. This growth slowed in 2024, with revenue reaching US$451.2 million, and is projected to continue at a reduced pace in 2025, reaching US$480.9 million. The United States is the primary driver of revenue within the Americas, exhibiting substantial growth from US$149.8 million in 2020 to US$356.1 million in 2024, with a slight projected decrease to US$312.3 million in 2025. Mexico also showed growth, but experienced a notable decline in 2024 before a projected increase in 2025.
Asia-Pacific Revenue: Asia-Pacific revenue initially increased from US$1,276.8 million in 2020 to US$1,322.3 million in 2021, then experienced a decline to US$1,249.3 million in 2022 and further to US$1,141.7 million in 2023. A significant decrease is observed in 2024, with revenue falling to US$779.8 million, followed by a projected recovery to US$1,000.6 million in 2025. Within this region, Thailand experienced substantial growth from 2021 to 2023, but saw a decrease in 2024. Hong Kong represents a significant portion of Asia-Pacific revenue, though it also experienced a decline in 2024. South Korea and Japan both showed declines in revenue from 2020 to 2024, with continued projected declines for South Korea in 2025.
EMEA Revenue: Revenue from the EMEA region showed moderate fluctuations. It increased from US$123.7 million in 2020 to US$140.2 million in 2021, decreased to US$116.4 million in 2022, increased again to US$194.7 million in 2023, and then decreased to US$128.2 million in 2024, with a projected increase to US$163.5 million in 2025. This region represents a smaller portion of overall revenue compared to the Americas and Asia-Pacific.

The most substantial revenue fluctuations occurred within the Asia-Pacific region, particularly in 2024, which significantly impacted overall net revenue. While the Americas region demonstrated consistent growth, the declines in Asia-Pacific and, to a lesser extent, EMEA, contributed to the overall volatility in net revenue. The projected recovery in 2025 suggests a potential stabilization, but further monitoring is warranted.

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Lumentum Holdings Inc. (NASDAQ:LITE)

Analysis of Revenues

Revenues as Reported