Common-Size Income Statement
Quarterly Data
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Lumentum Holdings Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Price to Earnings (P/E) since 2015
- Price to Book Value (P/BV) since 2015
- Analysis of Revenues
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Lumentum Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-K (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28).
The financial performance over the analyzed period is characterized by a significant cyclical downturn followed by a measured recovery in operational efficiency and profitability. A period of relative stability in gross margins was followed by a sharp contraction and a subsequent rebound, reflecting volatile cost structures and fluctuating revenue scales.
- Gross Profitability and Cost of Sales
- Gross profit margins exhibited high volatility. From late 2019 through 2021, margins remained robust, peaking at 51.78% in October 2021. However, a severe contraction occurred between 2022 and early 2024, with the gross profit margin reaching a nadir of 16.23% in March 2024. This decline coincided with the cost of sales increasing from approximately 45% to a peak of 77.68% of net revenue in March 2024. Since that low point, a consistent recovery trend is evident, with gross profit margins climbing back to 44.16% by March 2026.
- Operating Expense Trends
- Operating expenses as a percentage of revenue expanded significantly during the period of declining gross margins. Research and development (R&D) spending increased from roughly 11% to 12% of revenue in 2019 to a peak of 23.74% in June 2024. Selling, general and administrative (SG&A) expenses followed a similar trajectory, peaking at 26.34% in March 2023. This suggests a period of high fixed-cost absorption issues or strategic investment during a revenue downturn. By March 2026, these expenses normalized, with R&D and SG&A both returning to approximately 11.2% of net revenue.
- Operating Income and Recovery
- Income from operations transitioned from a positive state (averaging 10% to 25% through 2021) to deep negative territory. The operating loss peaked in June 2024 at -43.27% of net revenue. The subsequent recovery is marked by a steady reduction in operating losses beginning in late 2024, eventually returning to a positive operating margin of 21.59% by March 2026.
- Non-Operating Items and Bottom-Line Volatility
- Net income was heavily influenced by non-recurring items. A significant outlier occurred in April 2021, where net income spiked to 53.75% due to a merger termination fee amounting to 49.46% of revenue. Conversely, a substantial net loss of 81.90% was recorded in June 2024, primarily driven by an income tax provision of 40.54%. Other notable items include a gain on the sale of a facility in March 2024 (8.21%) and an escrow settlement in December 2025 (4.13%). Interest expense as a percentage of revenue showed a general downward trend, decreasing from peaks of over 6% in 2022 to 0.77% by March 2026.
In summary, the data reveals a company that weathered a severe operational crisis between 2022 and 2024, characterized by collapsing gross margins and spiking operating expenses. The subsequent trend indicates a successful operational turnaround, with margins and expense ratios returning to levels seen prior to the downturn.