Name: Lumentum Holdings Inc. (NASDAQ:LITE) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Lumentum Holdings Inc., consolidated income statement

US$ in thousands

12 months ended:	Jun 27, 2026	Jun 28, 2025	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021
Net revenue	3,014,000)	1,645,000)	1,359,200)	1,767,000)	1,712,600)	1,742,800)
Cost of sales	(1,680,500)	(1,102,900)	(1,023,800)	(1,113,600)	(861,100)	(898,000)
Amortization of acquired developed intangibles	(77,600)	(82,200)	(83,900)	(84,400)	(62,900)	(61,700)
Gross profit	1,255,900)	459,900)	251,500)	569,000)	788,600)	783,100)
Research and development	(356,500)	(303,900)	(302,200)	(307,800)	(220,700)	(214,500)
Selling, general and administrative	(363,200)	(348,200)	(310,700)	(348,800)	(265,700)	(241,400)
Restructuring and related charges	(11,400)	(22,800)	(72,600)	(28,100)	1,100)	(7,700)
Gain on sale of facility	—)	34,900)	—)	—)	—)	—)
Merger termination fee and related costs, net	—)	—)	—)	—)	—)	207,500)
Operating expenses	(731,100)	(640,000)	(685,500)	(684,700)	(485,300)	(256,100)
Income (loss) from operations	524,800)	(180,100)	(434,000)	(115,700)	303,300)	527,000)
Loss on debt extinguishment	(7,756,600)	—)	—)	—)	—)	—)
Escrow settlement	27,500)	—)	—)	—)	—)	—)
Interest expense	(21,800)	(22,200)	(33,800)	(35,500)	(80,200)	(66,700)
Foreign exchange gains (losses), net	(500)	(4,200)	800)	7,000)	6,100)	(4,400)
Interest and investment income	60,200)	34,400)	61,300)	40,800)	6,100)	5,700)
Other income (losses), net	(6,400)	—)	—)	1,000)	(200)	1,500)
Other income, net	53,300)	30,200)	62,100)	48,800)	12,000)	2,800)
Income (loss) before income taxes	(7,172,800)	(172,100)	(405,700)	(102,400)	235,100)	463,100)
Income tax (provision) benefit	237,700)	198,000)	(140,800)	(29,200)	(36,200)	(65,800)
Net income (loss)	(6,935,100)	25,900)	(546,500)	(131,600)	198,900)	397,300)

Based on: 10-K (reporting date: 2026-06-27), 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).

The financial performance from 2021 to 2026 is characterized by a period of significant operational volatility, followed by a substantial revenue surge and a massive non-operational loss in the final period.

Revenue Trends and Growth: Net revenue remained relatively stable between 2021 and 2023, hovering around 1.7 billion US$. A notable contraction occurred in 2024, with revenue dropping to 1.36 billion US$. However, a strong recovery followed, culminating in a sharp increase to 3.01 billion US$ by 2026, representing a significant expansion of the top line compared to previous years.
Gross Profitability and Margin Analysis: Gross profit experienced a severe decline between 2021 and 2024, falling from 783 million US$ to a low of 252 million US$. This decline indicates significant margin compression, as cost of sales did not decrease proportionally with the revenue dip in 2024. Profitability improved in 2025 and saw a substantial rebound in 2026, with gross profit reaching 1.26 billion US$, suggesting a restoration of pricing power or improved production efficiencies.
Operating Expense Management: Research and development (R&D) and selling, general and administrative (SG&A) expenses showed a consistent upward trajectory over the six-year period. R&D spending rose from 214.5 million US$ in 2021 to 356.5 million US$ in 2026, while SG&A grew from 241.4 million US$ to 363.2 million US$. Restructuring charges peaked in 2024 at 72.6 million US$, coinciding with the period of lowest revenue and gross profit.
Operational Profitability: The company transitioned from operational profitability in 2021 and 2022 to operational losses between 2023 and 2025. The deepest operational deficit occurred in 2024 with a loss of 434 million US$. A reversal of this trend is evident in 2026, where income from operations returned to a positive 524.8 million US$, mirroring the levels seen in 2021.
Non-Operating Items and Net Income: Net income was heavily influenced by extraordinary items. In 2021, a merger termination fee of 207.5 million US$ provided a significant boost to the bottom line. Conversely, the 2026 fiscal year was marked by a massive net loss of 6.94 billion US$, driven almost entirely by a loss on debt extinguishment totaling 7.76 billion US$. This indicates that while operational performance recovered strongly in 2026, a major balance sheet restructuring event resulted in a substantial accounting loss.

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