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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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Debt to Equity since 2015
- Price to Sales (P/S) since 2015
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Lumentum Holdings Inc., consolidated income statement
US$ in thousands
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).
The income statement reveals a volatile financial performance over the analyzed period. While initial years demonstrate growth, subsequent periods exhibit significant declines in profitability, culminating in substantial losses. Revenue trends are inconsistent, and expense management appears to be a growing challenge.
- Revenue Performance
- Net revenue increased from US$1,678.6 million in 2020 to US$1,742.8 million in 2021, followed by a slight decrease to US$1,712.6 million in 2022, and a further increase to US$1,767.0 million in 2023. However, a substantial decline to US$1,359.2 million is observed in 2024, with a partial recovery projected to US$1,645.0 million in 2025. This indicates revenue instability and potential market challenges.
- Profitability Analysis
- Gross profit mirrored the revenue trend, peaking at US$788.6 million in 2022 before falling sharply to US$251.5 million in 2024 and a projected US$459.9 million in 2025. Income from operations followed a similar pattern, transitioning from a positive US$204.1 million in 2020 to a loss of US$434.0 million in 2024, with a projected loss of US$180.1 million in 2025. Net income exhibited the most dramatic fluctuation, moving from a profit of US$135.5 million in 2020 to a loss of US$546.5 million in 2024, with a modest projected profit of US$25.9 million in 2025.
- Cost of Sales and Gross Margin
- Cost of sales generally decreased from 2020 to 2022, but increased significantly in 2023 and 2024. This increase in cost of sales, coupled with the revenue decline in 2024, contributed to the substantial reduction in gross profit. The gross margin, while relatively stable in the earlier years, experienced a significant contraction in 2024.
- Operating Expense Trends
- Research and development expenses consistently increased from 2020 to 2023, remaining relatively stable in 2024 and 2025. Selling, general, and administrative expenses also increased over the period, contributing to the overall rise in operating expenses. Restructuring and related charges were relatively small until 2024, when they increased substantially to US$72.6 million, further impacting profitability. Operating expenses as a percentage of revenue increased significantly in 2024, exacerbating the decline in income from operations.
- Other Income and Expenses
- Interest expense decreased steadily throughout the period. Other income, net, fluctuated, with a notable increase in 2024. The merger termination fee of US$207.5 million in 2021 significantly impacted income before income taxes for that year. A gain on sale of facility was reported in 2025.
- Tax Impact
- The income tax provision transitioned from a benefit in earlier years to a substantial expense in 2024, reflecting the shift to a net loss position. The projected benefit in 2025 aligns with the anticipated modest net income.
In summary, the financial performance demonstrates a clear deterioration in recent periods, characterized by declining revenue, increasing costs, and significant losses. While a modest recovery is projected for 2025, the underlying trends suggest ongoing challenges and the need for strategic adjustments.