Stock Analysis on Net
Stock Analysis on Net

Lumentum Holdings Inc. (NASDAQ:LITE)

$24.99

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Lumentum Holdings Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Jun 27, 2026 Mar 28, 2026 Dec 27, 2025 Sep 27, 2025 Jun 28, 2025 Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Jan 1, 2022 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 26, 2020 Sep 26, 2020
Net income (loss)
Depreciation expense
Stock-based compensation
Bad debt expense (recovery)
Change in valuation allowance on deferred tax assets
Gain on sale of facility
Loss on early extinguishment of debt
Gain on sale of product lines
Amortization and write-off of acquired intangibles
Write-down and (gain) loss on sales and dispositions of property, plant and equipment
Amortization of debt issuance costs
Inducement expense on partial repurchase of 2026 Notes
Amortization of inventory fair value adjustment in connection with acquisition
Write-off of right-of-use assets
Gain on repurchase of convertible notes
Other non-cash items
Accounts receivable
Inventories
Operating lease right-of-use assets, net
Prepayments and other current and non-currents assets
Income taxes, net
Accounts payable
Accrued payroll and related expenses
Operating lease liabilities
Accrued expenses and other current and non-current liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Payments for acquisition of property, plant and equipment
Payment for acquisition of business
Proceeds from sale of facility, net of cash and selling costs
Payment for asset acquisitions
Proceeds from sale of product lines
Purchases of short-term investments
Proceeds from maturities and sales of short-term investments
Payment for acquisition of intangible assets
Term loan funding provided to NeoPhotonics
Proceeds from the sales of property, plant and equipment
Net cash (used in) provided by investing activities
Proceeds from issuance of Series A Convertible Preferred Stock
Repurchase of common stock
Proceeds from the issuance of 2032 Notes, net of issuance costs
Proceeds from the issuance of 2029 Notes, net of issuance costs
Proceeds from the issuance of 2028 Notes, net of issuance costs
Proceeds from term loans
Proceeds from employee stock plans
Proceeds from the exercise of stock options
Payment for partial repurchase of 2026 Notes
Cash paid for conversions of convertible notes
Payment for 2032 Notes capped call options
Payment of 2024 Notes
Payment of withholding taxes related to net share settlement of restricted stock units
Principal payments on term loans
Payment for financing costs related to revolving credit facility
Payment for conversions of convertible notes
Payment of acquisition related holdback
Principal payments on finance leases
Net cash provided by (used in) financing activities
Increase (decrease) in cash and cash equivalents

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

Operational cash flow exhibits significant volatility over the analyzed period, characterized by a transition from consistent profitability in 2020 and 2021 to a period of recurring net losses between late 2022 and early 2025. Despite these fluctuations in net income, net cash provided by operating activities remained predominantly positive for most quarters, indicating that non-cash expenses and working capital adjustments frequently offset accounting losses.

Profitability and Net Income Trends
Net income showed a sustained downward trajectory starting in October 2022, with quarterly losses deepening through early 2024. While a recovery toward profitability emerged in 2025, a substantial anomalous loss of approximately $7.16 billion occurred in June 2026. This extreme outlier is directly attributable to a non-cash loss on the early extinguishment of debt totaling approximately $7.76 billion in the same period.
Operational Cash Flow Drivers
Cash flow from operations is heavily supported by non-cash adjustments, specifically depreciation, amortization of acquired intangibles, and stock-based compensation. Stock-based compensation expenses showed a general upward trend, rising from approximately $19.5 million in September 2020 to over $40 million by 2026. Working capital management has been inconsistent, with accounts receivable and inventory fluctuations creating periodic drags on cash liquidity, most notably during 2024 and 2025.
Investing Activities and Capital Expenditure
Capital expenditures for property, plant, and equipment have trended upward over the long term, increasing from a range of $15 million to $30 million per quarter in 2020-2021 to a peak of $166.8 million in June 2026. Significant capital outflows were also noted for business acquisitions, particularly the large payments in October 2022 and December 2023. Investment activity is further characterized by high-volume rotations in short-term investments, with frequent purchases and maturities used to manage liquidity.
Financing and Capital Structure
The financing strategy shifted from common stock repurchases in 2020 and 2021 toward debt issuance to sustain operations and acquisitions. Notable inflows include the issuance of 2028, 2029, and 2032 notes, and a significant capital injection of approximately $2 billion from Series A Convertible Preferred Stock in March 2026. This was followed by a sharp increase in financing outflows in June 2026, coinciding with the debt extinguishment event.

The overall financial trajectory indicates a period of aggressive investment and structural debt realignment. The resilience of operating cash flow relative to net income suggests that the core operational engine continued to generate cash even during periods of reported accounting losses, although the scale of recent capital expenditures and debt settlements has placed significant pressure on the overall cash position.