VIAVI Announces Fiscal Fourth Quarter and Fiscal Year 2026 Results

VIAVI delivered sharp revenue and margin gains, with strong cash flow and improved profitability.

Risk flags

• ●Figures are preliminary and subject to change until the Form 10-K is filed, introducing potential for restatement or revision of key metrics. This matters because investors are relying on unaudited numbers for decision-making.
• ●The company does not provide reconciliations between GAAP and non-GAAP EPS for forward guidance, citing estimation difficulties. This limits transparency on how future non-GAAP results may diverge from GAAP outcomes.
• ●No detailed breakdown is given for cost drivers, customer concentration, or segment-level profitability, which could mask underlying volatility or risks not visible in headline numbers.

Bottom line

VIAVI's fourth quarter and full-year 2026 results show substantial realised gains in revenue, margins, and cash flow, with both GAAP and non-GAAP profitability sharply improved. The company is in a net cash position and provides clear, if preliminary, headline disclosures, but omits granular detail on customer or cost structure. Forward guidance is limited and does not rely on long-term projections, suggesting most value is already delivered. The main caveat is that numbers are unaudited until the 10-K is filed, and the lack of GAAP/non-GAAP reconciliation for future quarters reduces visibility into future earnings quality. For investors, the most important takeaway is that VIAVI's financial trajectory is strongly positive, but final audited results and more detail on underlying drivers would further clarify the sustainability of these gains.

Announcement summary

(NASDAQ: VIAV) VIAVI reported fiscal fourth quarter net revenue of $443.1 million, up $152.6 million or 52.5% year-over-year, and fiscal year 2026 net revenue of $1,518.3 million, up $434.0 million or 40.0% year-over-year. GAAP operating margin for the fourth quarter was 13.8%, up 850 bps year-over-year, and non-GAAP operating margin was 24.0%, up 960 bps year-over-year. GAAP net income for the fourth quarter was $32.7 million, up $24.7 million or 308.8% year-over-year, while fiscal year 2026 GAAP net loss was $30.4 million, down $65.2 million or 187.4% year-over-year. Non-GAAP net income for the fiscal year was $243.8 million, up 137.1 or 128.5% year-over-year. As of June 27, 2026, the company held $656.7 million in total cash, short-term investments and short-term restricted cash, and had $250.0 million aggregate principal amount of 0.625% Senior Convertible Notes and $400.0 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $641.9 million. The company expects net revenue for the first quarter of fiscal 2027 to be between $450 million to $460 million and non-GAAP EPS to be between $0.40 to $0.42.

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