Viavi Solutions Inc. (VIAV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.3	$0.34	+13.3%	—	$443.1M	—
Q3 26	$0.23	$0.27	+17.4%	—	$406.8M	—
Q2 26	$0.19	$0.22	+15.8%	—	$369.3M	—
Q1 26	$0.13	$0.15	+15.4%	—	$299.1M	—
Q4 25	$0.12	$0.13	+8.3%	—	$290.5M	—
Q3 25	$0.12	$0.15	+25.0%	—	$284.8M	—
Q2 25	$0.1	$0.13	+30.0%	—	$270.8M	—
Q1 25	$0.06	$0.06	0.0%	—	$238.2M	—
Q4 24	$0.07	$0.08	+14.3%	—	$252M	—
Q3 24	$0.07	$0.06	-14.3%	—	$246M	—
Q2 24	$0.09	$0.11	+22.2%	—	$254.5M	—
Q1 24	$0.1	$0.09	-10.0%	—	$247.9M	—
Q4 23	$0.08	$0.1	+25.0%	—	$263.6M	—
Q3 23	$0.09	$0.08	-11.1%	—	$247.8M	—
Q2 23	$0.11	$0.14	+27.3%	—	$284.5M	—
Q1 23	$0.23	$0.23	0.0%	—	$310.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	-$0.13	—	—	$1.5B	—
FY25	—	—	—	—	$1.1B	—
FY24	—	-$0.12	—	—	$1B	—
FY23	—	$0.11	—	—	$1.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$805M	$875.7M	$1.1B	$1.1B	$1.2B	$1.3B	$1.1B	$1B	$1.1B	$1.5B
YoY change	-11.2%	+8.78%	+29.1%	+0.53%	+5.51%	+7.8%	-14.4%	-9.56%	+8.39%	+40%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	805M	875.7M	1.1B	1.1B	1.2B	1.3B	1.1B	1B	1.1B	1.5B
Cost of revenue	326M	387.3M	478.9M	471M	484.5M	518.9M	467.3M	424.5M	463.2M	642.9M
Gross profit	479M	488.4M	651.4M	665.3M	714.4M	773.5M	638.8M	575.9M	621.1M	875.4M
Gross margin	59.5%	55.8%	57.6%	58.5%	59.6%	59.8%	57.8%	57.6%	57.3%	57.7%
Research & development	136.3M	133.3M	187M	193.6M	203M	213.2M	206.9M	201.9M	208.7M	262.7M
Selling, general & administrative	300.1M	323.9M	343.5M	315M	337.5M	365.7M	328.7M	333.3M	349.4M	469.2M
Operating expenses	436.4M	457.2M	530.5M	508.6M	540.5M	578.9M	535.6M	535.2M	558.1M	731.9M
Operating income	28.6M	10.2M	82.8M	121.6M	140.6M	184.9M	94.5M	34.4M	58.2M	121M
Operating margin	3.55%	1.16%	7.33%	10.7%	11.7%	14.3%	8.54%	3.44%	5.37%	7.97%
Non-operating income, net	183.5M	-14.5M	-17.3M	-1M	2M	-99.9M	-16.9M	-10.8M	-2.7M	-72.7M
Pretax income	180M	-35.7M	39.3M	114.3M	130.8M	65.1M	60.7M	11.6M	38.6M	16.3M
Income tax	21.4M	12.9M	31.5M	65.3M	63.3M	49.6M	35.2M	37.4M	4.4M	47.5M
Net income	160.2M	-48.6M	5.4M	49M	67.5M	15.5M	25.5M	-25.8M	34.8M	-30.4M
Net margin	19.9%	-5.55%	0.48%	4.31%	5.63%	1.2%	2.31%	-2.58%	3.21%	-2%
EBITDA	99.6M	109.6M	204.6M	235.2M	243.9M	261.3M	171.3M	108M	131.3M	243.1M
EPS	0.73	-0.2	0.02	0.12	0.2	0.07	0.11	-0.12	—	-0.13
Diluted EPS	0.71	-0.2	0.02	0.12	0.2	0.07	0.11	-0.12	—	-0.13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	247.9M	254.5M	246M	252M	238.2M	270.8M	284.8M	290.5M	299.1M	369.3M	406.8M	443.1M
Cost of revenue	103.5M	106.5M	108.1M	106.4M	102.1M	110M	124.1M	127M	130.1M	158.7M	172.7M	181.4M
Gross profit	144.4M	148M	137.9M	145.6M	136.1M	160.8M	160.7M	163.5M	169M	210.6M	234.1M	261.7M
Gross margin	58.2%	58.2%	56.1%	57.8%	57.1%	59.4%	56.4%	56.3%	56.5%	57%	57.5%	59.1%
Research & development	49.9M	49.5M	50M	52.5M	49.4M	52.1M	50M	57.2M	56M	65.9M	71M	69.8M
Selling, general & administrative	77.2M	74.8M	98.2M	83.1M	74.1M	84.3M	101.3M	89.7M	104.2M	127.1M	113.6M	124.3M
Operating expenses	127.1M	124.3M	148.2M	135.6M	123.5M	136.4M	151.3M	146.9M	160.2M	193M	184.6M	194.1M
Operating income	15.2M	22.3M	-11.8M	8.7M	11.5M	23.4M	8.2M	15.1M	7.3M	11.3M	42.1M	60.3M
Operating margin	6.13%	8.76%	-4.8%	3.45%	4.83%	8.64%	2.88%	5.2%	2.44%	3.06%	10.3%	13.6%
Non-operating income, net	800K	100K	-100K	-11.6M	—	-1.2M	300K	-1.8M	-3.5M	-38.6M	-21M	-9.6M
Pretax income	18.4M	18.3M	-15.6M	-9.5M	7.2M	18.6M	3.2M	9.6M	-2.3M	-38.7M	13.8M	43.5M
Income tax	8.6M	7.6M	9M	12.2M	9M	9.5M	-16.3M	2.2M	19M	9.7M	7.4M	11.4M
Net income	9.8M	10.7M	-24.6M	-21.7M	-1.8M	9.1M	19.5M	8M	-21.4M	-48.1M	6.4M	32.7M
Net margin	3.95%	4.2%	-10%	-8.61%	-0.76%	3.36%	6.85%	2.75%	-7.15%	-13%	1.57%	7.38%
EBITDA	40.1M	39.9M	6.1M	21.8M	28.2M	40.8M	26.4M	35.9M	26.1M	42.8M	78.7M	95.5M
EPS	0.04	0.05	-0.11	-0.1	-0.01	0.04	0.09	0.04	-0.1	-0.21	0.03	0.14
Diluted EPS	0.04	0.05	-0.11	-0.1	-0.01	0.04	0.09	0.04	-0.1	-0.21	0.03	0.13

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	2.4B	2.3B	3B	2.9B	4B	3.1B	2.5B	1.5B	—	11B	10.1B
Enterprise value	1.9B	2.4B	3.1B	3B	4.1B	3.2B	2.8B	1.7B	—	11B	10.1B
Shares outstanding	229.9M	227.1M	228.1M	229.4M	228.7M	230.9M	224.7M	222.6M	—	229.5M	229.5M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	15.1	—	561.4	59.6	59.8	197.1	99.8	—	—	—	350.5
P/S	3.01	2.66	2.68	2.57	3.37	2.36	2.3	1.53	—	7.22	6.45
P/B	3.08	3.16	4.18	4.11	5.29	4.55	3.69	2.24	—	7.57	6.76
EV/EBITDA	19.5	21.9	15.2	12.9	16.7	12.4	16.4	16	—	45.3	36.2
EV/Sales	2.41	2.75	2.75	2.68	3.4	2.51	2.54	1.72	—	7.25	6.64
Earnings yield	6.62%	—	0.18%	1.68%	1.67%	0.51%	1%	—	—	—	0.29%
FCF yield	2.3%	1.01%	3.09%	3.55%	4.73%	3.46%	2.47%	6.34%	—	0.76%	1.57%
PEG	—	—	—	—	—	—	—	—	—	—	1.4

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	59.5%	55.8%	57.6%	58.5%	59.6%	59.8%	57.8%	57.6%	57.3%	57.7%	59.1%
Operating margin	3.55%	1.16%	7.33%	10.7%	11.7%	14.3%	8.54%	3.44%	5.37%	7.97%	14.3%
Net margin	19.9%	-5.55%	0.48%	4.31%	5.63%	1.2%	2.31%	-2.58%	3.21%	-2%	-2%
ROE	20.4%	-6.61%	0.74%	6.89%	8.84%	2.31%	3.69%	-3.79%	4.46%	-2.1%	-2.73%
ROA	7.59%	-2.4%	0.3%	2.76%	3.44%	0.85%	1.38%	-1.49%	1.75%	-1.12%	4.55%
ROIC	8.16%	1.25%	2.04%	6.28%	9.03%	5.15%	4.18%	0%	4.92%	0%	0%
Return on tangible assets	9.18%	-5.5%	0.86%	6.83%	6.8%	1.64%	3.1%	-3.42%	6.45%	-5.54%	-5.54%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	7.29	2.09	3.23	3.92	1.49	2.72	2.75	3.55	1.5	1.85	1.85
Quick ratio	7.08	1.92	2.87	3.57	1.36	2.42	2.41	3.16	1.3	1.62	1.62
Debt / equity	1.22	1.17	0.83	0.93	0.97	1.11	1.13	1.01	0.89	0.48	0.48
Debt / assets	0.45	0.42	0.33	0.37	0.38	0.41	0.42	0.4	0.35	0.26	0.26
Net debt / EBITDA	-4.79	0.72	0.4	0.51	0.16	0.7	1.52	1.81	2.03	0.2	0.2
Interest coverage	5.17	0.25	2.15	10.9	11.5	4.18	3.47	1.41	2.4	1.37	1.37
Effective tax rate	11.9%	0%	80.2%	57.1%	48.4%	76.2%	58%	100%	11.4%	100%	100%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	3.5	3.86	4.96	4.95	5.24	5.6	4.92	4.49	—	6.62	6.62
EPS (basic)	0.73	-0.2	0.02	0.12	0.2	0.07	0.11	-0.12	—	-0.13	-0.13
EPS (diluted)	0.71	-0.2	0.02	0.12	0.2	0.07	0.11	-0.12	—	-0.13	-0.13
Book value per share	3.42	3.24	3.18	3.1	3.34	2.91	3.07	3.06	—	6.31	5.86
FCF per share	0.24	0.1	0.41	0.45	0.84	0.46	0.28	0.44	—	0.36	0.32
Cash per share	6.25	3.44	2.29	2.36	3.06	2.43	2.32	2.21	—	2.83	2.63
Capex per share	—	—	—	—	—	—	—	—	—	0.14	0.12

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	—	—	—	—	—	—	—	—	2.56%	2.05%	2.05%
Capex / operating cash flow	—	—	—	—	—	—	—	—	31%	27.3%	27.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$247.9M	$254.5M	$246M	$252M	$238.2M	$270.8M	$284.8M	$290.5M	$299.1M	$369.3M	$406.8M	$443.1M
YoY change	-20.1%	-10.5%	-0.73%	-4.4%	-3.91%	+6.4%	+15.8%	+15.3%	+25.6%	+36.4%	+42.8%	+52.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	1.4B	780.7M	523M	540.5M	699.4M	561.3M	521.1M	491.2M	425.3M	649.8M
Receivables	120.4M	218.6M	237.7M	235.5M	256.5M	260.9M	231.2M	213.1M	261M	351.3M
Inventory	48M	92.3M	102.7M	83.3M	94.9M	110.1M	116.1M	96.5M	117.9M	155.3M
Total current assets	1.7B	1.2B	916.8M	913.6M	1.1B	1B	945M	876.5M	885.2M	1.3B
Property, plant & equipment	105.5M	133.3M	143M	149.6M	161.2M	187.2M	208.5M	189.1M	186.4M	186.5M
Goodwill & intangibles	365.4M	1.1B	1.2B	1.1B	969M	883.6M	1B	982.2M	1.5B	2.2B
Total assets	2.1B	2B	1.8B	1.8B	2B	1.8B	1.9B	1.7B	2B	2.7B
Accounts payable	32.6M	55.5M	63.4M	53M	63.2M	58.3M	47.2M	50.4M	68.8M	92.2M
Short-term debt	—	275.3M	—	14.5M	468.2M	78.5M	106.3M	9.8M	256.4M	256.6M
Total current liabilities	228.8M	553.2M	284M	232.8M	747.4M	369.3M	343.5M	247.1M	589.7M	680.5M
Long-term debt	959.2M	584.7M	604.3M	645.2M	271M	666M	674.7M	677.4M	435.9M	441.7M
Total liabilities	1.3B	1.3B	1.1B	1.1B	1.2B	1.2B	1.2B	1.1B	1.2B	1.3B
Shareholders' equity	786.4M	734.9M	725.8M	711.4M	763.9M	671.7M	690.8M	681.6M	780.2M	1.4B
Total debt	959.2M	860M	604.3M	659.7M	739.2M	744.5M	781M	687.2M	692.3M	698.3M
Net debt	-45.2M	248.6M	82.8M	120.7M	41.4M	184.6M	274.5M	215.9M	268.7M	50.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	541.1M	568.7M	482.6M	491.2M	493.1M	509.4M	396.8M	425.3M	545.6M	767.4M	500.8M	649.8M
Receivables	190.9M	208.9M	212M	213.1M	203.1M	212.5M	252.8M	261M	242M	284.6M	320.3M	351.3M
Inventory	113.5M	115.1M	103.4M	96.5M	93.2M	92.8M	116.2M	117.9M	124.5M	141M	147.9M	155.3M
Total current assets	916.1M	965.3M	867.6M	876.5M	864M	880.4M	835.4M	885.2M	990.3M	1.3B	1.1B	1.3B
Property, plant & equipment	277.1M	274M	269.6M	189.1M	265.9M	258.6M	262.7M	186.4M	269.7M	266.5M	264.4M	186.5M
Goodwill & intangibles	1B	1B	992.4M	982.2M	990.4M	960.6M	1.5B	1.5B	1.4B	2.2B	2.2B	2.2B
Total assets	1.8B	1.9B	1.7B	1.7B	1.7B	1.7B	1.9B	2B	2.1B	2.8B	2.5B	2.7B
Accounts payable	39.8M	43.8M	42.5M	50.4M	47.4M	55.7M	67.2M	68.8M	66.6M	91.4M	81.7M	92.2M
Short-term debt	106.2M	106.3M	9.9M	9.8M	9.7M	9.4M	254.7M	256.4M	161.2M	65M	256M	256.6M
Total current liabilities	310.9M	312.1M	227.8M	247.1M	232.8M	248M	544.7M	589.7M	497.5M	489.6M	652.5M	680.5M
Long-term debt	674.4M	675.6M	677.4M	677.4M	678.9M	678.2M	436.6M	435.9M	685.4M	1.3B	880.5M	441.7M
Total liabilities	1.1B	1.1B	1B	1.1B	1B	1B	1.2B	1.2B	1.4B	1.9B	1.7B	1.3B
Shareholders' equity	675.2M	728M	705.1M	681.6M	702.1M	682.8M	728.8M	780.2M	723.9M	834.3M	846.5M	1.4B
Total debt	780.6M	781.9M	687.3M	687.2M	688.6M	687.6M	691.3M	692.3M	846.6M	1.3B	1.1B	698.3M
Net debt	260M	238.2M	233.1M	215.9M	220.7M	199.6M	317.1M	268.7M	302.8M	564.3M	637.5M	50.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	160.2M	-48.6M	5.4M	49M	67.5M	15.5M	25.5M	-25.8M	34.8M	-30.4M
Depreciation & amortization	57.7M	83.4M	112.2M	107.8M	102.3M	75.4M	69.5M	58.7M	62.7M	108.3M
Stock-based compensation	33.2M	30.5M	38.2M	44.6M	48.3M	52.3M	51.2M	49.4M	53.1M	55.4M
Change in working capital	-29.3M	-41.1M	-29.4M	18.1M	4.9M	-60.2M	30.3M	17M	-51.5M	-123.1M
Operating cash flow	261.2M	62.8M	148.3M	195.6M	223.4M	79.6M	191.9M	116.4M	89.8M	113.9M
Capital expenditure	—	—	—	—	—	—	—	—	-27.8M	-31.1M
Investing cash flow	152.1M	-244M	125.6M	2.1M	3.4M	1.5M	-76M	-2.1M	-128.4M	-426.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-92M	-40.8M	-11.2M	-44.4M	-42.2M	-235.9M	-83.9M	-20M	-16.4M	-30M
Financing cash flow	298.6M	-185.4M	-305.8M	-77.2M	-65.4M	-368.2M	-57.9M	-132M	-29.6M	534.5M
Net change in cash	711.9M	-366.6M	-31.9M	120.5M	161.4M	-287.1M	58M	-17.7M	-68.2M	221.6M
Free cash flow	55.7M	23.5M	93.8M	103.7M	191.2M	105.6M	63M	96.9M	62M	82.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	9.8M	10.7M	-24.6M	-21.7M	-1.8M	9.1M	19.5M	8M	-21.4M	-48.1M	6.4M	32.7M
Depreciation & amortization	15.4M	14.5M	14.6M	14.2M	14.1M	14.1M	16.6M	17.9M	18.2M	28.8M	30.7M	30.6M
Stock-based compensation	11.2M	12.5M	12.9M	12.8M	12.7M	13.7M	14.1M	12.6M	13.4M	13.9M	13.9M	14.2M
Change in working capital	25.1M	-21.6M	1.4M	9M	400K	-6.6M	-12.7M	-32.6M	4.8M	-35M	-69.4M	-17.8M
Operating cash flow	61.4M	13M	800K	32.7M	23.5M	26.4M	41.9M	23.8M	31M	42.5M	-26.3M	66.7M
Capital expenditure	—	—	—	—	—	—	—	-5.5M	-8.5M	-5.6M	-5.9M	-11.1M
Investing cash flow	-5.9M	-1.9M	-3.7M	9.4M	-4.2M	3.9M	-118.1M	12.3M	-8.3M	-404.3M	-4.7M	-9.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-10M	0	0	-10M	-16.4M	0	0	0	-30M	0	0	0
Financing cash flow	-19.1M	-2.2M	-3.7M	-10.4M	-23.7M	-900K	-4.7M	-100K	95M	582.9M	-36M	-483.2M
Net change in cash	36.4M	8.9M	-6.6M	31.7M	-4.4M	29.4M	-80.9M	36M	117.7M	221.1M	-67M	-426M
Free cash flow	43.6M	14.6M	16.3M	22.4M	6.2M	36.5M	1M	18.3M	22.5M	36.9M	-32.2M	55.6M

Viavi Solutions Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement