VIAVI SOLUTIONS INC. VIAV
Viavi Solutions Inc. (VIAVI, also referred to as the Company, we, our and us) is a global leader in test and measurement and optical technologies. Our test and measurement, and resilient Position, Navigation and Timing (PNT) solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.
•Optical Security and Performance Products (OSP).
Our objective is to accelerate profitable growth by leveraging VIAVI technologies and capabilities into attractive high-growth markets and applications. In support of our business segments, we are pursuing a corporate strategy that we believe will best position us for future opportunities as follows:
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.52B | $1.08B | $1.00B | $1.11B | $1.29B | $1.20B | $1.14B | $1.13B | $875.7M | $805.0M |
| Cost of revenue | $642.9M | $463.2M | $424.5M | $467.3M | $518.9M | $484.5M | $471.0M | $478.9M | $387.3M | $326.0M |
| Gross profit | $875.4M | $621.1M | $575.9M | $638.8M | $773.5M | $714.4M | $665.3M | $651.4M | $488.4M | $479.0M |
| R&D | $262.7M | $208.7M | $201.9M | $206.9M | $213.2M | $203.0M | $193.6M | $187.0M | $133.3M | $136.3M |
| SG&A | $469.2M | $349.4M | $333.3M | $328.7M | $365.7M | $337.5M | $315.0M | $343.5M | $323.9M | $300.1M |
| Total operating expenses | $770.3M | $563.6M | $555.1M | $556.4M | $588.5M | $572.2M | $547.2M | $584.0M | $486.5M | $472.0M |
| Operating income | $105.1M | $57.5M | $20.8M | $82.4M | $185.0M | $142.2M | $118.1M | $67.4M | $1.9M | $7.0M |
| Interest expense | $47.4M | $30.0M | $30.9M | $27.1M | $23.3M | $14.7M | $13.4M | $34.3M | $47.3M | $43.2M |
| Pre-tax income | $16.3M | $38.6M | $11.6M | $60.7M | $65.1M | $130.8M | $114.3M | $39.3M | -$35.7M | $180.0M |
| Income tax | $47.5M | $4.4M | $37.4M | $35.2M | $49.6M | $63.3M | $65.3M | $31.5M | $12.9M | $21.4M |
| Net income | -$30.4M | $34.8M | -$25.8M | $25.5M | $15.5M | $67.5M | $49.0M | $5.4M | -$48.6M | $160.2M |
| EPS, basic | -0.13 | 0.16 | -0.12 | 0.11 | 0.07 | 0.30 | 0.21 | 0.02 | -0.21 | 0.70 |
| EPS, diluted | -0.13 | 0.15 | -0.12 | 0.11 | 0.07 | 0.29 | 0.21 | 0.02 | -0.21 | 0.68 |
| Shares, diluted (wtd. avg.) | $229.5M | $225.7M | $222.6M | $226.6M | $238.2M | $236.3M | $234.8M | $231.2M | $227.1M | $234.5M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $647.8M | $423.6M | $481.8M | $515.6M | $572.8M | $708.4M | $547.4M | $530.4M | $624.3M | $1.02B |
| Short-term investments | $2.0M | $1.7M | $19.9M | $14.6M | $1.4M | $1.6M | $1.5M | $1.5M | $169.3M | $432.2M |
| Receivables | $351.3M | $261.0M | $213.1M | $231.2M | $260.9M | $256.5M | $235.5M | $237.7M | $218.6M | $120.4M |
| Inventory | $155.3M | $117.9M | $96.5M | $116.1M | $110.1M | $94.9M | $83.3M | $102.7M | $92.3M | $48.0M |
| Total current assets | $1.26B | $885.2M | $876.5M | $945.0M | $1.01B | $1.11B | $913.6M | $916.8M | $1.16B | $1.67B |
| Property, plant and equipment | $224.5M | $231.9M | $228.2M | $243.0M | $228.9M | $196.0M | $172.5M | $179.9M | $170.5M | $136.9M |
| Goodwill | $700.7M | $595.7M | $452.9M | $455.2M | $387.6M | $396.5M | $381.4M | $381.1M | $336.3M | $151.6M |
| Other intangibles | $377.6M | $131.6M | $38.2M | $58.6M | $54.2M | $88.0M | $148.1M | $211.6M | $235.1M | $31.1M |
| Total assets | $2.71B | $1.99B | $1.74B | $1.85B | $1.83B | $1.96B | $1.78B | $1.82B | $2.03B | $2.11B |
| Accounts payable | $92.2M | $68.8M | $50.4M | $47.2M | $58.3M | $63.2M | $53.0M | $63.4M | $55.5M | $32.6M |
| Short-term debt | $244.8M | $246.2M | $0 | $96.2M | $68.4M | $456.6M | $2.8M | $0 | $275.3M | $0 |
| Total current liabilities | $680.5M | $589.7M | $247.1M | $343.5M | $369.3M | $747.4M | $232.8M | $284.0M | $553.2M | $228.8M |
| Long-term debt | — | — | — | — | — | $224.1M | — | — | — | — |
| Total liabilities | $1.26B | $1.21B | $1.05B | — | — | — | — | — | — | — |
| Retained earnings | -$69.69B | -$69.63B | -$69.65B | -$69.60B | -$69.54B | -$69.32B | -$69.40B | -$69.38B | -$69.38B | -$69.31B |
| Total equity | $1.45B | $780.2M | $681.6M | $690.8M | $671.7M | $763.9M | $633.2M | $627.3M | $734.9M | $803.5M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $113.9M | $89.8M | $116.4M | $114.1M | $178.1M | $243.3M | $135.6M | $138.8M | $66.0M | $94.3M |
| Depreciation and amortisation | $40.4M | $38.4M | $38.6M | $36.2M | $35.7M | $35.8M | $40.0M | $39.7M | $35.7M | $29.4M |
| Stock-based compensation | $55.4M | $53.1M | $49.4M | $51.2M | $52.3M | $48.3M | $44.6M | $38.2M | $30.5M | $33.2M |
| Capital expenditure | $31.1M | $27.8M | $19.5M | $51.1M | $72.5M | $52.1M | $31.9M | $45.0M | $42.5M | $38.6M |
| Investing cash flow | -$426.8M | -$128.4M | -$21.6M | -$127.1M | -$71.0M | -$48.7M | -$29.8M | $80.6M | -$286.5M | $113.5M |
| Financing cash flow | $541.0M | -$23.6M | -$125.7M | -$50.0M | -$210.4M | -$58.8M | -$71.7M | -$300.4M | -$180.5M | $311.0M |
| Buybacks | $30.0M | $16.4M | $20.0M | $83.9M | $235.9M | $42.2M | $44.4M | $11.2M | $40.8M | $92.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-056765.
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