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Tables in the 10-K of Lumentum Holdings Inc.
84 tables with numbers, filed Aug 19, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| TABLE OF CONTENTS | | | |
| Page | | |
| PART I | | | |
| ITEM 1. | BUSINESS | 2 |
| ITEM 1A. | RISK FACTORS | 11 |
| ITEM 1B. | UNRESOLVED STAFF COMMENTS | 38 |
| ITEM 1C. | CYBERSECURITY | 38 |
| ITEM 2. | PROPERTIES | 40 |
First 8 of 30 rows. The CSV has all of them.
Table 2 after “During fiscal years 2025, 2024, and 2023, net revenue generated from a single customer which represented 10% or more of our total net revenu”
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| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Customer A | 16.0% | | 11.4% | | 15.3% |
| Customer B | 15.4% | | 18.9% | | * |
| Customer C | * | * | | 12.1% | |
| Customer D | * | * | | 10.5% | |
| *Represents less than 10% of total net revenue | | | | | |
| Period | Total number of shares purchased | Average price paid per share | | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximation dollar value) of shares that may yet be purchased under the plans or programs (1) | |
| March 30, 2025 to April 26, 2025 | | | | | $569.6 | |
| April 27, 2025 to May 24, 2025 | | | | | $569.6 | |
| May 25, 2025 to June 28, 2025 | | | | | $569.6 | |
| Total | — | | $— | | — | $569.6 |
| Contract balances | Balance sheet location | June 28, 2025 | June 29, 2024 | | Change | Percentage Change | |
| Accounts receivable, net | Accounts receivable, net | $250.0 | | $194.7 | | $55.3 | 28.4% |
| Deferred revenue and customer deposits | Other current liabilities | $0.7 | | $0.6 | | $0.1 | 16.7% |
Table 5 after “The following table summarizes selected consolidated statements of operations items as a percentage of net revenue:”
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| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Segment net revenue: | | | | | |
| Cloud & Networking | 85.8% | | 79.8% | | 74.8% |
| Industrial Tech | 14.2 | | 20.2 | | 25.2 |
| Net revenue | 100.0 | | 100.0 | | 100.0 |
| Cost of sales | 67.0 | | 75.3 | | 63.0 |
| Amortization of acquired developed intangibles | 5.0 | | 6.2 | | 4.8 |
First 8 of 21 rows. The CSV has all of them.
| 2025 | 2024 | | Change | Percentage Change | | 2024 | | 2023 | | Change | | Percentage Change | | | |
| Segment net revenue: | | | | | | | | | | | | | | | | |
| Cloud & Networking | $1,410.8 | $1,084.9 | | $325.9 | | 30.0% | | | $1,084.9 | | $1,322.5 | | $(237.6) | | (18.0)% | |
| Industrial Tech | 234.2 | 274.3 | | (40.1) | | (14.6) | | | 274.3 | | 444.5 | | (170.2) | | (38.3) | |
| Net revenue | $1,645.0 | $1,359.2 | | $285.8 | | 21.0% | | | $1,359.2 | | $1,767.0 | | $(407.8) | | (23.1)% | |
| Gross profit | $459.9 | $251.5 | | $208.4 | | 82.9% | | | $251.5 | | $569.0 | | $(317.5) | | (55.8)% | |
| Gross margin | 28.0% | | 18.5% | | | | | | 18.5% | | | 32.2% | | | | |
| Research and development | $303.9 | $302.2 | | $1.7 | 0.6% | | | $302.2 | | $307.8 | | $(5.6) | | (1.8)% | | |
First 8 of 15 rows. The CSV has all of them.
Table 7 after “During our fiscal years 2025, 2024 and 2023, net revenue generated from a single customer which represented 10% or greater of total net reve”
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| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Customer A | 16.0% | | 11.4% | | 15.3% |
| Customer B | 15.4% | | 18.9% | | * |
| Customer C | * | * | | 12.1% | |
| Customer D | * | * | | 10.5% | |
| *Represents less than 10% of total net revenue | | | | | |
Table 8 after “(in millions, except percentage data):”
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| Years Ended | | | | | | | | | | | | |
| | June 28, 2025 | June 29, 2024 | July 1, 2023 | | | | | | | | | |
| Net revenue: | | | | | | | | | | | | | |
| Americas: | | | | | | | | | | | | | |
| United States | | | | $312.3 | 19.0% | | $356.1 | | 26.2% | | $241.3 | | 13.7% |
| Mexico | | | | 148.5 | 9.0 | | 91.7 | | 6.7 | | 180.0 | | 10.2 |
| Other Americas | | | | 20.1 | 1.2 | | 3.4 | | 0.3 | | 9.3 | | 0.5 |
| Total Americas | | | | $480.9 | 29.2% | | $451.2 | | 33.2% | | $430.6 | | 24.4% |
First 8 of 17 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Cloud & Networking | $264.5 | | $124.5 | | $313.2 |
| Industrial Tech | 12.1 | | 25.1 | | 152.7 |
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Interest expense | $22.2 | | $33.8 | | $35.5 |
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Foreign exchange gains (losses), net | $(4.2) | | $0.8 | | $7.0 |
| Interest and investment income | 34.4 | | 61.3 | | 40.8 |
| Other income (expense), net | — | | — | | 1.0 |
| Other income, net | $30.2 | | $62.1 | | $48.8 |
| Years Ended | | | | |
| (in millions) | June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Income tax (benefit) provision | $(198.0) | | $140.8 | | $29.2 |
| Payments due | | | | |
| Total | Less than 1 year | | More than 1 year | |
| Contractual Obligations | | | | | |
| Asset retirement obligations | $7.1 | | $— | | $7.1 |
| Operating lease liabilities, including imputed interest (1) | 37.6 | | 12.7 | | 24.9 |
| Pension plan contributions (2) | 2.0 | | $2.0 | | — |
| Purchase obligations (3) | 837.6 | | 781.4 | | 56.2 |
| Term loans - principal (4) | 67.0 | | 10.6 | | 56.4 |
First 8 of 12 rows. The CSV has all of them.
Table 14 after “(in millions, except per share data)”
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| Years Ended | | | | | |
| | June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Net revenue | | $1,645.0 | | $1,359.2 | | $1,767.0 |
| Cost of sales | | 1,102.9 | | 1,023.8 | | 1,113.6 |
| Amortization of acquired developed intangibles | | 82.2 | | 83.9 | | 84.4 |
| Gross profit | | 459.9 | | 251.5 | | 569.0 |
| Operating expenses: | | | | | | |
| Research and development | | 303.9 | | 302.2 | | 307.8 |
First 8 of 24 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Net income (loss) | $25.9 | | $(546.5) | | $(131.6) |
| Other comprehensive income (loss), net of tax: | | | | | |
| Net change in cumulative translation adjustment | 0.1 | | (0.6) | | 0.7 |
| Net change in unrealized gain on available-for-sale securities | 1.9 | | 4.7 | | 4.4 |
| Net change in defined benefit obligations | (2.3) | | 1.1 | | (1.4) |
| Other comprehensive income (loss), net of tax | (0.3) | | 5.2 | | 3.7 |
First 8 of 9 rows. The CSV has all of them.
Table 16 after “(in millions, except per share data)”
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| June 28, 2025 | June 29, 2024 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $520.7 | | $436.7 |
| Short-term investments | 356.4 | | 450.3 |
| Accounts receivable, net | 250.0 | | 194.7 |
| Inventories | 470.1 | | 398.4 |
| Prepayments and other current assets | 120.1 | | 110.0 |
First 8 of 38 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| OPERATING ACTIVITIES: | | | | | |
| Net income (loss) | $25.9 | | $(546.5) | | $(131.6) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | |
| Depreciation expense | 104.3 | | 110.6 | | 106.6 |
| Stock-based compensation | 177.2 | | 128.8 | | 148.4 |
| Bad debt expense | 3.4 | | — | | — |
First 8 of 45 rows. The CSV has all of them.
| Net cash provided by (used in) financing activities | 41.8 | (332.7) | 263.0 |
| Increase (decrease) in cash and cash equivalents | 84.0 | (422.3) | (431.2) |
| Cash and cash equivalents at beginning of period | 436.7 | 859.0 | 1,290.2 |
| Cash and cash equivalents at end of period | $520.7 | $436.7 | $859.0 |
| Supplemental disclosure of cash flow information: | | | |
| Cash paid for taxes, net | $20.6 | $61.2 | $67.3 |
| Cash paid for interest | 19.1 | 19.7 | 10.8 |
| Supplemental disclosure of non-cash transactions: | | | |
First 8 of 14 rows. The CSV has all of them.
| | (in millions) | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | | Accumulated Other Comprehensive Income | | Total Stockholders’ Equity | | | |
| | | Shares | Amount | | | | | | | |
| Balance as of July 2, 2022 | | | 68.0 | | $0.1 | | $2,003.6 | | $(129.1) | $0.4 | $1,875.0 |
| Cumulative adjustment from adoption of ASU 2020-06 | | | — | | — | | (426.5) | | 85.6 | — | (340.9) |
| Net loss | | | — | | — | | — | | (131.6) | — | (131.6) |
| Other comprehensive income | | | — | | — | | — | | — | 3.7 | 3.7 |
| Equity component of repurchased 2024 Notes | | | — | | — | | (13.5) | | — | — | (13.5) |
First 8 of 30 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Numerator: | | | | | |
| Net income (loss) - basic and diluted | $25.9 | | $(546.5) | | $(131.6) |
| Denominator: | | | | | |
| Weighted average common shares outstanding - basic | 69.0 | | 67.3 | | 68.3 |
| Effect of dilutive securities from stock-based benefit plans | 0.6 | | — | | — |
| Weighted average common shares outstanding - diluted | 69.6 | | 67.3 | | 68.3 |
First 8 of 11 rows. The CSV has all of them.
| Fair Value |
| Cash consideration (1) | $705.0 |
| Share-based consideration (2) | 23.5 |
| Total purchase price consideration | $728.5 |
| Fair Value |
| Total purchase price consideration | $728.5 |
| Assets acquired | |
| Cash and cash equivalents | 4.1 |
| Short-term investments | 1.0 |
| Accounts receivable, net | 20.9 |
| Inventories | 72.8 |
| Prepayments and other current assets | 14.2 |
First 8 of 24 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Net revenue | $1,645.0 | | $1,447.9 | | $1,961.5 |
| Net income | $32.8 | | $531.7 | | $180.1 |
| Amortized Cost | Gross Unrealized Gains | | Gross Unrealized Losses | Fair Value | |
| June 28, 2025: | | | | | | |
| Cash | $349.5 | | $— | | $— | $349.5 |
| Cash equivalents: | | | | | | |
| Commercial paper | 2.5 | | — | | — | 2.5 |
| Money market funds | 161.7 | | — | | — | 161.7 |
| U.S. Treasury securities | 7.0 | | — | | — | 7.0 |
| Total cash and cash equivalents | $520.7 | | $— | | $— | $520.7 |
First 8 of 28 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Foreign exchange gains (losses), net | $(4.2) | | $0.8 | | $7.0 |
| Interest and investment income | 34.4 | | 61.3 | | 40.8 |
| Other income (losses), net | — | | — | | 1.0 |
| Other income, net | $30.2 | | $62.1 | | $48.8 |
| Continuous Loss Position For More Than 12 Months | Continuous Loss Position For Less Than 12 Months | | Gross Unrealized Losses | | | |
| Fair Value | Unrealized Losses | | Fair Value | Unrealized Losses | | |
| June 28, 2025: | | | | | | | |
| U.S. Agency securities | $— | | $— | | $24.5 | $— | $— |
| Commercial paper | — | | — | | 5.2 | — | — |
| Corporate debt securities | — | | — | | 73.8 | (0.1) | (0.1) |
| U.S. government bonds | — | | — | | 35.3 | — | — |
| Total | $— | | $— | | $138.8 | $(0.1) | $(0.1) |
First 8 of 14 rows. The CSV has all of them.
| June 28, 2025 | June 29, 2024 | | | | |
| Amortized Cost | Fair Value | | Amortized Cost | Fair Value | |
| Due within 1 year | $139.9 | | $140.0 | | $405.5 | $404.1 |
| Due between 1 year to 5 years | 216.1 | | 216.4 | | 46.2 | 46.2 |
| $356.0 | | $356.4 | | $451.7 | $450.3 |
| Level 1 | Level 2 | | Level 3 | Total | | |
| June 28, 2025 (1) | | | | | | | |
| Assets: | | | | | | | |
| Cash equivalents: | | | | | | | |
| Commercial paper | $— | | $2.5 | | $— | | $2.5 |
| Money market funds | 161.7 | | — | | — | | 161.7 |
| U.S. Treasury securities | 7.0 | | | | | 7.0 | |
| Short-term investments: | | | | | | | |
First 8 of 14 rows. The CSV has all of them.
Table 29 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| Level 1 | Level 2 | | Level 3 | Total | | |
| June 29, 2024 (1) | | | | | | | |
| Assets: | | | | | | | |
| Cash equivalents: | | | | | | | |
| Commercial paper | $— | | $15.9 | | $— | | $15.9 |
| Money market funds | $223.9 | | $— | | $— | | 223.9 |
| Short-term investments: | | | | | | | |
| Certificates of deposit | — | | 0.8 | | — | | 0.8 |
First 8 of 13 rows. The CSV has all of them.
| June 28, 2025 | June 29, 2024 | | | | |
| Carrying Amount | Estimated Fair Value | | Carrying Amount | Estimated Fair Value | |
| 2029 Notes | $600.2 | | $925.5 | | $599.4 | $588.8 |
| 2028 Notes | 857.7 | | 890.2 | | 856.6 | 680.2 |
| 2026 Notes | 1,048.3 | | 1,233.3 | | 1,047.2 | 948.3 |
| $2,506.2 | | $3,049.0 | | $2,503.2 | $2,217.3 |
| June 28, 2025 | June 29, 2024 | |
| Raw materials and purchased parts | $253.2 | | $196.9 |
| Work in process | 159.1 | | 101.6 |
| Finished goods | 57.8 | | 99.9 |
| Inventories | $470.1 | | $398.4 |
| June 28, 2025 | June 29, 2024 | |
| Land | $108.6 | | $75.2 |
| Buildings and improvement | 270.4 | | 215.1 |
| Machinery and equipment | 848.8 | | 772.1 |
| Computer equipment and software | 39.1 | | 44.9 |
| Furniture and fixtures | 14.7 | | 14.3 |
| Leasehold improvements | 45.9 | | 47.5 |
| Construction in progress | 152.3 | | 71.1 |
First 8 of 11 rows. The CSV has all of them.
| June 28, 2025 | June 29, 2024 | |
| Operating lease right-of-use assets | $54.4 | | $112.3 |
| Less: accumulated amortization | (26.5) | | (39.5) |
| Operating lease right-of-use assets, net | $27.9 | | $72.8 |
| June 28, 2025 | June 29, 2024 | |
| Restructuring and related accrual (1) | $2.5 | | $11.1 |
| Warranty reserve (2) | 14.4 | | 13.2 |
| Deferred revenue and customer deposits | 0.7 | | 0.6 |
| Income tax payable (3) | 29.1 | | 13.2 |
| Other current liabilities | 6.4 | | 3.0 |
| Other current liabilities | $53.1 | | $41.1 |
| June 28, 2025 | June 29, 2024 | |
| Asset retirement obligation | $7.1 | | $7.5 |
| Pension and related accrual (1) | 9.7 | | 7.5 |
| Unrecognized tax benefit (2) | 55.6 | | 83.0 |
| Other non-current liabilities (2) | 25.4 | | 5.4 |
| Other non-current liabilities | $97.8 | | $103.4 |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Operating lease cost | $13.3 | | $16.8 | | $14.4 |
| Short-term and variable lease cost | 3.5 | | 4.6 | | 2.7 |
| Sublease income | (0.8) | | (2.0) | | (2.6) |
| Total lease cost | $16.0 | | $19.4 | | $14.5 |
| Weighted average remaining lease term (in years): | | | | | |
| Operating leases | 3.3 | 5.2 | | 5.8 | |
| Weighted average discount rate (in percentages): | | | | | |
First 8 of 9 rows. The CSV has all of them.
| Fiscal Years | Operating Leases (1) |
| 2026 | $12.7 |
| 2027 | 11.7 |
| 2028 | 7.5 |
| 2029 | 4.4 |
| 2030 | 1.0 |
| Thereafter | 0.3 |
| Total minimum lease payments | 37.6 |
First 8 of 10 rows. The CSV has all of them.
| Cloud & Networking | Industrial Tech | | Total | |
| Balance as of July 1, 2023 | $683.9 | | $11.2 | | $695.1 |
| Acquisition of Cloud Light (1) | 360.7 | | — | | 360.7 |
| Balances as of June 29, 2024 | $1,044.6 | | $11.2 | | $1,055.8 |
| Acquisition of Cloud Light (2) | 5.1 | | — | | 5.1 |
| Balances as of June 28, 2025 | $1,049.7 | | $11.2 | | $1,060.9 |
| Fair Value at the Acquisition Date | Weighted Average Amortization Period (Years) | |
| Acquired developed technologies | $170.0 | | 7.0 |
| Customer relationships | 130.0 | | 7.0 |
| In-process research and development | 16.0 | | n/a |
| Order backlog | 14.0 | | 1.0 |
| Trade name and trademarks | 3.0 | | 1.2 |
| Total intangible assets | $333.0 | | |
| June 28, 2025 | Gross Carrying Amounts | Accumulated Amortization | | Net Carrying Amounts | Weighted average remaining amortization period (years) | |
| Acquired developed technologies | $822.4 | | $(559.0) | | $263.4 | 4.1 |
| Customer relationships | 419.8 | | (226.6) | | 193.2 | 4.1 |
| In-process research and development | 8.5 | | — | | 8.5 | n/a |
| Order backlog | 14.0 | | (14.0) | | — | — |
| Trade name and trademarks | 3.0 | | (3.0) | | — | — |
| Total intangible assets | $1,267.7 | | $(802.6) | | $465.1 | |
Table 41 after “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)”
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| June 29, 2024 | Gross Carrying Amounts | Accumulated Amortization | | Net Carrying Amounts | Weighted average remaining amortization period (years) | |
| Acquired developed technologies | $818.1 | | $(473.0) | | $345.1 | 4.8 |
| Customer relationships | 419.8 | | (169.4) | | 250.4 | 4.9 |
| In-process research and development | 15.5 | | — | | 15.5 | n/a |
| Order backlog | 14.0 | | (8.9) | | 5.1 | 0.4 |
| Trade name and trademarks | 3.0 | | (1.6) | | 1.4 | 0.6 |
| Total intangible assets | $1,270.4 | | $(652.9) | | $617.5 | |
| Years ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Cost of sales | $82.2 | | $83.9 | | $84.4 |
| Selling, general and administrative | 65.9 | | 65.2 | | 43.3 |
| Research and development | 1.6 | | 1.5 | | — |
| Total amortization of intangibles | $149.7 | | $150.6 | | $127.7 |
| Fiscal Years | |
| 2026 | $135.0 |
| 2027 | 122.7 |
| 2028 | 82.1 |
| 2029 | 51.8 |
| 2030 | 45.8 |
| Thereafter | 19.2 |
| Total | $456.6 |
Table 44 after “Our debt consists of the following:”
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| June 28, 2025 | June 29, 2024 | | | | | | | | |
| Short-term | Long-term | | Total | Short-term | Long-term | | Total | | |
| Convertible notes | $— | | $2,506.2 | | $2,506.2 | | $— | | $2,503.2 | $2,503.2 |
| Term loans | 10.6 | | 56.4 | | 67.0 | | — | | — | — |
| Total | $10.6 | | $2,562.6 | | $2,573.2 | | $— | | $2,503.2 | $2,503.2 |
| June 28, 2025 | 2026 Notes (1) | 2028 Notes (2) | | 2029 Notes (3) | Total | |
| Principal | $1,050.0 | | $861.0 | | $603.7 | $2,514.7 |
| Unamortized debt discount and debt issuance costs | (1.7) | | (3.3) | | (3.5) | (8.5) |
| Net carrying amount of the liability component | $1,048.3 | | $857.7 | | $600.2 | $2,506.2 |
| June 29, 2024 | 2026 Notes (1) | 2028 Notes (2) | | 2029 Notes (3) | Total | |
| Principal | $1,050.0 | | $861.0 | | $603.7 | $2,514.7 |
| Unamortized debt discount and debt issuance costs | (2.8) | | (4.4) | | (4.3) | (11.5) |
| Net carrying amount of the liability component | $1,047.2 | | $856.6 | | $599.4 | $2,503.2 |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Contractual interest expense | $18.6 | | $19.2 | | $11.2 |
| Amortization of the debt discount and debt issuance costs | 3.0 | | 14.6 | | 24.3 |
| Total interest expense | $21.6 | | $33.8 | | $35.5 |
| Fiscal Years | 2026 Notes | 2028 Notes | | 2029 Notes | | Total | | |
| 2026 | $5.3 | | $4.3 | | | $9.1 | | $18.7 |
| 2027 | 1,052.6 | | 4.3 | | 9.1 | | 1,066.0 | |
| 2028 | — | | 865.3 | | 9.1 | | 874.4 | |
| 2029 | — | | — | | | 9.1 | | 9.1 |
| 2030 | — | | — | | | 608.1 | | 608.1 |
| Total payments | $1,057.9 | | $873.9 | | | $644.5 | | $2,576.3 |
| Foreign currency translation adjustments, net of tax (1) | Defined benefit obligations, net of tax (2) | | Unrealized gain (loss) on available-for-sale securities, net of tax (3) | Total | |
| Balances as of July 2, 2022 | $9.7 | | $1.0 | | $(10.3) | $0.4 |
| Other comprehensive income (loss) | 0.7 | | (1.4) | | 4.4 | 3.7 |
| Balances as of July 1, 2023 | $10.4 | | $(0.4) | | $(5.9) | $4.1 |
| Other comprehensive income (loss) | (0.6) | | 1.1 | | 4.7 | 5.2 |
| Balances as of June 29, 2024 | $9.8 | | $0.7 | | $(1.2) | $9.3 |
| Other comprehensive income (loss) | 0.1 | | (2.3) | | 1.9 | (0.3) |
| Balances as of June 28, 2025 | $9.9 | | $(1.6) | | $0.7 | $9.0 |
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Balance as of beginning of period | $11.1 | | $5.0 | | $— |
| Charges | 22.8 | | 72.6 | | 28.1 |
| Payments and other adjustments | (31.4) | | (66.5) | | (23.1) |
| Balance as of end of period | $2.5 | | $11.1 | | $5.0 |
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Domestic | $(174.4) | | $(219.6) | | $(44.3) |
| Foreign | 2.3 | | (186.1) | | (58.1) |
| Loss before income taxes | $(172.1) | | $(405.7) | | $(102.4) |
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Federal: | | | | | |
| Current | $(8.4) | | $(10.6) | | $12.9 |
| Deferred | — | | 124.0 | | (22.5) |
| (8.4) | | 113.4 | | (9.6) |
| State: | | | | | |
| Current | 1.8 | | 1.3 | | 0.9 |
First 8 of 15 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Income tax provision computed at federal statutory rate | $(36.1) | | $(85.2) | | $(21.5) |
| Foreign rate differential | (49.9) | | 58.9 | | 33.6 |
| Change in valuation allowance | (161.5) | | 150.1 | | (4.8) |
| Tax credits | (2.2) | | (1.8) | | (46.5) |
| Stock-based compensation | 22.3 | | 17.8 | | 19.1 |
| Permanent items | 0.3 | | (3.2) | | 2.9 |
First 8 of 18 rows. The CSV has all of them.
| Years Ended | | |
| June 28, 2025 | June 29, 2024 | |
| Gross deferred tax assets: | | | |
| Intangibles | $20.3 | | $27.0 |
| Tax credit carryforwards | 143.2 | | 109.3 |
| Net operating loss carryforwards | 232.1 | | 226.0 |
| Inventories | 14.9 | | 11.1 |
| Accruals and reserves | 28.1 | | 14.1 |
First 8 of 25 rows. The CSV has all of them.
| Balance as of July 2, 2022 | $61.7 |
| Increases based on tax positions related to prior year | 2.8 |
| Decreases based on tax positions related to prior year | (5.5) |
| Decreases related to Statute of Limitations | (0.1) |
| Additions based on tax positions related to current year | 7.7 |
| Increases due to acquisition | 47.3 |
| Balance as of July 1, 2023 | $113.9 |
| Increases based on tax positions related to prior year | 19.6 |
First 8 of 21 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Cost of sales | $36.9 | | $31.7 | | $30.1 |
| Research and development | 43.3 | | 38.1 | | 41.4 |
| Selling, general and administrative | 97.0 | | 59.0 | | 76.9 |
| Total stock-based compensation | $177.2 | | $128.8 | | $148.4 |
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| RSUs | $101.8 | | $114.3 | | $135.3 |
| AIP PSUs | 29.8 | | 0.8 | | — |
| TSR PSUs | 3.2 | | — | | — |
| Other PSUs | 31.6 | | 5.8 | | 16.0 |
| Total PSUs | 64.6 | | 6.6 | | 16.0 |
| Options | 6.1 | | 3.3 | | — |
First 8 of 12 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Income tax benefit associated with stock-based compensation | $2.5 | | $7.5 | | $10.4 |
Table 59 after “The table below summarizes the unrecognized stock-based compensation cost related to unvested shares and the weighted-average period over wh”
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| Unrecognized stock-based compensation (in millions) | Weighted-average period(in years) | |
| RSUs | $117.8 | | 1.9 |
| PSUs | 40.2 | | 2.3 |
| Stock options | 5.9 | | 1.4 |
| ESPP | 2.4 | | 0.4 |
| Stock Options | Restricted Stock Units | | | Performance Stock Units | | | | | |
| Number of Shares | Weighted-Average Exercise Price per Share | | Number of Shares | Weighted-Average Grant Date Fair Value per Share | | Number of Shares | Weighted-Average Grant Date Fair Value per Share | | |
| Balance as of July 2, 2022 | — | | $— | | 2.0 | $85.9 | | | 0.3 | $81.9 |
| Replacement Awards Issued | — | | — | | 0.4 | 93.4 | | | — | n/a |
| Granted | — | | — | | 1.8 | 85.1 | | | 0.6 | 87.9 |
| Vested/Exercised | — | | — | | (1.3) | 85.8 | | | (0.2) | 73.2 |
| Canceled | — | | — | | (0.3) | 87.7 | | | (0.1) | 89.2 |
| Balance as of July 1, 2023 | — | | $— | | 2.6 | $85.0 | | | 0.6 | $89.1 |
First 8 of 17 rows. The CSV has all of them.
| Awards Available for Grant |
| Balance as of July 2, 2022 | 3.8 |
| Assumed in connection with NeoPhotonics acquisition | 0.4 |
| Replacement Awards | (0.4) |
| Authorized | 0.9 |
| Granted | (2.4) |
| Canceled | 0.4 |
| Balance as of July 1, 2023 | 2.7 |
First 8 of 18 rows. The CSV has all of them.
Table 62 after “The assumptions used to estimate the fair value of the ESPP shares during the periods presented were as follows:”
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| June 28, 2025 | June 29, 2024 | |
| Expected term (years) | 0.5 | 0.5 | |
| Expected volatility | 69.8% | | 51.9% |
| Risk-free interest rate | 4.22% | | 5.28% |
| Dividend yield | —% | | —% |
| June 28, 2025 | June 29, 2024 | |
| Change in projected benefit obligation: | | | |
| Benefit obligation at beginning of year | $24.5 | | $24.8 |
| Assumed pension liability in Japan in connection with NeoPhotonics acquisition | — | | — |
| Service cost | 1.7 | | 1.9 |
| Interest cost | 0.5 | | 0.4 |
| Plan participants’ contributions | 0.8 | | 1.1 |
| Actuarial losses (1) | 3.0 | | 0.4 |
First 8 of 28 rows. The CSV has all of them.
| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Service cost | $1.7 | | $1.9 | | $1.7 |
| Interest cost | 0.5 | | 0.4 | | 0.3 |
| Amortization of prior service cost | (0.1) | | (0.1) | | (0.1) |
| Expected return on plan assets | (0.5) | | (0.4) | | (0.3) |
| Settlement losses | 0.4 | | 0.1 | | — |
| Net periodic pension cost | $2.0 | | $1.9 | | $1.6 |
Table 65 after “The following table summarizes the weighted-average assumptions used to determine net periodic cost and benefit obligation for our defined b”
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| Years Ended | | |
| June 28, 2025 | June 29, 2024 | |
| Assumptions used to determine net periodic cost: | | | |
| Discount rate | 2.0% | | 2.0% |
| Expected long-term return on plan assets | 3.0% | | 3.0% |
| Salary increase rate | 3.9% | | 3.8% |
| Assumptions used to determine benefit obligation at end of year: | | | |
| Discount rate | 1.3% | | 1.8% |
First 8 of 9 rows. The CSV has all of them.
| | | | Fair value measurement as of June 28, 2025 | | | | |
| Target allocation | Total | Percentage of plan asset | Quoted prices in active markets for identical assets (Level 1) | | Significant other observable inputs (Level 2) | | |
| Assets: | | | | | | | | |
| Global equity | 35% | | $6.5 | | 34% | | $— | $6.5 |
| Fixed income | 27% | | 5.1 | | 27% | | — | 5.1 |
| Alternative investment | 14% | | 2.7 | | 14% | | — | 2.7 |
| Cash | 1% | | 0.2 | | 1% | | 0.2 | — |
| Other assets | 23% | | 4.6 | | 24% | | — | 4.6 |
First 8 of 9 rows. The CSV has all of them.
| | | | | Fair value measurement as of June 29, 2024 | | | | |
| Target allocation | Total | | Percentage of plan asset | | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | | |
| Assets: | | | | | | | | | |
| Global equity | 33% | | $5.1 | | | 32% | | $— | $5.1 |
| Fixed income | 30% | | 4.2 | | | 30% | | — | 4.2 |
| Alternative investment | 13% | | 1.9 | | | 13% | | — | 1.9 |
| Cash | 1% | | 0.1 | | | 1% | | 0.1 | — |
| Other assets | 23% | | 3.6 | | | 24% | | — | 3.6 |
First 8 of 9 rows. The CSV has all of them.
| Fiscal Years | Total |
| 2026 | $2.0 |
| 2027 | 1.4 |
| 2028 | 1.7 |
| 2029 | 1.6 |
| 2030 | 1.7 |
| Next five years | 13.9 |
| Total expected benefit payments | $22.3 |
| Years Ended | | |
| June 28, 2025 | June 29, 2024 | |
| Balance as of beginning of period | $13.2 | | $6.8 |
| Warranties assumed in Cloud Light acquisition | 0.8 | | 8.2 |
| Provision for warranty | 10.2 | | 6.0 |
| Utilization of reserve | (9.8) | | (7.8) |
| Balance as of end of period | $14.4 | | $13.2 |
| Years Ended | | | | | | | | | | | | | | |
| | June 28, 2025 | | June 29, 2024 | July 1, 2023 | | | | | | | | | | |
| | Cloud & Networking | Industrial Tech | Total | Cloud & Networking | Industrial Tech | Total | | Cloud & Networking | Industrial Tech | Total | | | | |
| Net revenue | | $1,410.8 | | 234.2 | $1,645.0 | | | $1,084.9 | | 274.3 | | $1,359.2 | $1,322.5 | 444.5 | $1,767.0 |
| Cost of sales | | 924.4 | 149.2 | 1073.6 | 743.8 | 166.5 | 910.3 | | 794.3 | 209.2 | 1003.5 | | | | |
| Segment gross profit | | 486.4 | | 85.0 | 571.4 | | | 341.1 | | 107.8 | | 448.9 | 528.2 | 235.3 | 763.5 |
| Operating expenses: | | | | | | | | | | | | | | | |
| Research and development | | 194.7 | | 61.3 | 256.0 | | | 192.4 | | 68.0 | | 260.4 | 181.8 | 67.2 | 249.0 |
First 8 of 10 rows. The CSV has all of them.
| Years Ended | | | | | |
| | June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Segment profit | | $276.6 | | $149.6 | | $465.9 |
| Unallocated corporate items: | | | | | | |
| Selling, general and administrative (1) | | (116.5) | | (111.8) | | (126.7) |
| Stock-based compensation (2) | | (177.2) | | (128.8) | | (136.5) |
| Stock-based compensation - acquisition related | | — | | — | | (11.9) |
| Amortization of acquired intangibles | | (149.7) | | (150.6) | | (127.7) |
First 8 of 20 rows. The CSV has all of them.
Table 72 after “(in millions, except percentage data):”
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| Years Ended | | | | | | | | | | | | |
| | June 28, 2025 | June 29, 2024 | July 1, 2023 | | | | | | | | | |
| | | | Amount | % to Total | | Amount | % to Total | Amount | | % to Total | | |
| Net revenue: | | | | | | | | | | | | | |
| Americas: | | | | | | | | | | | | | |
| United States | | | | $312.3 | | 19.0% | | $356.1 | | 26.2% | | $241.3 | 13.7% |
| Mexico | | | | 148.5 | | 9.0 | | 91.7 | | 6.7 | | 180.0 | 10.2 |
| Other Americas | | | | 20.1 | | 1.2 | | 3.4 | | 0.3 | | 9.3 | 0.5 |
First 8 of 18 rows. The CSV has all of them.
Table 73 after “During the years ended June 28, 2025, June 29, 2024, and July 1, 2023, net revenue generated from a single customer which represented 10% or”
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| Years Ended | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | |
| Customer A | 16.0% | | 11.4% | | 15.3% |
| Customer B | 15.4% | | 18.9% | | * |
| Customer C | * | * | | 12.1% | |
| Customer D | * | * | | 10.5% | |
| *Represents less than 10% of total net revenue | | | | | |
Table 74 after “The following table sets forth accounts receivable from a single customer that represented 10% or greater of the total accounts receivable f”
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| June 28, 2025 | June 29, 2024 | |
| Customer 1 | 13.2% | | 12.9% |
| Customer 2 | 11.0% | | * |
| *Represents less than 10% of total accounts receivable | | | |
| June 28, 2025 | June 29, 2024 | |
| Property, plant and equipment, net | | | |
| United States | $123.0 | | $131.0 |
| Thailand | 218.6 | | 141.0 |
| Japan | 144.3 | | 75.7 |
| United Kingdom | 109.4 | | 83.8 |
| China | 76.8 | | 85.7 |
| Other countries | 54.3 | | 55.3 |
First 8 of 9 rows. The CSV has all of them.
Table 76 after “We purchase a portion of our inventory from contract manufacturers and vendors located primarily in Thailand, Taiwan and Malaysia. The follo”
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| June 28, 2025 | June 29, 2024 | |
| Contract Manufacturer A | 25.1% | | 30.3% |
| Years Ended | | | | | | | | | |
| June 28, 2025 | June 29, 2024 | | July 1, 2023 | | | | | | |
| Amount | % to Total | | Amount | % to Total | Amount | | % to Total | | |
| Cloud & Networking | $1,410.8 | | 85.8% | | $1,084.9 | | 79.8% | | $1,322.5 | 74.8% |
| Industrial Tech | 234.2 | | 14.2% | | 274.3 | | 20.2% | | 444.5 | 25.2% |
| Net revenue | $1,645.0 | | 100.0% | | $1,359.2 | | 100.0% | | $1,767.0 | 100.0% |
| Contract balances | Balance sheet location | June 28, 2025 | June 29, 2024 | | Change | Percentage Change | |
| Accounts receivable, net | Accounts receivable, net | $250.0 | | $194.7 | | $55.3 | 28.4% |
| Deferred revenue and customer deposits | Other current liabilities | $0.7 | | $0.6 | | $0.1 | 16.7% |
Table 79 after “The financial statements filed as part of this Annual Report are listed in the section titled “Financial Statements and Supplementary Data” ”
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| Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | 60 |
| Consolidated Statements of Operations—Years Ended June 28, 2025, June 29, 2024 and July 1, 2023 | 62 |
| Consolidated Statements of Comprehensive Income (Loss)—Years Ended June 28, 2025, June 29, 2024 and July 1, 2023 | 63 |
| Consolidated Balance Sheets—June 28, 2025 and June 29, 2024 | 64 |
| Consolidated Statements of Cash Flows—Years Ended June 28, 2025, June 29, 2024 and July 1, 2023 | 65 |
| Consolidated Statements of Stockholders’ Equity—Years Ended June 28, 2025, June 29, 2024 and July 1, 2023 | 67 |
| Notes to Consolidated Financial Statements | 68 |
Table 80 after “SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS”
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| (in millions) | | | | | | |
| Balance at beginning of period | Increase (decrease) in Consolidated Statements of Operations | | Write-offs and other adjustments | | Balance at end of period | |
| Allowance for credit losses: | | | | | | | |
| Fiscal year ended June 28, 2025 | $0.2 | | $3.4 | | $(0.1) | | $3.5 |
| Fiscal year ended June 29, 2024 | $— | | $0.2 | | $— | | $0.2 |
| Fiscal year ended July 1, 2023 | $— | | $— | | $— | | $— |
Table 81 after “SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS”
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| (in millions) | | | | | |
| Balance at beginning of period | Additions charged to costs/expenses (1) | | Deductions credited to costs/expenses (2) | Balance at end of period | |
| Deferred tax valuation allowance: | | | | | | |
| Fiscal year ended June 28, 2025 | $490.4 | | $128.6 | | $(178.2) | $440.8 |
| Fiscal year ended June 29, 2024 | $303.4 | | $205.4 | | $(18.4) | $490.4 |
| Fiscal year ended July 1, 2023 | $263.1 | | $42.7 | | $(2.4) | $303.4 |
Table 82 after “The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Com”
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| | Incorporated by Reference | | | Filed |
| Exhibit No. | Exhibit Description | Form | Exhibit | Filing Date | Herewith |
| 2.1 | Contribution Agreement | 8-K | 2.1 | 8/6/2015 | |
| 2.2 | Separation and Distribution Agreement | 8-K | 2.2 | 8/6/2015 | |
| 2.3 | Agreement and Plan of Merger, dated as of October 29, 2023, by and among Lumentum Holdings Inc., Cloud Light, and Crius Merger Sub, Inc. | 8-K | 2.1 | 10/30/2023 | |
| 3.1 | Amended and Restated Certificate of Incorporation | 8-K | 3.1 | 8/6/2015 | |
| 3.2 | Amended and Restated Bylaws | 8-K | 3.2 | 8/6/2015 | |
| 4.1 | Description of Capital Stock | 10-K | 4.4 | 8/27/2019 | |
First 8 of 28 rows. The CSV has all of them.
| 10.14* | 2025 Inducement Equity Incentive Plan | S-8 | 4.3 | 2/6/2025 | |
| 10.15* | Form of Restricted Stock Unit Agreement under 2025 Inducement Equity Incentive Plan | S-8 | 4.4 | 2/6/2025 | |
| 10.16* | Form of Performance Stock Unit Agreement under 2025 Inducement Equity Incentive Plan | S-8 | 4.5 | 2/6/2025 | |
| 19.1 | Lumentum Holdings Inc. Insider Trading Policy | 10-K | 19.1 | 8/21/2024 | |
| 21.1 | Subsidiaries of Lumentum Holdings Inc. | | | | X |
| 23.1 | Consent of Independent Registered Public Accounting Firm (Deloitte & Touche LLP) | | | | X |
| 31.1 | Certification of the Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | | X |
| 31.2 | Certification of the Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | | X |
First 8 of 13 rows. The CSV has all of them.
| Signature | Title | Date |
| /s/ MICHAEL HURLSTON | President, Chief Executive Officer and Director (principal executive officer) | August 19, 2025 |
| Michael Hurlston | | |
| /s/ WAJID ALI | Executive Vice President, Chief Financial Officer (principal financial officer) | August 19, 2025 |
| Wajid Ali | | |
| /s/ MATTHEW SEPE | Chief Accounting Officer (principal accounting officer) | August 19, 2025 |
| Matthew Sepe | | |
| /s/ PAUL LUNDSTROM | Director | August 19, 2025 |
First 8 of 23 rows. The CSV has all of them.