VIAVI Solutions supplies network-testing, monitoring and resilient positioning technology, alongside optical coatings and pigments used in banknote security and sensing.
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A snapshot of what VIAVI SOLUTIONS INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Jun 29, 20240000912093-24-000063 | Aug 16, 2024 | 10-K | Open 10-Ksec.gov |
| Jun 28, 20250000912093-25-000096 | Aug 11, 2025 | 10-K | Open 10-Ksec.gov |
| Jun 27, 20260001628280-26-056765 | Aug 13, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
VIAVI entered fiscal 2027 with stronger network-testing sales and operating profitability, but acquisitions, financing changes and taxes complicate the headline. Fiscal 2026 revenue rose 40.0% to $1,518.3 million, while GAAP operating income reached $105.1 million. Nevertheless, debt-extinguishment losses and a larger tax provision produced a $30.4 million net loss. Operating cash flow improved, but the increase in cash depended substantially on financing rather than operations alone. Acquisition-related payments, purchase commitments and potentially cash-settled convertible debt remain important demands on liquidity. Data-center and positioning applications offer opportunities, while customer concentration and integration risks remain material. This overview uses the August 13, 2026 annual filing, including its disclosed subsequent events; it does not establish developments through October 24, 2026.
Sources: 10-K · 2026-06-27
Network and Service Enablement (NSE) serves telecom, data-center, semiconductor, enterprise and defense customers across development, production and network operations. It generated $1,182.9 million of fiscal 2026 revenue. Optical Security and Performance Products (OSP), supplying banknote authentication and optical sensing materials, generated $335.4 million. Company-defined segment operating margins were 16.1% and 36.6%, respectively; these exclude costs included in consolidated GAAP profit. Services include maintenance, repair and professional work, not solely recurring subscriptions.
Sources: 10-K · 2026-06-27
Management attributes growth to data-center products, acquisitions, aerospace and defense, and stronger OSP demand, partly offset by weaker wireless spending. Disclosed incremental acquisition contributions account for $205.9 million of the $434.0 million revenue increase; the remainder is not a verified organic-growth measure. Higher volume and favorable mix supported NSE profitability. OSP's unfavorable mix reduced gross margin, although lower operating expenses relative to revenue preserved its operating margin.
GAAP operating income increased from $57.5 million to $105.1 million, but $56.7 million of debt-extinguishment losses and a $47.5 million tax provision contributed to the net loss. Taxes included German deferred-tax remeasurement and the absence of fiscal 2025's $25.0 million acquisition-related tax benefit. Adjusted operating income of $312.9 million excluded $207.8 million of costs, including amortization, stock compensation and contingent-consideration remeasurement. Prior adjusted and segment figures were recast after VIAVI began excluding employer payroll taxes on equity awards; GAAP results were unchanged. These exclusions do not eliminate their economic costs.
Sources: 10-K · 2026-06-27
Fiscal 2026 operating cash flow was $113.9 million, against $31.1 million of capital expenditure. Operating asset and liability movements consumed $156.5 million, including receivables as billing outpaced collections and increased inventory. Inertial Labs earn-out payments totaled $73.5 million: $43.7 million was already included in operating cash outflow and $29.8 million was financing outflow, not an additional payment.
The original Inertial Labs terms provided for up to $175.0 million of contingent consideration payable upon achievement of revenue targets over four years beginning in January 2025; this original contractual ceiling is distinct from the $76.9 million remaining fair value and does not establish a verified remaining contractual maximum, including by subtracting prior payments. Within—not in addition to—the original $175.0 million, a $3.4 million retention-bonus pool is payable over the four-year earn-out period subject to continued service, with forfeited amounts redistributed to shareholders if earn-out targets are achieved; payouts remain conditional.
Remaining Inertial Labs contingent consideration had a $76.9 million fair value, including $58.5 million classified current. This is neither a maximum payout nor a fixed payment schedule; actual payments depend on revenue targets whose detailed formulas are unavailable. Purchase obligations totaled $266.9 million, with $210.8 million due within one year. Lease liabilities and a separate $13.9 million sale-leaseback financing obligation add commitments. Pension disclosures contain an unresolved inconsistency, and aggregate maximum indemnification exposure cannot be reasonably estimated.
Sources: 10-K · 2026-06-27
At June 27, 2026, cash and equivalents were $647.8 million, excluding $12.0 million of restricted cash. The cash increase was substantially financing-driven, and repatriation constraints remain relevant. VIAVI repaid its entire $600.0 million Term Loan B; the May 21 equity offering helped fund the final $450.0 million repayment. Offering and note-settlement shares outweighed buybacks: year-end shares rose to 246.7 million from 223.2 million.
Remaining note principal was $650.0 million: $400.0 million due in 2029 and $250.0 million due in 2031. The latter's $244.8 million carrying amount was classified current because holders could convert during July–September 2026, not because maturity accelerated. Conversion requires cash up to principal; above-principal value may be settled in cash, shares or both. Later conversion status is not established. The undrawn $200.0 million revolver had reported availability of $183.1 million and year-end covenant compliance. It is conditional financing capacity, not cash or verified present-day headroom.
Sources: 10-K · 2026-06-27
The Spirent-business acquisition closed October 16, 2025 for $399.3 million of closing cash consideration, subject to final working-capital adjustments; purchase-price allocation remained provisional. Its standalone profitability was not disclosed. Separately, after fiscal year-end but before the annual filing, VIAVI completed the Direct Optical Research Company asset acquisition on July 9, 2026 for $14.0 million base consideration, subject to adjustments, plus up to $5.0 million contingent consideration. Allocation was not yet practicable. Approximately $11.0 million of subsequent tariff refunds and related interest were also outside fiscal 2026 results.
One unnamed customer generated $174.7 million, approximately 52.1% of OSP sales. Its lower consolidated share reflects faster growth elsewhere, not elimination of dependence; the filing does not identify it as SICPA. The separately disclosed SICPA banknote-marketing alliance would be difficult to replace promptly. Limited-source components, tariffs, export restrictions and integration can constrain deliveries or margins. Management expects growth in many traditional businesses and approximately $30.0 million of annualized gross restructuring savings after completion, but neither is assured. No numerical fiscal 2027 revenue or EPS guidance is supplied, and backlog can be cancelled or rescheduled.
Sources: 10-K · 2026-06-27
USD 1.5183 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.5183 bn | 40.0% |
| 2025 | USD 1.0843 bn | 8.4% |
| 2024 | USD 1.0004 bn | — |
Consolidated product and service revenue.
Sources: 10-K · 2026-06-27
USD -30.4 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD -30.4 m | Turned loss-making |
| 2025 | USD 34.8 m | Turned profitable |
| 2024 | USD -25.8 m | — |
Consolidated net income after income taxes and equity-investment earnings; negative denotes loss.
Sources: 10-K · 2026-06-27
USD 113.9 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 113.9 m | — |
GAAP operating cash flow, including operating-classified acquisition earn-out payments.
Sources: 10-K · 2026-06-27
USD 89.8 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 89.8 m | -22.9% |
| 2024 | USD 116.4 m | — |
GAAP operating cash flow.
Sources: 10-K · 2026-06-27
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