VIAV

MKT CAP:$11B

Viavi Solutions Inc.

Market Cap

$11B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$47.49+$29.34 (+161.65%)

Apr 24, 2026

Company Details

Viavi Solutions Inc. provides network test, monitoring, and assurance solutions to communications service providers, enterprises, network equipment manufacturers, original equipment manufacturers, government, and avionics customers worldwid...

CEO

Oleg Khaykin

IPO Date

Nov 17, 1993

Website

www.viavisolutions.com

Key Metrics TTM

Revenue

$1.2B

+23.5% YoY

Net Income

-$42M

EPS (Diluted)

-$0.18

Free Cash Flow

$79M

Revenue / Share

$5.57

Gross Margin

55.7%

Operating Margin

7.5%

Net Margin

-3.4%

FCF Margin

6.3%

P/S

8.9x

P/E

—

Earnings Reports

Q3 2026

May 7, 2026

PENDING

Q2 2026

Jan 29, 2026

$369M+36.4%EPS -$0.21

Q1 2026

Oct 30, 2025

$299M+25.6%EPS -$0.10

FY 2025

Aug 11, 2025

$1.1B+8.4%EPS $0.15

Q4 2025

Aug 11, 2025

$291M+15.3%EPS $0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$316M	$185M	$41M
Q4 22	$335M	$199M	$48M
Q1 23	$310M	$183M	$50M
Q2 23	$285M	$165M	$24M
Q3 23	$248M	$139M	$6M
Q4 23	$264M	$144M	$18M
Q1 24	$248M	$142M	$14M
Q2 24	$255M	$147M	$16M
Q3 24	$246M	$136M	-$12M
Q4 24	$252M	$144M	$8M
Q1 25	$238M	$135M	$7M
Q2 25	$271M	$160M	$22M
Q3 25	$285M	$160M	$24M
Q4 25	$291M	$162M	$17M
Q1 26	$299M	$168M	$22M
Q2 26	$369M	$204M	$30M

Valuation

Quarter	P/S	P/E
Q3 22	8.7x	4808.2x
Q4 22	8.6x	713.5x
Q1 23	8.7x	107.5x
Q2 23	8.9x	144.2x
Q3 23	9.4x	262.7x
Q4 23	10.0x	433.7x
Q1 24	10.6x	4095.9x
Q2 24	10.9x	2211.8x
Q3 24	10.9x	—
Q4 24	11.1x	—
Q1 25	11.2x	—
Q2 25	11.0x	—
Q3 25	10.6x	2168.4x
Q4 25	10.2x	317.8x
Q1 26	9.7x	727.6x
Q2 26	8.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$29M	$10M
Q4 22	$74M	$55M
Q1 23	$27M	$12M
Q2 23	$46M	$28M
Q3 23	$18M	$7M
Q4 23	$24M	$16M
Q1 24	$50M	$44M
Q2 24	$20M	$15M
Q3 24	$20M	$16M
Q4 24	$26M	$22M
Q1 25	$14M	$6M
Q2 25	$45M	$37M
Q3 25	$8M	$1M
Q4 25	$24M	$18M
Q1 26	$31M	$23M
Q2 26	$43M	$37M

Capital Expenditures

Quarter	CapEx
Q3 22	$19M
Q4 22	$19M
Q1 23	$15M
Q2 23	$18M
Q3 23	$11M
Q4 23	$7M
Q1 24	$7M
Q2 24	$6M
Q3 24	$3M
Q4 24	$4M
Q1 25	$7M
Q2 25	$8M
Q3 25	$7M
Q4 25	$6M
Q1 26	$9M
Q2 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+10.8%	+8.1%
Q4 22	+7.8%	+2.6%
Q1 23	-5.1%	-7.0%
Q2 23	-9.6%	-2.0%
Q3 23	-21.5%	-12.0%
Q4 23	-21.4%	-14.5%
Q1 24	-20.1%	-9.9%
Q2 24	-10.5%	-8.5%
Q3 24	-0.7%	+7.0%
Q4 24	-4.4%	-0.4%
Q1 25	-3.9%	-1.4%
Q2 25	+6.4%	+4.4%
Q3 25	+15.8%	+0.9%
Q4 25	+15.3%	+11.7%
Q1 26	+25.6%	+20.0%
Q2 26	+36.4%	+36.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$0	0.0%
Q4 22	$13M	3.8%
Q1 23	$13M	4.2%
Q2 23	$13M	4.6%
Q3 23	$13M	5.2%
Q4 23	$12M	4.7%
Q1 24	$11M	4.5%
Q2 24	$13M	4.9%
Q3 24	$0	0.0%
Q4 24	$13M	5.1%
Q1 25	$13M	5.3%
Q2 25	$14M	5.1%
Q3 25	$0	0.0%
Q4 25	$13M	4.3%
Q1 26	$13M	4.5%
Q2 26	$14M	3.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 22	$55M	$89M
Q4 22	$54M	$97M
Q1 23	$53M	$80M
Q2 23	$52M	$89M
Q3 23	$51M	$82M
Q4 23	$52M	$74M
Q1 24	$50M	$79M
Q2 24	$50M	$81M
Q3 24	$50M	$99M
Q4 24	$53M	$84M
Q1 25	$49M	$78M
Q2 25	$52M	$85M
Q3 25	$50M	$86M
Q4 25	$57M	$88M
Q1 26	$56M	$89M
Q2 26	$66M	$109M

Revenue Segments

Quarter	Product	Service
Q3 22	$276M	$40M
Q1 23	$268M	$43M
Q2 23	$242M	$43M
Q3 23	$205M	$43M
Q1 24	$206M	$42M
Q2 24	$211M	$44M
Q3 24	$207M	$39M
Q4 24	$211M	$41M
Q1 25	$198M	$41M
Q2 25	$226M	$45M
Q3 25	$242M	$43M
Q4 25	$247M	$43M
Q1 26	$257M	$42M
Q2 26	$317M	$52M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q3 22	$109M	$115M	$92M
Q1 23	$123M	$112M	$76M
Q2 23	$106M	$105M	$73M
Q3 23	$101M	$76M	$72M
Q1 24	$101M	$86M	$62M
Q2 24	$103M	$80M	$72M
Q3 24	$88M	$90M	$68M
Q4 24	$99M	$91M	$62M
Q1 25	$89M	$86M	$64M
Q2 25	$116M	$94M	$61M
Q3 25	$108M	$101M	$76M
Q4 25	$112M	$99M	$79M
Q1 26	$129M	$92M	$78M
Q2 26	$171M	$108M	$90M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$594M	$2M	$596M
Q4 22	$560M	$1M	$561M
Q1 23	$513M	$1M	$514M
Q2 23	$484M	$1M	$486M
Q3 23	$585M	$2M	$587M
Q4 23	$507M	$15M	$521M
Q1 24	$524M	$21M	$545M
Q2 24	$544M	$25M	$569M
Q3 24	$458M	$28M	$486M
Q4 24	$471M	$20M	$491M
Q1 25	$468M	$25M	$493M
Q2 25	$488M	$21M	$509M
Q3 25	$374M	$23M	$397M
Q4 25	$424M	$2M	$425M
Q1 26	$544M	$2M	$546M
Q2 26	$766M	$2M	$767M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	237M	-2.3%	+2.2%
Q4 22	231M	-2.3%	+1.3%
Q1 23	230M	-0.4%	-0.3%
Q2 23	227M	-1.4%	-6.3%
Q3 23	224M	-1.3%	-5.4%
Q4 23	222M	-0.8%	-3.9%
Q1 24	224M	+0.9%	-2.7%
Q2 24	224M	-0.3%	-1.6%
Q3 24	223M	-0.2%	-0.5%
Q4 24	223M	-0.0%	+0.3%
Q1 25	222M	-0.4%	-1.0%
Q2 25	225M	+1.3%	+0.6%
Q3 25	227M	+0.9%	+1.7%
Q4 25	227M	+0.0%	+1.8%
Q1 26	223M	-1.8%	+0.4%
Q2 26	223M	+0.2%	-0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$87.6K	4K
Q4 22	$93.1K	4K
Q1 23	$86.2K	4K
Q2 23	$79.0K	4K
Q3 23	$68.8K	4K
Q4 23	$73.2K	4K
Q1 24	$68.9K	4K
Q2 24	$70.7K	4K
Q3 24	$68.3K	4K
Q4 24	$70.0K	4K
Q1 25	$66.2K	4K
Q2 25	$75.2K	4K
Q3 25	$79.1K	4K
Q4 25	$80.7K	4K
Q1 26	$83.1K	4K
Q2 26	$102.6K	4K

Revenue / Employee