Chart 01 — Six-Year Revenue Cycle

Boom. Bust. Boom Again.

Annual Net Revenue (USD Millions) · FY2020–FY2025 + TTM to Mar 2026 · Fiscal Year ends June
FY2020–FY2022 ▲ FIRST PEAK
3D sensing (Apple Face ID) + Telecom demand drove strong margins. Non-GAAP OpM touched 35%.
FY2023–FY2024 ▼ THE BUST
Inventory glut across telecom/datacom. Apple 3D sensing cuts. NeoPhotonics acquisition digestion.
FY2025–TTM ▲ AI SUPERCYCLE
CloudLight acquisition + AI data center surge. Revenue +162% from trough to Q3 FY26.
Source: Lumentum Holdings SEC Filings. TTM = Trailing Twelve Months to March 2026. FY2021 estimated from quarterly disclosures. Growth rates shown as YoY % on each bar.
CURIOUS INVESTING INSIGHTS