Viavi Solutions Inc. · NASDAQ:VIAV
Viavi Solutions — Q1 2026 Earnings Presentation
21 slides from Viavi Solutions's earnings presentation, Oct 29, 2025
Slide 1: Fiscal Q1 2026 Earnings Call Supplementary Slides
Fiscal Q1 2026 Earnings Call Supplementary Slides October 29, 2025
Slide 2: Cautionary Language Concerning Forward-Looking Statements
Cautionary Language Concerning Forward-Looking Statements This presentation contains forward-looking statements under Section 27A of the Securities Act of 1934. Forward-looking statements are all statements we make other than those dealing specifically with historical matters. These forward-looking
Slide 3: Fiscal Q1 2026 Summary and Key Highlights
Fiscal Q1 2026 Summary and Key Highlights (Amounts in $millions, except per share amounts, and other than revenue reflect non-GAAP) KEY METRICS HIGHLIGHTS ■ Revenue above the high end of the guidance Revenue range. $299.1M 25.6% Y/Y ■ Non-GAAP Operating Margin and Non-GAAP EPS above the high end of
Slide 4: Capital Allocation Activities
Capital Allocation Activities ■ Successfully closed the acquisition of Spirent’s high speed ethernet, network security, and channel emulation business lines from Keysight. ■ Expected to add about $200M of annual revenue run rate, above our original assumption of about $188M. ■ Concurrently closed th
Slide 5: Fiscal Q1 2026 NSE Highlights
Fiscal Q1 2026 NSE Highlights (Amounts in $millions and other than revenue reflect non-GAAP) NSE HIGHLIGHTS ■ Revenue at $216.0 million exceeded guidance range Revenue of $208-$214 million, up 35.5% Y/Y driven by $216.0M 35.5% Y/Y ■ Strong demand for lab and production and field products mainly driv
Slide 6: Fiscal Q1 2026 OSP Highlights
Fiscal Q1 2026 OSP Highlights (Amounts in $millions and other than revenue reflect non-GAAP) OSP HIGHLIGHTS ■ Revenue at $83.1 million, at the midpoint of Revenue guidance range of $82-$84 million, and increased $83.1M 5.5% Y/Y 5.5% Y/Y, primarily as a result of strength in Anti- Counterfeiting and
Slide 7: Fiscal Q2 2026 Business Outlook
Fiscal Q2 2026 Business Outlook SEGMENT BUSINESS OUTLOOK VIAVI $360 million to $370 million Revenue NSE $288 million, plus or minus $5 million OSP ~ $77 million VIAVI 17.9%, plus or minus 60 bps Non-GAAP Operating Margin NSE 13.6%, plus or minus 70 bps OSP 34.0%, plus or minus 50 bps Non-GAAP EPS $0
Slide 8: Fiscal Q2 2026 Events
Fiscal Q2 2026 Events DATE EVENT LOCATION November 24, 2025 6th Annual Needham Tech Week Virtual December 1,2025 UBS Global Technology and AI Conference Scottsdale, AZ December 1,2025 2025 Northland Growth Conference Virtual VIAVI//Public © 2025 Viavi Solutions Inc. 7
Slide 9: Additional Financial Information
Additional Financial Information
Slide 10: Fiscal Q1 2026 Financial Highlights
Fiscal Q1 2026 Financial Highlights (Amounts in $millions, except per share amounts) FISCAL QUARTER Q1 2026 Q4 2025 Q1 2025 QOQ YOY GAAP Revenue NSE $216.0 $209.1 $159.4 3.3% 35.5% OSP $83.1 $81.4 $78.8 2.1% 5.5% Total $299.1 $290.5 $238.2 3.0% 25.6% Non-GAAP Gross Margin NSE 63.0% 62.2% 60.9% 80 bp
Slide 11: Revenue by Business Segment and Geographic Region
Revenue by Business Segment and Geographic Region (Amounts in $millions) FISCAL QUARTER Q1 2026 Q4 2025 Q1 2025 QOQ YOY Segment Mix NSE $216.0 72.2% $209.1 72.0% $159.4 66.9% 3.3% 35.5% OSP $83.1 27.8% $81.4 28.0% $78.8 33.1% 2.1% 5.5% Total $299.1 100.0% $290.5 100.0% $238.2 100.0% 3.0% 25.6% Regio
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights (Amounts in $millions) FISCAL QUARTER Q1 2026 Total Cash Balance (1) $549.1 Short-term Debt (Carrying Value) (2) $151.1 Long-term Debt (Carrying Value) (3) $640.5 GAAP Cash from Operations $31.0 (1) Includes cash and cash-equivalents, short-term investments and short-term re
Slide 13: Term Notes Summary
Term Notes Summary 2026 SENIOR CONVERTIBLE 2031 SENIOR CONVERTIBLE 2029 HIGH-YIELD NOTES NOTES NOTES Issue Size $250.0M $400.0M $250.0M Current Outstanding * $152.5M $400.0M $250.0M Coupon 1.625% 3.75% 0.625% Final Maturity 3/15/2026 10/1/2029 3/1/2031 Put Date N/A N/A N/A Call Date 3/20/2025 10/1/2
Slide 14: Income Statement
Income Statement (Amounts in $millions, except per share amounts) FISCAL QUARTER Q1 2026 Q4 2025 Q1 2025 QOQ YOY GAAP Revenue $299.1 $290.5 $238.2 3.0% 25.6% Non-GAAP Gross Margin 60.0% 60.1% 59.1% (10) bps 90 bps Non-GAAP Operating Expenses $132.5 $132.6 $116.8 (0.1%) 13.4% Non-GAAP Operating Profi
Slide 15: GAAP Income Statement
GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q1 2026 Q4 2025 Q1 2025 QOQ YOY GAAP INCOME STATEMENT Net revenue $ 299.1 $ 290.5 $ 238.2 3.0 % 25.6 % Cost of revenues 123.2 120.2 98.8 2.5 % 24.7 % Amortization of acquired technologies 6.9 6.8 3.3 1.5 % 109.1 % Total
Slide 16: Non-GAAP Income Statement
Non-GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q1 2026 Q4 2025 Q1 2025 QoQ YoY NON-GAAP INCOME STATEMENT Net revenue $ 299.1 $ 290.5 $ 238.2 3.0 % 25.6 % Cost of revenues 119.5 116.0 97.5 3.0 % 22.6 % Gross profit 179.6 174.5 140.7 2.9 % 27.6 % Operating expense
Slide 17: Appendix
Appendix Oe
Slide 18: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures (Amounts in $millions) UNAUDITED Q1 2026 Q4 2025 Q1 2025 QOQ YOY Gross Profit - GAAP to Non-GAAP Reconciliation GAAP segment gross profit $ 169.0 $ 163.5 $ 136.1 3.4 % 24.2 % Stock-based compensation 1.0 1.2 1.2 (16.7)% (16.7)% Amortization of int
Slide 19: Financial Information by Segment
Financial Information by Segment (Amounts in $millions and other than revenue reflect non-GAAP) UNAUDITED Q1 2026 Q4 2025 Q1 2025 QOQ YOY SEGMENT RESULTS ($ in millions) Net revenue: Network and Service Enablement 216.0 209.1 159.4 3.3 % 35.5 % Optical Securities and Performance Products 83.1 81.4 7
Slide 20: Condensed Balance Sheet
Condensed Balance Sheet (Amounts in $millions) UNAUDITED Q4 2025 Q1 2026 BALANCE SHEET (in millions) ASSETS Current assets: Cash and cash equivalents $ 423.6 $ 543.8 Short-term investments 1.7 1.8 Restricted cash 3.7 3.5 Accounts receivable, net 261.0 242.0 Inventories, net 117.9 124.5 Prepayments a
Slide 21: VIAVI Solutions
VIAN I VIAVI Solutions viavisolutions.com