Viavi Solutions Inc. · NASDAQ:VIAV
Viavi Solutions — Q2 2026 Earnings Presentation
22 slides from Viavi Solutions's earnings presentation, Jan 28, 2026
Slide 1: Fiscal Q2 2026 Earnings Call Supplementary Slides
Fiscal Q2 2026 Earnings Call Supplementary Slides January 28, 2026
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 Q2 2026 Summary and Key Highlights
Fiscal Q2 2026 Summary and Key Highlights (Amounts in $millions, except per share amounts, and other than revenue reflect non-GAAP) KEY METRICS HIGHLIGHTS ■ Revenue at the high end of the guidance Revenue range. $369.3M 36.4% Y/Y ■ Non-GAAP Operating Margin and Non-GAAP EPS above the high end of the
Slide 4: Capital Allocation Activities
Capital Allocation Activities ■ 1.625% Convertible Notes due March 2026 ■ Successfully exchanged principal amount of ~$103.5M for 7.9M shares of VIAVI ‘s common stock at a price per share of $17.88. ■ Remaining principal amount of $49M to be repaid in cash on or about March 16, 2026 in line with mat
Slide 5: Fiscal 2026 Restructuring Plan
Fiscal 2026 Restructuring Plan ■ On January 23, 2026, we approved a restructuring and workforce reduction plan to improve operational efficiencies and better align workforce and resources with our current business needs and strategic priorities. ■ The plan includes global workforce reduction, facili
Slide 6: Fiscal Q2 2026 NSE Highlights
Fiscal Q2 2026 NSE Highlights (Amounts in $millions and other than revenue reflect non-GAAP) NSE HIGHLIGHTS ■ Revenue at $291.5 million at the high end of our Revenue guidance range of $283-$293 million, up 45.8% Y/Y $291.5M 45.8% Y/Y driven by ■ Acquisitions of Inertial Labs and Spirent products li
Slide 7: Fiscal Q2 2026 OSP Highlights
Fiscal Q2 2026 OSP Highlights (Amounts in $millions and other than revenue reflect non-GAAP) OSP HIGHLIGHTS ■ Revenue at $77.8 million, slightly above the guidance Revenue of ~$77 million and increased 9.7% Y/Y, primarily as $77.8M 9.7% Y/Y a result of strength in Anti-Counterfeiting and other produ
Slide 8: Fiscal Q3 2026 Business Outlook
Fiscal Q3 2026 Business Outlook SEGMENT BUSINESS OUTLOOK VIAVI $386 million to $400 million Revenue NSE $304 million to $316 million OSP $82 million to $84 million VIAVI 19.7%, plus or minus 50 bps Non-GAAP Operating Margin NSE 15.5%, plus or minus 50 bps OSP 35.3%, plus or minus 50 bps Non-GAAP EPS
Slide 9: Fiscal Q3 2026 Events
Fiscal Q3 2026 Events DATE EVENT LOCATION Susquehanna's Fifteenth Annual Technology Feb 26, 2026 New York, NY Conference Mar 2 - 5,2026 Mobile World Conference Barcelona March 17, 2026 OFC Los Angeles VIAVI//Public © 2025 Viavi Solutions Inc. 8
Slide 10: Additional Financial Information
Additional Financial Information
Slide 11: Fiscal Q2 2026 Financial Highlights
Fiscal Q2 2026 Financial Highlights (Amounts in $millions, except per share amounts) FISCAL QUARTER Q2 2026 Q1 2026 Q2 2025 QOQ YOY GAAP Revenue NSE $291.5 $216.0 $199.9 35.0% 45.8% OSP $77.8 $83.1 $70.9 (6.4%) 9.7% Total $369.3 $299.1 $270.8 23.5% 36.4% Non-GAAP Gross Margin NSE 64.7% 63.0% 64.8% 1
Slide 12: Revenue by Business Segment and Geographic Region
Revenue by Business Segment and Geographic Region (Amounts in $millions) FISCAL QUARTER Q2 2026 Q1 2026 Q2 2025 QOQ YOY Segment Mix NSE $291.5 78.9% $216.0 72.2% $199.9 73.8% 35.0% 45.8% OSP $77.8 21.1% $83.1 27.8% $70.9 26.2% (6.4%) 9.7% Total $369.3 100.0% $299.1 100.0% $270.8 100.0% 23.5% 36.4% R
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights (Amounts in $millions) FISCAL QUARTER Q2 2026 Total Cash Balance (1) $772.1 Short-term Debt (Carrying Value) (2) $53.4 Long-term Debt (Carrying Value) (3) $1,221.7 GAAP Cash from Operations $42.5 (1) Includes cash and cash-equivalents, short-term investments and short-term r
Slide 14: Term Notes Summary
Term Notes Summary 2026 SENIOR 2029 HIGH-YIELD 2031 SENIOR TERM LOAN B CONVERTIBLE NOTES NOTES CONVERTIBLE NOTES Issue Size $250.0M $400.0M $250.0M $600.0M Current Outstanding * $49.0M $400.0M $250.0M $600.0M** Coupon 1.625% 3.75% 0.625% SOFR + 250 bps*** Final Maturity 3/15/2026 10/1/2029 3/1/2031
Slide 15: Income Statement
Income Statement (Amounts in $millions, except per share amounts) FISCAL QUARTER Q2 2026 Q1 2026 Q2 2025 QOQ YOY GAAP Revenue $369.3 $299.1 $270.8 23.5% 36.4% Non-GAAP Gross Margin 61.8% 60.0% 61.1% 180 bps 70 bps Non-GAAP Operating Expenses $156.7 $132.5 $125.0 18.3% 25.4% Non-GAAP Operating Profit
Slide 16: GAAP Income Statement
GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q2 2026 Q1 2026 Q2 2025 QOQ YOY GAAP INCOME STATEMENT Net revenue $ 369.3 $ 299.1 $ 270.8 23.5 % 36.4 % Cost of revenues 146.2 123.2 106.7 18.7 % 37.0 % Amortization of acquired technologies 12.5 6.9 3.3 81.2 % 278.8 %
Slide 17: Non-GAAP Income Statement
Non-GAAP Income Statement (Amounts in $millions, except per share amounts) UNAUDITED Q2 2026 Q1 2026 Q2 2025 QoQ YoY NON-GAAP INCOME STATEMENT Net revenue $ 369.3 $ 299.1 $ 270.8 23.5 % 36.4 % Cost of revenues 141.2 119.5 105.4 18.2 % 34.0 % Gross profit 228.1 179.6 165.4 27.0 % 37.9 % Operating exp
Slide 18: Appendix
Appendix Oe
Slide 19: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures (Amounts in $millions) UNAUDITED Q2 2026 Q1 2026 Q2 2025 QOQ YOY Gross Profit - GAAP to Non-GAAP Reconciliation GAAP segment gross profit $ 210.6 $ 169.0 $ 160.8 24.6 % 31.0 % Stock-based compensation 1.1 1.0 1.3 10.0 % (15.4)% Amortization of int
Slide 20: Financial Information by Segment
Financial Information by Segment (Amounts in $millions and other than revenue reflect non-GAAP) UNAUDITED Q2 2026 Q1 2026 Q2 2025 QOQ YOY SEGMENT RESULTS ($ in millions) Net revenue: Network and Service Enablement 291.5 216.0 199.9 35.0 % 45.8 % Optical Securities and Performance Products 77.8 83.1
Slide 21: Condensed Balance Sheet
Condensed Balance Sheet (Amounts in $millions) UNAUDITED Q4 2025 Q2 2026 BALANCE SHEET (in millions) ASSETS Current assets: Cash and cash equivalents $ 423.6 $ 765.5 Short-term investments 1.7 1.9 Restricted cash 3.7 4.7 Accounts receivable, net 261.0 284.6 Inventories, net 117.9 141.0 Prepayments a
Slide 22: VIAVI Solutions
VIAN I VIAVI Solutions viavisolutions.com