Lumentum Q2 Revenue Up 66% to $665M, Backlog Hits $400M
Lumentum’s Q2 fiscal 2026 revenue rose 66% to $665 million with a $400 million backlog, supporting a 45% year-to-date share gain. Lumentum forecasts an $805 million revenue midpoint this quarter (85% YOY) and $2.03 earnings next year, even though the consensus price target sits 21% below current levels.
1. Q2 Fiscal 2026 Results
Lumentum reported Q2 fiscal 2026 revenue of $665 million, marking a 66% year-over-year increase, driven by strong demand in its optical circuit switch division. The company ended the quarter with a $400 million backlog and shares are up 45% year-to-date.
2. Q3 Revenue Guidance
For the current quarter, Lumentum projects a $805 million revenue midpoint, reflecting an 85% year-over-year increase as data center and AI platform needs accelerate demand for its lasers and optical modules.
3. Valuation and Analyst Outlook
Analysts maintain a moderate buy stance despite a consensus price target 21% below current trading levels. Lumentum forecasts earnings of $2.03 for the next fiscal year, up sharply from $0.03 this year, though manufacturing bottlenecks remain a concern.