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Lumentum Holdings cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$37.9M in Q1 FY27 · $356M over twelve months

Operating cash flow$268M
Capital spending−$230M
Free cash flow+$37.9M
Cash / net income0.7×
Cash conversion cycle18 days

Analysis

In Q1 FY27, Lumentum Holdings generated $268M of operating cash flow and spent $230M on capital projects, leaving free cash flow of $37.9M.

Over the twelve months to Sep 26, 2026, operating cash flow was $961M; the largest uses were capital spending ($605M), taxes on employees’ shares ($540M), other investing ($395M); besides operations, cash came from other financing ($1.0B), asset & business sales ($48.0M); the cash balance rose by $499M.

Operating cash flow was $268M against net income of $360M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$132M, inventory −$114M, prepaid and other assets −$114M.

Its cash conversion cycle was 18 days (receivables 4 + inventory 114 − payables 99).

Free cash flow

Lumentum Holdings: free cash flow by quarterLumentum Holdings: free cash flow by quarter−$15.9MQ2 FY25−$64.4MQ3 FY25$10.1MQ4 FY25−$18.3MQ1 FY26$43.1MQ2 FY26$79.1MQ3 FY26$196MQ4 FY26$37.9MQ1 FY27
Operating cash flow less capital spending.
Lumentum Holdings: operating cash flow against capital spendingLumentum Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$24.3M$40.2MQ2 FY25−$1.6M$62.8MQ3 FY25$64.0M$53.9MQ4 FY25$57.9M$76.2MQ1 FY26$127M$83.6MQ2 FY26$204M$125MQ3 FY26$363M$167MQ4 FY26$268M$230MQ1 FY27
Latest (Q1 FY27): Operating cash flow $268M, Capital spending $230M.

Capital allocation, year by year

Lumentum Holdings: where the cash came from (up) and went (down), by fiscal yearLumentum Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $459MFY22: Net borrowing $854MFY22: Asset sales $6.4MFY22: Capital spending −$91.2MFY22: Buybacks −$544M$1.3BFY22FY23: Operating cash flow $180MFY23: Net borrowing −$5.9MFY23: Asset sales $300KFY23: Capital spending −$128MFY23: Acquisitions −$862MFY23: Buybacks −$176M$180MFY23FY24: Operating cash flow $24.7MFY24: Shares issued $14.4MFY24: Asset sales $800KFY24: Capital spending −$133MFY24: Acquisitions −$701M$39.9MFY24FY25: Operating cash flow $126MFY25: Net borrowing $68.4MFY25: Shares issued $16.1MFY25: Asset sales $300KFY25: Capital spending −$231M$211MFY25FY26: Operating cash flow $751MFY26: Net borrowing $33.9MFY26: Shares issued $2.0BFY26: Asset sales $42.4MFY26: Capital spending −$451MFY26: Acquisitions −$38.0M$2.8BFY26
Over these 5 years operating cash flow totalled $1.5B; the largest uses were acquisitions ($1.6B) and capital spending ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debt$2.8B
Net debt$780M
Due within a year$2.7B

Lumentum Holdings funds itself: free cash flow was $356M over the last twelve months, and $2.0B of cash and investments stands against $2.8B of debt ($2.7B due within a year, 0.7× covered by cash).

Where the cash came from and went

Lumentum Holdings: sources (+) and uses (−) of cash, Q1 FY27Lumentum Holdings: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$771MOther financing−$493MTaxes on employees’ shares−$307MOperating cash flow$268MCapital spending−$230MOther investing−$10.4MAsset & business sales$5.6MNet borrowing (+) / repaid (−)−$4.7MShares issued$500K
Lumentum Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Lumentum Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Other financing$1.0BOperating cash flow$961MCapital spending−$605MTaxes on employees’ shares−$540MCash drawn (+) / kept (−)−$499MOther investing−$395MAsset & business sales$48.0MNet borrowing (+) / repaid (−)−$17.1M

From profit to cash

Lumentum Holdings: net income to operating cash flow, Q1 FY27Lumentum Holdings: net income to operating cash flow, Q1 FY27Net income$360MDepreciation & amortization$76.4MStock-based pay$132MOther non-cash$1.9MReceivables−$105MInventory−$114MPayables$87.0MAccrued liabilities$38.5MEmployee-related liabilities−$13.6MPrepaid and other assets−$114MOperating cash flow$268M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$268M−$230M−$4.7M$500K$771M$37.9M
Q4 FY26$363M−$167M−$4.8M$7.9M$574M$196M
Q3 FY26$204M−$125M−$4.1M$500K−$2.0B$79.1M
Q2 FY26$127M−$83.6M$45.4M—$115M$43.1M
Q1 FY26$57.9M−$76.2M−$2.6M$1.5M−$252M−$18.3M
Q4 FY25$64.0M−$53.9M−$2.7M$7.8M−$4.3M$10.1M
Q3 FY25−$1.6M−$62.8M−$2.5M$200K−$36.7M−$64.4M
Q2 FY25$24.3M−$40.2M−$2.5M—$9.5M−$15.9M

Lumentum Holdings: income statement and cash flow

Lumentum Holdings, Q1 FY27: revenue $1.3B (+136% year over year), operating margin 28.5%. The chart follows the revenue to costs, profit and cash.

Lumentum Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.