Viavi Q4 Revenue Surges 52.5% But Full-Year Loss Lingers
Viavi Solutions reported fourth-quarter fiscal 2026 revenue of $443.1 million—up 52.5% year-over-year and its fourth consecutive non-GAAP earnings beat—then guided fiscal Q1 2027 above that print. Day
Viavi Q4 Revenue Surges 52.5% But Full-Year Loss Lingers
NEW YORK, August 11 —
Viavi Solutions Inc. (VIAV) posted Q4 FY2026 revenue of $443.1 million, up 52.5% year-over-year, its fourth consecutive non-GAAP earnings beat, and guided Q1 FY2027 above that print. Full-year FY2026 still produced a $30.4 million net loss, and days after the stock's 20.7% earnings pop, an EVP sold shares at a price 23% below what his colleague collected in May.
- Q4 revenue $443.1M, +52.5% YoY; non-GAAP EPS $0.34 vs. $0.30 consensus; Q1 FY2027 guidance $450M, $460M.
- CEO Khaykin: data-center business (excl. Spirent) more than doubled YoY; data-center now ~50% of NSE revenue.
- FY2026 net loss $30.4M on $1.52B revenue; EVP McNab sold 1,595 shares at $37.37 on Aug. 10.
Data Center Is Carrying the Quarter
Viavi Solutions, formerly JDS Uniphase and now headquartered in Chandler, Arizona, tests and monitors the networks that carry internet traffic, from carrier wireline to hyperscaler cloud. Its Network and Service Enablement segment, which sells instruments, microprobes, and software licenses alongside repair and calibration services, has become a data-center story. CEO Oleg Khaykin told analysts that data-center revenue, excluding Spirent, more than doubled year-over-year in Q4 and now represents roughly 50% of NSE revenue, with aerospace and defense adding another 17%. Management cited 1.6T optical speeds, co-packaged optics, and optical switching as the next demand driver, arguing the tailwind extends beyond the current build cycle.
The GAAP Gap That Growth Hasn't Closed
A trailing GAAP EPS of negative $0.13 keeps the revenue story short of a turnaround. FY2026 closed with a $30.4 million net loss on $1.52 billion in revenue, despite the adjusted-earnings streak documented in the August 5 8-K filing. Two 424B5 prospectus supplements filed May 19 and May 20, 2026 suggest equity was sold into the spring rally, and EVP Paul McNab's open-market sale of 1,595 shares on August 10 at $37.37 came 23% below the $48.49 price COO Petrucci received on his May disposals. No insider made an open-market purchase in the 90-day window.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| VIAV | $9.2B | 19.1x | +239.4% |
| LITE | $62.1B | 42.6x | +579.9% |
| AAOI | $11.1B | 28.2x | +482.8% |
| FN | $19.1B | 30.8x | +51.3% |
| MTSI | $23.0B | 35.5x | +136.8% |
| AXTI | $4.8B | 32.6x | +3209.9% |
The Number That Settles the Argument
CFO Ilan Daskal guided Q1 FY2027 revenue to $450 million, $460 million, above the Q4 print, keeping the trajectory intact. The analyst consensus price target of $61.43 sits roughly 65% above the current $37.20 share price, a gap that assumes the data-center build converts to sustained GAAP profits; investors wanting to test those assumptions can run the DCF calculator. That conversion is not guaranteed: a near-parity balance sheet ($650 million cash, $640 million debt) and the May equity offering both signal capital still flowing out to fund growth. GAAP profitability in FY2027, not another non-GAAP beat, is the number to watch. Run the free Viavi Solutions Inc. deep-dive →
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Viavi Solutions reported fourth-quarter fiscal 2026 revenue of $443.1 million—up 52.5% year-over-year and its fourth consecutive non-GAAP earnings beat—then guided fiscal Q1 2027 above that print. Days after an earnings-driven 20.7% share-price jump, EVP Paul McNab sold shares at $37.37, a price 23% below what the COO received on his May disposals, and the full-year result remained a $30.4 million net loss despite $1.52 billion in revenue.