Viavi Solutions Inc.

The grade, in three tenses

Headline 6.0 out of ten, 9 of 9 metrics filed: past 6.3 out of ten, present 6.1 out of ten, future 5.7 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.9 out of ten. +7.3% a year over 10 filed years; profitable in 7 of 10. 59th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.2 out of ten. Share count grew 0.4% a year. 21% of cash flow returned. Insiders: 66 sales, 0 purchases. 52nd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 4.9 out of ten. ROE -2%: lost 2¢ per shareholder dollar. Leverage 46%: owes 46¢ per asset dollar. 49th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 6.1 out of ten. top 39% of 97 in its family; net margin -2%. 61st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 8.4 out of ten. top 16% of 66 in its family for leadership; chief executive since 2016. 84th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.2 out of ten. top 38% of 94 in its family for room to expand. 62nd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.3 out of ten. top 37% of 93 in its family for growth drivers. 63rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 4.0 out of ten. bottom 40% of 88 in its family for expectations against reality. 40th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-08-13 for the period ended 2026-06-27 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-04-30 for the period ended 2026-03-28 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form SCHEDULE 13G/A, 2026-10-05. Filings on record since 1996. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-08-13.

The people

Oleg Khaykin has been president and chief executive since February 2016, and sits on the board as well. He came to Viavi from private equity, where he was a senior advisor at Silver Lake Partners, and before that ran International Rectifier, a chip maker, from 2008 until Infineon bought it in January 2015. Earlier he was chief operating officer of Amkor Technology, which packages and tests chips, ran strategy and business development at Conexant Systems, spent eight years at The Boston Consulting Group and started out as an engineer at Motorola. On the insider record this site holds, he first filed in 2016 and still files. [1, 2, 3]

Six other executive officers are named. Ilan Daskal, the chief financial officer, joined in November 2023 from Bio-Rad Laboratories, where he had been finance chief since April 2019; he had also been finance chief of International Rectifier from 2008 to 2015, the same company Khaykin ran. Paul McNab, chief marketing and strategy officer, joined in September 2014 after sixteen years at Cisco Systems. Mike Petrucci, the chief operations officer, joined in April 2025. Luke Scrivanich, who runs the optical security and performance products business, joined in April 2008 and took that unit over in June 2012. Kevin Siebert, the general counsel, joined in September 2007 and took the legal role in February 2015. Gary Staley, who leads global sales for the network and service enablement business, joined in February 2017. [4, 5, 6, 7, 8, 9, 10, 11]

Richard E. Belluzzo has been a director since February 2005 and independent chair of the board since November 2012, and ran the company himself as interim chief executive from August 2015 through February 2016, the stretch just before Khaykin arrived. Before Viavi he was chair and chief executive of Quantum Corporation from 2002 to 2011, president and chief operating officer of Microsoft, and chief executive of Silicon Graphics. On the insider record this site holds, he and Masood Jabbar both first filed in 2006, the earliest year that record reaches. [12, 13, 14, 15, 16, 3]

Viavi counted about 4,100 employees worldwide at the end of fiscal 2026, working across 34 countries, and reports a total recordable injury rate of 0.19 injuries per 100 full-time workers a year. In the third quarter of fiscal 2026 it announced a restructuring plan that cuts staff, closes sites and writes off assets; it expects about 5% of the global workforce to be affected and estimates annualized gross cost savings of about $30.0 million once the plan is done. The company anticipates the plan will be substantially complete by the end of calendar year 2026. [17, 18, 19, 20]

How it operates

Viavi calls itself a global leader in test and measurement and optical technologies, and it runs as two businesses under one roof. Network and Service Enablement, or NSE, sells the test, monitoring, assurance and resilient position, navigation and timing equipment that proves networks and critical infrastructure work, from data centers and communication networks to military, aerospace, railway and first responder communications. Optical Security and Performance Products, or OSP, uses optical coating technology to make the color-shifting pigments that protect banknotes and the thin-film filters that sit in front of sensors. In fiscal 2026 NSE brought in 77.9% of revenue and OSP 22.1%. Its headquarters as filed is in Chandler, Arizona. [21, 22, 23, 24, 25]

NSE tests networks at every stage of their lives. Its high-speed optical and Ethernet instruments check that network equipment is built to carry artificial intelligence and high-performance computing work, and after buying part of Spirent Communications in October 2025 that portfolio covers layers 0 to 7 of the OSI protocol stack, meaning everything from the optical fiber up to the application. Its fiber products build, inspect, activate and monitor broadband networks for service providers, hyperscale data centers, pipelines and borders. Its wireless products help build and run 5G, 6G and Open RAN networks. Its aerospace and defense line makes test equipment for avionics and modules that keep position, navigation and timing working when satellite signals are jammed. It also sells threat detection for critical infrastructure and an AIOps portfolio that uses machine learning to run networks. The filing names Advanced Micro Devices, América Móvil, AT&T, British Telecom Openreach, Ciena, Cisco Systems, Deutsche Telekom, Ericsson, Lumen Technologies, Nokia and Verizon Communications among its customers. [26, 27, 28, 29, 30, 31, 32, 33]

OSP sells two quite different things out of the same coating know-how. Its pigments go into the inks that banknote issuers and security printers use, and its technologies sit on the banknotes of more than 100 countries. Its optical filters separate ambient light from the light a sensor is trying to read, which is what makes the depth-sensing cameras in phones work; the same filters go into LiDAR for cars, and its coatings into satellite laser communications, guidance systems, laser eye protection and night vision. It names SICPA Holding SA Company, Lockheed Martin and Seiko Epson as OSP customers, and markets its banknote products worldwide through a strategic alliance with SICPA, warning that losing that relationship may harm the business. One customer in the OSP segment brought in $174.7 million in fiscal 2026, more than a tenth of the whole company's revenue, against $166.7 million the year before. [34, 35, 36, 37, 38, 39, 40]

Viavi makes things in its own plants in the United States, France, Germany, the United Kingdom and China, and leans on contract manufacturers whose plants in China and Thailand supply a significant portion of its products and components; it seeks at least two sources of supply where it can, but for certain components has sole or limited source arrangements. Revenue is booked where the product is first shipped, which the filing warns may not be where the end customer sits. On that basis the United States brought in $577.9 million in fiscal 2026, or 38.1% of the total; Europe, the Middle East and Africa $365.4 million, 24.1%; Greater China $258.8 million, 17.0%; the rest of Asia Pacific $211.1 million, 13.9%; and the rest of the Americas $105.1 million, 6.9%. Customers outside the Americas were 55.0% of revenue, down 5.8 percentage points on the year. [41, 42, 43, 44, 45, 46]

The specifics

Two purchases changed the shape of the company. On October 16, 2025 Viavi bought Spirent Communications' high-speed Ethernet, network security and channel emulation testing business from Keysight Technologies for a total consideration of $399.3 million, a complement to its own Ethernet testing platform; the proxy statement had told shareholders the deal would add about 500 new employees. On January 28, 2025 it had bought Inertial Labs, which makes resilient position, navigation and timing systems for aerospace, defense and industrial use, for about $134.4 million in cash at closing plus up to $175.0 million more if revenue conditions are met over a four-year period beginning in January 2025. [47, 48, 49, 50, 51]

The Spirent purchase was paid for in part with a senior secured term loan of $600.0 million taken the same day and maturing in 2032, and the company then spent the year taking that borrowing back off. It prepaid the whole $600.0 million; it exchanged and settled its 1.625% convertible notes due 2026 into new 0.625% notes due 2031 and into its own shares; and on May 21, 2026 it sold 12.8 million new shares in an underwritten public offering. Unwinding the debt cost $56.7 million, booked as a loss on debt extinguishment, and the filing puts the swing from a profit in fiscal 2025 to a net loss in fiscal 2026 down mainly to those losses, even as revenue grew. [52, 53, 54, 55, 56, 57]

Viavi holds about 1,220 United States patents and 2,225 foreign ones, with 1,062 applications pending, and says the average age of the patents it holds is 10.4 years. In network test it names Anritsu, EXFO, Keysight Technologies, NetScout Systems, Riverbed Technology, Rohde & Schwarz and VeEX as competitors. In optical products it names Giesecke & Devrient and Crane NXT in anti-counterfeiting, GNMI Group and FYOTEC in special-effect pigments, Materion, Zhejiang Crystal-Optech and Platinum Optics Technology in coatings, and Coherent in passive optical components. OSP says it has been working on how light is transmitted, reflected and absorbed for over 75 years, much longer than the record this site holds, which begins with the company's first filing with the SEC in 1996. [58, 59, 60, 61, 62]

Trade policy reaches straight into the cost line. The filing says that in 2025 the United States administration imposed broad tariffs under the International Emergency Economic Powers Act, that in February 2026 the Supreme Court ruled the act did not authorize them, and that temporary replacement tariffs followed. Viavi had paid about $22.4 million of those tariffs by the end of fiscal 2026 and recognized about $1.5 million of refunds, with about $11.0 million more received after the year ended and not yet recognized. The business is also seasonal: NSE revenue is usually higher in the second and fourth fiscal quarters, while OSP, exposed to smartphones through its 3D sensing filters, is usually higher in the first and second. [63, 64, 65, 66]

What drives growth, line by line

Net revenue rose $434.0 million, or 40.0%, to $1.5 billion in fiscal 2026, the largest yearly rise in the six years of filed figures this site holds. Much of it came from businesses Viavi did not own for the whole of the year before: the Spirent high-speed Ethernet and channel emulation business contributed $145.0 million and Inertial Labs $86.1 million. The filing credits the rest to strong demand for lab and production and field products, driven by the data center ecosystem, and to demand for aerospace and defense products, partly offset by a decline in spend for wireless products. [67, 68, 69, 57]

Product. Product revenue, meaning the instruments, filters and pigments themselves, was $1,324.6 million in fiscal 2026 against $912.0 million the year before, an increase of $412.6 million or 45.2% that the filing puts down to higher volume in both segments. Of that, $989.2 million came from NSE and $335.4 million from OSP, which sells nothing else. [70, 71, 72]

Service. Service revenue, which is repair, calibration, extended warranty, software support, technical assistance, training and consulting, was $193.7 million, up $21.4 million or 12.4% on higher volume in NSE. For fiscal 2026 the segment table puts all of it in NSE and none of it in OSP. [73, 71, 74]

Network and Service Enablement. NSE, at $1,182.9 million, was more than three quarters of revenue and grew $406.3 million, or 52.3%. The filing credits higher volume in lab and production, where the Spirent purchase contributed $145.0 million, and in aerospace and defense, where Inertial Labs contributed $86.1 million against $25.2 million in fiscal 2025, partly offset by lower volume in wireless. Segment operating income reached $190.0 million and the operating margin went from 5.5% to 16.1%, which the filing puts down to operating leverage on the higher volume. Two years earlier that margin was 1.2%. [75, 76, 77, 78, 71, 24]

Optical Security and Performance Products. OSP, at $335.4 million, grew $27.7 million or 9.0%, which the filing credits to higher anti-counterfeiting and other products and to 3D sensing. Its gross margin slipped 1.0 percentage point to 52.2% on an unfavorable product mix, while its operating margin held at 36.6% and its segment operating income reached $122.9 million. It is much the smaller business and much the more profitable one. [79, 80, 81, 78, 71]

What comes next, in the company's own words: looking ahead to fiscal 2027 it says it expects to continue to see growth in many of its traditional businesses, and that its long-term priorities are to defend and consolidate leadership in its core segments, to invest in secular trends that widen the market it can address, and to extend its technologies into adjacent markets. It also anticipates that the fiscal 2026 restructuring plan will be substantially complete by the end of calendar year 2026. [82, 83, 20]

What the desk infers (inferred, not filed)

• The single customer that brings Viavi more than a tenth of its revenue is most likely SICPA, the partner that markets its banknote pigments, rather than a maker of phones or network gear. Because: The filing says one customer in the OSP segment generated $174.7 million of net revenue in fiscal 2026, more than a tenth of the company's total, and that the same was true in each of the three years shown. [40] OSP's whole revenue was $335.4 million, so that one customer accounts for more than half of the segment it sits in. [71, 40] The only OSP customers the filing names are SICPA Holding SA Company, Lockheed Martin Corporation and Seiko Epson Corporation. [38] Viavi markets its banknote anti-counterfeiting products worldwide through a strategic alliance with SICPA, and singles that relationship out as one whose loss may harm the business. [39] Anti-counterfeiting, whose pigments are on the banknotes of more than 100 countries, is the part of OSP the filing credits first for the year's growth. [34, 79] Confidence 80 of 100. Wrong if: A filing or a company disclosure naming that customer above a tenth of revenue as someone other than SICPA, for example a consumer electronics maker buying 3D sensing filters.
• A large part of the jump in revenue was bought rather than grown: the businesses Viavi already owned grew much more slowly than the headline rate, and their costs rose with the purchases. Because: Net revenue rose $434.0 million, or 40.0%, in the year. [67] The Spirent high-speed Ethernet and channel emulation business contributed $145.0 million in its first part-year, and Inertial Labs $86.1 million against $25.2 million the year before. [75] Wireless volume fell in the same year. [75] Of the $54.0 million rise in research and development spending, $30.4 million was incremental cost from the Spirent business, and of the $119.8 million rise in selling, general and administrative expense, $28.6 million was. [84, 85] Confidence 80 of 100. Wrong if: A filing or a company statement reporting organic revenue growth for fiscal 2026 close to the whole 40.0% increase, or restating the acquired businesses' contributions materially lower.
• Viavi is run as two very different businesses: OSP is the small, steady earner that spends almost nothing on research, while NSE is the large one whose profitability has only just recovered. Because: OSP's segment operating margin was 36.6% in fiscal 2026, the same as the year before, while NSE's rose to 16.1% from 5.5%, and was 1.2% two years earlier. [81, 76, 77] OSP spent $13.5 million on research and development in the year against NSE's $231.1 million. [86] OSP was 22.1% of revenue yet produced $122.9 million of the $312.9 million of segment operating income. [24, 78] OSP revenue grew 9.0% in the year while NSE grew 52.3%. [79, 75] Confidence 85 of 100. Wrong if: A year in which OSP's segment operating margin falls below NSE's, or OSP's research and development spending approaches NSE's.

Sources

1. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Mr. Khaykin joined VIAVI in February 2016 as President and Chief Executive Officer. Prior to joining the Company, Mr. Khaykin was a Senior Advisor with Silver Lake Partners from February 2015 to February 2016. Before that, he was President and Chief Executive Officer of International Rectifier from 2008 until its acquisition by Infineon AG in January of 2015.”
2. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “He has also served as Chief Operating Officer of Amkor Technology and Vice President of Strategy & Business Development at Conexant Systems. Earlier in his career he spent eight years with The Boston Consulting Group and prior to that, he was an engineer at Motorola, Inc.”
3. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
4. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Ilan Daskal joined the Company in November 2023 as Executive Vice President and Chief Financial Officer. Prior to joining the Company, Mr. Daskal served as Chief Financial Officer and Executive Vice President at Bio-Rad Laboratories, Inc. from April 2019 to November 2023.”
5. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “From Oct 2008 to Jan 2015 Mr. Daskal served as Chief Financial Officer and Executive Vice President at International Rectifier Corporation.”
6. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Paul McNab joined the Company in September 2014 as Executive Vice President and Chief Marketing and Strategy Officer.”
7. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Before that, Mr. McNab was with Cisco Systems, Inc. for sixteen years where he held increasingly senior roles including Vice President and Chief Technology Officer, Data Center Switching and Vice President, Enterprise Marketing.”
8. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Mike Petrucci joined the Company in April 2025 as Senior Vice President and Chief Operations Officer.”
9. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Luke Scrivanich became the Vice President and General Manager of OSP in June 2012 and became Senior Vice President and General Manager of OSP in August 2012. Mr. Scrivanich joined the Company in April 2008 as Vice President and General Manager of Flex Products.”
10. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Kevin Siebert joined the Company in September 2007, became Vice President, General Counsel and Secretary in February 2015 and became Senior Vice President, General Counsel and Secretary in August 2017.”
11. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Gary Staley joined the Company in February 2017 as Senior Vice President, Global Sales, Network and Service Enablement.”
12. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Director Since: February 2005 Chair of the Board Since: November 2012”
13. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Mr. Belluzzo served as interim Chief Executive Officer of VIAVI from August 2015 through February 2016.”
14. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “From 2002 to 2011, he was Chair and Chief Executive Officer of Quantum Corporation. Prior to that, Mr. Belluzzo was President and Chief Operating Officer of Microsoft Corporation.”
15. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Prior to Microsoft, Mr. Belluzzo was Chief Executive Officer of Silicon Graphics Inc.”
16. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “Richard Belluzzo serves as our independent Chair of the Board.”
17. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The VIAVI culture is made up of the contributions of our approximately 4,100 employees worldwide (as of June 27, 2026) working across 34 countries.”
18. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The success of our safety program is demonstrated by our best-in-class Total Recordable Injury Rate (TRIR) of only 0.19 injuries per 100 full-time workers per year.”
19. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The Fiscal 2026 Plan included a global workforce reduction, facilities rationalization and asset write-offs. The Company expects approximately 5% of its global workforce to be affected. The Company estimates annualized gross cost savings of approximately $30.0 million upon completion of the Fiscal 2026 plan, excluding any one-time charges, as a result of the restructuring activities.”
20. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The Company anticipates the Fiscal 2026 Plan to be substantially complete by the end of calendar year 2026.”
21. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Viavi Solutions Inc. (VIAVI, also referred to as the Company, we, our and us) is a global leader in test and measurement and optical technologies.”
22. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our NSE segment provides an integrated portfolio of test, monitoring, assurance, and resilient PNT solutions that enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications.”
23. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our OSP segment leverages its core optical coating technologies and volume manufacturing capability to design, manufacture and sell technologies for the anti-counterfeiting, 3D sensing, aerospace, industrial and automotive markets.”
24. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Network and Service Enablement 77.9 % 71.6 % 70.2 % Optical Security and Performance Products 22.1 28.4 29.8”
25. The record on this page: the filing record (the EDGAR submissions feed)
26. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our high-speed optical and Ethernet solutions address lab, production and manufacturing environments to ensure that network equipment is designed and built at peak performance to support artificial intelligence (AI) and high-performance computing (HPC) workloads.”
27. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our Fiber products include an extensive range of instruments and systems enabling the construction, inspection, testing, activation, maintenance, troubleshooting, monitoring, sensing and assurance of broadband networks for traditional service providers, hyperscale data centers, pipelines, borders and other critical infrastructure.”
28. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our Wireless products consist of flexible application software, multi-functional hardware, and Lab-as-a-Service (LaaS) / Test-as-a-Service (TaaS) to enable the development of wireless infrastructure products across the entire lifecycle, as well as the buildout and management of next-generation wireless networks, including 5G, 5GA, 6G, and Open RAN networks.”
29. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our Aerospace and Defense business is a leading provider of test equipment for mission critical communication and avionics applications. In addition, we are also a leading provider of products and modules to ensure resilient PNT for commercial and aerospace and defense customers.”
30. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our AIOps solutions portfolio leverages AI, machine learning and big data analytics and incorporates Agentic AI technology to automate and enhance end-to-end, multi-domain network operations and automation.”
31. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “NSE customers include telecom and datacom service providers, critical infrastructure operators, semiconductor and network equipment vendors, state and federal agencies, utilities and the armed forces. Examples of our customers include Advanced Micro Devices, Inc., América Móvil, AT&T Inc., British Telecom Openreach, Ciena, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Lumen Technologies, Inc., Nokia Corporation and Verizon Communications Inc.”
32. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Following the acquisition of certain businesses of Spirent Communications plc. in October 2025, VIAVI’s combined high-speed Ethernet portfolio addresses layers 0-7 of the OSI protocol stack.”
33. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our security portfolio delivers threat detection and prevention, as well as intelligence-driven insights to protect critical infrastructure against evolving cyber and physical threats, including those posed by quantum computers.”
34. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “These effects, which are delivered through engineered materials including pigments, are formulated into inks used by banknote issuers and security printers worldwide for anti-counterfeiting applications on banknotes and other high-value documents. Our technologies are deployed on the banknotes of more than 100 countries today.”
35. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “VIAVI’s offerings for 3D sensing applications include Low Angle Shift (LAS) optical filters that offer the system designer unprecedented control over performance variation and signal-to-noise ratio, especially in 3D depth sensing camera systems.”
36. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Government: Our products are used in a variety of government and aerospace applications, including optics for inter-satellite laser communications, guidance systems, laser eye protection and night vision systems.”
37. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Automotive customers utilize our LAS optical filters for LiDAR systems and our innovative special effects pigments for decorative paint applications.”
38. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “OSP customers include SICPA Holding SA Company (SICPA), Lockheed Martin Corporation and Seiko Epson Corporation.”
39. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “We have a strategic alliance with SICPA to market our products for banknote anti-counterfeiting applications worldwide. A material reduction in sales, or loss of the relationship with SICPA, may harm our business and operating results as we may be unable to find a substitute marketing and sales partner or develop these capabilities ourselves in a timely manner.”
40. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “One customer of the Company in the OSP segment generated $174.7 million, $166.7 million and $154.1 million of net revenue, which represented more than 10% of total net revenue, during fiscal 2026, 2025 and 2024, respectively.”
41. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “As of June 27, 2026, we have manufacturing facilities for our NSE and OSP segments located in the United States, France, Germany, the United Kingdom and China. Our contract manufacturing partners have a global footprint that includes facilities in China and Thailand from where we currently source a significant portion of our products and components.”
42. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Although we seek to maintain at least two sources of supply for materials whenever possible, for certain components we have sole or limited source supply arrangements.”
43. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Net revenue is assigned to the geographic region and country where our product is initially shipped. For example, certain customers may request shipment of our product to a contract manufacturer in one country, which may differ from the location of their end customers.”
44. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “United States $ 577.9 38.1 % $ 356.0 32.8 % $ 325.4 32.5 % Other Americas 105.1 6.9 % 69.2 6.4 % 65.3 6.6”
45. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Greater China $ 258.8 17.0 % $ 215.1 19.8 % $ 194.0 19.4 % Other Asia-Pacific 211.1 13.9 % 164.5 15.2 % 152.5 15.2 % Total Asia-Pacific $ 469.9 30.9 % $ 379.6 35.0 % $ 346.5 34.6 % EMEA: $ 365.4 24.1 % $ 279.5 25.8 % $ 263.2 26.3”
46. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Net revenue from customers outside the Americas for fiscal 2026, represented 55.0% of net revenue, a decrease of 5.8 percentage points year-over-year.”
47. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “On October 16, 2025, the Company acquired Spirent Communications plc’s (Spirent) high-speed ethernet, network security and channel emulation testing business (collectively, the HSE and CE business) from Keysight Technologies, Inc. (Keysight). The transaction provides a complementary addition to VIAVI’s ethernet testing platform within its NSE segment.”
48. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The total purchase consideration was $399.3 million.”
49. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “On January 28, 2025, the Company acquired all of the equity of Inertial Labs, Inc. (Inertial Labs), a privately held company which specializes in resilient PNT solutions for aerospace, defense and industrial applications.”
50. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The total purchase consideration included approximately $134.4 million paid in cash at closing and additional contingent consideration of up to $175.0 million, payable upon the achievement of certain revenue targets over the course of a four-year period beginning in January 2025.”
51. Viavi Solutions Inc., Form DEF 14A filed 2025-10-03: “We expect our previously announced acquisition of the High-Speed Ethernet and Network Security Testing business lines of Spirent Communications plc to close in the fall of 2025, adding approximately 500 new employees to VIAVI.”
52. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The Term Loan Credit Agreement provided for a senior secured term loan of $600.0 million maturing on October 16, 2032. The proceeds from the term loans under the Term Loan Credit Agreement were used to finance a portion of the acquisition of Spirent’s HSE and CE business, acquisition related expenses and will be used for general corporate purposes. During fiscal 2026, the Company voluntarily prepaid the entire $600.0 million outstanding principal balance under the Term Loan Credit Agreement.”
53. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The Company also entered into separate privately-negotiated agreements with certain holders of its 1.625% Senior Convertible Notes due 2026 (2026 Notes). The Company issued 7.9 million shares of its common stock for $103.5 million principal amount of the 2026 Notes in December 2025. The Company also issued $100.9 million aggregate principal amount of its 0.625% Senior Convertible Notes due 2031 (2031 Notes) to certain holders of the 2026 Notes in exchange for $97.5 million principal amount of the 2026 Notes in August 2025.”
54. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “The total loss from these extinguishments was $56.7 million recorded as Loss on debt extinguishment in the Consolidated Statements of Operations.”
55. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “On May 21, 2026, the Company completed an underwritten public offering of 12.8 million shares of our common stock”
56. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “GAAP diluted EPS of $(0.13) decreased $0.28 from fiscal 2025 primarily due to the loss on debt extinguishments in fiscal 2026 and a $25.0 million release of valuation allowance related to our acquisition of Inertial Labs in fiscal 2025.”
57. The record on this page: the filed annual figures (EDGAR's company facts)
58. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “As of June 27, 2026, we own approximately 1,220 U.S. patents and 2,225 foreign patents and have 1,062 patent applications pending throughout the world. The average age of the patents we hold is 10.4 years, which is slightly older than the midpoint of the average 20-year life of a patent.”
59. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “NSE competitors include Anritsu Corporation, EXFO Inc., Keysight Technologies Inc., NetScout Systems, Inc., Riverbed Technology, Inc., Rohde & Schwarz and VeEX Inc.”
60. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “OSP competitors include providers of anti-counterfeiting technologies such as Giesecke & Devrient and Crane NXT; special-effect pigments such as GNMI Group and FYOTEC; optical coatings companies such as Materion, Zhejiang Crystal-Optech Co Ltd. and Platinum Optics Technology, Inc.; and manufacturers of passive and other optical components such as Coherent.”
61. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “For over 75 years, OSP has developed and deployed capabilities that alter how the light is transmitted, reflected and absorbed, enabling a range of mission critical and high-volume optical applications.”
62. The record on this page: the filing record (the EDGAR submissions feed)
63. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “In 2025, the U.S. administration imposed additional broad-based tariffs under the International Emergency Economic Powers Act (IEEPA). In February 2026, the U.S. Supreme Court ruled that IEEPA did not authorize those tariffs, after which the administration imposed temporary replacement tariffs.”
64. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “As of June 27, 2026, the Company had paid approximately $22.4 million of IEEPA tariffs and had received and recognized approximately $1.5 million of refunds related to eligible IEEPA tariffs. Subsequent to June 27, 2026, the Company received approximately $11.0 million of additional refunds, comprised primarily of tariff refunds and related statutory interest associated with previously submitted IEEPA refund claims, which were not recognized as of June 27, 2026 because the recognition criteria for contingent gains had not been met as of the balance sheet date.”
65. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our business is seasonal, as is typical for our competitors and many large companies. For our NSE segment, revenue is typically higher in the second and fourth fiscal quarters, all else being equal.”
66. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “For our OSP business, given our exposure to the consumer market, namely our 3D sensing products into the smartphone market, OSP revenue is expected to be seasonally higher in the first and second fiscal quarters followed by seasonal demand declines in the third and fourth fiscal quarters.”
67. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Net revenue increased $434.0 million, or 40.0%, during fiscal 2026 when compared to fiscal 2025.”
68. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Net revenue of $1.5 billion, up $434.0 million or 40.0% year-over-year”
69. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Our acquisitions of Spirent’s HSE and CE business and Inertial Labs contributed $145.0 million and $86.1 million, respectively, of net revenue in fiscal 2026.”
70. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Product revenues increased $412.6 million, or 45.2%, during fiscal 2026 when compared to fiscal 2025, driven by volume increases in NSE and OSP.”
71. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Product revenue $ 989.2 $ 335.4 $ 1,324.6 Service revenue 193.7 — 193.7 Net revenue 1,182.9 335.4 1,518.3”
72. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
73. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Service revenues increased $21.4 million, or 12.4%, during fiscal 2026 when compared to fiscal 2025, driven by a volume increase in NSE.”
74. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Services: The Company also offers a range of product support and professional services, primarily in the NSE segment, designed to comprehensively address customer requirements. These include repair, calibration, extended warranty, software support, technical assistance, training and consulting services.”
75. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “NSE net revenue increased $406.3 million, or 52.3% during fiscal 2026 when compared to fiscal 2025. This increase was primarily driven by higher volume in Lab and Production ($145.0 million contributed by our acquisition of Spirent’s HSE and CE business), Aerospace and Defense ($86.1 million contributed by Inertial Labs during fiscal 2026 compared to $25.2 million in fiscal 2025), partially offset by lower volume in Wireless.”
76. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Operating income $ 190.0 $ 42.6 $ 147.4 346.0 % $ 42.6 $ 8.7 $ 33.9 389.7 % Operating margin 16.1 % 5.5 % 5.5 % 1.2”
77. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “NSE operating margin increased by 10.6 percentage points during fiscal 2026 to 16.1% from 5.5% in fiscal 2025 primarily due to higher volume resulting in operating leverage.”
78. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Segment operating income $ 190.0 $ 122.9 $ 312.9”
79. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “OSP net revenue increased $27.7 million, or 9.0%, during fiscal 2026 when compared to fiscal 2025. This increase was primarily driven by higher anti-counterfeiting and other products and 3D sensing revenues.”
80. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “OSP gross margin decreased by 1.0 percentage point during fiscal 2026 to 52.2% from 53.2% in fiscal 2025 primarily due to unfavorable product mix.”
81. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “OSP operating margin remained flat during fiscal 2026 at 36.6% primarily due to the aforementioned decrease in gross margin, offset by lower operating expenses as a percentage of segment revenue.”
82. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “As we look forward to fiscal 2027, we expect to continue to see growth in many of our traditional businesses.”
83. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Defend and consolidate leadership in core business segments; • Invest in secular trends to drive growth and expand total addressable market (TAM); and • Extend VIAVI technologies and platforms into lucrative adjacent markets and applications.”
84. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Research and Development (R&D) expense increased $54.0 million, or 25.9%, during fiscal 2026 compared to fiscal 2025. This increase was primarily due to incremental cost from the acquisition of Spirent’s HSE and CE business of $30.4 million, higher variable expenses and a full year of expense for Inertial Labs.”
85. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Selling, General and Administrative (SG&A) expense increased $119.8 million, or 34.3%, in fiscal 2026 compared to fiscal 2025. This increase was primarily due to the change in fair value of acquisition related contingent consideration of $41.3 million, the incremental cost from the acquisition of Spirent’s HSE and CE business of $28.6 million, higher variable expenses and a full year of expense for Inertial Labs.”
86. Viavi Solutions Inc., Form 10-K filed 2026-08-13: “Research and development 231.1 13.5”

Where the revenue comes from

Product and service lines in fiscal 2026: Product 87%, Service 13%. By geography: United States 38%, EMEA: 24%, China 17%, Other Asia-Pacific 14%, Other Americas 7%. As tagged in its annual report (Form 10-K, filed 2026-08-13).

Who runs it

Khaykin, Oleg (President & CEO); Daskal, Ilan (EVP, CFO); Mcnab, Paul (EVP, Chief Mktg & Stgy Officer); Petrucci, Anthony Michael (SVP, Chief Operations Officer); Scrivanich, Luke M (SVP General Manager OSP); Siebert, Kevin Christopher (SVP Gen. Counsel & Secretary); Staley, Gary W (SVP Global Sales NSE); Black, Laura A. (director); Solomon, Joanne (director); Gilstrap, Doug (director); and 6 more. 16 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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