韩国媒体综述Lumentum FY2026 Q4财报：AI数据中心光通信需求强劲，营收$10.1亿同比+109%，运营利润率36.6%

Lumentum Holdings, an optical communications component maker, is benefiting as artificial intelligence data centers expand by linking multiple buildings and campuses into a single cluster. Lumentum produces laser chips and optical transceivers. Fiscal fourth-quarter revenue reached $1.01 billion, up 109% from a year earlier, while its operating margin rose 21.6 percentage points to 36.6%.
Demand for optical communications is spreading beyond the inside of data centers to the connections between them. The shift comes as "scale across" — linking several data centers into a single cluster to work around shortages of power and land — gains momentum. The network capacity one large cloud company needs to connect two AI data centers is about twice the capacity built worldwide over the past decade.
Demand for lasers used in long-distance transmission is rising quickly as a result. Shipments of pump lasers, which amplify optical signals, grew more than 80% from a year earlier, and shipments are expected to quadruple from current levels over the next several quarters. Lumentum holds a 70% to 80% share of that market and has signed long-term supply contracts with major customers.
A growing share of higher-value products is also lifting profitability. The 1.6-terabit optical transceiver that began shipping this quarter carries a higher unit price than the existing 800-gigabit product. The 200G-lane electro-absorption modulated lasers used in the 1.6T product now account for more than 25% of total EML revenue, a figure expected to exceed half by mid-2027.
The adoption of next-generation co-packaged optics is another growth driver. CPO lasers for scale-out applications are already shipping, while products for scale-up are scheduled for volume shipment in the second half of 2027. Because CPO, near-package optics and conventional pluggable transceivers all require lasers, demand for lasers is likely to continue even if the structure of optical communications changes.
The key question is whether profitability can improve further. Lumentum had previously set a target of a 38% to 42% operating margin at $2 billion in revenue, but it now expects to reach that level at about $1.25 billion in revenue next quarter. With the original target being met ahead of schedule, the new medium- to long-term guidance the company presents at the Optical Fiber Communication Conference in March will be a key variable for the stock.