On this page of StockholderLetter.com we present the latest annual shareholder letter from Lumentum Holdings Inc. — ticker symbol LITE. Reading current and past LITE letters to shareholders can bring important insights into the investment thesis.

 •  10/6/2026 Letter Continued (Full PDF)
 •  9/22/2023 LITE Stockholder Letter
 •  10/3/2024 LITE Stockholder Letter
 •  10/7/2025 LITE Stockholder Letter
 •  More "Manufacturing" Category Stockholder Letters
 •  LITE Benford's Law Stock Score = 99

LITE Shareholder/Stockholder Letter Transcript:

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/LUMENTUM
LUMENTUM HOLDINGS INC.
1001 RIDDER PARK DRIVE
SAN JOSE, CALIFORNIA 95131
October 6, 2026
Dear Lumentum Stockholders:
You are formally invited to the Annual Meeting of Stockholders of Lumentum Holdings Inc., taking place virtually on November 18, 2026
at 8:00 a.m. Pacific Time.
Fiscal year 2026 was a landmark year for Lumentum. As the global technology landscape undergoes a generational shift toward Artificial
Intelligence, advanced data centers increasingly rely on optical solutions to create the connectivity fabric between compute, switches and
storage. Lumentum is leading this secular transition to optics, positioning the Company at the center of an unprecedented growth cycle.
Our expansion is powered by our leadership across key center architectures. While Scale-Out and Scale-Across networks have driven our
exceptional results to date by solving critical power and compute constraints, we are especially excited about the long-term potential of
Scale-Up. This fundamental shift away from electrical-based solutions toward optical connectivity within the rack has the potential to drive
Lumentum   s performance for years to come.
Throughout fiscal year 2026, we accelerated momentum across both our Systems and Components portfolios. Our Optical Circuit Switch
(OCS) platform has seen incredible adoption, rapidly scaling past a $100 million quarterly revenue run rate. Given our significant technological
differentiation and first-mover advantage, we expect this product line to generate revenue in the billions in upcoming years.
Across the rest of our portfolio, we achieved record shipments of our high-speed transceivers, transport products and laser chips. We started
production of our next-generation 1.6T modules, where our signal integrity engineering team has established an early market advantage.
Looking ahead, our ultra-high-power laser portfolio is driving key advances to support emerging co-packaged optics (CPO) and near-packaged
optics (NPO) architectures. This marks a major architectural shift, eliminating the need for a digital signal processor (DSP) and thereby reducing
data center power consumption and cost. In so doing, optics becomes the default choice for far more of the connectivity backbone.
Our manufacturing execution is also best in class, marked by expanded wafer capacity across our global indium phosphide fab footprint and the
qualification of both CW and EML process flows on our newest production tools. We rapidly scaled assembly and test capacity, both internally
and through strategic partnerships with contract manufacturers.
Financially, our business model demonstrated outsized operating leverage. We achieved our eighth consecutive quarter of top-line growth with
fourth-quarter revenue surpassing $1 billion, nearly twice the Company   s previous record. We also reached our gross margin target early, drove
significant operating margin expansion, and meaningfully strengthened our balance sheet, providing a strong foundation for continued strategic
investment.
We enter fiscal year 2027 with powerful velocity. With our first quarter of fiscal year 2027 revenue guidance pointing to continued triple-digit
year-over-year growth, we are reaching our target financial model well ahead of schedule.
Our Annual Meeting will be hosted virtually at www.virtualshareholdermeeting.com/LITE2026, where you will be able to listen, submit questions,
and vote online. The accompanying Notice of Annual Meeting and Proxy Statement contain details on the agenda and voting procedures. We are
again providing proxy materials online under the U.S. Securities and Exchange Commission   s    notice and access    rules.
Your vote is important. Please vote promptly by proxy online, by phone, or by following the instructions on the proxy card or voting instruction
card if you received printed materials, whether or not you plan to attend the meeting.
We truly appreciate your continued trust and support. As optical interconnect drives ever deeper into the AI ecosystem, we believe our
best years are still to come.
Sincerely,
Michael E. Hurlston
President and Chief Executive Officer
Penelope A. Herscher
Chair

/LUMENTUM
1

LUMENTUM HOLDINGS INC.
1001 RIDDER PARK DRIVE
SAN JOSE, CALIFORNIA 95131
NOTICE OF ANNUAL MEETING
OF STOCKHOLDERS
How to Vote
Via Internet
http://www.proxyvote.com
0
Via Phone
1-800-690-6903
To Be Held at 8:00 a.m. Pacific Time on Wednesday, November 18, 2026
Dear Stockholders of Lumentum Holdings Inc.:
The 2026 Annual Meeting of stockholders (the    Annual Meeting   ) of Lumentum Holdings
Inc., a Delaware corporation, will be held virtually on Wednesday, November 18,
2026, at 8:00 a.m. Pacific Time. The virtual Annual Meeting can be accessed by visiting
www.virtualshareholdermeeting.com/LITE2026, where you will be able to listen to the
meeting live, submit questions and vote online. We are holding the meeting for the following
purposes, as more fully described in the accompanying proxy statement:
1. the election of eight directors, to serve until our 2027 Annual Meeting of stockholders and
until their successors are duly elected and qualified;
2. the approval, on a non-binding, advisory basis, of the compensation of our named
executive officers; and
3. the ratification of the appointment of Deloitte & Touche LLP as our independent
registered public accounting firm for our fiscal year ending July 3, 2027.
In addition, stockholders may be asked to consider and vote upon such other business as
may properly come before the meeting or any adjournments or postponements thereof.
Via Mail
In Person
Our board of directors has fixed the close of business on September 24, 2026 as the record
date for the Annual Meeting. Only stockholders of record on September 24, 2026 are entitled
to notice of and to vote at the virtual Annual Meeting and any adjournments thereof. The
Notice of Internet Availability of Proxy Materials, this proxy statement for the Annual Meeting
(   Proxy Statement   ) and the accompanying form of proxy were first distributed and made
available on the Internet to stockholders on or about October 6, 2026.
YOUR VOTE IS IMPORTANT. Whether or not you plan to virtually attend the Annual Meeting,
please cast your vote as soon as possible by Internet or telephone. If you received a paper
copy of the proxy materials by mail, you may submit your proxy card in the postage-prepaid
envelope provided. Your vote by Internet, phone or mail will ensure your representation at the
Annual Meeting regardless of whether you attend the virtual meeting or not. If you attend the
virtual Annual Meeting, you may revoke your proxy and vote via the virtual meeting website.
If you hold your shares through an account with a brokerage firm, bank or other nominee,
please follow the instructions you receive from your account manager to vote your shares.
We thank you for your support and we hope you are able to attend our virtual Annual Meeting.
By order of the board of directors,
Michael E. Hurlston
President and Chief Executive Officer
San Jose, California
October 6, 2026
2
2026 Proxy Statement

TABLE OF CONTENTS
Notice of Annual Meeting of Stockholders 
2
Table of Contents 
3
Proxy Summary 
4
Proxy Statement for 2026 Annual Meeting
of Stockholders 8
Executive Compensation Approach 
38
Compensation Decision Processes 
40
Fiscal Year 2026 Executive Compensation Program Elements 
43
Other Items 
53
Compensation Committee Report 
54
Summary Compensation Table 
55
Fiscal Year 2026 Grants of Plan-Based Awards Table 
56
Internet Availability of Proxy Materials 
8
Outstanding Equity Awards at Fiscal Year-End Table 
57
General Information about the Annual Meeting 
8
Stock Vested in Fiscal Year 2026 
59
CEO Pay Ratio 
59
Pay Versus Performance 
60
Mr. Hurlston   s Offer Letter 
63
2015 Change in Control and Severance Benefits Plan, as amended 
64
Potential Payments upon a Termination or Change in Control 
65
Equity Compensation Plan Information 
66
Corporate Governance 
13
Director Independence 
13
Board Leadership Structure 
13
Board Committees and Meetings 
13
Sustainability 17
Proposal No. 1 Election of Directors 
20
Director Nominees 
20
Director Compensation 
25
Proposal No. 2 Advisory Vote to Approve
Compensation of our Named Executive Officers  27
Proposal No. 3 Ratification of Appointment of
Independent Registered Public Accounting Firm  29
Fees Paid to the Independent Registered Public Accounting Firm 
29
Auditor Independence 
29
Audit Committee Policy on Pre-Approval of Audit and
Permissible Non-Audit Services of Independent Registered
Public Accounting Firm 
Security Ownership of Certain Beneficial
Owners and Management 
67
Related Person Transactions 
68
Policies and Procedures for Related Party Transactions 
Other Matters 
69
Delinquent Section 16(a) Reports 
69
Note About Forward-Looking Statements 
69
Fiscal Year 2026 Annual Report and SEC Filings 
69
Appendix A 
30
Report of the Audit Committee 
31
Executive Officers 
32
Compensation Discussion and Analysis 
33
Executive Summary 
33
Fiscal Year 2026 Business Performance 
34
Fiscal Year 2026 Say-on-Pay Vote and Stockholder Engagement 
35
68
A-1
Reconciliation of GAAP and Non-GAAP Financial Measures 

/LUMENTUM
A-1
3

10/6/2026 Letter Continued (Full PDF)

 

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