VIAVI Announces First Quarter Fiscal 2026 Results

Rhea-AI Summary

VIAVI (NASDAQ: VIAV) reported fiscal Q1 results for the quarter ended Sept 27, 2025: net revenue $299.1M (+25.6% YoY) and non-GAAP operating margin 15.7% (up 570 bps YoY). GAAP results show an operating margin of 2.5% and a GAAP net loss of $21.4M. Non-GAAP net income was $33.1M (+166.9% YoY). Cash and short-term investments totaled $549.1M and total debt carrying value was $791.6M. Cash flow from operations was $31.0M. For Q2FY2026 ending Dec 27, 2025 the company expects revenue $360–370M and non-GAAP EPS $0.18–0.20.

Positive

• Net revenue +25.6% YoY to $299.1M
• Non-GAAP operating margin improved 570 bps YoY to 15.7%
• Non-GAAP net income +166.9% YoY to $33.1M
• Q2 revenue guidance $360M–$370M implies continued growth momentum

Negative

• GAAP net loss $21.4M (worse YoY)
• GAAP operating margin down 230 bps YoY to 2.5%
• Total debt carrying value $791.6M exceeds cash and short-term investments of $549.1M

Insights

Senior Corporate Finance Analyst

Revenue and non-GAAP profitability rose strongly; GAAP loss widened but guidance for Dec 27, 2025 shows continued momentum.

VIAVI delivered $299.1 million in Q1 revenue, a 25.6% year‑over‑year increase driven by the data center and aerospace & defense end markets, and non‑GAAP operating margin expanded to 15.7%. Cash from operations totaled $31.0 million and liquidity stood at $549.1 million, supporting near‑term execution and the announced acquisition integration noted in the release.

Performance depends on sustaining demand in the cited end markets and successful integration of the Spirent product lines; GAAP metrics deteriorated (GAAP operating margin 2.5% and a GAAP net loss of $21.4 million) reflecting acquisition/integration and other reconciling items. The company disclosed convertible and senior notes with a net carrying value of $791.6 million, which is relevant for capital structure assessment while integration costs remain uncertain.

Concrete items to watch: quarterly revenue trajectory vs. guidance of $360–370 million for Q2 (ending Dec 27, 2025), non‑GAAP EPS guidance of $0.18–0.20, and the reconciliation of GAAP to non‑GAAP items when provided. Monitor quarterly cash flow trends, integration-related charges, and gross‑to‑operating margin conversion over the next two fiscal quarters.

CHANDLER, Ariz., Oct. 29, 2025 /PRNewswire/ -- VIAVI (NASDAQ: VIAV) today reported results for its fiscal first quarter ended September 27, 2025 with the following highlights.

First Quarter

• Net revenue of $299.1 million, up $60.9 million or 25.6% year-over-year
• GAAP operating margin of 2.5%, down 230 bps year-over-year
• Non-GAAP operating margin of 15.7%, up 570 bps year-over-year
• GAAP net loss of $21.4 million, up $19.6 million or 1,088.9% year-over-year
• Non-GAAP net income of $33.1 million, up $20.7 million or 166.9%year-over-year 
• GAAP diluted earnings per share (EPS) of $(0.10), down $0.09 or 900.0% year-over-year
• Non-GAAP diluted EPS of $0.15, up $0.09 or 150.0% year-over-year

"VIAVI's first quarter financial performance has exceeded our expectations. Strong demand from the data center ecosystem and aerospace & defense customers was the primary driver behind our strong performance. We expect the strong momentum in these end markets to continue through the fiscal year. Additionally, the acquisition of highly complementary Spirent product lines from Keysight is expected to further strengthen our position in the data center ecosystem and significantly increase our business footprint in this high growth market segment," said Oleg Khaykin, VIAVI's President and Chief Executive Officer.

Financial Overview:

The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled "Use of Non-GAAP (Adjusted) Financial Measures."

Fiscal First Quarter Ended September 27, 2025

	GAAP Results
	Q1		Q4		Q1		Change
	FY 2026		FY 2025		FY 2025		Q/Q		Y/Y
Net revenue	$         299.1		$         290.5		$         238.2		3.0 %		25.6 %
Gross margin	56.5 %		56.3 %		57.1 %		20 bps		(60) bps
Operating margin	2.5 %		5.3 %		4.8 %		(280) bps		(230) bps
Income from operations	$             7.6		$           15.3		$         11.5		(50.3) %		(33.9) %
Net (loss) income per share	(0.10)		0.04		(0.01)		(350.0) %		(900.0) %
	Non-GAAP Results
	Q1		Q4		Q1		Change
	FY 2026		FY 2025		FY 2025		Q/Q		Y/Y
Gross margin	60.0 %		60.1 %		59.1 %		(10) bps		90 bps
Operating margin	15.7 %		14.4 %		10.0 %		130 bps		570 bps
Income from operations	$           47.1		$           41.9		$         23.9		12.4 %		97.1 %
Earnings per share	0.15		0.13		0.06		15.4 %		150.0 %
	Net Revenue by Segment
	Q1		Q4		Q1		Change
	FY 2026		FY 2025		FY 2025		Q/Q		Y/Y
Network and Service Enablement	$        216.0		$        209.1		$       159.4		3.3 %		35.5 %
Optical Security and Performance Products	83.1		81.4		78.8		2.1 %		5.5 %
Total	$        299.1		$        290.5		$       238.2		3.0 %		25.6 %

• Americas, Asia-Pacific and EMEA customers represented 43.1%, 30.8% and 26.1%, respectively, of total net revenue for the quarter ended September 27, 2025.
• As of September 27, 2025, the Company held $549.1 million in total cash, short-term investments and short-term restricted cash.
• As of September 27, 2025, the Company had $152.5 million aggregate principal amount of 1.625% Senior Convertible Notes, $250.0 million aggregate principal amount of 0.625% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $791.6 million.
• During the fiscal quarter ended September 27, 2025, the Company generated $31.0 million of cash flows from operations.

Business Outlook for the Second Quarter of Fiscal 2026 

For the second quarter of fiscal 2026 ending December 27, 2025, the Company expects net revenue to be between $360 million to $370 million and non-GAAP EPS to be between $0.18 to $0.20.

With respect to our expectations above, the Company has not reconciled GAAP net income per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the "Use of Non-GAAP (Adjusted) Financial Measures" section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.

Conference Call

The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on October 29, 2025 in a live webcast, which will also be archived for replay on the Company's website at https://investor.viavisolutions.com.  The Company will post supplementary slides outlining the Company's latest financial results on https://investor.viavisolutions.com under the "Quarterly Results" section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company's ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) financial projections and expectations, including profitability of certain business units, synergies, benefits and other matters related to the acquisition of the high-speed ethernet, network security and channel emulation testing business of Spirent Communications plc; (k) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (l) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (m) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (n) the uncertain and ongoing impact to our supply chain of geopolitical tensions, such as the ongoing conflict between Russia and Ukraine and the instability in the Middle East, evolving global trade and tariff negotiations and the uncertain tariff landscape, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of "trade wars," cyber-attacks, and retaliatory measures; (o) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (p) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the Company's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-Q for the quarter ended September 27, 2025. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.

Contact Information

Investors: 
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com

Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com

The following financial tables are presented in accordance with GAAP, unless otherwise specified.

-SELECTED PRELIMINARY FINANCIAL DATA -

 

VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
PRELIMINARY
	Three Months Ended
	September 27, 2025		September 28, 2024
Net revenue	$                 299.1		$                 238.2
Cost of revenues	123.2		98.8
Amortization of acquired technologies	6.9		3.3
Gross profit	169.0		136.1
Operating expenses:
Research and development	56.0		49.4
Selling, general and administrative	104.2		74.1
Amortization of other intangibles	1.5		1.1
Restructuring and related benefits	(0.3)		—
Total operating expenses	161.4		124.6
Income from operations	7.6		11.5
Interest and other (expense) income, net	(2.5)		3.2
Interest expense	(7.4)		(7.5)
(Loss) income before income taxes and equity investment losses	(2.3)		7.2
Provision for income taxes	19.0		9.0
Equity investment losses	(0.1)		—
Net loss	$                 (21.4)		$                   (1.8)
Net loss per share:
Basic	$                 (0.10)		$                 (0.01)
Diluted	$                 (0.10)		$                 (0.01)
Shares used in per share calculations:
Basic	222.9		222.0
Diluted	222.9		222.0

The preliminary financial statements are estimated based on our current information.

 

VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
PRELIMINARY
	September 27, 2025		June 28, 2025
ASSETS
Current assets:
Cash and cash equivalents	$                         543.8		$                         423.6
Short-term investments	1.8		1.7
Restricted cash	3.5		3.7
Accounts receivable, net	242.0		261.0
Inventories, net	124.5		117.9
Prepayments and other current assets	74.7		77.3
Total current assets	990.3		885.2
Property, plant and equipment, net	230.3		231.9
Goodwill, net	592.3		595.7
Intangibles, net	123.2		131.6
Deferred income taxes	77.4		87.2
Other non-current assets	68.6		62.2
Total assets	$                     2,082.1		$                     1,993.8
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$                           66.6		$                           68.8
Accrued payroll and related expenses	54.4		63.6
Deferred revenue	64.2		74.1
Accrued expenses	29.9		28.7
Short-term debt	151.1		246.2
Other current liabilities	131.3		108.3
Total current liabilities	497.5		589.7
Long-term debt	640.5		396.3
Other non-current liabilities	220.2		227.6
Total liabilities	1,358.2		1,213.6
Total stockholders' equity	723.9		780.2
Total liabilities and stockholders' equity	$                     2,082.1		$                     1,993.8

The preliminary financial statements are estimated based on our current information.

 

VIAVI SOLUTIONS INC.
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
PRELIMINARY
	Three Months Ended September 27, 2025
	Network and Service Enablement		Optical Security and Performance Products		Other Items (1)		Consolidated GAAP Measures
Net revenue	$         216.0		$           83.1		$                  —		$         299.1
Gross profit	$         136.1		$           43.5		$             (10.6)		$         169.0
Gross margin	63.0 %		52.3 %				56.5 %
Operating income	$           16.3		$           30.8		$             (39.5)		$             7.6
Operating margin	7.5 %		37.1 %				2.5 %
	Three Months Ended September 28, 2024
	Network and Service Enablement		Optical Security and Performance Products		Other Items (1)		Consolidated GAAP Measures
Net revenue	$         159.4		$           78.8		$                  —		$         238.2
Gross profit	$           97.1		$           43.6		$               (4.6)		$         136.1
Gross margin	60.9 %		55.3 %				57.1 %
Operating (loss) income	$           (7.3)		$           31.2		$             (12.4)		$           11.5
Operating margin	(4.6) %		39.6 %				4.8 %

(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.

The preliminary financial schedules are estimated based on our current information.

Use of Non-GAAP (Adjusted) Financial Measures

The Company provides non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP EPS financial measures as supplemental information regarding the Company's operational performance and believes providing this additional information allows investors to see Company results through the eyes of management, and better to evaluate more clearly and consistently the Company's core operational performance and expenses and evaluate the efficacy of the methodology used by management to measure such performance. The Company uses the measures disclosed in this release to evaluate the Company's historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company's core operating performance, which the Company believes represents its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition related intangibles, amortization expense related to acquisition related inventory step-up, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities, certain investing and acquisition related expenses and other activities and income tax expenses or benefits that management believes are not reflective of such ordinary, ongoing and core operating activities. The non-GAAP adjustments are outlined below. 

Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company's GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, plant and equipment and intangibles, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans with a specific and defined term, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) amortization expense related to acquisition related inventory step-up, (vii) changes in fair value of contingent consideration liabilities, (viii) acquisition related transaction and integration costs related to acquired entities, (ix) significant legal settlements and other contingencies and (x) other charges unrelated to our core operating performance comprised mainly of other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP operating margin, non-GAAP net income and non-GAAP EPS.

Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.

Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as (i) the utilization of net operating losses (NOLs) where valuation allowances were released, (ii) intra-period tax allocation benefit and (iii) the tax effect for amortization of non-tax deductible intangible assets, in calculating non-GAAP net income and non-GAAP EPS.

Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP operating income is operating income. The GAAP measure most directly comparable to non-GAAP operating margin is operating margin. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is earnings per share.

VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
PRELIMINARY
The following tables reconcile GAAP measures to non-GAAP measures:
	Three Months Ended
	September 27, 2025				September 28, 2024
	Gross Profit		Gross Margin		Gross Profit		Gross Margin
GAAP measures	$    169.0		56.5 %		$    136.1		57.1 %
Stock-based compensation	1.0		0.3 %		1.2		0.5 %
Other charges unrelated to core operating performance	0.1		— %		0.1		0.1 %
Amortization of acquisition related inventory step-up	2.6		0.9 %		—		— %
Amortization of intangibles	6.9		2.4 %		3.3		1.4 %
Total related to Cost of Revenues	10.6		3.6 %		4.6		2.0 %
Non-GAAP measures	$    179.6		60.0 %		$    140.7		59.1 %
	Three Months Ended
	September 27, 2025				September 28, 2024
	Operating Income		Operating Margin		Operating Income		Operating Margin
GAAP measures	$        7.6		2.5 %		$      11.5		4.8 %
Stock-based compensation	13.4		4.5 %		12.7		5.3 %
Change in fair value of contingent liability	10.9		3.6 %		(3.5)		(1.5) %
Acquisition and integration related charges	3.9		1.3 %		0.6		0.3 %
Other charges (benefits) unrelated to core operating performance (1)	0.6		0.2 %		(0.5)		(0.2) %
Amortization of acquisition related inventory step-up	2.6		0.9 %		—		— %
Amortization of intangibles	8.4		2.8 %		4.4		1.8 %
Restructuring and related benefits	(0.3)		(0.1) %		—		— %
Litigation settlement	—		— %		(1.3)		(0.5) %
Total related to Cost of Revenues and Operating Expenses	39.5		13.2 %		12.4		5.2 %
Non-GAAP measures	$      47.1		15.7 %		$      23.9		10.0 %
	Three Months Ended
	September 27, 2025				September 28, 2024
	Net (Loss) Income		Diluted EPS		Net (Loss) Income		Diluted EPS
GAAP measures	$     (21.4)		$     (0.10)		$       (1.8)		$     (0.01)
Items reconciling GAAP Net Loss and EPS to Non-GAAP Net Income and EPS:
Stock-based compensation	13.4		0.06		12.7		0.06
Change in fair value of contingent liability	10.9		0.05		(3.5)		(0.01)
Acquisition and integration related charges	3.9		0.02		0.6		—
Other charges (benefits) unrelated to core operating performance (1)	0.6		—		(0.5)		—
Amortization of acquisition related inventory step-up	2.6		0.01		—		—
Amortization of intangibles	8.4		0.04		4.4		0.02
Restructuring and related benefits	(0.3)		—		—		—
Litigation settlement	—		—		(1.3)		(0.01)
Non-cash interest expense and other expense (2)	4.8		0.02		1.1		0.01
Provision for income taxes	10.2		0.05		0.7		—
Total related to Net Income and EPS	54.5		0.25		14.2		0.07
Non-GAAP measures	$      33.1		$      0.15		$      12.4		$      0.06
Shares used in per share calculation for Non-GAAP EPS			227.9				224.0

Note: Certain totals may not add due to rounding.

(1) Included in the three months ended September 28, 2024 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $0.4 million. (2) The Company incurred a loss of $3.8 million for the three months ended September 27, 2025 in connection with the extinguishment of certain 1.625% Senior Convertible Notes.

The preliminary financial schedules are estimated based on our current information.

 

VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO ADJUSTED EBITDA
(in millions, unaudited)
PRELIMINARY
	Three Months Ended
	September 27, 2025		September 28, 2024
GAAP Net loss	$                 (21.4)		$                   (1.8)
Interest and other income, net (1)	2.5		(3.2)
Interest expense	7.4		7.5
Provision for income taxes	19.0		9.0
Equity investment losses	0.1		—
Depreciation	9.8		9.7
Amortization	8.4		4.4
EBITDA	25.8		25.6
Restructuring and related benefits	(0.3)		—
Stock-based compensation	13.4		12.7
Change in fair value of contingent liability	10.9		(3.5)
Acquisition and integration related charges	3.9		0.6
Other charges (benefits) unrelated to core operating performance (2)	0.5		(1.9)
Amortization of acquisition related inventory step-up	2.6		—
Adjusted EBITDA	$                   56.8		$                   33.5

Note: Certain totals may not add due to rounding.

(1)The Company incurred a loss of $3.8 million for the three months ended September 27, 2025 in connection with the extinguishment of certain 1.625% Senior Convertible Notes.

(2) Included in the three months ended September 28, 2024 is a gain on litigation settlement of $1.3 million, a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $0.3 million.

The preliminary financial schedules are estimated based on our current information.

 

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SOURCE VIAVI Financials

FAQ

What were VIAVI's fiscal Q1 2026 net revenue and year-over-year growth (VIAV)?

VIAVI reported $299.1M net revenue for Q1 FY2026, a 25.6% increase year-over-year.

What was VIAVI's Q1 FY2026 non-GAAP operating margin and how did it change (VIAV)?

Non-GAAP operating margin was 15.7%, up 570 basis points year-over-year.

Did VIAVI report GAAP profitability in Q1 FY2026 (VIAV)?

No. VIAVI reported a GAAP net loss of $21.4M and GAAP operating margin of 2.5%.

What cash, debt, and operating cash flow did VIAVI report as of Sept 27, 2025 (VIAV)?

VIAVI held $549.1M in cash and short-term investments, had total debt carrying value of $791.6M, and generated $31.0M cash from operations in Q1.

What is VIAVI's guidance for Q2 FY2026 revenue and non-GAAP EPS (VIAV)?

The company expects Q2 FY2026 revenue of $360M–$370M and non-GAAP EPS of $0.18–$0.20 for the quarter ending Dec 27, 2025.