> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# Lumentum's Proxy: CEO Pay Is 1,478 Times The Median Worker's, And A $7.76 Billion Debt Charge Drives A Huge Loss
- URL: https://www.bullished.co/lumentums-proxy-ceo-pay-is-1-478-times-the-median-workers-and-a-7-76-billion-debt-charge-4316a1a3/
- Published: 2026-10-07T11:55:57.000Z
- Updated: 2026-10-07T11:55:57.000Z
- Description: The annual proxy filing shows an $8.67 adjusted share profit alongside a $92.96 per-share loss under standard accounting.
- Author: Matteo Parrino
- Tags: SEC Filings, LITE, Industry: Technology, Topic: Leadership & Governance

Lumentum's annual proxy filing, made Tuesday, [puts CEO Michael Hurlston's total pay at $15,392,731](https://www.sec.gov/Archives/edgar/data/0001633978/000130817926000420/lite2026-def14a.htm?ref=bullished.co), a 1478:1 ratio to the median employee's $10,412\. The same document shows a $7,756.6 million loss on debt extinguishment behind a net loss of $6,935.1 million under standard accounting.

## What the proxy says about pay and results

The pay ratio compares Hurlston's total compensation with the $10,412 the filing lists for the median employee.

The proxy's reconciliation of adjusted figures shows fiscal 2026 net revenue of $3,014.0 million, versus $1,645.0 million a year earlier. Standard-accounting net income was a loss of $6,935.1 million.

That loss traces to the $7,756.6 million debt extinguishment charge. Per-share results under standard accounting were a loss of $92.96, while adjusted earnings per share were $8.67.

The reconciliation also adds back $191.3 million of stock-based compensation and related payroll taxes to fiscal 2026 adjusted operating income, up from $177.2 million a year earlier.

## The pitch in the shareholder letter

The letter, signed by Hurlston and Chair Penelope A. Herscher, casts Lumentum as a supplier to AI data centers, where optical connections are displacing electrical ones. Management says its optical circuit switch line has passed a [$100 million](https://www.sec.gov/Archives/edgar/data/0001633978/000130817926000420/lite2026-def14a.htm?ref=bullished.co) quarterly revenue run rate and expects it to generate "revenue in the billions in upcoming years."

The letter says fourth-quarter revenue surpassed $1 billion, ["nearly twice the Company's previous record,"](https://www.sec.gov/Archives/edgar/data/0001633978/000130817926000420/lite2026-def14a.htm?ref=bullished.co) and that first-quarter fiscal 2027 revenue guidance points to continued triple-digit year-over-year growth.

## What shareholders vote on

Holders face three management proposals: electing eight directors, an advisory vote on executive pay, and ratifying Deloitte & Touche as auditor. Abstentions count as votes against the pay and auditor proposals.

The virtual annual meeting is on November 18 at 8:00 a.m. Pacific Time. The company has said it will file the results in an 8-K within four business days.

The pay vote is advisory, and the November 18 meeting will put the $15,392,731 figure to shareholders alongside the $8.67 adjusted profit and the $92.96 loss.

### Sources

- [Lumentum — DEF 14A (2026-10-06)](https://www.sec.gov/Archives/edgar/data/0001633978/000130817926000420/lite2026-def14a.htm?ref=bullished.co) — SEC EDGAR
- [This photonics stock is already up 600% in one year. Now it's breaking out again](https://www.cnbc.com/2026/10/06/this-photonics-stock-is-already-up-600percent-in-one-year-now-its-breaking-out-again.html?ref=bullished.co) — CNBC
- [Lumentum Announces Reporting Date for Fiscal First Quarter 2027 Financial Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610050800BIZWIRE%5FUSPRX%5F%5F%5F%5F20261005%5FBW042169-1&ref=bullished.co) — Financial Times
- [Nvidia Just Gave Lumentum Stock a New AI Catalyst](https://finance.yahoo.com/markets/stocks/articles/nvidia-just-gave-lumentum-stock-193002314.html?ref=bullished.co) — Yahoo Finance
- [Lumentum Holdings (LITE) AI Optics Push Keeps Its Valuation Debate Alive](https://finance.yahoo.com/technology/ai/articles/lumentum-holdings-lite-ai-optics-150949846.html?ref=bullished.co) — Yahoo Finance
- [Lumentum Announces Speaker Lineup at 2026 OCP Global Summit – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610010600BIZWIRE%5FUSPRX%5F%5F%5F%5F20261001%5FBW653795-1&ref=bullished.co) — Financial Times