Their latest reported revenue trends point in opposite directions: C3.ai reported $52.4 million for Q1 FY2027, down about 25.5% year over year, while Lumentum reported $1,006.3 million for Q4 FY2026, up 109.3%. The figures show different recent momentum and very different revenue scale—not a like-for-like contest. Their fiscal periods do not align, and C3.ai sells enterprise AI software while Lumentum reports Components and Systems revenue.
How do the latest revenue results compare?
| Company and period | Reported revenue | Year-over-year change | Context |
|---|---|---|---|
| C3.ai, Q1 FY2027 ended July 31, 2026 | $52.4 million | Down about 25.5%, calculated from $70.3 million in the year-earlier quarter | Subscription revenue was $49.2 million, or 94% of total revenue. C3.ai’s Q1 FY2027 results release. |
| Lumentum, Q4 FY2026 ended June 27, 2026 | $1,006.3 million | Up 109.3% from $480.7 million | Quarterly results; Lumentum’s fiscal year ended June 27, 2026. Lumentum quarterly results. |
The latest comparison available as of October 7, 2026 shows a sharp divergence in direction: C3.ai’s revenue declined while Lumentum’s more than doubled. Lumentum also reported much higher absolute revenue, but scale and growth rate answer different questions. A smaller company can post a faster percentage increase without approaching a larger company’s revenue base.
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How is C3.ai revenue trending?
C3.ai’s Q1 FY2027 revenue of $52.4 million compared with $70.3 million in Q1 FY2026. The roughly 25.5% decline is calculated from those reported amounts. Subscription revenue accounted for $49.2 million, stated by the company as 94% of total revenue, reflecting its enterprise software model. C3.ai’s results release also gives FY2027 revenue guidance of $210 million to $240 million, issued September 2, 2026. That is management’s forward-looking estimate, not revenue already earned.
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C3.ai Chairman and CEO Thomas M. Siebel described Q1 FY2027 by saying, “Revenue has stabilized, free cash flow is positive, operating loss has narrowed, and Forrester Research named C3 AI a leader in Enterprise AI.” This is management’s characterization; it should not be confused with the year-over-year revenue comparison, which shows a decline.
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What does Lumentum’s revenue growth show?
Lumentum reported Q4 FY2026 revenue of $1,006.3 million, up 109.3% year over year from $480.7 million. For the full FY2026, it reported $3,014.0 million, up 83.2% from FY2025. The company’s quarterly results report these historical results; they should be kept distinct from C3.ai’s annual guidance.
Lumentum’s FY2026 revenue was divided between $2,005.6 million from Components and $1,008.4 million from Systems, with Components the larger category. Lumentum’s results materials provide that product-type breakdown. These figures describe reported business categories; they do not, by themselves, establish what share of growth came from AI-related demand.
Are the fiscal periods directly comparable?
No. C3.ai’s fiscal year ends April 30, while Lumentum’s FY2026 ended June 27. The figures above are each company’s latest reported quarter available as of October 7, 2026, but Q1 FY2027 for C3.ai and Q4 FY2026 for Lumentum are not matching calendar or fiscal periods. Any direct growth comparison should therefore retain the company, fiscal-quarter label, and quarter-end date.
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The results establish that Lumentum’s revenue grew substantially; they do not establish that AI demand alone caused that growth. The cited company disclosures report revenue and business categories, but do not fully explain the demand, customer, pricing, or end-market factors behind the different trajectories. It is reasonable to note that both companies operate in areas associated with the AI economy, but attributing Lumentum’s reported increase entirely to AI would go beyond these disclosures.
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What can investors conclude from the revenue figures?
- Momentum: C3.ai’s latest reported quarter was lower year over year; Lumentum’s was substantially higher.
- Scale: Lumentum’s quarterly and annual revenue totals were far larger, but that fact alone does not indicate which business is more attractive.
- Business mix: C3.ai’s latest quarter was predominantly subscription revenue; Lumentum reports Components and Systems.
- Limits: Revenue figures alone do not establish margins, valuation, investment suitability, or the causes of growth.
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