Revenue from Contracts with Customers
The following table summarizes disaggregated revenue by market ($000):
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| Year Ended June 30, 2025 |
| Networking | | Materials | | Lasers | | Total |
| Industrial | $ | 61,971 | | | $ | 516,768 | | | $ | 1,129,046 | | | $ | 1,707,785 | |
| Communications | 3,320,780 | | | 115,260 | | | — | | | 3,436,040 | |
| Electronics | 8,185 | | | 278,181 | | | 20 | | | 286,386 | |
| Instrumentation | 30,340 | | | 43,634 | | | 305,930 | | | 379,904 | |
| Total Revenues | $ | 3,421,276 | | | $ | 953,843 | | | $ | 1,434,996 | | | $ | 5,810,115 | |
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| Year Ended June 30, 2024 |
| Networking | | Materials | | Lasers | | Total |
| Industrial | $ | 63,905 | | | $ | 546,003 | | | $ | 1,070,268 | | | $ | 1,680,176 | |
| Communications | 2,192,286 | | | 81,475 | | | — | | | 2,273,761 | |
| Electronics | 6,655 | | | 349,250 | | | — | | | 355,905 | |
| Instrumentation | 32,883 | | | 39,845 | | | 325,118 | | | 397,846 | |
| Total Revenues | $ | 2,295,729 | | | $ | 1,016,573 | | | $ | 1,395,386 | | | $ | 4,707,688 | |
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| Year Ended June 30, 2023 |
| Networking | | Materials | | Lasers | | Total |
| Industrial | $ | 70,076 | | | $ | 603,664 | | | $ | 1,087,881 | | | $ | 1,761,621 | |
| Communications | 2,219,677 | | | 73,703 | | | — | | | 2,293,380 | |
| Electronics | 11,488 | | | 614,151 | | | — | | | 625,639 | |
| Instrumentation | 39,689 | | | 58,240 | | | 381,531 | | | 479,460 | |
| Total Revenues | $ | 2,340,930 | | | $ | 1,349,758 | | | $ | 1,469,412 | | | $ | 5,160,100 | |
Contract Liabilities
Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Contract liabilities generally relate to payments received in advance of performance under a contract. Contract liabilities are recognized as revenue when performance obligations have been satisfied. During the year ended June 30, 2025, we recognized revenue of $55 million related to customer payments that were included in the Consolidated Balance Sheet as of June 30, 2024. As of June 30, 2025 and June 30, 2024, we had $72 million and $76 million, respectively, of contract liabilities recorded in the Consolidated Balance Sheets. As of June 30, 2025, $63 million of contract liabilities is included in other accrued liabilities, and $9 million is included within other liabilities on the Consolidated Balance Sheet. As of June 30, 2024, $62 million of contract liabilities is included other accrued liabilities, and $13 million is included within other liabilities on the Consolidated Balance Sheet.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.