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Coherent (COHR) investor relations material
Coherent Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Nov, 2025
Executive summary
Q1 FY26 revenue reached $1.58B, up 17% year-over-year, driven by strong demand from AI-related datacenters and communications, with pro forma growth of 19% after adjusting for the Aerospace & Defense sale.
Non-GAAP EPS rose 73% year-over-year to $1.16, with gross margin expansion to 38.7% and GAAP EPS at $1.19.
Sale of Aerospace & Defense business completed for $400M, immediately accretive to gross margin and EPS, with a $115M gain recorded.
Portfolio optimization and site consolidations continue, with restructuring charges and divestitures to focus on high-growth, high-margin areas.
Introduced a 400 mW CW laser for CPO and silicon photonic designs, and received innovation awards at ECOC '25.
Financial highlights
Q1 FY26 revenue: $1.58B, up from $1.35B in Q1 FY25 and $1.53B in Q4 FY25.
Non-GAAP gross margin: 38.7% (up 200 bps year-over-year); GAAP gross margin: 36.6%.
Non-GAAP operating margin: 19.5% (up from 16.1% year-over-year); GAAP operating margin: 16.4%.
Non-GAAP net earnings: $221M; GAAP net earnings: $226M.
$400M in debt paid down, reducing leverage ratio to 1.7x; cash and equivalents at quarter end: $853M.
Outlook and guidance
Q2 FY26 revenue expected between $1.56B and $1.70B.
Non-GAAP gross margin expected between 38% and 40%.
Non-GAAP EPS expected between $1.10 and $1.30; operating expenses projected at $300M–$320M.
Continued strong sequential growth anticipated in datacenter and communications segments.
Restructuring actions under 2023 and 2025 plans expected to be substantially completed by end of fiscal 2026.
How does A&D sale reshape business profile?
Explain Q1 operating cash flow decline.
How do new products support AI datacenter growth?
How is 6-inch InP capacity allocated across products?
OCS tech advantage: How does it drive market share?
Thermal materials: Revenue ramp from hyperscaler engagement?
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Q2 20264 Feb, 2026
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Frequently asked questions
Coherent Corp., formerly II-VI Incorporated, develops, manufactures, and markets engineered materials, optoelectronic components, and devices worldwide. II-VI serves the technology industries with a broad range of materials, components, and devices used in precision manufacturing processes. These products are available in numerous configurations for specific customer applications. II-VI Incorporated has its own strategic accounts, including 10 of the top 100 manufacturing companies in the United States. In recent years, the Company has expanded rapidly through acquisition. Customers include customers in the telecommunications equipment industry (including the optical network terminal market); space industry (primarily satellites) and other customers in military communications; high technology electronics manufacturing equipment; medical testing equipment; medical device industry; pharmaceuticals; biotechnology; academic research lamp industry; automotive electronics related markets (such as automotive headlights).
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