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Coherent
Coherent (COHR) investor relations material
Coherent Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Feb, 2026
Executive summary
Q2 FY26 revenue reached $1.69B, up 17% year-over-year and 22% on a pro forma basis, driven by strong AI datacenter and communications demand, supported by capacity expansion and portfolio optimization.
Non-GAAP EPS grew 35% year-over-year to $1.29, with non-GAAP gross margin expanding to 39%; GAAP EPS was $0.76, up 71% year-over-year.
Book-to-bill ratio exceeded 4x in data center, with bookings visibility extending into 2027 and long-term supply agreements in place.
Completed sale of Munich-based materials processing tools division and aerospace & defense business, streamlining operations and improving margins.
Rapid expansion of six-inch indium phosphide production capacity, targeting a doubling by year-end to support margin and volume growth.
Financial highlights
Q2 FY26 revenue: $1.69B, up 17% year-over-year and 22% pro forma, with non-GAAP gross margin at 39% and non-GAAP operating margin at 19.9%.
Non-GAAP EPS was $1.29, up from $0.95 year-ago; GAAP EPS was $0.76.
Debt leverage ratio reduced to 1.7x from 2.3x year-ago; Q2 capex was $154M.
Operating cash flow for the six months was $104M, down from $340M year-over-year, mainly due to higher inventories and receivables.
YTD FY26 revenue: $3,267M vs. $2,783M YTD FY25 (17.4% Y/Y growth).
Outlook and guidance
Q3 FY26 revenue expected between $1.7B and $1.84B; non-GAAP gross margin between 38.5% and 40.5%.
Non-GAAP EPS guidance of $1.28–$1.48; operating expenses $320M–$340M.
Fiscal 2027 revenue growth rate expected to exceed fiscal 2026.
Continued double-digit sequential growth expected in data center for March and June quarters.
Q3 FY26 non-GAAP tax rate expected between 18% and 20%.
Industrial segment demand drivers for H2 FY26
Divestiture proceeds use for capacity ramp
Non-recurring items impacting GAAP net earnings
What drives sustained InP supply-demand imbalance?
When does CPO scale-up deployment become significant?
Re-evaluate OCS market size beyond $2B target
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Next Coherent earnings date
Q3 20266 May, 2026
Coherent
Next Coherent earnings date
Q3 20266 May, 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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