Coherent (COHR) FY2025 results: revenue $5.8 billion, up 23.4% on the year

Coherent Corp. (COHR) reported revenue of $5.8 billion for fiscal 2025, the year ended 30 June 2025, up 23.4% on the year before. Net income was $49 million, and diluted earnings per share $-0.52. The figures are the company's own, from the 10-K it filed with the SEC on 15 August 2025.

Revenue

$5.8 billion

+23.4% on the year

FY2018FY2025

Operating margin

1.6%

2.0% a year earlier

FY2018FY2025

Net income

$49 million

FY2018FY2025

Diluted EPS

-$0.52

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	5,810	4,708	5,160	+23.4%
Cost of revenue	3,767	3,252	3,542	+15.8%
Gross profit	2,043	1,456	1,618	+40.3%
Gross margin	35.2%	30.9%	31.4%
Research and development	582	479	500	+21.5%
Selling, general and administrative	926	854	1,037	+8.5%
Operating income	94.2	96.1	-37.1	-2.0%
Operating margin	1.6%	2.0%	-0.7%
Interest expense	n/a	n/a	287
Pre-tax income	94.2	-148	-356
Income tax	64.1	11.1	-96.1	+476.8%
Effective tax rate	68.1%	n/a	n/a
Net income	49.4	-156	-259
Net margin	0.8%	-3.3%	-5.0%
Diluted EPS	-$0.52	-$1.84	-$2.93

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	634	546	634	+16.1%
Capital expenditure	441	347	436	+27.1%
Free cash flow	193	199	198	-3.1%
Free cash flow margin	3.3%	4.2%	3.8%
Cash from investing	-414	-351	-5,929
Cash from financing	-452	758	3,554
Depreciation and amortisation	554	560	682	-1.1%
Share-based compensation	160	126	149	+27.1%
Dividends paid	11.4	0.0	27.6
Diluted shares, weighted	155m	152m	138m	+2.1%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	5,645	5,210	4,988	+8.3%
Non-controlling interest	354	371	0.0	-4.8%
Redeemable equity	2,483	2,365	2,241	+5.0%
Debt	3,687	4,100	4,310	-10.1%
Operating lease liabilities	165	162	141	+1.7%
Other liabilities	2,578	2,280	2,032	+13.1%
Total liabilities and equity	14,911	14,489	13,711	+2.9%
Fixed assets	1,878	n/a	n/a
Goodwill	4,471	4,464	4,513	+0.2%
Intangible assets	3,205	3,503	3,815	-8.5%
Investments	0.0	n/a	n/a
Cash and equivalents	909	926	821	-1.8%
Receivables	964	849	902	+13.6%
Inventory	1,438	1,286	1,272	+11.8%
Other assets	2,047	3,460	2,389	-40.8%
Total assets	14,911	14,489	13,711	+2.9%

10-K for the year ended 30 June 2025, filed 15 August 2025: the filing.