Coherent (COHR) Q2 FY2026 earnings: revenue $1.7 billion, up 17.5% on the year

Coherent Corp. (COHR) reported revenue of $1.7 billion for Q2 FY2026, the quarter ended 31 December 2025, up 17.5% on the same quarter a year earlier. Net income was $147 million, up 41.9% on the year, and diluted earnings per share $0.76. The figures are the company's own, from the 10-Q it filed with the SEC on 4 February 2026.

Revenue

$1.7 billion

+17.5% on the year · +6.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

10.0%

9.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$147 million

+41.9% on the year · -35.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.76

+72.7% on the year · -36.1% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 new, 1 kept.

Revenue rose 17.5% year over year: Quarterly revenue was $1,686 million, up 17.5% from $1,435 million a year earlier and 6.6% from $1,581 million in the first quarter.
Per-share earnings rose with margin gains: GAAP diluted EPS was $0.76, against $0.44 a year earlier and $1.19 in the first quarter. Non-GAAP diluted EPS was $1.29, against $0.95 a year earlier and $1.16 in the first quarter.
Datacenter and communications revenue rose: Datacenter and Communications revenue was $1,208.0 million, up from $1,090.0 million in the first quarter and $904.6 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,686	1,581	1,435	+6.6%	+17.5%
Cost of revenue	1,063	1,002	925	+6.0%	+14.9%
Gross profit	623	579	509	+7.5%	+22.3%
Gross margin	36.9%	36.6%	35.5%
Research and development	166	155	144	+7.0%	+15.2%
Selling, general and administrative	258	252	221	+2.5%	+17.2%
Operating income	168	217	128	-22.5%	+30.8%
Operating margin	10.0%	13.7%	9.0%
Pre-tax income	168	217	128	-22.5%	+30.8%
Income tax	24.2	-8.3	26.9		-10.0%
Effective tax rate	14.4%	-3.8%	20.9%
Net income	147	226	103	-35.2%	+41.9%
Net margin	8.7%	14.3%	7.2%
Diluted EPS	$0.76	$1.19	$0.44	-36.1%	+72.7%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	57.9	46.0	187	+26.0%	-69.1%
Capital expenditure	154	104	106	+47.8%	+45.3%
Free cash flow	-95.7	-58.0	81.7
Free cash flow margin	-5.7%	-3.7%	5.7%
Cash from investing	-139	297	-106
Cash from financing	43.1	-421	-141
Depreciation and amortisation	126	122	134	+2.9%	-6.3%
Share-based compensation	44.6	44.1	41.0	+1.2%	+8.9%
Dividends paid	0.0	11.4	0.0
Diluted shares, weighted	193m	191m	160m	+1.1%	+20.5%
Shares outstanding at period end	187m	157m	155m	+19.3%	+21.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	8,539	5,830	5,168	+46.5%	+65.2%
Non-controlling interest	349	352	368	-0.8%	-5.2%
Redeemable equity	0.0	2,505	2,429
Debt	3,352	3,308	3,860	+1.3%	-13.2%
Operating lease liabilities	152	157	163	-3.2%	-7.1%
Other liabilities	2,696	2,547	2,209	+5.8%	+22.0%
Total liabilities and equity	15,088	14,699	14,197	+2.6%	+6.3%
Fixed assets	2,117	n/a	n/a
Goodwill	4,463	4,475	4,391	-0.3%	+1.6%
Intangible assets	3,064	3,133	3,314	-2.2%	-7.5%
Cash and equivalents	864	853	918	+1.3%	-5.9%
Receivables	1,055	1,027	892	+2.7%	+18.3%
Inventory	1,848	1,633	1,345	+13.2%	+37.4%
Other assets	1,678	3,578	3,338	-53.1%	-49.7%
Total assets	15,088	14,699	14,197	+2.6%	+6.3%

Questions

What was Coherent's revenue in Q2 FY2026?

Coherent (COHR) reported revenue of $1.7 billion for Q2 FY2026, the quarter ended 31 December 2025, up 17.5% on the same quarter a year earlier.

How much did Coherent earn in Q2 FY2026?

Net income for Q2 FY2026 was $147 million, up 41.9% on the year, and diluted earnings per share $0.76.

When did Coherent report Q2 FY2026 results?

Coherent filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 4 February 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	807	828	887	1,345	1,370	1,240	1,205	1,053	1,131	1,209	1,314	1,348	1,435	1,498	1,529	1,581	1,686	1,806	2,046	2,370
Cost of revenue	496	506	561	901	959	820	862	746	781	842	882	888	925	970	983	1,002	1,063	1,126	1,258	1,443
Gross profit	311	322	326	444	411	420	343	307	351	366	432	460	509	528	546	579	623	680	787	928
Gross margin	39%	39%	37%	33%	30%	34%	28%	29%	31%	30%	33%	34%	36%	35%	36%	37%	37%	38%	38%	39%
R&D	95.3	96.9	95.9	121	129	126	123	113	111	127	127	132	144	151	156	155	166	186	216	237
SG&A	118	118	116	280	274	226	256	212	209	205	228	229	221	231	245	252	258	268	266	305
Operating income	98.2	107	114	42.5	8.2	67.4	-155	-21.3	31.9	22.3	63.2	19.3	128	9.9	-63.4	217	168	184	279	359
Operating margin	12%	13%	13%	3%	1%	5%	-13%	-2%	3%	2%	5%	1%	9%	1%	-4%	14%	10%	10%	14%	15%
Interest expense	17.1	43.5	48.5	61.9	70.9	75.2	78.9	73.3	74.7	72.8	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	79.4	63.0	49.0	-51.0	-66.4	-4.7	-233	-88.3	-37.4	-31.9	9.9	19.3	128	9.9	-63.4	217	168	184	279	359
Tax rate	15%	22%	11%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	575%	-29%	21%	82%	n/a	-4%	14%	1%	15%	-6%
Net income	67.7	49.0	43.6	-38.7	-45.1	2.5	-178	-67.5	-27.0	-13.2	-48.4	25.9	103	15.7	-95.6	226	147	191	241	385
Net margin	8%	6%	5%	-3%	-3%	0%	-15%	-6%	-2%	-1%	-4%	2%	7%	1%	-6%	14%	9%	11%	12%	16%
Diluted EPS	$0.44	$0.28	$0.23	-$0.56	-$0.58	-$0.24	-$1.55	-$0.65	-$0.38	-$0.29	-$0.52	-$0.04	$0.44	-$0.11	-$0.83	$1.19	$0.76	$0.97	$1.19	$1.90
Operating cash flow	188	35.9	137	79.6	220	152	182	199	67.2	117	162	153	187	163	130	46.0	57.9	-93.8	69.5	-92.7
Capital expenditure	54.1	94.3	118	139	107	97.1	93.1	62.2	91.5	93.2	99.9	92.0	106	112	131	104	154	290	556	776
Free cash flow	134	-58.4	19.0	-59.4	114	55.3	88.5	137	-24.3	24.2	62.4	61.0	81.7	51.1	-1.1	-58.0	-95.7	-383	-486	-868
Dividends paid	6.9	6.9	6.9	0.0	13.8	6.9	6.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	11.4	11.4	0.0	0.0	0.0	0.0
Shares outstanding	106m	106m	131m	139m	139m	139m	150m	151m	152m	152m	153m	155m	155m	155m	156m	157m	187m	196m	196m	197m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2025, filed 4 February 2026: the filing.