Coherent (COHR) financial statements
Coherent reported revenue of $7.1B in fiscal 2026, up 24.8% a year over 9 years.
Net income was $805M and the operating margin 11.9%, against 11.9% in 2017.
Free cash flow was -$1.0B.
The diluted share count rose 203% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Coherent's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $972M | $1.2B | $1.4B | $2.4B | $3.1B | $3.3B | $5.2B | $4.7B | $5.8B | $7.1B |
| Cost of revenue | $584M | $697M | $841M | $1.6B | $1.9B | $2.1B | $3.5B | $3.3B | $3.8B | $4.4B |
| Gross profit | $388M | $462M | $521M | $791M | $1.2B | $1.3B | $1.6B | $1.5B | $2.0B | $2.7B |
| Research and development | $97M | $117M | $139M | $339M | $330M | $377M | $500M | $479M | $582M | $723M |
| Selling, general and admin | $176M | $209M | $234M | $413M | $445M | $474M | $1.0B | $854M | $926M | $1.0B |
| Operating income | $116M | $137M | $149M | $39M | $402M | $414M | -$37M | $96M | $94M | $848M |
| Interest expense | $7M | $18M | $22M | $89M | $60M | $121M | $287M | — | — | — |
| Pre-tax income | $119M | $122M | $129M | -$64M | $353M | $282M | -$356M | -$148M | $94M | $848M |
| Income tax | $24M | $34M | $21M | $3M | $55M | $47M | -$96M | $11M | $64M | $61M |
| Net income | $95M | $88M | $108M | -$67M | $298M | $235M | -$259M | -$156M | $49M | $805M |
| EPS (diluted) | $1.48 | $1.35 | $1.63 | -$0.79 | $2.37 | $1.45 | -$2.93 | -$1.84 | -$0.52 | $4.12 |
| Diluted shares | 65M | 65M | 66M | 85M | 115M | 117M | 138M | 152M | 155M | 195M |
| Gross margin | 40.0% | 39.9% | 38.3% | 33.2% | 37.9% | 38.2% | 31.4% | 30.9% | 35.2% | 37.5% |
| Operating margin | 11.9% | 11.8% | 10.9% | 1.7% | 12.9% | 12.5% | -0.7% | 2.0% | 1.6% | 11.9% |
| Net margin | 9.8% | 7.6% | 7.9% | -2.8% | 9.6% | 7.1% | -5.0% | -3.3% | 0.8% | 11.3% |
Balance sheet
Fiscal years, from Coherent's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $272M | $247M | $205M | $493M | $1.6B | $2.6B | $821M | $926M | $909M | $2.0B |
| Receivables | $193M | $215M | $270M | $598M | $659M | $700M | $902M | $849M | $964M | $1.3B |
| Inventory | $204M | $248M | $296M | $620M | $696M | $903M | $1.3B | $1.3B | $1.4B | $2.6B |
| Total current assets | $702M | $762M | $813M | $1.8B | $3.0B | $4.3B | $3.3B | $3.7B | $3.9B | $6.9B |
| Property, plant and equipment | $525M | $525M | $583M | $1.2B | $1.2B | $1.4B | $1.8B | $1.8B | $1.9B | $3.0B |
| Goodwill | $250M | $271M | $320M | $1.2B | $1.3B | $1.3B | $4.5B | $4.5B | $4.5B | $4.4B |
| Total assets | $1.5B | $1.8B | $2.0B | $5.2B | $6.5B | $7.8B | $13.7B | $14.5B | $14.9B | $18.3B |
| Total current liabilities | $185M | $236M | $271M | $673M | $730M | $1.3B | $1.1B | $1.3B | $1.8B | $2.9B |
| Long-term debt | $322M | $419M | $443M | $2.2B | $1.3B | $1.9B | $4.2B | $4.0B | $3.5B | $3.2B |
| Total liabilities | $577M | $737M | $821M | $3.2B | $2.4B | $3.5B | $6.5B | $6.5B | $6.4B | $7.1B |
| Shareholders' equity | $901M | $1.0B | $1.1B | $2.1B | $3.4B | $3.6B | $5.0B | $5.2B | $5.6B | $10.9B |
| Net debt | $70M | $192M | $262M | $1.8B | -$217M | -$282M | $3.5B | $3.2B | $2.8B | $2.1B |
Cash flow
Fiscal years, from Coherent's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $119M | $161M | $178M | $297M | $574M | $413M | $634M | $546M | $634M | $80M |
| Capital spending | $139M | $153M | $137M | $137M | $146M | $314M | $436M | $347M | $441M | $1.1B |
| Free cash flow | -$20M | $8M | $41M | $160M | $428M | $99M | $198M | $199M | $193M | -$1.0B |
| Stock-based compensation | $12M | $15M | $22M | $68M | $71M | $73M | $149M | $126M | $160M | $186M |
| Share buybacks (net) | — | -$50M | -$2M | -$2M | $0 | $0 | — | — | — | — |
| Net borrowing | $104M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | -2.0% | 0.7% | 3.0% | 6.7% | 13.8% | 3.0% | 3.8% | 4.2% | 3.3% | -14.4% |
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Open COHR in InvestinglyQuestions
What was Coherent's revenue in 2026?
$7.1B in fiscal 2026, from its 10-K filing.
How much free cash flow does Coherent generate?
-$1.0B in fiscal 2026 (operating cash flow minus capital spending).
From Coherent's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.