Coherent, Inc. (COHR) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has accelerated to 33.7% year-over-year in Q4 2026, driving gross margin expansion to 38.5% and demonstrating powerful operating leverage as operating income grew 222% year-over-year.

Annual statement

COHR Income Statement

Coherent, Inc. (COHR) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	Jun'26	Jun'25	Jun'24	Jun'23	Jun'22	Jun'21	Jun'20	Jun'19	Jun'18	Jun'17	Jun'16	Jun'15	Jun'14	Jun'13	Jun'12	Jun'11	Jun'10	Jun'09	Jun'08	Jun'07	Jun'06	Jun'05	Jun'04	Jun'03	Jun'02	Jun'01	Jun'00	Jun'99	Jun'98	Jun'97

Sales/Revenue	2.05B	5.81B	4.71B	5.16B	3.32B	3.11B	2.38B	1.36B	1.16B	972.05M	827.22M	741.96M	683.26M	551.08M	516.4M	502.8M	345.09M	292.22M	316.19M	263.19M	232.53M	194.04M	150.85M	128.21M	113.69M	123.33M	74.09M	62.01M	61.3M	52.7M
Revenue Growth %	-64.79%	23.42%	-8.77%	55.58%	6.78%	30.5%	74.68%	17.58%	19.21%	17.51%	11.49%	8.59%	23.99%	6.71%	2.71%	45.7%	18.09%	-7.58%	20.14%	13.19%	19.83%	28.63%	17.66%	12.77%	-7.82%	66.46%	19.48%	1.16%	16.32%	39.05%
Cost of Goods Sold	1.26B	3.75B	3.25B	3.38B	2.05B	1.93B	1.5B	841.15M	696.59M	583.68M	514.4M	470.36M	456.55M	347.56M	315.06M	295.9M	210.49M	168.62M	185.99M	143.75M	138.99M	105.64M	79.96M	69.41M	69.73M	72.18M	41.55M	36.59M	30.1M	24.4M
COGS % of Revenue	61.53%	64.59%	69.07%	65.42%	61.84%	62.09%	63.07%	61.74%	60.11%	60.05%	62.18%	63.39%	66.82%	63.07%	61.01%	58.85%	61%	57.7%	58.82%	54.62%	59.77%	54.44%	53.01%	54.14%	61.34%	58.52%	56.08%	59%	49.1%	46.3%
Gross Profit	787M	2.06B	1.46B	1.78B	1.27B	1.18B	878.88M	521.35M	462.2M	388.36M	312.81M	271.6M	226.72M	203.52M	201.35M	206.9M	134.6M	123.61M	130.21M	119.44M	93.54M	88.4M	70.89M	58.8M	43.96M	51.15M	32.54M	25.42M	31.2M	28.3M
Gross Margin %	38.47%	35.41%	30.93%	34.58%	38.16%	37.91%	36.93%	38.26%	39.89%	39.95%	37.82%	36.61%	33.18%	36.93%	38.99%	41.15%	39%	42.3%	41.18%	45.38%	40.23%	45.56%	46.99%	45.86%	38.66%	41.48%	43.92%	41%	50.9%	53.7%
Gross Profit Growth %	-61.75%	41.3%	-18.4%	40.99%	7.48%	33.97%	68.58%	12.8%	19.01%	24.15%	15.17%	19.8%	11.4%	1.08%	-2.68%	53.72%	8.89%	-5.07%	9.01%	27.69%	5.81%	24.71%	20.55%	33.77%	-14.07%	57.19%	28%	-18.51%	10.25%	42.93%
Operating Expenses	508.5M	1.51B	1.33B	1.5B	851.2M	775.34M	751.7M	372.68M	325.44M	272.81M	221M	194.8M	180.23M	132.03M	119.83M	108.12M	82.92M	77.11M	68.54M	71.13M	54.98M	55.94M	47.2M	41.61M	32.59M	32.88M	22.21M	17.18M	21.5M	18.9M
OpEx % of Revenue	24.86%	25.96%	28.31%	29.15%	25.66%	24.96%	31.58%	27.35%	28.08%	28.07%	26.72%	26.25%	26.38%	23.96%	23.2%	21.5%	24.03%	26.39%	21.68%	27.03%	23.64%	28.83%	31.29%	32.45%	28.67%	26.66%	29.98%	27.71%	35.07%	35.86%
Selling, General & Admin	266.4M	0	0	0	474.1M	445.24M	0	233.52M	208.56M	176M	160.65M	143.54M	137.71M	109.34M	98.42M	92.05M	71.11M	59.42M	60.81M	55.06M	48.08M	43.31M	35.1M	28.51M	21.25M	24.77M	18.17M	13.83M	14.3M	12.7M
SG&A % of Revenue	13.02%	-	-	-	14.29%	14.34%	-	17.14%	18%	18.11%	19.42%	19.35%	20.15%	19.84%	19.06%	18.31%	20.61%	20.33%	19.23%	20.92%	20.68%	22.32%	23.27%	22.24%	18.69%	20.08%	24.52%	22.3%	23.33%	24.1%
Research & Development	216.4M	581.92M	478.79M	499.6M	377.11M	330.11M	339.07M	139.16M	116.88M	96.81M	60.35M	51.26M	42.52M	22.69M	21.41M	16.08M	11.81M	17.69M	7.73M	16.07M	6.89M	12.63M	12.1M	13.1M	11.35M	8.12M	4.04M	3.36M	3.3M	3M
R&D % of Revenue	10.58%	10.02%	10.17%	9.68%	11.37%	10.63%	14.25%	10.21%	10.09%	9.96%	7.3%	6.91%	6.22%	4.12%	4.15%	3.2%	3.42%	6.05%	2.45%	6.1%	2.96%	6.51%	8.02%	10.21%	9.98%	6.58%	5.45%	5.41%	5.38%	5.69%
Other Operating Expenses	25.7M	926.45M	854M	1B	0	0	412.63M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3.9M	3.2M
Operating Income	278.5M	548.95M	123.17M	279.98M	414.29M	402.12M	127.18M	148.67M	136.76M	115.56M	91.81M	76.8M	46.49M	71.49M	81.52M	98.78M	51.68M	46.5M	61.66M	48.31M	38.56M	32.46M	23.68M	17.2M	11.37M	18.27M	10.33M	8.24M	9.7M	9.4M
Operating Margin %	13.62%	9.45%	2.62%	5.43%	12.49%	12.95%	5.34%	10.91%	11.8%	11.89%	11.1%	10.35%	6.8%	12.97%	15.79%	19.64%	14.98%	15.91%	19.5%	18.36%	16.58%	16.73%	15.7%	13.41%	10%	14.81%	13.94%	13.29%	15.82%	17.84%
Operating Income Growth %	-49.27%	345.66%	-56.01%	-32.42%	3.03%	216.18%	-14.45%	8.7%	18.35%	25.86%	19.55%	65.21%	-34.98%	-12.3%	-17.47%	91.12%	11.15%	-24.6%	27.63%	25.29%	18.78%	37.08%	37.72%	51.31%	-37.79%	76.83%	25.39%	-15.06%	3.19%	64.91%
EBITDA	319.6M	1.1B	682.94M	961.67M	701.07M	672.19M	348.06M	241.03M	217.53M	179.19M	148.48M	129.88M	99.58M	112.28M	116.05M	127.22M	72.72M	61.85M	77.19M	65.06M	54.34M	45.17M	33.32M	26.52M	20.16M	26.97M	15.33M	12.84M	13.6M	12.6M
EBITDA Margin %	15.62%	18.98%	14.51%	18.64%	21.14%	21.64%	14.62%	17.69%	18.77%	18.43%	17.95%	17.51%	14.57%	20.38%	22.47%	25.3%	21.07%	21.17%	24.41%	24.72%	23.37%	23.28%	22.09%	20.69%	17.73%	21.87%	20.69%	20.7%	22.19%	23.91%
EBITDA Growth %	-71.01%	61.44%	-28.98%	37.17%	4.3%	93.12%	44.4%	10.8%	21.4%	20.69%	14.32%	30.42%	-11.31%	-3.24%	-8.78%	74.95%	17.57%	-19.87%	18.64%	19.71%	20.31%	35.58%	25.61%	31.58%	-25.27%	75.93%	19.41%	-5.6%	7.94%	53.66%
D&A (Non-Cash Add-back)	0	553.6M	559.76M	681.69M	286.78M	270.07M	220.88M	92.36M	80.77M	63.64M	56.66M	53.08M	53.1M	40.79M	34.52M	28.45M	21.04M	15.35M	15.52M	16.75M	15.78M	12.71M	9.63M	9.33M	8.79M	8.7M	5M	4.6M	3.9M	3.2M
EBIT	319.6M	551.95M	140.83M	-68.69M	403.06M	412.49M	127.18M	151.23M	140.55M	125.6M	93.04M	82.97M	50.12M	78.65M	88.69M	101.86M	51.4M	46.5M	61.66M	48.31M	38.56M	32.46M	23.68M	17.2M	11.37M	18.27M	10.33M	8.24M	9.7M	9.4M
Net Interest Income	-41.1M	-243.3M	-288.48M	-286.87M	-121.25M	-59.9M	-89.41M	-22.42M	-18.35M	-6.81M	-3.08M	-3.86M	-4.48M	-1.16M	-212K	-103K	-87K	-178K	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	41.1M	243.3M	288.48M	286.87M	121.25M	59.9M	89.41M	22.42M	18.35M	6.81M	3.08M	3.86M	4.48M	1.16M	212K	103K	87K	178K	0	0	32.66M	423K	416K	1.44M	2.27M	5.09M	481K	200K	300K	0
Other Income/Expense	0	-454.77M	-270.82M	-635.54M	-132.49M	-49.53M	-191.11M	-19.86M	-14.57M	3.23M	-1.86M	2.31M	-845K	6M	6.96M	2.99M	-364K	-178K	28.97M	1.59M	-17.23M	-684K	-414K	-1.15M	-1.85M	-3.71M	-575K	-201K	-100K	600K
Pretax Income	278.5M	94.18M	-147.65M	-355.56M	281.81M	352.59M	-63.93M	128.81M	122.19M	118.79M	89.95M	79.11M	45.64M	77.49M	88.48M	101.76M	51.32M	46.32M	90.63M	49.91M	21.34M	31.78M	23.27M	16.05M	9.51M	14.56M	9.76M	8.04M	9.6M	10M
Pretax Margin %	13.62%	1.62%	-3.14%	-6.89%	8.5%	11.35%	-2.69%	9.45%	10.54%	12.22%	10.87%	10.66%	6.68%	14.06%	17.13%	20.24%	14.87%	15.85%	28.66%	18.96%	9.18%	16.38%	15.43%	12.52%	8.37%	11.8%	13.17%	12.96%	15.66%	18.98%
Income Tax	42.3M	64.12M	11.12M	-96.1M	47.05M	55.04M	3.1M	21.3M	34.19M	23.51M	24.47M	13.14M	7.33M	18.77M	17.76M	18.74M	12.58M	7.41M	24.94M	11.94M	10.54M	8.53M	6.75M	4.43M	2.25M	5.07M	2.44M	2.58M	2.8M	2.9M
Effective Tax Rate %	15.19%	68.09%	-7.53%	27.03%	16.7%	15.61%	-4.85%	16.53%	27.98%	19.79%	27.2%	16.61%	16.05%	24.22%	20.07%	18.42%	24.52%	15.99%	27.51%	23.93%	49.41%	26.83%	29%	27.6%	23.62%	34.8%	25.06%	32.04%	29.17%	29%
Net Income	240.5M	49.36M	-156.15M	-259.46M	234.76M	297.55M	-67.03M	107.52M	88M	95.27M	65.49M	65.97M	38.45M	50.81M	60.31M	82.68M	38.58M	36.78M	64.27M	37.97M	10.79M	23.25M	16.52M	11.62M	7.26M	9.49M	7.31M	5.46M	6.8M	7.1M
Net Margin %	11.76%	0.85%	-3.32%	-5.03%	7.08%	9.58%	-2.82%	7.89%	7.59%	9.8%	7.92%	8.89%	5.63%	9.22%	11.68%	16.44%	11.18%	12.59%	20.33%	14.42%	4.64%	11.98%	10.95%	9.06%	6.39%	7.7%	9.87%	8.81%	11.09%	13.47%
Net Income Growth %	387.2%	131.61%	39.82%	-210.52%	-21.1%	543.92%	-162.34%	22.18%	-7.63%	45.49%	-0.74%	71.59%	-24.33%	-15.74%	-27.06%	114.33%	4.88%	-42.77%	69.28%	251.73%	-53.58%	40.75%	42.19%	59.97%	-23.46%	29.82%	33.83%	-19.66%	-4.23%	61.36%
Net Income (Continuing)	236.2M	30.06M	-158.76M	-259.46M	234.76M	297.55M	-67.03M	107.52M	88M	95.27M	65.49M	65.97M	38.32M	58.72M	70.72M	83.02M	38.73M	38.91M	65.69M	37.97M	10.79M	23.25M	16.52M	11.62M	7.26M	9.49M	7.31M	5.46M	6.8M	7.1M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	334.7M	353.51M	371.39M	0	0	0	0	0	0	0	0	0	0	0	1.43M	727K	507K	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.19	-0.52	-1.84	-2.93	1.45	2.37	-0.79	1.63	1.35	1.48	1.04	1.05	0.60	0.80	0.94	1.30	0.63	0.61	1.06	0.63	0.18	0.39	0.28	0.19	0.13	0.17	0.14	0.05	0.13	0.14
EPS Growth %	328.85%	71.74%	37.2%	-302.07%	-38.82%	400%	-148.47%	20.74%	-8.78%	42.31%	-0.95%	75%	-25%	-14.89%	-27.69%	106.35%	3.28%	-42.45%	68.25%	250%	-53.85%	39.29%	47.37%	46.15%	-23.53%	21.43%	166.67%	-59.62%	-7.14%	60%
EPS (Basic)	1.23	-0.52	-1.84	-2.93	1.57	2.50	-0.79	1.69	1.41	1.52	1.07	1.08	0.62	0.81	0.96	1.33	0.64	0.62	1.08	0.65	0.19	0.40	0.29	0.20	0.13	0.18	0.14	0.05	0.13	0.14
Diluted Shares Outstanding	202.2M	154.8M	151.6M	137.58M	116.51M	115.03M	84.83M	65.8M	65.13M	64.51M	62.91M	62.59M	63.69M	63.88M	64.39M	63.61M	61.5M	60.16M	60.97M	60.58M	59.97M	59.63M	58.87M	61.16M	56.97M	55.83M	53.17M	50.37M	53.33M	52.59M
Basic Shares Outstanding	195.7M	154.8M	151.6M	137.58M	106.19M	109.86M	84.83M	63.58M	62.5M	62.58M	61.37M	61.22M	62.25M	62.41M	62.82M	62.21M	60.3M	59.33M	59.38M	58.85M	58.35M	58.14M	56.97M	59.59M	55.88M	54.23M	51.31M	50.37M	51.81M	52.59M
Dividend Payout Ratio	4.74%	23.17%	-	-	14.7%	6.83%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetAdequate

Cash FlowImproving

Top Statement Risk

Cyclical demand and margin pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

AI-Driven Acceleration in Revenue Growth

Coherent's revenue growth has accelerated sharply, reaching 33.7% year-over-year in Q4 2026, driven by the rapid adoption of 800G optical transceivers for AI datacenter infrastructure, as indicated by the company's reported quarterly results.

The growth trajectory shows a clear inflection from single-digit growth in late 2024 to over 30% by the end of fiscal 2026, suggesting the company is successfully capturing share in the high-speed networking cycle. This acceleration appears to be driven by volume in the Networking segment rather than broad-based industrial recovery, which may indicate a more durable, albeit concentrated, growth driver tied to hyperscaler capital expenditure.

Gross Margin Expansion Amidst Fixed-Cost Leverage

Gross margins have expanded by over 800 basis points from 30.3% in Q3 2024 to 38.5% in Q4 2026, a trend that suggests improving factory utilization and a favorable mix shift toward higher-value AI networking components, based on the company's income statement data.

The steady climb in gross margin indicates that the high fixed-cost manufacturing base is being leveraged effectively as revenue scales. This expansion appears to be structural rather than cyclical, as it coincides with the ramp of advanced transceiver products. However, the margin level remains below peers like MKS Instruments, suggesting that the mix still includes lower-margin legacy industrial laser products.

Operating Leverage Unlocked by Revenue Scale

Operating income grew 222% year-over-year in Q4 2026, significantly outpacing revenue growth of 33.7%, demonstrating powerful operating leverage as fixed overhead costs are spread across a larger revenue base, according to the reported financials.

The operating margin has more than doubled from 5.9% in Q4 2024 to 12.4% in Q4 2026, indicating that SG&A and R&D expenses are growing at a much slower rate than gross profit. This suggests disciplined cost management and that the incremental revenue from AI-driven demand is flowing through to the bottom line at a high rate, a key positive for earnings sustainability.

Non-Cash Charges Mask Underlying Profitability

The reported net margin of 11.8% in Q4 2026 is likely depressed by significant non-cash amortization from the II-VI acquisition, as the GAAP net income figure includes substantial non-operating charges not reflected in the strong operating performance.

The volatility in net income, including a loss in Q4 2025, contrasts with the consistent growth in operating income, pointing to large non-cash items impacting the bottom line. Investors should focus on operating income and non-GAAP EPS as better indicators of core business performance, as the GAAP figures are distorted by acquisition-related accounting.

R&D Intensity Reflects Competitive Imperative

R&D spending has increased 70% from $126.7M in Q4 2024 to $216.4M in Q4 2026, a necessary investment to maintain leadership in the rapidly evolving 800G and 1.6T transceiver markets, as shown in the company's cost structure.

The rising R&D expense, while necessary, represents a significant fixed cost that must be funded by high-volume sales. The fact that operating margins are expanding despite this investment suggests that revenue growth is currently outpacing the increase in innovation costs. However, this dynamic could reverse if the networking market slows, making R&D discipline a key metric to monitor.

Sustainability of AI-Driven Margin Expansion

The rapid margin expansion may be vulnerable to a normalization of AI infrastructure spending and the inherent commoditization risk in optical transceivers, which could pressure both revenue growth and pricing power.

The strongest challenge to the current narrative is that the margin expansion is occurring during a peak investment cycle for AI. If hyperscaler CapEx decelerates, the high fixed-cost base could quickly become a drag on profitability. Furthermore, the history of the optical networking industry shows rapid price erosion for each new technology generation, suggesting that the current high margins on 800G products may not be sustainable as competition intensifies.

COHR — Frequently Asked Questions

Quick answers to the most common questions about buying COHR stock.

What was Coherent, Inc.'s (COHR) revenue in 2026?

For fiscal year 2026, Coherent, Inc. (COHR) reported total revenue of $2.05B. This represents a 3781.4% increase compared to $52.7M in 1997.

Is Coherent, Inc. (COHR) profitable?

Coherent, Inc. (COHR) is profitable, generating $240.5M in net income for the fiscal year ending 2026 with a net profit margin of 11.8%.

What is Coherent, Inc.'s operating profit margin?

Coherent, Inc. (COHR) reported an operating income of $278.5M, resulting in an operating profit margin of 13.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Coherent, Inc.'s gross profit and gross margin?

Coherent, Inc. (COHR) generated $787.0M in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.