Reports › COHR › 10-Q FY2025

SEC filings, compared

What changed in Coherent's 10-Q for the quarter ended September 30, 2025

Compared with the 10-Q for the quarter ended September 30, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: COHERENT CORP. · COHR
This filing: 0000820318-25-000019 ↗ · filed Nov 5, 2025
Compared with: 0000820318-24-000035 ↗ · filed Nov 6, 2024
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

44 material changes among 67 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	1,581,378,000USD · Jul 1, 2025 to Sep 30, 2025	1,348,135,000USD · Jul 1, 2024 to Sep 30, 2024	+233,243,000+17.3%
Net income or lossus-gaap:NetIncomeLoss	226,349,000USD · Jul 1, 2025 to Sep 30, 2025	25,887,000USD · Jul 1, 2024 to Sep 30, 2024	+200,462,000+774.4%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	852,778,000USD · at Sep 30, 2025	1,019,648,000USD · at Sep 30, 2024	−166,870,000−16.4%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	45,955,000USD · Jul 1, 2025 to Sep 30, 2025	152,980,000USD · Jul 1, 2024 to Sep 30, 2024	−107,025,000−70%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0000820318-25-000019 · FY2024: 0000820318-24-000035

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

10 material additions

Part I, Item 2 · MD&A

8 of 10 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

Added disclosure of New Term B-3 Loans, including their interest rate, maturity date, and replacement of New Term B-2 Loans.

The paragraph introduces an amended term-loan instrument and states its interest-rate terms and maturity, changing disclosure of financing obligations and liquidity commitments.

Why the model ranked it here

The replacement term loans introduce changed financing terms and maturity commitments that directly affect the company’s liquidity obligations.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

On September 26, 2025, the Company entered into Amendment No. 4 ("Amendment No. 4") and Amendment No. 5 ("Amendment No. 5") to the Credit Agreement. Under Amendment No. 4, (i) the existing revolving credit commitments were refinanced and replaced with new senior secured revolving credit commitments, (ii) $350 million of senior secured incremental revolving credit commitments were added, increasing the total revolving credit facility to $700 million (the "2025 Revolving Loans"), including a letter of credit sub-facility of up to $100 million, and (iii) a $1,250 million new tranche of senior secured incremental term A loans was added (the "2025 Incremental Term A Loans"), the proceeds of which were used, in part, to repay all outstanding principal, interest and fees under the initial term A loans. As amended, the 2025 Revolving Loans and the 2025 Incremental Term A Loans each bear interest at an adjusted SOFR rate subject to a 0.00% floor plus a range of 1.25% to 2.25% based on the Company's total net leverage ratio. The interest rate applicable to the 2025 Revolving Loans and the 2025 Incremental Term A Loans is initially a SOFR-based rate plus 1.50% as of September 30, 2025. The 2025 Revolving Loans and the 2025 Incremental Term A Loans mature on the earlier of September 26, 2030 or a "Springing Maturity Date," which is a date that is 91 days prior to the stated maturity of either (i) the Company's unsecured senior notes or (ii) the term B loans then outstanding if, on such 91st day, the applicable senior notes or term B loans remain outstanding and liquidity is less than (x) $250 million plus (y) the aggregate outstanding principal amount of such notes or term B loans, as applicable. [added] Under Amendment No. 5, the outstanding New Term B-2 Loans were replaced with an equal amount of new term loans (the "New Term B-3 Loans") having substantially similar terms as the New Term B-2 Loans, except with respect to the interest rate applicable to the New Term B-3 Loans and certain other provisions. As further amended, the New Term B-3 Loans bear interest at a SOFR-based rate (subject to a 0.50% floor) plus 1.75% as of September 30, 2025. The New Term B-3 Loans will mature on July 1, 2029.

Cite this change

"Under Amendment No. 5, the outstanding New Term B-2 Loans were replaced with an equal amount of new term loans (the "New Term B-3 Loans") having substantially similar terms as the New Term B-2 Loans, except with respect to the interest rate applicable to the New Term B-3 Loans and certain other provisions."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

02AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of the 2025 Plan and its restructuring actions, including site consolidations, facility closures, workforce reductions, and contract terminations.

The paragraph introduces a new restructuring plan and explicitly identifies actions and associated cost reductions, changing disclosed obligations and business actions.

Why the model ranked it here

The new restructuring plan signals significant changes to the company’s footprint, workforce, contracts, and expected cost structure.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] Commencing in the quarter ended March 31, 2025, and as part of the ongoing strategic review of the Company's business, the Company's management approved the 2025 Plan (and together with the 2023 Plan, the Restructuring Plans) to take a number of restructuring actions, including site consolidations, facilities moves and closures, workforce reductions, contract terminations, and certain other associated cost reductions.

Cite this change

"Commencing in the quarter ended March 31, 2025, and as part of the ongoing strategic review of the Company's business, the Company's management approved the 2025 Plan (and together with the 2023 Plan, the Restructuring Plans) to take a number of restructuring actions, including site consolidations, facilities moves and closures, workforce reductions, contract terminations, and certain other associated cost reductions."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

03AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of the completed aerospace and defense business sale and the resulting gain recognized in fiscal 2026.

The paragraph introduces a completed divestiture, sale proceeds, and a gain recognized in the financial statements, changing the disclosed transaction and results.

Why the model ranked it here

The completed sale removes a business from the company and materially changes its operations and reported results.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] On September 2, 2025, we completed the sale our aerospace and defense business, which is part of our Industrial segment, for approximately $400 million and recorded a gain of $115 million to Gain on sale of business in our Condensed Consolidated Statements of Earnings for the first quarter of fiscal 2026.

Cite this change

"On September 2, 2025, we completed the sale our aerospace and defense business, which is part of our Industrial segment, for approximately $400 million and recorded a gain of $115 million to Gain on sale of business in our Condensed Consolidated Statements of Earnings for the first quarter of fiscal 2026."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

04AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of non-binding sales agreements and related non-cash impairment charges for entities classified as held-for-sale.

The paragraph introduces planned dispositions, held-for-sale classification, and impairment charges, changing disclosure of events and financial obligations.

Why the model ranked it here

The planned entity sales and held-for-sale impairment indicate an active portfolio reduction and a reduction in the carrying value of those assets.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] In the fourth quarter of fiscal 2025, management entered into non-binding agreements to sell several entities. As a result of classifying these entities as held-for-sale, we recorded non-cash impairment charges of $85 million within the Industrial segment. These charges were recognized in Impairment of assets held-for-sale in our Consolidated Statements of Earnings (Loss) for the fourth quarter of fiscal 2025 to reduce the carrying values of the entities to their estimated fair value. We recorded an additional non-cash impairment charge of $9 million within the Industrial segment. The charge was recorded in Impairment of assets held-for-sale in the Condensed Consolidated Statements of Earnings (Loss) for the first quarter of fiscal 2026 to reduce the carrying values of the entities that continue to meet the held-for-sale criteria during this period to their estimated fair value.

Cite this change

"In the fourth quarter of fiscal 2025, management entered into non-binding agreements to sell several entities. As a result of classifying these entities as held-for-sale, we recorded non-cash impairment charges of $85 million within the Industrial segment. These charges were recognized in Impairment of assets held-for-sale in our Consolidated Statements of Earnings (Loss) for the fourth quarter of fiscal 2025 to reduce the carrying values of the entities to their estimated fair value. We recorded an additional non-cash impairment charge of $9 million within the Industrial segment. The charge was recorded in Impairment of assets held-for-sale in the Condensed Consolidated Statements of Earnings (Loss) for the first quarter of fiscal 2026 to reduce the carrying values of the entities that continue to meet the held-for-sale criteria during this period to their estimated fair value."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

05AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of new tariffs, export restrictions, retaliatory measures, trade sanctions, and China’s restrictions on rare earth mineral exports critical to products.

The new paragraph identifies government actions and a supply dependency that could affect products and operations, changing the substance of the MD&A disclosure.

Why the model ranked it here

The new trade restrictions and rare-earth export controls expose the company to a newly identified supply dependency and geopolitical operating constraints.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] In early 2025, the United States implemented significant new tariffs and export restrictions affecting a broad range of countries, commodities and industries. These actions have prompted retaliatory measures from certain foreign governments, including the imposition of tariffs and export controls. As of September 2025, while some of these measures have been delayed, a number of the new tariffs remain in effect, including substantial trade sanctions between the United States and China. China has imposed restrictions on the export of certain rare earth minerals which are critical to our products.

Cite this change

"In early 2025, the United States implemented significant new tariffs and export restrictions affecting a broad range of countries, commodities and industries. These actions have prompted retaliatory measures from certain foreign governments, including the imposition of tariffs and export controls. As of September 2025, while some of these measures have been delayed, a number of the new tariffs remain in effect, including substantial trade sanctions between the United States and China. China has imposed restrictions on the export of certain rare earth minerals which are critical to our products."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

06AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure describing tariff, trade sanction and export restriction exposure, along with supply-chain mitigation and potential effects on operations and cash flows.

The new paragraph introduces geopolitical trade risks, mitigation dependencies and possible revenue, cost, production, financial-condition and cash-flow effects; this is substantive risk disclosure.

Why the model ranked it here

The disclosure identifies potential effects of trade disruptions on revenue, costs, production, financial condition, and cash flows.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] As a global company with a substantial and diversified manufacturing footprint our diverse manufacturing footprint provides us with some insulation against these tariffs, trade sanctions, and other geopolitical challenges. Our geographically diverse supply chain combined with the internal production of many of our most critical technology in-feeds provides adaptability and optionality that benefits our customers. As the tariff, trade sanctions, and export restrictions become clearer, we expect to identify opportunities to mitigate their impact. However, we operate in a dynamic geopolitical environment, and we are not immune to any sustained disruption in global trade conditions. Such disruptions could create future headwinds for the Company and may result in revenue reduction, cost increases on material used in our products or significant production delays, which could adversely affect our business, financial condition, results of operations and cash flows.

Cite this change

"Such disruptions could create future headwinds for the Company and may result in revenue reduction, cost increases on material used in our products or significant production delays, which could adversely affect our business, financial condition, results of operations and cash flows."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

07AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure stating tariffs, trade sanctions, and rare-earth export restrictions had no material impact in the first quarter of fiscal 2026.

The new paragraph identifies specific trade restrictions and states their reported effect on business, financial condition, results, and cash flows, adding substantive disclosure.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] These tariffs, trade sanctions, and/or restrictions on the export of certain rare earth minerals used in our products did not have a material impact on our business, financial condition, operational results and/or cash flows in the first quarter of fiscal 2026.

Cite this change

"These tariffs, trade sanctions, and/or restrictions on the export of certain rare earth minerals used in our products did not have a material impact on our business, financial condition, operational results and/or cash flows in the first quarter of fiscal 2026."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

08AddedPart I, Item 2 › Consolidated

Summary · quote-checked

Added disclosure of $9 million in non-cash impairment charges for assets held-for-sale and their estimated fair value reduction.

The new paragraph discloses a specific impairment event, related assets, and a financial charge, changing the substance of the MD&A.

Filing text · FY2024 10-Q · filed Nov 6, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] Impairment of assets held-for-sale. Impairment of assets held-for-sale for the three months ended September 30, 2025 were $9 million, or 1% of revenues and represented non-cash impairment charges to reduce our carrying value in entities that continue to meet the held-for-sale criteria at September 30, 2025 to their estimated fair value. See Note 18. Assets Held-for-Sale and Sale of Business included in Item 1 of this Quarterly Report on Form 10-Q for further information.

Cite this change

"Impairment of assets held-for-sale. Impairment of assets held-for-sale for the three months ended September 30, 2025 were $9 million, or 1% of revenues and represented non-cash impairment charges to reduce our carrying value in entities that continue to meet the held-for-sale criteria at September 30, 2025 to their estimated fair value. See Note 18. Assets Held-for-Sale and Sale of Business included in Item 1 of this Quarterly Report on Form 10-Q for further information."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

Show all 10 in Part I, Item 2 (2 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Overview

Summary · quote-checked

The current report removes disclosure describing the company’s revenue, earnings and cash-flow sources, including externally funded research and development contracts.

The removed paragraph identifies a revenue and cash-flow dependency on externally funded research and development contracts; its deletion changes the disclosed business model and funding sources.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] We generate almost all of our revenues, earnings and cash flows from developing, manufacturing and marketing a broad portfolio of products and services for our end markets. We also generate revenue, earnings and cash flows from externally-funded research and development contracts relating to the development and manufacture of new technologies, materials and products.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"We generate almost all of our revenues, earnings and cash flows from developing, manufacturing and marketing a broad portfolio of products and services for our end markets. We also generate revenue, earnings and cash flows from externally-funded research and development contracts relating to the development and manufacture of new technologies, materials and products."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-24-000035, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031824000035/iivi-20240930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

02RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure describing the Company’s scaling strategy, vertical integration benefits, and possible future operational or organizational changes.

The removed paragraph contained substantive strategy and potential organizational-change disclosures, rather than merely recurring wording, dates, formatting, or cross-references.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] As we grow, we are focused on scaling our Company and deriving the continued benefits of vertical integration as we strive to be a best-in-class player in all of our highly competitive markets. We may elect to change the way in which we operate or are organized in the future to enable the most efficient implementation of our strategy.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"We may elect to change the way in which we operate or are organized in the future to enable the most efficient implementation of our strategy."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-24-000035, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031824000035/iivi-20240930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

03RemovedPart I, Item 2 › Materials ($ in millions)

Summary · quote-checked

Removed the Materials revenue discussion, including the decline, market-specific drivers, and datacom volume offset.

The removed paragraph disclosed revenue performance and changed operating drivers, including weakness in automotive and industrial markets and higher datacom volumes; its removal is substantive.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] Revenues for the three months ended September 30, 2024 decreased 3% to $237 million, compared to revenues of $245 million for the same period last fiscal year. Compared to the three months ended September 30, 2023, Materials decreased $7 million year-over-year, with a decrease of $14 million in the electronics market primarily due to weak automotive end market demand as well as a decrease of $14 million in the industrial market due to macroeconomic conditions. The decreases were partially offset by $22 million higher volumes in the datacom vertical within the communications market.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Revenues for the three months ended September 30, 2024 decreased 3% to $237 million, compared to revenues of $245 million for the same period last fiscal year."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-24-000035, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031824000035/iivi-20240930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

04RemovedPart I, Item 2 › Materials ($ in millions)

Summary · quote-checked

The current report removes the segment profit result and its explanation of margin, R&D spending, SG&A expenses and product mix.

Removing an MD&A results narrative eliminates substantive information about performance and stated drivers, rather than merely rolling forward periods or figures.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] Segment profit for the three months ended September 30, 2024 increased 67% to $97 million, compared to segment profit of $58 million for the same period last fiscal year, primarily driven by higher margin percentage, partially offset by higher R&D spending on new projects and higher SG&A expenses. The margin percentage was higher than the three months ended September 30, 2023 due to favorable product mix.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Segment profit for the three months ended September 30, 2024 increased 67% to $97 million, compared to segment profit of $58 million for the same period last fiscal year, primarily driven by higher margin percentage, partially offset by higher R&D spending on new projects and higher SG&A expenses. The margin percentage was higher than the three months ended September 30, 2023 due to favorable product mix."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-24-000035, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031824000035/iivi-20240930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

05RemovedPart I, Item 2 › New Senior Credit Facilities

Summary · quote-checked

The disclosure of Coherent’s senior credit facilities, financing amounts, amendment, interest terms and leverage-based pricing was removed.

Removing this paragraph eliminates disclosure of significant financing arrangements, borrowing capacity, interest terms and related obligations, changing the stated liquidity and debt profile.

Filing text · FY2024 10-Q · filed Nov 6, 2024

[removed] On July 1, 2022, Coherent entered into a Credit Agreement by and among the Company, the lenders, and other parties thereto, and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for senior secured financing of $4.0 billion, consisting of a term loan A credit facility (the "Term A Facility"), with an aggregate principal amount of $850 million, a term loan B credit facility (the "Term B Facility" and, together with the Term A Facility, the "Term Facilities"), with an aggregate principal amount of $2,800 million, and a revolving credit facility (the "Revolving Credit Facility" and, together with the Term Facilities, the "Senior Credit Facilities"), in an aggregate available amount of $350 million, including a letter of credit sub-facility of up to $50 million. On March 31, 2023, Coherent entered into Amendment No. 1 to the Credit Agreement, which replaced the adjusted LIBOR-based rate of interest therein with an adjusted Secured Overnight Financing Rate ("SOFR") based rate of interest. As amended, the Term A Facility and the Revolving Credit Facility each bear interest at an adjusted SOFR rate subject to a 0.10% floor plus a range of 1.75% to 2.50%, based on the Company's total net leverage ratio. The Term A Facility and the Revolving Credit Facility borrowings bear interest at adjusted SOFR plus 1.85% as of September 30, 2024. On April 2, 2024, Coherent entered into Amendment No. 2 to the Credit Agreement, under which the principal amount of term B loans outstanding under the Credit Agreement (the "Existing Term B Loans") were replaced with an equal amount of new term loans (the "New Term B Loans") having substantially similar terms as the Existing Term B Loans, except with respect to the interest rate applicable to the New Term B Loans and certain other provisions. As further amended, the New Term B Loans will bear interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.50% as of September 30, 2024. The maturity of the New Term Loans and revolving credit facility remains unchanged. In relation to the Term Facilities, the Company incurred expense of $53 million for the three months ended September 30, 2024, which is included in Interest expense in the Condensed Consolidated Statements of Earnings (Loss). On July 1, 2023, our interest rate cap became effective, which together with our interest rate swap, reduced interest expense by $13 million during the three months ended September 30, 2024.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"On July 1, 2022, Coherent entered into a Credit Agreement by and among the Company, the lenders, and other parties thereto, and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for senior secured financing of $4.0 billion, consisting of a term loan A credit facility (the "Term A Facility"), with an aggregate principal amount of $850 million, a term loan B credit facility (the "Term B Facility" and, together with the Term A Facility, the "Term Facilities"), with an aggregate principal amount of $2,800 million, and a revolving credit facility (the "Revolving Credit Facility" and, together with the Term Facilities, the "Senior Credit Facilities"), in an aggregate available amount of $350 million, including a letter of credit sub-facility of up to $50 million. On March 31, 2023, Coherent entered into Amendment No. 1 to the Credit Agreement, which replaced the adjusted LIBOR-based rate of interest therein with an adjusted Secured Overnight Financing Rate ("SOFR") based rate of interest. As amended, the Term A Facility and the Revolving Credit Facility each bear interest at an adjusted SOFR rate subject to a 0.10% floor plus a range of 1.75% to 2.50%, based on the Company's total net leverage ratio. The Term A Facility and the Revolving Credit Facility borrowings bear interest at adjusted SOFR plus 1.85% as of September 30, 2024."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-24-000035, filed 6 November 2024.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031824000035/iivi-20240930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

29 material changes

Part I, Item 2 · MD&A

5 of 29 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

The disclosure changes from amended term B loans and interest-rate effects to new revolving and term A facilities, increased commitments, and springing maturity conditions.

It introduces new financing commitments, amounts, interest terms, maturity provisions, and liquidity conditions while removing the prior term-loan and interest-expense disclosure.

Why the model ranked it here

The company replaced its prior debt arrangement with substantially larger revolving and term facilities, introducing new financing commitments and liquidity conditions.

Filing text · FY2024 10-Q · filed Nov 6, 2024

On July 1, 2022, Coherent entered into a Credit Agreement by and among the Company, the lenders, and other parties thereto, and JP Morgan Chase Bank, N.A., as administrative agent and collateral agent, which provides for senior secured financing of $4.0 billion, consisting of a term loan A credit facility (the "Term A Facility"), with an aggregate principal amount of $850 million, a term loan B credit facility (the "Term B Facility" and, together with the Term A Facility, the "Term Facilities"), with an aggregate principal amount of $2,800 million, and a revolving credit facility (the "Revolving Credit Facility" and, together with the Term Facilities, the "Senior Credit Facilities"), in an aggregate available amount of $350 million, including a letter of credit sub-facility of up to $50 million. On March 31, 2023, Coherent entered into Amendment No. 1 to the Credit Agreement, which replaced the adjusted LIBOR-based rate of interest therein with an adjusted Secured Overnight Financing Rate ("SOFR") based rate of interest. As amended, the Term A Facility and the Revolving Credit Facility each bear interest at an adjusted SOFR rate subject to a 0.10% floor plus a range of 1.75% to 2.50%, based on the Company's total net leverage ratio. The Term A Facility and the Revolving Credit Facility borrowings bear interest at adjusted SOFR plus 1.85% as of September 30, 2024. On ~~[removed] April 2, 2024, Coherent~~ entered into Amendment No. ~~[removed] 2~~ to the Credit [removed] Agreement, under which the principal amount of term B loans outstanding under the Credit Agreement (the "Existing Term B Loans") were replaced with an equal amount of new term loans (the "New Term B Loans") having substantially similar terms as the Existing Term B Loans, except with respect to the interest rate applicable to the New Term B Loans and certain other provisions. As further amended, the New Term B Loans will bear interest at an adjusted SOFR rate ~~[removed] (subject~~ to a ~~[removed] 0.50% floor) plus 2.50% as of September 30, 2024. The maturity of the New Term~~ Loans and ~~[removed] revolving credit facility remains unchanged. In relation to the Term Facilities, the Company incurred expense of $53 million for the three months ended September 30, 2024,~~ which is [removed] included in Interest expense in the Condensed Consolidated Statements of Earnings (Loss). On July 1, 2023, our interest rate cap became effective, which together with our interest rate swap, reduced interest expense by $13 million during the three months ended September 30, 2024.

Filing text · FY2025 10-Q · filed Nov 5, 2025

On [added] September 26, 2025, the Company entered into Amendment No. [added] 4 ("Amendment No. 4") and Amendment No. 5 ("Amendment No. 5") to the Credit [added] Agreement. Under Amendment No. 4, (i) the existing revolving credit commitments were refinanced and replaced with new senior secured revolving credit commitments, (ii) $350 million of senior secured incremental revolving credit commitments were added, increasing the total revolving credit facility to $700 million (the "2025 Revolving Loans"), including a letter of credit sub-facility of up to $100 million, and (iii) a $1,250 million new tranche of senior secured incremental term A loans was added (the "2025 Incremental Term A Loans"), the proceeds of which were used, in part, to repay all outstanding principal, interest and fees under the initial term A loans. As amended, the 2025 Revolving Loans and the 2025 Incremental Term A Loans each bear interest at an adjusted SOFR rate [added] subject to a [added] 0.00% floor plus a range of 1.25% to 2.25% based on the Company's total net leverage ratio. The interest rate applicable to the 2025 Revolving Loans and [added] the 2025 Incremental Term A Loans is initially a SOFR-based rate plus 1.50% as of September 30, 2025. The 2025 Revolving Loans and the 2025 Incremental Term A Loans mature on the earlier of September 26, 2030 or a "Springing Maturity Date," which is [added] a date that is 91 days prior to the stated maturity of either (i) the Company's unsecured senior notes or (ii) the term B loans then outstanding if, on such 91st day, the applicable senior notes or term B loans remain outstanding and liquidity is less than (x) $250 million plus (y) the aggregate outstanding principal amount of such notes or term B loans, as applicable. Under Amendment No. 5, the outstanding New Term B-2 Loans were replaced with an equal amount of new term loans (the "New Term B-3 Loans") having substantially similar terms as the New Term B-2 Loans, except with respect to the interest rate applicable to the New Term B-3 Loans and certain other provisions. As further amended, the New Term B-3 Loans bear interest at a SOFR-based rate (subject to a 0.50% floor) plus 1.75% as of September 30, 2025. The New Term B-3 Loans will mature on July 1, 2029.

Cite this change

"On September 26, 2025, the Company entered into Amendment No. 4 ("Amendment No. 4") and Amendment No. 5 ("Amendment No. 5") to the Credit Agreement. Under Amendment No. 4, (i) the existing revolving credit commitments were refinanced and replaced with new senior secured revolving credit commitments, (ii) $350 million of senior secured incremental revolving credit commitments were added, increasing the total revolving credit facility to $700 million (the "2025 Revolving Loans"), including a letter of credit sub-facility of up to $100 million, and (iii) a $1,250 million new tranche of senior secured incremental term A loans was added (the "2025 Incremental Term A Loans"), the proceeds of which were used, in part, to repay all outstanding principal, interest and fees under the initial term A loans."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

02Figures updatedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

The table reports changed cash, borrowing capacity, restricted cash, and total debt obligation figures for the new reporting periods.

The updated borrowing capacity and debt obligation figures change the stated liquidity and commitments, potentially leading readers to different conclusions about financial condition.

Why the model ranked it here

The revised borrowing capacity and total debt disclosures materially change the picture of available liquidity and outstanding obligations.

Filing text · FY2024 10-Q · filed Nov 6, 2024

Filing text · FY2025 10-Q · filed Nov 5, 2025

|September 30, 2025 | June 30, 2025Cash and cash equivalents | $ | 853 | $ | 909Restricted cash, current | 23 | 9Restricted cash, non-current | 678 | 715Available borrowing capacity under Revolving Credit Facility | 655 | 315Total debt obligations | 3,308 | 3,687

Cite this change

"Available borrowing capacity under Revolving Credit Facility | 655 | 315"

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The liquidity table adds long-term borrowings, dividend payments, debt issuance costs, revolving-facility repayments, and equity-investment sale proceeds, alongside updated cash flows.

New financing and investment cash-flow categories disclose changed obligations and liquidity activity, exceeding a routine period roll-forward of the recurring table.

Why the model ranked it here

The liquidity table now shows major borrowing proceeds and other financing activity that materially changes the company’s funding and cash-use profile.

Filing text · FY2024 10-Q · filed Nov 6, 2024

Filing text · FY2025 10-Q · filed Nov 5, 2025

|Three Months Ended September 30,2025 | 2024Net cash provided by operating activities | $ | 46 | $ | 153Proceeds from exercises of stock options and purchases of stock under employee stock purchase plan | 21 | 24Effect of exchange rate changes on cash and cash equivalents and other items | (1) | 31Proceeds from long-term borrowings and revolving credit facilities | 1,342 | -Payment of dividends | (11) | -Debt issuance costs | (9) | -Proceeds from the sale of business | 391 | 27Proceeds from sale of equity investment | 10 | -Other items | - | (1)Payments in satisfaction of employees' minimum tax obligations | (37) | (32)Payments on borrowings under revolving credit facilities | (77) | -Payments on existing debt | (1,651) | (118)Additions to property, plant & equipment | (104) | (92)

Cite this change

"Proceeds from long-term borrowings and revolving credit facilities | 1,342 | -"

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

04ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Investing cash flow changed from $66 million used to $297 million provided, driven primarily by $391 million received from a business sale.

The cash-flow direction, amount, and stated driver changed substantively, indicating a different liquidity and investing-activity outcome rather than a calendar roll-forward.

Why the model ranked it here

Investing cash flow reversed from an outflow to an inflow primarily because of proceeds from a business sale, materially changing the period’s liquidity outcome.

Filing text · FY2024 10-Q · filed Nov 6, 2024

Net cash ~~[removed] used in~~ investing activities was ~~[removed] $66~~ million for the three months ended September 30, ~~[removed] 2024,~~ compared to net cash used of ~~[removed] $64~~ million for the same period ~~[removed] last~~ fiscal year. ~~[removed] Lower cash used to fund capital expenditures of $30 million year-over-year was offset by~~ cash received from the sale of a ~~[removed] business of $27 million.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

Net cash [added] provided by investing activities was [added] $297 million for the three months ended September 30, [added] 2025, compared to net cash used of [added] $66 million for the same period [added] in the prior fiscal year. [added] The increase was primarily due to $391 million cash received from the sale of a [added] business, net of fees.

Cite this change

"Net cash provided by investing activities was $297 million for the three months ended September 30, 2025, compared to net cash used of $66 million for the same period in the prior fiscal year. The increase was primarily due to $391 million cash received from the sale of a business, net of fees."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Operating cash flow decreased to $46 million, with revised working-capital and earnings drivers compared with the prior-year explanation.

The paragraph changes the reported cash-flow amount and adds accounts payable and higher net earnings as drivers, making the MD&A explanation substantively different.

Why the model ranked it here

Operating cash generation declined substantially despite higher earnings, with working-capital movements remaining a significant cash drain.

Filing text · FY2024 10-Q · filed Nov 6, 2024

Net cash provided by operating activities was ~~[removed] $153~~ million for the three months ended September 30, ~~[removed] 2024~~ compared to ~~[removed] $199 million of net cash provided by operating activities~~ for the same period ~~[removed] last~~ fiscal year. The decrease in cash flows provided by operating activities during the three months ended September 30, ~~[removed] 2024~~ compared to the same period ~~[removed] last~~ fiscal year was primarily due to increases in ~~[removed] accounts receivables and inventories~~ as a result of higher revenues partially offset by higher earnings.

Filing text · FY2025 10-Q · filed Nov 5, 2025

Net cash provided by operating activities was [added] $46 million for the three months ended September 30, [added] 2025 compared to [added] $153 million for the same period [added] in the prior fiscal year. The decrease in cash flows provided by operating activities during the three months ended September 30, [added] 2025 compared to the same period [added] in the prior fiscal year was primarily due to increases in [added] inventories and accounts receivable as a result of higher revenues partially offset by higher [added] accounts payable and higher net earnings.

Cite this change

"Net cash provided by operating activities was $46 million for the three months ended September 30, 2025 compared to $153 million for the same period in the prior fiscal year. The decrease in cash flows provided by operating activities during the three months ended September 30, 2025 compared to the same period in the prior fiscal year was primarily due to increases in inventories and accounts receivable as a result of higher revenues partially offset by higher accounts payable and higher net earnings."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000019, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm

Comparison: https://yearover.com/reports/cohr/0000820318-25-000019?ref=quote

Show all 29 in Part I, Item 2 (24 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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