Reports › COHR › 10-Q FY2025

SEC filings, compared

What changed in Coherent's 10-Q for the quarter ended December 31, 2025

Compared with the 10-Q for the quarter ended December 31, 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: 0000820318-26-000006 ↗ · filed Feb 4, 2026
Compared with: 0000820318-25-000004 ↗ · filed Feb 5, 2025
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

47 material changes among 72 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	1,685,629,000USD · Oct 1, 2025 to Dec 31, 2025	1,434,665,000USD · Oct 1, 2024 to Dec 31, 2024	+250,964,000+17.5%
Net income or lossus-gaap:NetIncomeLoss	146,717,000USD · Oct 1, 2025 to Dec 31, 2025	103,385,000USD · Oct 1, 2024 to Dec 31, 2024	+43,332,000+41.9%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	863,739,000USD · at Dec 31, 2025	917,815,000USD · at Dec 31, 2024	−54,076,000−5.9%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	103,855,000USD · Jul 1, 2025 to Dec 31, 2025	340,359,000USD · Jul 1, 2024 to Dec 31, 2024	−236,504,000−69.5%

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: 0000820318-26-000006 · FY2024: 0000820318-25-000004

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

12 material additions

Part I, Item 2 · MD&A

8 of 12 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of the 2025 Plan and its restructuring actions, including site changes, workforce reductions, contract terminations, and cost reductions.

The new paragraph discloses a management-approved restructuring plan and specific actions, introducing substantive events and potential obligations not present previously.

Why the model ranked it here

This reveals a management-approved restructuring involving facilities, workforce, contracts, and costs that could materially change the company’s operations and obligations.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[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 to take a number of restructuring actions, including site consolidations, facilities moves and closures, workforce reductions, contract terminations, and certain other associated cost reductions. The 2023 Plan and the 2025 Plan are collectively referred to as the "Restructuring Plans."

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 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 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

02AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure that the aerospace and defense business was sold for approximately $400 million, generating a $115 million gain.

The paragraph introduces a completed divestiture, sale proceeds, and a recorded gain, materially changing the disclosed transaction and financial results.

Why the model ranked it here

This records a completed divestiture that changes the company’s business portfolio and produces a significant gain.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] On September 2, 2025, we completed the sale of 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 of 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 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

03AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

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

The new paragraph discloses trade restrictions and a supply dependency affecting critical product inputs, substantively changing the company’s stated exposure.

Why the model ranked it here

This identifies a newly disclosed dependency on restricted rare-earth mineral exports that could affect critical products.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[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 December 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

"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 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

04AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added MD&A discussion of tariff, trade sanction, export restriction and geopolitical disruption risks affecting revenue, costs, production timing and cash flows.

The new paragraph discloses specific dependencies, mitigation expectations and potential adverse effects from sustained global trade disruption, adding substantive risk and outlook information.

Why the model ranked it here

This explains how sustained trade and geopolitical disruption could reduce revenue, increase costs, delay production, and pressure cash flows.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[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

"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."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

05AddedPart I, Item 2 › Trends and Other Matters Affecting Our Business

Summary · quote-checked

Adds disclosure of strong Datacenter and Communications demand and identifies AI infrastructure, ZR/ZR+ transceivers, and telecom products as growth drivers.

The new paragraph substantively changes MD&A by reporting demand conditions, shipment growth, and specific market and product drivers; no prior text is available for comparison.

Why the model ranked it here

This provides a new positive operating outlook by linking demand and shipment growth to artificial intelligence infrastructure and communications products.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] We continue to experience strong demand in our Datacenter and Communications markets. The increasing investments by hyperscale and other cloud providers in AI datacenter infrastructures have significantly boosted demand for our datacenter transceivers. Elevated demand for our new ZR/ZR+ transceivers and sustained growth in traditional telecom transport products drove higher shipment volumes for our telecom and other communications solutions.

Cite this change

"We continue to experience strong demand in our Datacenter and Communications markets. The increasing investments by hyperscale and other cloud providers in AI datacenter infrastructures have significantly boosted demand for our datacenter transceivers. Elevated demand for our new ZR/ZR+ transceivers and sustained growth in traditional telecom transport products drove higher shipment volumes for our telecom and other communications solutions."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

06AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of non-binding agreements to sell entities and related non-cash impairment charges for assets held for sale.

The new paragraph discloses planned entity sales, held-for-sale classification, and impairment charges, introducing new events, accounting consequences, and obligations into MD&A.

Why the model ranked it here

This discloses planned entity sales and related asset impairments, signaling portfolio changes and reductions in carrying value.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[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. In the three and six months ended December 31, 2025, we recorded additional non-cash impairment charges of $11 million and $20 million, respectively, within the Industrial segment. The charges were recorded in Impairment of assets held-for-sale in the Condensed Consolidated Statements of Earnings (Loss) to reduce the carrying values of the entities that continue to meet the held-for-sale criteria during these periods 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. In the three and six months ended December 31, 2025, we recorded additional non-cash impairment charges of $11 million and $20 million, respectively, within the Industrial segment. The charges were recorded in Impairment of assets held-for-sale in the Condensed Consolidated Statements of Earnings (Loss) to reduce the carrying values of the entities that continue to meet the held-for-sale criteria during these periods to their estimated fair value."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

07AddedPart I, Item 2 › Conversion of Series B Preferred Stock

Summary · quote-checked

Added disclosure that all Series B Preferred Stock was converted to common stock and none remains outstanding.

The paragraph introduces a substantive change in the company’s equity instruments and states that preferred stock is no longer issued and outstanding.

Why the model ranked it here

This confirms that preferred equity was fully converted into common stock, materially changing the company’s outstanding equity structure.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] All outstanding shares of Series B-1 and Series B-2 Preferred Stock were converted to Company Common Stock in the second quarter of fiscal 2026, and no shares of Preferred Stock are currently issued and outstanding. See Note 10. Equity and Redeemable Preferred Stock for further information.

Cite this change

"All outstanding shares of Series B-1 and Series B-2 Preferred Stock were converted to Company Common Stock in the second quarter of fiscal 2026, and no shares of Preferred Stock are currently issued and outstanding."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

08AddedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

Added disclosure quantifying Term Facilities interest expense and the interest-rate cap’s reduction of that expense.

The new paragraph discloses a financing-related expense and an interest-rate cap, adding information about the company’s debt-related obligations and interest exposure.

Why the model ranked it here

This adds disclosure of substantial term-facility interest expense and the company’s exposure to financing costs.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] In relation to the Term Facilities, the Company incurred expense of $33 million and $79 million, respectively, for the three and six months ended December 31, 2025, 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 reduced interest expense by $5 million and $11 million, respectively, during the three and six months ended December 31, 2025.

Cite this change

"In relation to the Term Facilities, the Company incurred expense of $33 million and $79 million, respectively, for the three and six months ended December 31, 2025, which is included in Interest expense in the Condensed Consolidated Statements of Earnings (Loss)."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

Show all 12 in Part I, Item 2 (4 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 overview no longer states that externally funded research and development contracts generate revenue, earnings and cash flows.

The removed paragraph disclosed a revenue and cash-flow source and dependence on externally funded development contracts, so its removal changes the stated business and funding profile.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[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 Feb 4, 2026

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 0000820318-25-000004, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000004/iivi-20241231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

02RemovedPart I, Item 2 › Overview

Summary · quote-checked

The current filing removes management’s discussion of scaling, vertical integration, competitive positioning, and possible future operating or organizational changes.

The removed paragraph contains substantive strategy and organizational outlook statements, rather than recurring wording, dates, formatting, or cross-references.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[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 Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"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."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-25-000004, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000004/iivi-20241231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

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

Summary · quote-checked

Removed the Materials revenue results narrative, including reported revenue changes and explanations of market-specific drivers.

The paragraph contained substantive revenue results and drivers; removing it changes the disclosed MD&A information, rather than merely rolling forward dates or periods.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] Revenues for the three months ended December 31, 2024 decreased 4% to $243 million, compared to revenues of $254 million for the same period last fiscal year. Revenues for the six months ended December 31, 2024 decreased 3% to $481 million, compared to $498 million for the same period last fiscal year. Compared to the three months ended December 31, 2023, Materials decreased $10 million year-over-year, with a decrease of $11 million in the electronics market primarily due to weak automotive end market demand as well as a decrease of $11 million in the industrial market due to macroeconomic conditions. The decreases were partially offset by $9 million higher volumes in the datacom vertical within the communications market. The decrease in revenues of $17 million during the six months ended December 31, 2024 was primarily related to decreases of $25 million in the electronics market primarily due to weak automotive end market demand and $24 million in the industrial market due to macroeconomic conditions, partially offset by $31 million higher volumes in the datacom vertical within the communications market.

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Compared to the three months ended December 31, 2023, Materials decreased $10 million year-over-year, with a decrease of $11 million in the electronics market primarily due to weak automotive end market demand as well as a decrease of $11 million in the industrial market due to macroeconomic conditions."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-25-000004, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000004/iivi-20241231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

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

Summary · quote-checked

The Lasers segment profit discussion, including reported increases and their stated drivers, was removed.

The removed paragraph disclosed segment profitability and explanations for changes in revenue, product mix, foreign exchange, and R&D investments; its absence changes the MD&A substance.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] Segment profit for the three months ended December 31, 2024 increased 40% to $88 million, compared to segment profit of $63 million for the same period last fiscal year. The increase in segment profit was primarily driven by higher revenue volumes, favorable product mix, and favorable foreign exchange rates, partially offset by higher R&D investments in our product portfolio. Segment profit for the six months ended December 31, 2024 increased by 40% to $151 million compared to $108 million for the same period last fiscal year. The increase in segment profit for the six months ended December 31, 2024 was primarily driven by higher revenues.

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Segment profit for the three months ended December 31, 2024 increased 40% to $88 million, compared to segment profit of $63 million for the same period last fiscal year. The increase in segment profit was primarily driven by higher revenue volumes, favorable product mix, and favorable foreign exchange rates, partially offset by higher R&D investments in our product portfolio. Segment profit for the six months ended December 31, 2024 increased by 40% to $151 million compared to $108 million for the same period last fiscal year. The increase in segment profit for the six months ended December 31, 2024 was primarily driven by higher revenues."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-25-000004, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000004/iivi-20241231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

05RemovedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

The disclosure of Coherent’s senior secured financing, credit facilities, amendment, interest terms, and outstanding borrowing spread was removed.

Removing this paragraph eliminates disclosure of material debt facilities, financing capacity, interest terms, and related obligations from MD&A.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[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 December 31, 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 bear interest at an adjusted SOFR rate (subject to a 0.50% floor) plus 2.50% as of December 31, 2024. On January 2, 2025, Coherent entered into Amendment No. 3 to the Credit Agreement, under which the principal amount of the New Term B Loans were replaced with an equal amount of new term loans (the "New Term B-2 Loans") having substantially similar terms as the New Term B Loans, except with respect to the interest rate applicable to the New Term B-2 Loans and certain other provisions. As further amended, the New Term B-2 Loans will bear interest at a SOFR rate (subject to a 0.50% floor) plus 2.00% as of January 2, 2025. The maturity of the New Term B-2 Loans and revolving credit facility remains unchanged. In relation to the Term Facilities, the Company incurred expense of $52 million and $106 million, respectively, for the three and six months ended December 31, 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 (through September 30, 2024), reduced interest expense by $7 million and $21 million, respectively, during the three and six months ended December 31, 2024.

Filing text · FY2025 10-Q · filed Feb 4, 2026

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 December 31, 2024."

Coherent, Form 10-Q for FY2024, Part I, Item 2, accession 0000820318-25-000004, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000004/iivi-20241231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

What the company says differently

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

30 material changes

Part I, Item 2 · MD&A

5 of 30 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

The disclosure updates credit-facility amendments, refinancing, interest terms, maturities, and a springing maturity condition tied to liquidity and outstanding debt.

The paragraph describes new financing transactions, replacement loans, changed pricing, maturity dates, and a liquidity-based springing maturity condition, materially changing obligations and financing dependencies.

Why the model ranked it here

The financing amendments change debt terms and introduce a liquidity-triggered maturity condition, making the company’s funding obligations and refinancing dependence newly important.

Filing text · FY2024 10-Q · filed Feb 5, 2025

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 December 31, 2024. On ~~[removed] April 2, 2024, Coherent~~ entered into Amendment No. ~~[removed] 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 [removed] 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 bear interest at an adjusted SOFR rate ~~[removed] (subject~~ to a ~~[removed] 0.50% floor) plus 2.50% as of December 31, 2024. On January 2, 2025, Coherent entered into Amendment No. 3~~ to the [removed] Credit Agreement, under which the principal amount of the New Term B Loans were replaced with an equal amount of new term loans (the "New Term B-2 Loans") having substantially similar terms as the New Term B Loans, except with respect to the interest rate applicable to the [removed] New Term B-2 Loans and certain other provisions. As further amended, the New Term B-2 Loans will bear interest at a SOFR rate (subject to a 0.50% floor) plus 2.00% as of January 2, 2025. The maturity of the New Term B-2 Loans and revolving credit facility remains unchanged. In relation to the Term Facilities, the Company incurred expense of $52 million and $106 million, respectively, for the three and six months ended December 31, 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 (through September 30, 2024), reduced interest expense by $7 million and $21 million, respectively, during the three and six months ended December 31, 2024.

Filing text · FY2025 10-Q · filed Feb 4, 2026

On [added] September 26, 2025, the Company entered into Amendment No. [added] 4 and Amendment No. 5 to the Credit Agreement. Under Amendment No. 4, (i) the existing revolving credit commitments were refinanced and replaced with [added] the 2025 Revolving Loans, including the 2025 Incremental Term A Loans, the proceeds of which were used, in part, to repay all outstanding principal, interest and fees of the Existing 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 [added] 2025 Revolving Loans and the 2025 Incremental Term A Loans is initially a SOFR-based rate plus 1.50% as of December 31, 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 [added] 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 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 December 31, 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 and Amendment No. 5 to the Credit Agreement. Under Amendment No. 4, (i) the existing revolving credit commitments were refinanced and replaced with the 2025 Revolving Loans, including the 2025 Incremental Term A Loans, the proceeds of which were used, in part, to repay all outstanding principal, interest and fees of the Existing Term A Loans."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

02ChangedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Restructuring disclosure updates charges and cost drivers, removes prior synergy-plan history, and adds expected completion timing and uncertainty around costs.

The disclosure adds a fiscal 2026 completion expectation and material uncertainty, while changing charge amounts and drivers; these substantively change restructuring obligations and outlook.

Why the model ranked it here

The higher restructuring charges, changed cost drivers, and added completion uncertainty materially alter the company’s expected restructuring burden.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] On May 20, 2023, the Company announced that it had accelerated some of the actions planned as part of its multi-year synergy and site consolidation efforts following the acquisition of Coherent, Inc., including site consolidations and relocations to lower cost sites. These relocations and other actions resulted in the Company achieving its previously announced $250 million synergy plan, which includes savings from supply chain management, internal supply of enabling materials and components, operational efficiencies in all functions due to scale, global functional model efficiencies and consolidation of corporate costs. In the three and six months ended December 31, ~~[removed] 2024, the acceleration of~~ these activities resulted in ~~[removed] $7~~ million and ~~[removed] $11~~ million, respectively, of charges primarily ~~[removed] for employee termination costs, overlapping labor~~ related to ~~[removed] transition of manufacturing operations to other sites and shut down~~ costs. In fiscal ~~[removed] 2024, the acceleration of~~ these activities resulted in ~~[removed] $40~~ million of charges primarily for [removed] overlapping labor related to transition of manufacturing operations to other sites, shut down costs for sites being exited, accelerated depreciation and employee termination costs, with $9 million and $16 million, respectively, of those charges in the three and six months ended December 31, 2023. In fiscal 2023, the acceleration of these activities resulted in $20 million in charges primarily for employee termination costs, the write-off of inventory for products that are being exited and shut down costs.

Filing text · FY2025 10-Q · filed Feb 4, 2026

In the three and six months ended December 31, [added] 2025, these activities resulted in [added] $15 million and [added] $28 million, respectively, of charges primarily related to [added] employee termination and site closure costs. In fiscal [added] 2025, these activities resulted in [added] $107 million of charges primarily for [added] the write-off of property and equipment and ROU assets, employee and contract termination costs. We expect the restructuring actions to be substantially completed by the end of fiscal 2026. However, the actual timing and costs associated with these restructuring actions may differ from our current expectations and estimates and such differences may be material. See Note 17. Restructuring Plans for further information.

Cite this change

"In fiscal 2025, these activities resulted in $107 million of charges primarily for the write-off of property and equipment and ROU assets, employee and contract termination costs. We expect the restructuring actions to be substantially completed by the end of fiscal 2026."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

03ChangedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

Revolving Credit Facility borrowings changed from none at December 31, 2024 to $60 million outstanding at December 31, 2025.

The disclosure changes from no borrowings to $60 million outstanding, indicating a substantive change in debt and liquidity exposure rather than a date roll-forward.

Why the model ranked it here

The company moved from no revolver borrowings to outstanding borrowings, signaling a new use of committed liquidity.

Filing text · FY2024 10-Q · filed Feb 5, 2025

As of December 31, ~~[removed] 2024,~~ the Company had ~~[removed] no~~ borrowings outstanding under the Revolving Credit Facility.

Filing text · FY2025 10-Q · filed Feb 4, 2026

As of December 31, [added] 2025, the Company had [added] $60 million in borrowings outstanding under the Revolving Credit Facility.

Cite this change

"As of December 31, 2025, the Company had $60 million in borrowings outstanding under the Revolving Credit Facility."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

04Figures updatedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

Updated liquidity and debt figures show changed available borrowing capacity and total debt obligations.

Although the table rolls forward to new periods, the changed capacity and debt amounts alter the filing’s stated liquidity and commitment profile.

Why the model ranked it here

The updated borrowing capacity and debt obligations materially change the company’s stated liquidity cushion and commitment profile.

Filing text · FY2024 10-Q · filed Feb 5, 2025

Filing text · FY2025 10-Q · filed Feb 4, 2026

|December 31, 2025 | June 30, 2025Cash and cash equivalents | $ | 864 | $ | 909Restricted cash, current | 35 | 9Restricted cash, non-current | 630 | 715Available borrowing capacity under Revolving Credit Facility | 608 | 315Total debt obligations | 3,352 | 3,687

Cite this change

"Available borrowing capacity under Revolving Credit Facility | 608 | 315"

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Operating cash flow changed from an increase to a decrease, with revised amounts and different stated drivers.

The paragraph changes the direction of operating cash flow, reported amounts, and explanations, including inventory, receivables, accounts payable, and net earnings.

Why the model ranked it here

Operating cash flow reversed direction and is now described as pressured by working-capital investment despite higher earnings, changing the cash-generation picture.

Filing text · FY2024 10-Q · filed Feb 5, 2025

Net cash provided by operating activities was ~~[removed] $340~~ million for the six months ended December 31, ~~[removed] 2024~~ compared to ~~[removed] $266~~ million for the same period ~~[removed] last~~ fiscal year. The ~~[removed] increase~~ in cash flows provided by operating activities during the six months ended December 31, ~~[removed] 2024~~ compared to the same period ~~[removed] last~~ fiscal year was primarily due to ~~[removed] higher earnings partially offset by~~ increases in ~~[removed] accounts receivables and inventories~~ as a result of higher ~~[removed] revenues.~~

Filing text · FY2025 10-Q · filed Feb 4, 2026

Net cash provided by operating activities was [added] $104 million for the six months ended December 31, [added] 2025 compared to [added] $340 million for the same period [added] in the prior fiscal year. The [added] decrease in cash flows provided by operating activities during the six months ended December 31, [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 [added] revenues partially offset by higher accounts payable and higher net earnings.

Cite this change

"The decrease in cash flows provided by operating activities during the six months ended December 31, 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 0000820318-26-000006, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000006/iivi-20251231.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000006?ref=quote

Show all 30 in Part I, Item 2 (25 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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