Reports › COHR › 10-Q FY2026

SEC filings, compared

What changed in Coherent's 10-Q for the quarter ended March 31, 2026

Compared with the 10-Q for the quarter ended March 31, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: COHERENT CORP. · COHR
This filing: 0000820318-26-000013 ↗ · filed May 6, 2026
Compared with: 0000820318-25-000009 ↗ · filed May 7, 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

50 material changes among 73 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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	1,805,641,000USD · Jan 1, 2026 to Mar 31, 2026	1,497,879,000USD · Jan 1, 2025 to Mar 31, 2025	+307,762,000+20.5%
Net income or lossus-gaap:NetIncomeLoss	191,402,000USD · Jan 1, 2026 to Mar 31, 2026	15,711,000USD · Jan 1, 2025 to Mar 31, 2025	+175,691,000+1,118.3%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	1,592,730,000USD · at Mar 31, 2026	890,258,000USD · at Mar 31, 2025	+702,472,000+78.9%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	10,058,000USD · Jul 1, 2025 to Mar 31, 2026	503,316,000USD · Jul 1, 2024 to Mar 31, 2025	−493,258,000−98%

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. FY2026: 0000820318-26-000013 · FY2025: 0000820318-25-000009

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

9 material additions

Part I, Item 2 · MD&A

8 of 9 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Other Liquidity

Summary · quote-checked

Added disclosure of a $2 billion NVIDIA investment and a multi-year capacity agreement creating potential future investments, cash requirements, and operational effects.

The paragraph introduces a new financing transaction and capacity obligation, including potential future cash requirements and effects on revenue concentration, margins, and capital expenditures.

Why the model ranked it here

This reveals a major new investment and capacity commitment that could create future cash requirements and affect customer concentration, margins, and capital expenditures.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] On March 2, 2026, NVIDIA made a $2 billion investment in the Company through the purchase of shares of the Company's Common Stock. The proceeds from the investment will be used to support research and development, future capacity and operations as we build out our manufacturing capabilities. We also entered into a multi-year capacity agreement that may require incremental investments in equipment, labor, and working capital to support future production volumes through 2030. While no material liability was recorded at quarter-end solely as a result of entering into the agreement, the arrangement may result in material future cash requirements and could affect revenue concentration, gross margin, and capital expenditures as volumes ramp. See Note 12. Equity and Redeemable Preferred Stock for further information.

Cite this change

"On March 2, 2026, NVIDIA made a $2 billion investment in the Company through the purchase of shares of the Company's Common Stock. The proceeds from the investment will be used to support research and development, future capacity and operations as we build out our manufacturing capabilities. We also entered into a multi-year capacity agreement that may require incremental investments in equipment, labor, and working capital to support future production volumes through 2030. While no material liability was recorded at quarter-end solely as a result of entering into the agreement, the arrangement may result in material future cash requirements and could affect revenue concentration, gross margin, and capital expenditures as volumes ramp. See Note 12. Equity and Redeemable Preferred Stock for further information."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

02AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of entities classified as held-for-sale and related non-cash impairment charges totaling $85 million and $20 million.

The new paragraph discloses a sale process, held-for-sale classification, and impairment charges, introducing new events, accounting effects, and obligations into MD&A.

Why the model ranked it here

This reveals that several entities are being prepared for sale and that their carrying values required substantial impairment charges.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 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 nine months ended March 31, 2026, we recorded additional non-cash impairment charges of $20 million, 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 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 nine months ended March 31, 2026, we recorded additional non-cash impairment charges of $20 million, 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 to their estimated fair value."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

03AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure of the completed sale of the aerospace and defense business, including proceeds and the recorded gain.

The paragraph introduces a completed divestiture, its approximate proceeds, and a gain recognized in fiscal 2026, changing disclosed business transactions and financial results.

Why the model ranked it here

This discloses the completed divestiture of a business and its resulting gain, materially changing the company’s portfolio and reported results.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 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 (Loss) 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 (Loss) for the first quarter of fiscal 2026."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

04AddedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Added disclosure that the Company completed a Munich product-division sale and recognized related gain, loss and impairment charges across fiscal periods.

The new paragraph discloses a completed business sale and associated gain, loss and impairment charges, introducing a transaction and financial effects not present previously.

Why the model ranked it here

This discloses the completed sale of a product division and the associated financial effects, showing a further change in the company’s business portfolio.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] On January 30, 2026, the Company completed the sale of its product division based in Munich, Germany and recorded a gain of $9 million within Gain on sale of business in the Condensed Consolidated Statements of Earnings (Loss) for the third quarter of fiscal 2026. The total loss associated with the sale was $96 million, substantially all of which was recognized through impairment charges within Impairment of assets held-for-sale in the Condensed Consolidated Statements of Earnings (Loss), including $81 million in the fourth quarter of fiscal 2025, $13 million in the first quarter of fiscal 2026 and $11 million in the second quarter of fiscal 2026.

Cite this change

"On January 30, 2026, the Company completed the sale of its product division based in Munich, Germany and recorded a gain of $9 million within Gain on sale of business in the Condensed Consolidated Statements of Earnings (Loss) for the third quarter of fiscal 2026."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

05AddedPart I, Item 2 › Conversion of Series B Preferred Stock

Summary · quote-checked

Added disclosure that all Series B preferred shares were converted to common stock and that no preferred shares remain outstanding.

The paragraph introduces a completed conversion and a changed capital structure, establishing that preferred stock is no longer issued or outstanding.

Why the model ranked it here

This establishes that the preferred-stock capital structure has been eliminated through conversion into common stock.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 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 12. 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 FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

06AddedPart I, Item 2 › 2023 Plan

Summary · quote-checked

Added disclosure of termination costs and property and equipment write-offs, net of reimbursement arrangements, with a reference to restructuring plans.

The added text discloses specific restructuring-related costs, a quantified write-off, and reimbursement arrangements, introducing substantive information about an obligation and financial impact.

Why the model ranked it here

This reveals concrete restructuring costs and asset write-offs, together with reimbursement arrangements and related obligations.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

In the three and nine months ended March 31, 2026, these activities resulted in net charges of $4 million and net recoveries of $2 million, respectively. The current quarter charges are primarily for site closure and move costs and employee termination costs and the current year-to-date recoveries are primarily for adjustments to employee termination costs partially offset by site move costs. In fiscal 2025, these activities resulted in charges of $53 million, primarily for impairment losses associated with the sale of our Newton Aycliffe business, impairment of right-of-use ("ROU") assets, employee termination costs, site move costs and accelerated depreciation. In fiscal 2024, these activities resulted in $119 million of charges primarily for employee [added] termination costs, and the write-off of property and equipment, net of $65 million from reimbursement arrangements. See Note 10. Restructuring Plans for further information.

Cite this change

"termination costs, and the write-off of property and equipment, net of $65 million from reimbursement arrangements. See Note 10. Restructuring Plans for further information."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

07AddedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

Added disclosure of Term Facilities interest expense and the reduction from an effective interest rate cap.

The new paragraph discloses financing-related interest costs and an interest rate cap affecting those costs, introducing substantive information about debt obligations and interest exposure.

Why the model ranked it here

This clarifies the company’s debt-related interest burden and the extent to which an interest-rate cap reduces financing costs.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] In relation to the Term Facilities, the Company incurred expense of $32 million and $111 million, respectively, for the three and nine months ended March 31, 2026, 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 $3 million and $14 million, respectively, during the three and nine months ended March 31, 2026.

Cite this change

"In relation to the Term Facilities, the Company incurred expense of $32 million and $111 million, respectively, for the three and nine months ended March 31, 2026, 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 $3 million and $14 million, respectively, during the three and nine months ended March 31, 2026."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

08AddedPart I, Item 2 › Consolidated

Summary · quote-checked

Added MD&A disclosure of $20 million in non-cash impairment charges for assets held for sale.

The new paragraph discloses a specific impairment charge and a reduction in carrying value for entities meeting held-for-sale criteria, introducing a substantive transaction and obligation.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] Impairment of assets held-for-sale. Impairment of assets held-for-sale for the nine months ended March 31, 2026 was $20 million, and represented non-cash impairment charges to reduce our carrying value in entities that continue to meet the held-for-sale criteria at December 31, 2025 to their estimated fair value. See Note 7. Assets Held-for-Sale and Sale of Business for further information.

Cite this change

"Impairment of assets held-for-sale for the nine months ended March 31, 2026 was $20 million, and represented non-cash impairment charges to reduce our carrying value in entities that continue to meet the held-for-sale criteria at December 31, 2025 to their estimated fair value."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

Show all 9 in Part I, Item 2 (1 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.

8 material removals

Part I, Item 2 · MD&A

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

01RemovedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

The Senior Credit Facilities disclosure was removed, including the company’s secured financing, facility amounts, interest terms and leverage-based pricing.

A removed paragraph describing debt facilities and borrowing terms eliminates disclosure of financing obligations and liquidity dependencies, which is substantive under the rubric.

Why the model ranked it here

The removal obscures the company’s secured financing structure, borrowing terms, and dependence on its credit facilities.

Filing text · FY2025 10-Q · filed May 7, 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 March 31, 2025. 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. 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 bear interest at a SOFR rate (subject to a 0.50% floor) plus 2.00% as of March 31, 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 $44 million and $150 million, respectively, for the three and nine months ended March 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 together with our interest rate swap (through September 30, 2024), reduced interest expense by $6 million and $27 million, respectively, during the three and nine months ended March 31, 2025.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 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 March 31, 2025."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000009, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000009/iivi-20250331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

02RemovedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Removed disclosure that tariffs, trade sanctions, and Chinese rare-earth export restrictions remained in effect.

The removed paragraph disclosed active trade restrictions and a supply dependency involving minerals used in products, changing the stated exposure.

Why the model ranked it here

The removal changes the disclosed exposure to active trade restrictions and dependence on rare-earth minerals used in the company’s products.

Filing text · FY2025 10-Q · filed May 7, 2025

In early 2025, the United States implemented significant new tariffs on foreign imports impacting multiple countries, commodities and industries, and these new tariffs and export restrictions also prompted retaliatory tariffs and export restrictions [removed] from certain countries. As of April 2025, certain tariffs and retaliatory tariffs have been delayed, but a number of the new tariffs remain in effect, including significant tariffs and trade sanctions between the United States and China. China has also restricted the export of certain rare earth minerals which are used in our products.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"from certain countries. As of April 2025, certain tariffs and retaliatory tariffs have been delayed, but a number of the new tariffs remain in effect, including significant tariffs and trade sanctions between the United States and China. China has also restricted the export of certain rare earth minerals which are used in our products."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000009, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000009/iivi-20250331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

03RemovedPart I, Item 2 › 2025 Plan

Summary · quote-checked

Removed disclosure of potential global trade disruption and its possible effects on revenue, costs, production timing, business, and cash flows.

The removed paragraph disclosed a substantive risk involving global trade conditions and specified potential operational and financial consequences; its removal changes the disclosed risk profile.

Why the model ranked it here

The removal eliminates disclosure of how global trade disruption could affect revenue, costs, production timing, operations, and cash flows.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] Nevertheless, we are not immune to sustained disruption in global trade conditions which may create future headwinds for the Company and could result in revenue reduction, cost increases on material used in our products or significant production delays, which could adversely affect our business, financial condition, operational results and cash flows.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Nevertheless, we are not immune to sustained disruption in global trade conditions which may create future headwinds for the Company and could result in revenue reduction, cost increases on material used in our products or significant production delays, which could adversely affect our business, financial condition, operational results and cash flows."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000009, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000009/iivi-20250331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

04RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed disclosure that revenue, earnings and cash flows arise from products and services and externally funded research and development contracts.

The removed paragraph described the company’s revenue sources and dependence on externally funded research and development contracts, changing disclosed business and funding dependencies.

Why the model ranked it here

The removal obscures the company’s revenue and cash-flow sources and its dependence on externally funded research and development contracts.

Filing text · FY2025 10-Q · filed May 7, 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 · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 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 FY2025, Part I, Item 2, accession 0000820318-25-000009, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000009/iivi-20250331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

05RemovedPart I, Item 2 › Lasers ($ in millions)

Summary · quote-checked

The Lasers segment profit results and explanations for the three and nine months ended March 31, 2025 were removed.

The removed paragraph disclosed segment profitability, year-over-year changes, and specific operating drivers; its disappearance changes the financial-results disclosure rather than merely updating presentation.

Why the model ranked it here

The removal eliminates disclosure of Lasers segment profitability and the operating factors driving its results.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] Segment profit for the three months ended March 31, 2025 increased 123% to $93 million, compared to segment profit of $42 million for the same period last fiscal year. The increase in segment profit was primarily driven by favorable product mix, higher revenue volumes, improvements in pricing optimization, lower costs and favorable foreign exchange rates. Segment profit for the nine months ended March 31, 2025 increased by 63% to $244 million compared to $150 million for the same period last fiscal year. The increase in segment profit for the nine months ended March 31, 2025 was primarily driven by higher revenues as well as lower SG&A expenses.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Segment profit for the three months ended March 31, 2025 increased 123% to $93 million, compared to segment profit of $42 million for the same period last fiscal year. The increase in segment profit was primarily driven by favorable product mix, higher revenue volumes, improvements in pricing optimization, lower costs and favorable foreign exchange rates. Segment profit for the nine months ended March 31, 2025 increased by 63% to $244 million compared to $150 million for the same period last fiscal year. The increase in segment profit for the nine months ended March 31, 2025 was primarily driven by higher revenues as well as lower SG&A expenses."

Coherent, Form 10-Q for FY2025, Part I, Item 2, accession 0000820318-25-000009, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000009/iivi-20250331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

Show all 8 in Part I, Item 2 (3 more, in filing order)

What the company says differently

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

33 material changes

Part I, Item 2 · MD&A

5 of 33 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Senior Credit Facilities

Summary · quote-checked

The disclosure changes from earlier term-loan amendments and interest-expense effects to new revolving, term A and term B-3 facilities with revised rates, maturities and liquidity conditions.

The paragraph describes new credit facilities, refinancing, repayment, interest-rate terms, maturity dates and a springing maturity tied to liquidity, materially changing disclosed obligations and financing dependencies.

Why the model ranked it here

New credit facilities, refinancing terms, maturities, and liquidity-linked provisions change the company’s financing obligations and dependencies.

Filing text · FY2025 10-Q · filed May 7, 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 March 31, 2025. 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 [removed] B Loans, except with respect to the interest rate applicable to the New Term B Loans and certain other provisions. 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 [removed] New Term B-2 Loans and certain other provisions. As further amended, the New Term B-2 Loans bear interest at a SOFR rate (subject to a 0.50% floor) plus 2.00% as of March 31, 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 $44 million and $150 million, respectively, for the three and nine months ended March 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 together with our interest rate swap (through September 30, 2024), reduced interest expense by $6 million and $27 million, respectively, during the three and nine months ended March 31, 2025.

Filing text · FY2026 10-Q · filed May 6, 2026

On [added] September 26, 2025, the Company entered into Amendment No. [added] 4 and Amendment No. 5 to the Credit [added] 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 [added] 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 March 31, 2026. 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 March 31, 2026. 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."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

02ChangedPart I, Item 2 › Trends and Other Matters Affecting Our Business

Summary · quote-checked

A disclosure of synergy and site-consolidation charges was replaced by NVIDIA agreements, a purchase commitment, and a $2 billion investment.

The paragraph now discloses new strategic, financing, capacity, and purchase-commitment arrangements with NVIDIA, replacing historical restructuring activities and charges.

Why the model ranked it here

The disclosure introduces a strategic agreement with NVIDIA that includes a major purchase commitment, capacity rights, and investment.

Filing text · FY2025 10-Q · filed May 7, 2025

On ~~[removed] May 20, 2023,~~ the Company [removed] 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 nine months ended March 31, 2025, the acceleration of these activities resulted in $5 million and $13 million, respectively, of charges primarily for overlapping labor related to transition of manufacturing operations to other sites, shut down costs and employee termination costs. In fiscal 2024, the acceleration of these activities resulted in $40 million of charges primarily for 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 $13 million and $29 million, respectively, of those charges in the three and nine months ended March 31, 2024. 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 · FY2026 10-Q · filed May 6, 2026

On [added] March 2, 2026, the Company [added] entered into a multi-year strategic agreement with NVIDIA to advance the development of advanced optics technologies, including manufacturing capacity and research and development, to enable next-generation AI infrastructure. The non-exclusive agreement includes a multi-billion-dollar purchase commitment with NVIDIA, as well as future access and capacity rights for advanced laser and optical networking products. Separately, on March 2, 2026, NVIDIA made a $2 billion investment in the Company, through the purchase of shares of the Company's Common Stock in a private placement. The proceeds from the investment will be used to support research and development, future capacity and operations as we build out our manufacturing capabilities. See Note 12. Equity and Redeemable Preferred Stock for further information.

Cite this change

"The non-exclusive agreement includes a multi-billion-dollar purchase commitment with NVIDIA, as well as future access and capacity rights for advanced laser and optical networking products."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Financing cash flow changed from $386 million used to $1,476 million provided, with the primary driver changing to Common Stock proceeds from NVIDIA.

The cash-flow direction, amount, and stated drivers changed, including a new $2 billion stock issuance and changed debt-payment description; this substantively changes the liquidity disclosure.

Why the model ranked it here

Financing cash flow reverses direction because of new common-stock proceeds and changed debt payments, materially altering the liquidity picture.

Filing text · FY2025 10-Q · filed May 7, 2025

Net cash ~~[removed] used in~~ financing activities was ~~[removed] $386~~ million for the nine months ended March 31, ~~[removed] 2025,~~ compared to net cash ~~[removed] provided by financing activities of $820~~ million for the same period [removed] last fiscal year. Cash outflows for the current fiscal year were primarily payments on existing debt. Financing inflows in the prior year period included the $1.0 billion contribution from noncontrolling interests and proceeds from employee stock purchases, partially offset by ~~[removed] payments on existing debt and equity issuance costs related to the contribution from noncontrolling interests.~~

Filing text · FY2026 10-Q · filed May 6, 2026

Net cash [added] provided by financing activities was [added] $1,476 million for the nine months ended March 31, [added] 2026, compared to net cash [added] used of $386 million for the same period [added] in the prior fiscal year. The increase was primarily due to the $2 billion in proceeds from the issuance of Common Stock to NVIDIA, net of fees, partially offset by [added] higher payments, net of borrowings, on existing debt obligations.

Cite this change

"Net cash provided by financing activities was $1,476 million for the nine months ended March 31, 2026, compared to net cash used of $386 million for the same period in the prior fiscal year. The increase was primarily due to the $2 billion in proceeds from the issuance of Common Stock to NVIDIA, net of fees, partially offset by higher payments, net of borrowings, on existing debt obligations."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

04ChangedPart 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 involving inventory, working capital, accounts payable and earnings.

The narrative reverses direction and replaces the explanation of operating cash-flow changes, asserting materially different liquidity drivers rather than merely rolling forward periods or figures.

Why the model ranked it here

Operating cash-flow performance reverses as inventory growth and working-capital usage become the principal liquidity pressures.

Filing text · FY2025 10-Q · filed May 7, 2025

Net cash provided by operating activities was ~~[removed] $503~~ million for the nine months ended March 31, ~~[removed] 2025~~ compared to ~~[removed] $383~~ million for the same period ~~[removed] last~~ fiscal year. The ~~[removed] increase~~ in cash flows provided by operating activities during the nine months ended March 31, ~~[removed] 2025~~ compared to the same period ~~[removed] last~~ fiscal year was primarily ~~[removed] due to higher earnings partially offset by increases in accounts receivables and inventories as a result of higher revenues.~~

Filing text · FY2026 10-Q · filed May 6, 2026

Net cash provided by operating activities was [added] $10 million for the nine months ended March 31, [added] 2026 compared to [added] $503 million for the same period [added] in the prior fiscal year. The [added] decrease in cash flows provided by operating activities during the nine months ended March 31, [added] 2026 compared to the same period [added] in the prior fiscal year was primarily [added] driven by a significant increase in inventories to support higher revenue levels, which resulted in increased working capital usage. This impact was partially offset by higher accounts payable and higher net earnings.

Cite this change

"The decrease in cash flows provided by operating activities during the nine months ended March 31, 2026 compared to the same period in the prior fiscal year was primarily driven by a significant increase in inventories to support higher revenue levels, which resulted in increased working capital usage."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

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

Summary · quote-checked

The MD&A replaces segment revenue changes and demand weaknesses with stronger AI-related demand, named transceiver growth, and manufacturing-capacity expansion.

The disclosure changes stated business drivers and outlook, adds specific products and a capacity investment, and removes prior softness and revenue-decline explanations.

Why the model ranked it here

Management’s stated business drivers shift from demand weakness to AI-related demand, product growth, and manufacturing-capacity expansion.

Filing text · FY2025 10-Q · filed May 7, 2025

Revenues. Revenues for the three months ended March 31, 2025 increased 24% to $1,498 million, compared to $1,209 million for the same period last fiscal year. Revenues increased $281 million (46%) in the communications market, with increases in datacom driven primarily by ongoing strong AI datacenter related revenue growth and a third quarter of sequential growth in our telecom revenue. In our remaining markets, which are primarily industrial-related applications, revenue increased $8 million (1%) primarily due to revenue growth in the semiconductor capital equipment and display capital equipment end [removed] markets. This growth was offset by soft demand in broad-based industrial end markets, such as precision manufacturing. From a segment perspective, Networking revenues increased 45% year-over-year due to ongoing strong AI datacenter demand and the growth in telecom, both in our [removed] communications market. Lasers revenue increased 4% year-over-year reflecting strong demand with higher volumes of annealing lasers in our display capital equipment market as well as increased demand in semiconductor capital equipment for advanced packaging tools where our lasers, optics and advanced materials are being adopted. Materials revenues decreased 1% year-over-year, primarily due to softness in the consumer electronics end market.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] Coherent is a global leader in photonic technology, which is foundational to the performance and scalability of AI datacenters and critical to many important industrial applications. We are at the center of a significant expansion in optical networking infrastructure, driven by the rapid growth of AI and the increasing need for bandwidth and energy efficiency. We continue to experience strong demand in our [added] 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. We are investing in manufacturing capacity for the Datacenter and Communications markets, including expanding our indium phosphide capacity in Sherman, Texas, to address our increased customer demand and industry-wide shortage. In our Industrial markets, we are experiencing strong demand in semiconductor capital equipment.

Cite this change

"Coherent is a global leader in photonic technology, which is foundational to the performance and scalability of AI datacenters and critical to many important industrial applications."

Coherent, Form 10-Q for FY2026, Part I, Item 2, accession 0000820318-26-000013, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000013?ref=quote

Show all 33 in Part I, Item 2 (28 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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