Reports › COHR › 10-K FY2026

SEC filings, compared

What changed in Coherent's 10-K for the fiscal year ended June 30, 2026

Compared with the 10-K for the fiscal year ended June 30, 2025. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant: COHERENT CORP. · COHR
This filing: 0000820318-26-000020 ↗ · filed Aug 14, 2026
Compared with: 0000820318-25-000014 ↗ · filed Aug 15, 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

131 material changes among 187 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	7,118,181,000USD · Jul 1, 2025 to Jun 30, 2026	5,810,115,000USD · Jul 1, 2024 to Jun 30, 2025	+1,308,066,000+22.5%
Net income or lossus-gaap:NetIncomeLoss	804,998,000USD · Jul 1, 2025 to Jun 30, 2026	49,364,000USD · Jul 1, 2024 to Jun 30, 2025	+755,634,000+1,530.7%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	1,162,018,000USD · at Jun 30, 2026	909,200,000USD · at Jun 30, 2025	+252,818,000+27.8%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	79,514,000USD · Jul 1, 2025 to Jun 30, 2026	633,600,000USD · Jul 1, 2024 to Jun 30, 2025	−554,086,000−87.5%

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. FY2026: 0000820318-26-000020 · FY2025: 0000820318-25-000014

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

37 material additions

Item 1A · Risk Factors

5 of 26 shown · Ordered by the model, quote-checked

01AddedItem 1A › Risks Related to Our Business, Operations and Industry › A significant portion of our business is subject to cyclical market factors and we may fail to accurately estimate the size and growth rate of our markets and our customers' demands.

Summary · quote-checked

Added a risk concerning AI and data center infrastructure customers reducing expansion, delaying or cancelling orders, or failing to meet obligations.

The new paragraph discloses a specific customer-demand, profitability and payment dependency whose adverse effects could materially affect the company.

Why the model ranked it here

This adds a specific dependency on AI and data center infrastructure customers for demand, profitability, and payment performance.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

Alternatively, downturns in the industries in which we compete, or changes in technology, may cause our customers to significantly and abruptly reduce their demand, or even cancel orders. A portion of the recent demand for our products has been driven by the rapid expansion of artificial intelligence ("AI") and data center infrastructure. The semiconductor and photonics industries have experienced a significant upturn driven by the adoption and proliferation of AI, which may not be sustainable. Some of our AI and data center infrastructure-related customers may experience constrained resources or capital in the future and may be unable to pay for their required infrastructure, or result in additional credit or customer default risks. Furthermore, the AI industry is rapidly evolving, with continuous improvements in algorithms, software efficiencies and hardware capabilities. Emerging AI technologies, such as those demonstrated by DeepSeek, may allow for complex AI operations to be executed with significantly less computing power than is currently required. This reduction in computational intensity could decrease the demand for services provided by AI datacenters that are our customers. Additionally, AI datacenters require access to clean water and predictable sources of energy. Any shortages of these resources or regulations limiting energy, water, or land availability could decrease development and growth of our AI datacenter customers and, in turn, negatively impact our business. [added] If our AI and data center infrastructure-related customers substantially reduce their expansion plans, cancel, reduce, or delay their orders, are unable to generate the profit required to offset their spending, or are otherwise unable to meet their obligations, and we cannot offset the resulting downturn, it could have a material adverse effect on our business, results of operations, or financial condition.

Cite this change

"If our AI and data center infrastructure-related customers substantially reduce their expansion plans, cancel, reduce, or delay their orders, are unable to generate the profit required to offset their spending, or are otherwise unable to meet their obligations, and we cannot offset the resulting downturn, it could have a material adverse effect on our business, results of operations, or financial condition."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

02AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk disclosure that capital investments may fail to generate expected returns or cash flows.

The new paragraph discloses an investment-return and cash-flow risk, including judgment uncertainty and potential investment in unsuccessful projects.

Why the model ranked it here

This changes the risk profile by stating that capital investments may fail to produce expected returns or cash flows.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] We have a broad portfolio of products to address our customers' needs, which span multiple market segments and are subject to rapid technological changes. We invest our capital in areas that we believe best align with our business strategy and optimize future returns. Investments in capital expenditures may not generate expected returns or cash flows. Significant judgment is required to determine which capital investments will result in optimal returns, and we could invest in projects that are ultimately less profitable than those projects we do not select. Our strategic decision-making process involves careful evaluation and prioritization of investments to ensure alignment with our long-term goals. Additionally, we may choose to exit business segments that do not provide us with optimal returns. As we streamline our product portfolio, we may face execution risks that could impact our ability to support demand and maintain share in certain markets. Further, as we continue to make strategic investments to support customer demand, any delays in completion and ramping of expanded production facilities, or failure to optimize our investment choices, could significantly impact our ability to realize expected returns on our capital expenditures.

Cite this change

"We have a broad portfolio of products to address our customers' needs, which span multiple market segments and are subject to rapid technological changes. We invest our capital in areas that we believe best align with our business strategy and optimize future returns. Investments in capital expenditures may not generate expected returns or cash flows. Significant judgment is required to determine which capital investments will result in optimal returns, and we could invest in projects that are ultimately"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

03AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk that demand shortfalls, manufacturing changes, or customer qualification delays could reduce returns on capacity investments.

The new paragraph discloses substantive risks involving excess inventory, underutilized capacity, supplier obligations, qualification delays, delayed revenue, and reduced returns.

Why the model ranked it here

This highlights exposure to excess inventory, underutilized facilities, supplier obligations, delayed revenue, and reduced returns from capacity investments.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] If we overestimate demand, if customers delay, reduce, or cancel anticipated orders, or if expected end markets develop more slowly than anticipated, we may be unable to optimize our manufacturing footprint and could incur excess or obsolete inventory, underutilized facilities, under-absorbed overhead, liabilities under supplier arrangements, noncancellable purchase obligations, or charges associated with unused allocated manufacturing capacity, any of which could increase our costs and reduce our margins. In addition, certain customers may require qualification of existing, new, relocated, or subcontractor manufacturing lines before they will purchase more than limited evaluation units or permit volume shipments. If we introduce new production lines, relocate manufacturing, or transition production to new internal or external sites, we may experience delays or failures in obtaining customer qualification or requalification, which could delay revenue, impair customer relationships, and reduce the return on our capacity investments.

Cite this change

"If we overestimate demand, if customers delay, reduce, or cancel anticipated orders, or if expected end markets develop more slowly than anticipated, we may be unable to optimize our manufacturing footprint and could incur excess or obsolete inventory, underutilized facilities, under-absorbed overhead, liabilities under supplier arrangements, noncancellable purchase obligations, or charges associated with unused allocated manufacturing capacity, any of which could increase our costs and reduce our margins. In addition, certain customers may require qualification of existing, new, relocated, or subcontractor manufacturing lines before they will purchase more than limited evaluation units or permit volume shipments. If we introduce new production lines, relocate manufacturing, or transition production to new internal or external sites, we may experience delays or failures in obtaining customer qualification or requalification, which could delay revenue, impair customer relationships, and reduce the return on our capacity investments."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

04AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning inability to meet capital expenditure requirements during periods of relatively low free cash flow generation.

The new bullet discloses a specific capital-funding and liquidity risk that was absent from the prior report.

Why the model ranked it here

This adds a direct risk that limited free cash flow could constrain the company’s ability to fund required capital expenditures.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • inability to meet capital expenditure requirements, including during periods of relatively low free cash flow generation;

Cite this change

"• inability to meet capital expenditure requirements, including during periods of relatively low free cash flow generation;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

05AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning the potential unavailability of necessary funding, including external sources.

The new text discloses a funding-availability risk tied to achieving expected returns from strategic investments, which is a substantive dependency.

Why the model ranked it here

This identifies the availability of external or other funding as a dependency for achieving expected returns from strategic investments.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • unavailability of necessary funding, which may include external sources;

Cite this change

"• unavailability of necessary funding, which may include external sources;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

06AddedItem 1A › Risks Related to Our Business, Operations and Industry › Our reliance on contract manufacturers, and any failure to qualify or requalify our own or our subcontractors' manufacturing lines for volume production, could adversely affect our ability to meet customer demand and harm our business, results of operations, and financial condition.

Summary · quote-checked

Added a risk disclosure describing reliance on contract manufacturers, sole-source manufacturing sites, and related supply, quality, cybersecurity, and capacity risks.

The new paragraph adds substantive dependencies and risks involving contract manufacturers, including potential supply interruptions, qualification costs, cybersecurity incidents, and customer-relationship harm.

Why the model ranked it here

This adds a substantial reliance on contract manufacturers whose disruptions, capacity limits, quality issues, or security incidents could interrupt supply and harm customer relationships.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] We provide components to contract manufacturers to produce finished or intermediary goods, and for some products a particular internal or external manufacturing site may be the sole qualified source. Our reliance on contract manufacturers exposes us to risks including reduced control over delivery schedules and planning, limited visibility into or availability of manufacturing capability and capacity, reliance on third-party quality assurance procedures, cybersecurity incidents or data security breaches affecting contract manufacturers, and the risk that disruptions at those manufacturers could require us to identify and qualify alternatives, which may be expensive and time-consuming and could result in supply interruptions and harm to customer relationships.

Cite this change

"Our reliance on contract manufacturers exposes us to risks including reduced control over delivery schedules and planning, limited visibility into or availability of manufacturing capability and capacity, reliance on third-party quality assurance procedures, cybersecurity incidents or data security breaches affecting contract manufacturers, and the risk that disruptions at those manufacturers could require us to identify and qualify alternatives, which may be expensive and time-consuming and could result in supply interruptions and harm to customer relationships."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

07AddedItem 1A › Risks Related to Our Business, Operations and Industry › Significant political, trade, regulatory developments, and other circumstances beyond our control, including those resulting from increased tariffs and ongoing geopolitical tensions, could have a material adverse effect on our financial condition and may limit our ability to sell our products to certain customers or markets, or could otherwise restrict our ability to conduct operations.

Summary · quote-checked

Added disclosure describing a Supreme Court tariff decision, potential refunds, Section 232 investigations, possible additional tariffs, and related international exposure.

The new paragraph identifies specific legal and regulatory developments, potential obligations and actions, and how tariffs could affect the company’s operations, sourcing, customers, and revenue.

Why the model ranked it here

This discloses an unsettled tariff environment involving potential refunds, further trade actions, and effects on sourcing, customers, operations, and revenue.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] The legal landscape governing these measures also remains unsettled. On February 20, 2026, the U.S. Supreme Court rendered a decision invalidating tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), which introduces uncertainty regarding potential refund processes and future trade-policy actions. In addition, the U.S. government has initiated investigations under Section 232 of the Trade Expansion Act of 1962 to evaluate whether additional tariffs may be necessary on certain commodities, including semiconductors, critical minerals, and derivative electronics products, on national-security grounds, and upon completion of these investigations the President may direct the imposition of additional tariffs on these or other commodities. Because we manufacture and source products both in the United States and internationally, and derive a portion of our revenue from foreign customers, we may be more susceptible to negative impacts from these measures than less internationally focused enterprises, and such measures could trigger further retaliatory actions by affected countries.

Cite this change

"The legal landscape governing these measures also remains unsettled. On February 20, 2026, the U.S. Supreme Court rendered a decision invalidating tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), which introduces uncertainty regarding potential refund processes and future trade-policy actions."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

08AddedItem 1A › Risks Related to Our Business, Operations and Industry › Significant political, trade, regulatory developments, and other circumstances beyond our control, including those resulting from increased tariffs and ongoing geopolitical tensions, could have a material adverse effect on our financial condition and may limit our ability to sell our products to certain customers or markets, or could otherwise restrict our ability to conduct operations.

Summary · quote-checked

Added a risk disclosure addressing trade policies, geopolitical conflicts, market access, supply-chain disruptions, and potential effects on operations and profitability.

The new paragraph discloses substantive risks involving global economic conditions, restricted customers or markets, regulatory changes, supply disruptions, product demand, and profitability.

Why the model ranked it here

This adds broad exposure to trade-policy tensions, geopolitical conflict, restricted market access, supply disruption, and profitability pressure.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. Geopolitical volatility and military conflicts, such as those in the Middle East and Ukraine, may also result in a global economic slowdown and long-term changes to global trade that could make it more difficult to sell our products in, or restrict our access to, some markets and/or customers. Furthermore, our supply chains concentrated in certain geographic regions, and worldwide geopolitical tensions and conflicts could result in changing regulatory requirements, supply disruptions, and reduced access to global markets that could materially and adversely affect our operations, product demand, and profitability.

Cite this change

"Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

09AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Adds a risk that expected government grants, investment tax credits, and other incentives may not be realized.

The new bullet discloses a distinct dependency on government incentives, including CHIPS Act-related support, creating a newly stated risk.

Why the model ranked it here

This makes expected grants, tax credits, and other government incentives a newly disclosed dependency for strategic investments.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • inability to realize expected grants, investment tax credits, and other government incentives, including through the CHIPS Act and other national, international, state, and local grants;

Cite this change

"• inability to realize expected grants, investment tax credits, and other government incentives, including through the CHIPS Act and other national, international, state, and local grants;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

10AddedItem 1A › Risks Related to Our Business, Operations and Industry › Failure to maintain effective internal control over financial reporting may cause a loss of investor confidence in the reliability of our financial statements or cause us to delay filing our periodic reports with the U.S. Securities and Exchange Commission and may adversely affect our stock price.

Summary · quote-checked

Added a risk disclosure concerning weaknesses in internal control over financial reporting, delayed SEC filings, investor confidence and potential stock-price effects.

The new paragraph identifies internal-control obligations, vulnerability from complex international operations, and consequences of control failures, adding substantive financial-reporting and market risks.

Why the model ranked it here

This adds a financial-reporting risk in which control weaknesses could delay filings and undermine confidence in the financial statements.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] As directed by Section 404 of the Sarbanes-Oxley Act of 2002, the U.S. Securities and Exchange Commission has adopted rules requiring public companies to include a report of management on the company's internal control over financial reporting in their annual reports on Form 10-K that contains an assessment by management of the effectiveness of our internal control over financial reporting. In addition, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. We have extensive and complex international manufacturing, sales, and service locations, which may make us more vulnerable to weaknesses in our internal controls. Although we test our internal control over financial reporting in order to ensure compliance with the Section 404 requirements, any failure to maintain adequate internal control over financial reporting could result in an adverse reaction in the financial marketplace due to a loss of investor confidence in the reliability of our financial statements or a delay in our ability to timely file our periodic reports with the U.S. Securities and Exchange Commission, which ultimately could negatively impact our stock price.

Cite this change

"Although we test our internal control over financial reporting in order to ensure compliance with the Section 404 requirements, any failure to maintain adequate internal control over financial reporting could result in an adverse reaction in the financial marketplace due to a loss of investor confidence in the reliability of our financial statements or a delay in our ability to timely file our periodic reports with the U.S. Securities and Exchange Commission, which ultimately could negatively impact our stock price."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

11AddedItem 1A › Risks Related to Our Business, Operations and Industry › Products that fail to meet specifications, are defective, or are otherwise incompatible with end uses could impose significant costs on us.

Summary · quote-checked

Adds disclosure that warranty, product liability, and product recalls could impose costs, payments, or damages.

The new bullet identifies specific potential financial obligations and liabilities, changing the substance of the risk disclosure.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • we could be required to pay for costs, payments, or damages in connection with warranty and product liability claims and product recalls;

Cite this change

"• we could be required to pay for costs, payments, or damages in connection with warranty and product liability claims and product recalls;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

12AddedItem 1A › Risks Related to Our Business, Operations and Industry › Products that fail to meet specifications, are defective, or are otherwise incompatible with end uses could impose significant costs on us.

Summary · quote-checked

Added disclosure that insurance may become unavailable or unaffordable and reserves may be insufficient for claims.

The new paragraph adds substantive insurance coverage, self-insured retention, and reserve adequacy risks that could materially affect the company.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] Although we maintain insurance and self-insured retentions for reasonably estimable liabilities, such insurance coverage may not continue to be available on acceptable terms, if at all, and our reserves may be inadequate to cover such claims. Any of the foregoing items could have a material adverse effect on our business, results of operations, or financial condition.

Cite this change

"Although we maintain insurance and self-insured retentions for reasonably estimable liabilities, such insurance coverage may not continue to be available on acceptable terms, if at all, and our reserves may be inadequate to cover such claims."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

13AddedItem 1A › Risks Related to Our Business, Operations and Industry › Our reliance on contract manufacturers, and any failure to qualify or requalify our own or our subcontractors' manufacturing lines for volume production, could adversely affect our ability to meet customer demand and harm our business, results of operations, and financial condition.

Summary · quote-checked

Added disclosure that customer-required manufacturing-line qualification or requalification may delay revenue, increase costs, and harm relationships and operating results.

The paragraph adds a specific customer qualification dependency and enumerates consequences of failure or delay, changing the disclosed operational risk.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] In addition, customers may require qualification or requalification of manufacturing lines before they will accept volume shipments, including when we establish new lines, relocate production, introduce new products, or transition work to new contract manufacturers or internal sites. Any failure or delay in obtaining such qualification or requalification could delay revenue, increase costs, harm our reputation, and adversely affect customer relationships and operating results.

Cite this change

"In addition, customers may require qualification or requalification of manufacturing lines before they will accept volume shipments, including when we establish new lines, relocate production, introduce new products, or transition work to new contract manufacturers or internal sites. Any failure or delay in obtaining such qualification or requalification could delay revenue, increase costs, harm our reputation, and adversely affect customer relationships and operating results."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

14AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk disclosure concerning capacity expansion investments and dependencies on materials, equipment, labor, permits, and manufacturing readiness.

The new paragraph introduces substantive risks, dependencies, potential delays, and cost increases affecting production-capacity expansion and expected investment returns.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] We have made and are planning to make significant investments to satisfy increased customer demand, including expansion of our production capacity in the United States and in other regions where we operate. These projects are highly dependent on available sources of materials, and specialized equipment, as well as labor, skilled sub-contractors and other service providers. Increasing demand, supply constraints, inflation, tariffs, trade restrictions, and other market conditions could result in shortages and higher costs. Additionally, difficulties in obtaining labor, skilled sub-contractors and other service providers or other resources could result in delays in completion of our construction projects and cost increases, including costs to operate these facilities. Our ability to increase production is also subject to regulatory approvals, environmental and operational permits, clean-room and tool availability, hiring and training of qualified personnel, implementation of highly complex manufacturing processes, and the pace of bringing equipment and processes online with the capability to manufacture high-quality products at acceptable yields.

Cite this change

"We have made and are planning to make significant investments to satisfy increased customer demand, including expansion of our production capacity in the United States and in other regions where we operate."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

15AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a sentence introducing risks associated with strategic capacity expansions.

The new paragraph identifies risks tied to capacity expansions, but it provides no further detail about the specific risks.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] In addition, these expansions involve several risks including the following:

Cite this change

"In addition, these expansions involve several risks including the following:"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

16AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Adds a risk that changes to laws, grants, tax credits, or government incentives could affect returns on strategic investments.

The new bullet identifies a specific government-policy dependency, including the CHIPS Act, that could affect expected investment returns; this is a substantive added risk.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • potential changes in laws or provisions of grants, investment tax credits, and other government incentives, including the CHIPS Act;

Cite this change

"• potential changes in laws or provisions of grants, investment tax credits, and other government incentives, including the CHIPS Act;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

17AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning delays and potential restrictions from environmental and other government regulations or permits.

The new text introduces a regulatory and permitting risk affecting operations, which is substantive disclosure rather than wording or boilerplate.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • delays and potential restrictions related to environmental and other government regulations or permits;

Cite this change

"• delays and potential restrictions related to environmental and other government regulations or permits;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

18AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning potential geographic restrictions on expanding strategic investments and capacity.

The new text discloses a potential restriction affecting expansion decisions, introducing a substantive geographic risk rather than merely updating wording or format.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • potential restrictions on expanding in certain geographies;

Cite this change

"• potential restrictions on expanding in certain geographies;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

19AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning inability to complete construction on schedule and within budget.

The new text discloses a construction-cost and timing risk tied to strategic investments, adding a substantive business risk.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • inability to complete construction as scheduled and within budget;

Cite this change

"• inability to complete construction as scheduled and within budget;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

20AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning the inability to attract, retain and motivate key talent.

The new bullet discloses a workforce-related business risk not present in the prior report, changing the substance of the risk-factor disclosure.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • inability to attract, retain and motivate key talent;

Cite this change

"• inability to attract, retain and motivate key talent;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

21AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning inability to ramp production on time and at acceptable cost.

The new bullet discloses a substantive operational and cost risk tied to production capacity and strategic investments.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • inability to timely ramp production in a cost-effective manner;

Cite this change

"• inability to timely ramp production in a cost-effective manner;"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

22AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added disclosure of increased costs until new production reaches adequate scale.

The new text identifies a substantive cost-structure risk tied to production ramp-up, changing the disclosed operational and financial exposure.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • increases to our cost structure until new production is ramped to adequate scale; and

Cite this change

"• increases to our cost structure until new production is ramped to adequate scale; and"

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

23AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk that insufficient customer demand may prevent utilization of increased capacity and reduce returns on strategic investments.

The new text discloses a substantive demand dependency tied to capacity utilization and expected investment returns, rather than a wording or formatting change.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] • insufficient customer demand to utilize our increased capacity.

Cite this change

"• insufficient customer demand to utilize our increased capacity."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

24AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added disclosure that business risks may constrain capacity, delay project completion, and increase facility operating costs.

The new paragraph adds a substantive capacity, project-delay, and cost exposure tied to recurring business risks.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] From time to time, we could experience impacts from certain of the above items and, because these risks are a characteristic of our business, we expect to experience them in the future. Depending on the nature and extent of the impact from these risks, we may be unable to produce sufficient capacity in the expected timeframe which could result in delays in the completion of our projects and increased costs, including costs to operate these facilities.

Cite this change

"Depending on the nature and extent of the impact from these risks, we may be unable to produce sufficient capacity in the expected timeframe which could result in delays in the completion of our projects and increased costs, including costs to operate these facilities."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

25AddedItem 1A › Risks Related to Our Business, Operations and Industry › We may not be able to achieve expected returns from strategic investments, including capacity expansions.

Summary · quote-checked

Added a risk concerning poor returns, exiting segments, portfolio streamlining, facility delays, and investment choices.

The new paragraph discloses execution, demand, market-share, facility-ramping, and capital-return risks tied to strategic investments and portfolio decisions.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

We have a broad portfolio of products to address our customers' needs, which span multiple market segments and are subject to rapid technological changes. We invest our capital in areas that we believe best align with our business strategy and optimize future returns. Investments in capital expenditures may not generate expected returns or cash flows. Significant judgment is required to determine which capital investments will result in optimal returns, and we could invest in projects that are ultimately [added] less profitable than those projects we do not select. Our strategic decision-making process involves careful evaluation and prioritization of investments to ensure alignment with our long-term goals. Additionally, we may choose to exit business segments that do not provide us with optimal returns. As we streamline our product portfolio, we may face execution risks that could impact our ability to support demand and maintain share in certain markets. Further, as we continue to make strategic investments to support customer demand, any delays in completion and ramping of expanded production facilities, or failure to optimize our investment choices, could significantly impact our ability to realize expected returns on our capital expenditures.

Cite this change

"Further, as we continue to make strategic investments to support customer demand, any delays in completion and ramping of expanded production facilities, or failure to optimize our investment choices, could significantly impact our ability to realize expected returns on our capital expenditures."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

26AddedItem 1A › Risks Related to Our Business, Operations and Industry › Tax-related matters could have a material adverse effect on our business, results of operations, or financial condition.

Summary · quote-checked

Added disclosure of OBBBA, its tax provisions, current-year effects and future reporting-period impacts.

The new paragraph identifies enacted legislation and associated tax impacts and obligations, including provisions taking effect in future years; this is substantive risk-related disclosure.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. OBBBA includes provisions affecting various aspects of domestic and international taxation applicable to U.S. multinational corporations. The Company has evaluated the provisions effective for fiscal year 2026 and reflected the applicable impacts in its fiscal 2026 income tax provision. Certain provisions of OBBBA become effective in future years and the Company will continue to assess the impact of the legislation on future reporting periods.

Cite this change

"On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

Show fewer in Item 1A

Item 7 · MD&A

3 of 11 shown · Ordered by the model, quote-checked

01AddedItem 7 › Senior Credit Facilities

Summary · quote-checked

Added disclosure of an unsecured credit facility with approximately $945 million of aggregate commitments, its maturity, permitted uses and undrawn status.

The new paragraph discloses a previously unstated financing arrangement, including commitments, maturity, permitted uses and utilization status, changing the company’s disclosed obligations and liquidity information.

Why the model ranked it here

This introduces a previously undisclosed financing arrangement that materially changes the company’s liquidity and commitment profile.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] On August 12, 2026, a wholly-owned foreign subsidiary of the Company entered into an unsecured credit facility with local lenders providing aggregate commitments of approximately $945 million (based on exchange rates in effect at signing). The facility consists of a local currency tranche with a sublimit equivalent to 470 million U.S. Dollars and a U.S. Dollars tranche with a sublimit of 475 million U.S. Dollars (the "August 2026 Facility"). The August 2026 Facility matures 36 months from the date of first utilization and was undrawn as of August 14, 2026. Borrowings may be used to finance working capital and other permitted operating requirements of the borrower, including the repayment of existing intercompany working capital loans. Neither the Company, nor any other of its subsidiaries, is a party to or guarantor of the August 2026 Facility.

Cite this change

"On August 12, 2026, a wholly-owned foreign subsidiary of the Company entered into an unsecured credit facility with local lenders providing aggregate commitments of approximately $945 million (based on exchange rates in effect at signing)."

Coherent, Form 10-K for FY2026, Item 7, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

02AddedItem 7 › Other Liquidity

Summary · quote-checked

Added disclosure of NVIDIA’s $2 billion investment and a multi-year capacity agreement creating potential future cash requirements and operational dependencies.

The new paragraph introduces a financing transaction, capacity commitment, possible equipment, labor and working-capital investments, and potential effects on concentration, margins and capital expenditures.

Why the model ranked it here

This combines a major equity investment with a capacity commitment that creates future funding needs and operational dependencies.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 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 14. 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 14. Equity and Redeemable Preferred Stock for further information."

Coherent, Form 10-K for FY2026, Item 7, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

03AddedItem 7 › Conversion of Series B Preferred Stock

Summary · quote-checked

Added disclosure that all Series B Preferred Stock converted to common stock and no Preferred Stock remains outstanding.

The new paragraph discloses a completed conversion and the resulting absence of outstanding Preferred Stock, describing a changed capital structure and related obligation or instrument status.

Why the model ranked it here

This confirms that the preferred stock has been fully converted, materially changing the company’s capital structure and outstanding obligations.

Filing text · FY2025 10-K · filed Aug 15, 2025

No corresponding language in the FY2025 10-K.

Filing text · FY2026 10-K · filed Aug 14, 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 14. 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-K for FY2026, Item 7, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

Show all 11 in Item 7 (8 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.

23 material removals

Item 1A · Risk Factors

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

01RemovedItem 1A › Risks Related to Our Business, Operations and Industry › The redemption rights of the holders of Series B Preferred Stock may result in the use of our cash in such a way that could adversely affect our business, financial condition or results of operations.

Summary · quote-checked

Removed disclosure that Series B Preferred Stock holders may require cash redemptions, reducing funds available for corporate purposes.

The removed paragraph described a redemption obligation and its potential effects on working capital, capital expenditures, acquisitions and other corporate purposes.

Why the model ranked it here

The removed disclosure concerned a potential cash redemption obligation that could materially constrain funds available for operations, investment, acquisitions, and other corporate purposes.

Filing text · FY2025 10-K · filed Aug 15, 2025

[removed] At any time on or after the ten-year anniversary of the applicable issuance date of the shares of our Series B Preferred Stock and subject to the procedures set forth in the terms of the Series B Preferred Stock, each holder of such shares will have the right to require us to redeem all of such holder's shares for cash at a price per share equal to the sum of the applicable stated value for such shares plus accrued or declared and unpaid dividends on such shares that had not previously been added to such stated value. This may have the effect of reducing funds available for working capital, capital expenditures, acquisitions and other general corporate purposes, thereby negatively affecting the interests of holders of our other capital stock, including our common stock.

Filing text · FY2026 10-K · filed Aug 14, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"At any time on or after the ten-year anniversary of the applicable issuance date of the shares of our Series B Preferred Stock and subject to the procedures set forth in the terms of the Series B Preferred Stock, each holder of such shares will have the right to require us to redeem all of such holder's shares for cash at a price per share equal to the sum of the applicable stated value for such shares plus accrued or declared and unpaid dividends on such shares that had not previously been added to such stated value. This may have the effect of reducing funds available for working capital, capital expenditures, acquisitions and other general corporate purposes, thereby negatively affecting the interests of holders of our other capital stock, including our common stock."

Coherent, Form 10-K for FY2025, Item 1A, accession 0000820318-25-000014, filed 15 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000014/iivi-20250630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

02RemovedItem 1A › Risks Related to Our Business, Operations and Industry › Holders of our Series B Preferred Stock can exercise significant control over us, which could limit the ability of holders of our other capital stock to influence the outcome of key transactions, including a change of control.

Summary · quote-checked

Removed disclosure that Series B Preferred Stock holders can substantially influence matters and approve specified corporate actions.

The removed paragraph described voting control and consent rights over capital structure, organizational documents, stock issuance, and NYSE deregistration, changing disclosed governance obligations and dependencies.

Why the model ranked it here

The change affects the disclosed ability of preferred holders to control shareholder matters and restrict major corporate, capital-structure, and listing decisions.

Filing text · FY2025 10-K · filed Aug 15, 2025

Our Series B Preferred Stock has voting rights, allowing holders to vote as one class with our common stock on an as-converted basis, subject to limited exceptions. As a result, the holders of Series B Preferred Stock have the ability to significantly influence the outcome of any matter submitted for the vote of the holders of our common stock. Holders of Series B Preferred Stock are entitled to act separately in their own respective interests with respect to their ownership interests in us and have the [removed] ability to substantially influence all matters that require approval by our shareholders, including the approval of significant corporate transactions. Additionally, we may not undertake certain actions without the prior written approval of the holders of a majority of the issued and outstanding shares of Series B Preferred Stock, voting separately from our common stock. Subject to certain exceptions, we must not: (1) alter or change the rights, preferences or privileges of our Series B Preferred Stock or amend, modify or supplement any provision of our organizational documents in a manner that adversely affects the rights, powers, preferences or privileges of our Series B Preferred Stock; (2) authorize or issue any senior stock (or securities convertible into senior stock), or amend or alter our articles of incorporation to increase the number of authorized or issued shares of our Series B Preferred Stock; (3) decrease the number of authorized shares of our Series B Preferred Stock (other than as permitted pursuant to a conversion, redemption or repurchase by us thereof); (4) issue any shares of our Series B Preferred Stock (other than pursuant to the amended and restated invested agreement, entered into on March 30, 2021, by and between Bain Capital Private Equity, LP ("BCPE") and us (the "Investment Agreement")); and (5) effect any voluntary deregistration or delisting with the NYSE of our common stock.

Filing text · FY2026 10-K · filed Aug 14, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"ability to substantially influence all matters that require approval by our shareholders, including the approval of significant corporate transactions. Additionally, we may not undertake certain actions without the prior written approval of the holders of a majority of the issued and outstanding shares of Series B Preferred Stock, voting separately from our common stock. Subject to certain exceptions, we must not: (1) alter or change the rights, preferences or privileges of our Series B Preferred Stock or amend, modify or supplement any provision of our organizational documents in a manner that adversely affects the rights, powers, preferences or privileges of our Series B Preferred Stock; (2) authorize or issue any senior stock (or securities convertible into senior stock), or amend or alter our articles of incorporation to increase the number of authorized or issued shares of our Series B Preferred Stock; (3) decrease the number of authorized shares of our Series B Preferred Stock (other than as permitted pursuant to a conversion, redemption or repurchase by us thereof); (4) issue any shares of our Series B Preferred Stock (other than pursuant to the amended and restated invested agreement, entered into on March 30, 2021, by and between Bain Capital Private Equity, LP ("BCPE") and us (the "Investment Agreement")); and (5) effect any voluntary deregistration or delisting with the NYSE of our common stock."

Coherent, Form 10-K for FY2025, Item 1A, accession 0000820318-25-000014, filed 15 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000014/iivi-20250630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

Show all 10 in Item 1A (8 more, in filing order)

Item 7 · MD&A

3 of 13 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Senior Credit Facilities

Summary · quote-checked

The current filing removes disclosure of Coherent’s Credit Agreement and $4.0 billion senior secured financing, including the $850 Term A Facility.

The removed paragraph disclosed a financing arrangement and associated debt obligation; its disappearance changes the stated liquidity and capital-structure disclosures.

Why the model ranked it here

This removes disclosure of a major secured financing arrangement and debt obligation, changing the reader’s understanding of liquidity and capital structure.

Filing text · FY2025 10-K · filed Aug 15, 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 June 30, 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.

Filing text · FY2026 10-K · filed Aug 14, 2026

No corresponding language in the FY2026 10-K.

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"

Coherent, Form 10-K for FY2025, Item 7, accession 0000820318-25-000014, filed 15 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000014/iivi-20250630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

02RemovedItem 7 › Senior Credit Facilities

Summary · quote-checked

The Senior Credit Facilities disclosure, including facility amounts, interest terms, amendments and replacement term loans, was removed.

Removing this paragraph eliminates disclosure of financing facilities, borrowing terms and loan amendments, changing the stated obligations and liquidity-related information.

Why the model ranked it here

This removes the company’s stated borrowing facilities, loan terms, and amendments, obscuring important obligations and liquidity information.

Filing text · FY2025 10-K · filed Aug 15, 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 [removed] 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 June 30, 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 June 30, 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 $192 million for the fiscal year ended June 30, 2025, which is included in Interest expense in the 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 $32 million during the fiscal year ended June 30, 2025.

Filing text · FY2026 10-K · filed Aug 14, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"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."

Coherent, Form 10-K for FY2025, Item 7, accession 0000820318-25-000014, filed 15 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000014/iivi-20250630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

03RemovedItem 7 › 2025 Plan

Summary · quote-checked

Removed disclosure that restructuring actions’ timing and costs could differ materially from current expectations and estimates.

The removed sentence disclosed uncertainty and potential material impact regarding restructuring timing and costs, eliminating a substantive risk statement.

Why the model ranked it here

This removes an explicit warning that restructuring timing and costs could materially differ from expectations, changing the disclosed execution risk.

Filing text · FY2025 10-K · filed Aug 15, 2025

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 [removed] 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.

Filing text · FY2026 10-K · filed Aug 14, 2026

No corresponding language in the FY2026 10-K.

Cite this change

"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."

Coherent, Form 10-K for FY2025, Item 7, accession 0000820318-25-000014, filed 15 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031825000014/iivi-20250630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

Show all 13 in Item 7 (10 more, in filing order)

What the company says differently

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

71 material changes

Item 1A · Risk Factors

2 of 28 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Related to Our Business, Operations and Industry › We have a substantial amount of debt, which could adversely affect our business, financial condition, or results of operations and prevent us from fulfilling our debt-related obligations.

Summary · quote-checked

Debt outstanding, facility balances, and undrawn revolving-credit capacity changed, along with the description of the term loan A facility.

The updated amounts and facility composition change the disclosed debt exposure and available borrowing capacity, so a reader could draw a different conclusion about obligations and liquidity.

Why the model ranked it here

Debt exposure and available borrowing capacity were materially reshaped, changing the company’s disclosed liquidity and obligation profile.

Filing text · FY2025 10-K · filed Aug 15, 2025

As of June 30, ~~[removed] 2025,~~ we had approximately ~~[removed] $3.7~~ billion of outstanding indebtedness on a consolidated basis, including under (i) our ~~[removed] $850 million~~ senior secured ~~[removed] term loan A~~ facility (the "Term A Facility"), (ii) our ~~[removed] $2.8~~ billion senior secured term loan B facility (the "Term Loan B Facility", and together with the Term A Facility, the "Senior Credit Facilities") and (iii) our $990 million 5.000% senior notes due 2029 (the "2029 Notes"). Additionally, we have ~~[removed] $315~~ million of undrawn capacity under our senior secured revolving credit facility (the "Revolving Credit Facility"). We may also incur additional indebtedness in the future by entering into new financing arrangements. Our indebtedness could have important consequences for us, including:

Filing text · FY2026 10-K · filed Aug 14, 2026

As of June 30, [added] 2026, we had approximately [added] $3.2 billion of outstanding indebtedness on a consolidated basis, including under (i) our [added] $1.1 billion senior secured [added] incremental term A loan facility (the "Term [added] Loan A Facility"), (ii) our [added] approximately $1.1 billion senior secured term loan B facility (the "Term Loan B Facility", and together with the Term [added] Loan A Facility, the "Senior Credit Facilities") and (iii) our $990 million 5.000% senior notes due 2029 (the "2029 Notes"). Additionally, we have [added] $664 million of undrawn capacity under our senior secured revolving credit facility (the "Revolving Credit Facility"). We may also incur additional indebtedness in the future by entering into new financing arrangements. Our indebtedness could have important consequences for us, including:

Cite this change

"As of June 30, 2026, we had approximately $3.2 billion of outstanding indebtedness on a consolidated basis, including under (i) our $1.1 billion senior secured incremental term A loan facility (the "Term Loan A Facility"), (ii) our approximately $1.1 billion senior secured term loan B facility (the "Term Loan B Facility", and together with the Term Loan A Facility, the "Senior Credit Facilities") and (iii) our $990 million 5.000% senior notes due 2029 (the "2029 Notes")."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

02ChangedItem 1A › Risks Related to Our Business, Operations and Industry › The agreements that govern our senior credit facilities and our 5.000% senior notes due 2029 contain various covenants that impose restrictions on our business, which may affect our ability to operate our businesses.

Summary · quote-checked

The maximum total net leverage ratio changed from 4.00 to 1.00 from December 31, 2023 through maturity to 4.25 to 1.00 through maturity.

The covenant threshold and its effective-period language changed, altering the stated financial obligation and potentially the available leverage headroom.

Why the model ranked it here

The revised leverage covenant changes the headroom implied by the borrowing agreements and therefore the constraints on liquidity.

Filing text · FY2025 10-K · filed Aug 15, 2025

In addition, the Term Loan A Facility and Revolving Credit Facility require that the Company maintain (i) a maximum total net leverage ratio, as defined in the ~~[removed] New~~ Credit Agreement, of ~~[removed] 4.00~~ to 1.00 ~~[removed] from December 31, 2023~~ through maturity and (ii) an interest coverage ratio, as defined in the Credit Agreement, of at least 2.50 to 1.00.

Filing text · FY2026 10-K · filed Aug 14, 2026

In addition, the Term Loan A Facility and Revolving Credit Facility require that the Company maintain (i) a maximum total net leverage ratio, as defined in the Credit Agreement, of [added] 4.25 to 1.00 through maturity and (ii) an interest coverage ratio, as defined in the Credit Agreement, of at least 2.50 to 1.00.

Cite this change

"In addition, the Term Loan A Facility and Revolving Credit Facility require that the Company maintain (i) a maximum total net leverage ratio, as defined in the Credit Agreement, of 4.25 to 1.00 through maturity and (ii) an interest coverage ratio, as defined in the Credit Agreement, of at least 2.50 to 1.00."

Coherent, Form 10-K for FY2026, Item 1A, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

Show all 28 in Item 1A (26 more, in filing order)

Item 7 · MD&A

3 of 43 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Trends and Other Matters Affecting Our Business

Summary · quote-checked

A generic investment description was replaced with a disclosed NVIDIA agreement, purchase commitment, capacity rights, and $2 billion equity investment.

The disclosure changes from broad internal investments to specific external commitments, financing, capacity rights, and a named counterparty, materially altering stated obligations and dependencies.

Why the model ranked it here

The NVIDIA agreement creates specific purchase commitments, capacity rights, equity financing, and a significant dependency on a named counterparty.

Filing text · FY2025 10-K · filed Aug 15, 2025

Research and development. R&D expenses for the fiscal year ended June 30, 2024 were $479 million, or 10% of revenues, compared to $500 million, or 10% of revenues, for fiscal 2023. The decrease of $21 million for fiscal 2024 is due to all three segments and was driven by lower costs due to the consolidation of sites and our efforts to control costs. The R&D expenses are [removed] primarily related to our continued investment in new products and platform technologies in an effort to accelerate our organic growth across all of our businesses, including significant investments in datacom transceivers for AI, indium phosphide and gallium arsenide semiconductor lasers, silicon carbide materials, and lasers for display processing, semiconductor capital equipment, and instrumentation.

Filing text · FY2026 10-K · filed Aug 14, 2026

[added] On March 2, 2026, the Company 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 14. Equity and Redeemable Preferred Stock for further information.

Cite this change

"On March 2, 2026, the Company 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 14. Equity and Redeemable Preferred Stock for further information."

Coherent, Form 10-K for FY2026, Item 7, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

02ChangedItem 7 › Contractual Obligations

Summary · quote-checked

Estimated vendor purchase commitments increased from approximately $1,092 million to $11.8 billion, while operating lease obligations and near-term payments also increased.

The updated figures materially change the stated scale of contractual commitments and obligations; these are not merely calendar roll-forwards.

Why the model ranked it here

The sharp expansion in vendor purchase commitments materially changes the scale of the company’s stated obligations.

Filing text · FY2025 10-K · filed Aug 15, 2025

As of June 30, ~~[removed] 2025,~~ in the ordinary course of business, we had total estimated purchase commitments from vendors of approximately ~~[removed] $1,092 million.~~ In addition, as of June 30, ~~[removed] 2025,~~ we had obligations under our operating leases of approximately ~~[removed] $263 million, $58~~ million of which will be paid in the fiscal year ~~[removed] 2026.~~

Filing text · FY2026 10-K · filed Aug 14, 2026

As of June 30, [added] 2026, in the ordinary course of business, we had total estimated purchase commitments from vendors of approximately [added] $11.8 billion. In addition, as of June 30, [added] 2026, we had obligations under our operating leases of approximately [added] $375 million, $78 million of which will be paid in the fiscal year [added] 2027.

Cite this change

"As of June 30, 2026, in the ordinary course of business, we had total estimated purchase commitments from vendors of approximately $11.8 billion."

Coherent, Form 10-K for FY2026, Item 7, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

03ChangedItem 7 › Other Liquidity

Summary · quote-checked

Liquidity sufficiency is stated through the next twelve months rather than through fiscal year 2026, with the borrowing source described less specifically.

The stated coverage horizon changes, potentially altering the duration of the company’s liquidity assertion; the named Senior Credit Facilities are also generalized to credit facilities.

Why the model ranked it here

The company now supports liquidity only over a shorter stated horizon and describes its borrowing sources less specifically.

Filing text · FY2025 10-K · filed Aug 15, 2025

The Company believes existing cash, cash flow from operations, and available borrowing capacity from its ~~[removed] Senior Credit Facilities~~ will be sufficient to fund its needs for working capital, capital expenditures, repayment of scheduled long-term borrowings and lease obligations, investments in R&D, and internal and external growth objectives at least through ~~[removed] fiscal year 2026.~~

Filing text · FY2026 10-K · filed Aug 14, 2026

The Company believes existing cash, cash flow from operations, and available borrowing capacity from its [added] credit facilities will be sufficient to fund its needs for working capital, capital expenditures, repayment of scheduled long-term borrowings and lease obligations, investments in R&D, and internal and external growth objectives at least through [added] the next twelve months.

Cite this change

"The Company believes existing cash, cash flow from operations, and available borrowing capacity from its credit facilities will be sufficient to fund its needs for working capital, capital expenditures, repayment of scheduled long-term borrowings and lease obligations, investments in R&D, and internal and external growth objectives at least through the next twelve months."

Coherent, Form 10-K for FY2026, Item 7, accession 0000820318-26-000020, filed 14 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm

Comparison: https://yearover.com/reports/cohr/0000820318-26-000020?ref=quote

Show all 43 in Item 7 (40 more, in filing order)

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