Coherent FY26 10-K: Revenue up 23% to $7.1B, NVIDIA $2B investment, preferred stock eliminated
COHR has more than doubled off its 52-week low of $84.35 on elevated volume (2.2× avg).
Summary
Coherent's FY26 10-K shows revenue up 23% to $7.1B, net earnings of $805M, and a strengthened balance sheet after NVIDIA's $2B investment and preferred stock conversion.
Key Events · Earnings and Guidance · COHR
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FY26 Revenue Up 23% to $7.1B
Full-year revenue reached $7.118 billion, up from $5.810 billion, driven by 40% growth in Datacenter & Communications to $5.275 billion on AI datacenter demand.
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Net Earnings Swing to $805M
Net earnings attributable to Coherent Corp. were $805 million, versus $49 million in FY25. Diluted EPS was $4.12, compared to a loss of $0.52 per share.
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NVIDIA $2B Private Placement
NVIDIA purchased 7,788,161 shares at $256.80 per share for $2 billion on March 2, 2026, with a 6-month lock-up and price protection provision.
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Preferred Stock Fully Converted
All Series B preferred stock converted to 30.1 million common shares in Q2 FY26, eliminating $2.5 billion of mezzanine equity and simplifying the capital structure.
Analysis · COHR · Industrial Applications And Services
Coherent's annual report confirms a transformative fiscal year. Revenue grew 23% to $7.1 billion, driven by 40% growth in Datacenter & Communications on AI demand. Net earnings attributable to Coherent swung from $49 million to $805 million. The balance sheet was strengthened by NVIDIA's $2 billion private placement at $256.80 per share and the conversion of all Series B preferred stock, removing $2.5 billion of mezzanine equity. The company also disclosed a new $945 million credit facility for a foreign subsidiary and an ongoing BIS inquiry into past Huawei sales. While the Q4 earnings were reported two days ago, the 10-K provides full-year audited financials and material new details on capital structure and regulatory risk.
At the time of this filing, COHR was trading at $331.72 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $64B. The 52-week trading range was $84.35 to $440.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.