Coherent's revenue reached $2,370 million. Operating cash was -$93 million, capex $776 million and new local borrowings $773 million.

Every figure below was read from Coherent's own filings on sec.gov and is cited with its accession: the first-quarter results and slides furnished on Form 8-K on 4 November, the Form 10-Q filed the same evening, and the FY2026 10-K and August 8-K that set the lines we read them against. Outlook figures are Coherent's own and are labelled as company guidance. We show no analyst estimates, no consensus and no share prices, because none of them is filed, and nothing from the earnings call, which is not a filing either. Sums, differences and shares are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

On 4 November we listed six filed lines to hold Coherent $COHR to. That evening it furnished its results on Form 8-K (accession 0001193125-26-447200) and, about a minute later, filed its 10-Q (0000820318-26-000023). So this read-back can use both on the first day. Lumentum's lines are in the same pre-print post; its read-back is a later post.

The release's first line is revenue of $2.37 billion. Its cash-flow table has three other numbers: operating activities used $92.7 million, additions to property, plant and equipment were $775.5 million, and "Proceeds from borrowings of other credit facilities" were $773.4 million. The release and the slides stop at that line. Note 8 of the 10-Q says what those facilities are.

The six lines against the filings

(Ours: revenue was $70.3 million above the $2.3 billion midpoint and $29.7 million below the top of the range; non-GAAP EPS was $0.04 above the top of its range.) Guides are from the 8-K of 12 August (0001193125-26-346860); FY2026 values from the 10-K (0000820318-26-000020).

GAAP net income has a tax line behind it. Income taxes were a $22.8 million benefit on $358.8 million of earnings before tax, so net earnings of $381.6 million exceed the pre-tax figure. The 10-Q gives an effective rate of "a 6% benefit" and names discrete items, including "a change to the permanent reinvestment assertion in China". The non-GAAP column uses a normalized 19% rate, or $98.3 million.

1. Datacenter & Communications: 82% of revenue, on a changed perimeter

Table 5 of the release (0001193125-26-447200), with segment profit from the 10-Q (0000820318-26-000023), $ million:

(Ours: the segment was 82.3% of revenue; up 20.8% on the quarter and 79.1% on the year. Its profit was 26.1% of its revenue, against 24.7% a year earlier.)

Two filed details sit behind that table. The first is in Note 18: "effective July 1, 2026, we moved certain business units across reportable segments. Prior period segment information has not been recast, as the changes to our segment composition did not have a material impact". The goodwill note puts $141 million of goodwill on that move, from Industrial to Datacenter & Communications. The filings give no revenue figure for the units moved.

The second is on slide 7 of the presentation (Exhibit 99.2). The segment is "UP 21% QoQ | 79% YoY". Underneath, Datacenter "increased 17% QoQ; 85% YoY" and Communications "increased 34% QoQ; 84% YoY". (Ours: both parts are shown growing faster on the year than the segment they sum to.) The slide gives no dollar figure for either part and no note on the base, so we cannot reproduce it. The filings still do not split Datacenter from Communications in dollars.

The one sub-line with a figure is scale-across and data center interconnect: "Q1 revenue exceeded $200M, roughly quadrupling YoY". In Industrial, the 10-Q attributes the 15% fall in revenue primarily to the divestitures of aerospace and defense and of the Munich business. That is why the release's "56% Y/Y ON A PRO FORMA BASIS" differs from the reported 49.9%.

2. Cash: one quarter took 70% of last year's capex

Cash-flow statement of the 10-Q (0000820318-26-000023), with fiscal 2026 from the 10-K (0000820318-26-000020), $ million:

(Ours: operating cash less capex was −$868.2 million. The quarter's capex was 70.3% of all fiscal 2026 capex, and capex unpaid at the end of the quarter rose $155.9 million from June.)

The 10-Q's reason for the operating line: "primarily driven by a significant increase in inventory levels to support higher revenue growth, resulting in increased use of working capital." Accounts payable supplied $429.8 million and contract liabilities $269.3 million. Those contract liabilities are "payments received in advance of performance", and the balance rose to $333 million, $172 million current and $161 million non-current, from $48 million and $15 million in June. (Ours: $63 million in June.) The note does not say who paid.

Net property, plant and equipment reached $3,869.8 million, against $2,999.3 million at 30 June. (Ours: up $870.5 million, or 29.0%.)

3. The financing side: Note 8

Line 3 of the pre-print asked for operating cash and capex side by side. The 10-Q adds the third column, the debt table (0000820318-26-000023), $ million:

In June, July and August, two foreign subsidiaries signed unsecured facilities with local lenders for up to $475 million, in local currency, maturing in 2029, with $205 million outstanding. On 12 August another foreign subsidiary signed a facility of "approximately $950 million", half in local currency and half in dollars, maturing 36 months after first use on 17 August, with $598 million outstanding. Borrowings may fund "working capital and other permitted operating requirements of the borrower, including the repayment of existing intercompany working capital loans". For each, "Neither the Company, nor any other of its subsidiaries, is a party to, or a guarantor of" the facility. The 10-Q does not name the lenders or the country.

(Ours: $803 million drawn of about $1,425 million signed. Total debt rose $778.4 million in the quarter, and short-term investments fell $625.0 million.)

(Ours: cash and short-term investments were $1,752.9 million, against $1,987.0 million, and $2,247.7 million less than total debt, against $1,235.2 million.) The revolver had no borrowings outstanding. Interest expense was $46.3 million, against $41.1 million in the fourth quarter.

4. Inventory: up 29.5% in a quarter

Note 4 of the 10-Q (0000820318-26-000023), $ million:

(Ours: up $760.3 million, or 29.5%, against revenue up 15.9% on the quarter; work in progress is 60.2% of the total.) That total was the pre-print's check on line 5.

5. Commitments and customers: what the 10-Q did not restate

Lines 4 and 5 came from 10-K notes, and the 10-Q does not repeat them. It has no purchase-commitment total to set against the $11.8 billion at 30 June, and no percentage for the two customers at 20% and 12% of fiscal 2026 revenue. Those are annual disclosures here, unless a later filing adds them.

It does repeat the NVIDIA language: "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." The six-month lock-up on the 7,788,161 shares sold to NVIDIA on 2 March is in the equity note. (Ours: six months from 2 March ran out in early September.)

The slides carry the demand side, and only the slides do: "New LTAs strengthen multiyear visibility, including a PhotonLink™ agreement valued at ~$20B over five years; with revenue beginning to ramp in early CY2028", and "LTAs typically extend through the end of the decade". (Ours: about $4 billion a year if it ran evenly; the slide gives no phasing.) The slide names no counterparty. The word PhotonLink does not appear in the 10-Q, and Note 3 says Coherent does not disaggregate revenue by customer or contract. Near-term, the slides expect PhotonLink revenue above "$100M in the March 2027 quarter and $250M per quarter before CY27-end".

6. Indium phosphide: "output" became "output capacity"

August's slide (0001193125-26-346860): "On track to double internal InP output by year-end and more than double again by 2027". November's (0001193125-26-447200): "Internal InP output capacity doubled YoY one quarter early; on track to more than double again by CY27-end". The date arrived early, and the noun changed from output to output capacity. The 10-Q has no indium phosphide sentence.

7. The second-quarter guide

From the release (0001193125-26-447200), company guidance:

(Ours: the revenue range is 7.6% to 16.0% above the first quarter; the gross-margin band moved up 0.5 points at each end.)

The release adds four longer lines, all company expectations:

• "our first $3 billion revenue quarter by the end of fiscal 2027"
• fiscal 2027 pro forma revenue growth "to exceed 60%, more than double our fiscal 2026 pro forma growth rate"
• "first $4 billion revenue quarter in fiscal 2028"
• a first quarter "with non-GAAP gross margin above 45% before the end of calendar 2028"

None of the four is in the 10-Q. Nor does either filing give a capex figure for the year, the number the 4 November post asked for on line 4.

What to hold the next filing to

1. Note 8: how much of the roughly $1,425 million of local facilities is drawn, against $803 million.
2. Operating cash against capex, against −$92.7 million and $775.5 million.
3. Inventory against $3,341.4 million, and capex in accounts payable against $527.7 million.
4. Revenue against $2.55–2.75 billion, and the segment line against $1,951.7 million, now on the moved perimeter.
5. Whether any filing, not a slide, puts the ~$20 billion agreement in a table or a note.

The proxy (0001104659-26-114847) sets the annual meeting for 18 November.

Run it yourself

/filings/COHR lists the 8-K and the 10-Q, and /valuation/COHR lets you run your own valuation on filed numbers. Open the 10-Q and read Note 8 next to the cash-flow statement; it takes five minutes. The pre-print lines are in our 4 November post.

Then write down the lines you will hold Coherent to: $803 million drawn, $3,341.4 million of inventory, $2.55–2.75 billion for the second quarter. Our Thesis Monitor reads each new filing against what you wrote and tells you which of them moved. If you work inside an agent, the same filings are on the EvidInvest MCP server. It is free to start, credit packs from $10, and there is no subscription.

The release has the revenue. Note 8 has the lenders' side of the quarter.

Sources. Coherent Corp. Form 8-K of 4 November 2026, Exhibit 99.1 (Q1 FY2027 results and Q2 FY2027 outlook) and Exhibit 99.2 (slides): accession 0001193125-26-447200 (sec.gov). Form 10-Q for the quarter ended 30 September 2026, filed 4 November 2026: 0000820318-26-000023 (sec.gov). Form 10-K for the fiscal year ended 30 June 2026: 0000820318-26-000020 (sec.gov). Form 8-K of 12 August 2026, Exhibits 99.1 and 99.2: 0001193125-26-346860 (sec.gov). Proxy statement (DEF 14A) of 9 October 2026: 0001104659-26-114847. Pre-print values are those fact-checked in our post of 4 November. EDGAR was checked at 04:30 UTC on 5 November 2026. No analyst estimate, consensus figure, share price or call remark appears on this page; our arithmetic is labelled as ours. Research, not investment advice.