Coherent Corp — 2026Q3 财报

“Revenue for the fourth quarter of fiscal 2026 was $2.05 billion, with GAAP gross margin of 38.5% and GAAP net income of $1.19 per diluted share. On a non-GAAP basis, gross margin was 40.2% with net income per diluted share of $1.74.”

Two EPS figures describe the same quarter: $1.19 per diluted share on a GAAP basis and $1.74 non-GAAP, on revenue of $2.05 billion, with gross margin of 38.5% GAAP against 40.2% non-GAAP.

“announced financial results today for its fiscal fourth quarter and full year fiscal 2026 ended June 30, 2026.”

The period is Coherent's fiscal fourth quarter, ended June 30, 2026; the same release closed out the company's full fiscal 2026 year.

“Q4 REVENUE OF $2.05B, INCREASED 34% Y/Y AND 42% Y/Y ON A PRO FORMA BASIS”

Revenue grew 34% year over year as reported, and 42% on the pro forma basis the company presents alongside it.

“Strong operational execution across our business drove meaningful gross margin expansion and converted our top-line revenue growth into robust GAAP and non-GAAP EPS growth.”

The CFO, Sherri Luther, attributed the gross margin expansion to operational execution, and said that is what carried revenue growth through into earnings growth on both a GAAP and a non-GAAP basis.

“We enter fiscal 2027 with exceptional customer demand, expanding production capacity, and multiple new growth platforms beginning to ramp. As AI datacenter architectures increasingly transition from copper to optical connectivity, we believe Coherent’s broad photonic technology portfolio and manufacturing scale uniquely position us to deliver accelerating growth and capitalize on this multi-year opportunity.”

The CEO, Jim Anderson, framed the fiscal 2027 setup on customer demand, added production capacity and new platforms beginning to ramp, and tied the opportunity to AI datacenter architectures shifting from copper to optical connectivity.

“Revenue for the first quarter of fiscal 2027 is expected to be between $2.2 billion and $2.4 billion.”

The company guided first-quarter fiscal 2027 revenue to a range of $2.2 billion to $2.4 billion.

“EPS for the first quarter of fiscal 2027 is expected to be between $1.85 and $2.05 on a non-GAAP basis.”

Non-GAAP EPS guidance for the first quarter of fiscal 2027 is $1.85 to $2.05.

“Indium Phosphide capacity continues to be our primary constraint. that is why we are so focused on ramping that 6-inch production. That we are not constrained, for instance, if you look at transceivers, we are not constrained in the assembly and test capacity right now. We have that capacity available. We are really just constrained by the ramp of the Indium Phosphide production.”

Asked where the sharpest constraints on growth are, Anderson named indium phosphide capacity as the primary one and said transceiver assembly and test capacity is not the limit.

“we produced about 80 about 80% more Indium Phosphide lasers in our June quarter than we did the prior year. So 80% year over year growth. And those are the lasers that go specifically into our 800 gig transceivers and our 1.6T transceivers.”

Anderson put internal indium phosphide laser output up 80% year over year in the June quarter, and said those lasers feed the company's 800 gig and 1.6T transceivers.

“on track to double our internal Indium Phosphide output capacity year over year by the end of the current quarter, 1 quarter ahead of our original plan. This ramp contributed meaningfully to our data center revenue growth in Q4 and we expect it to remain an important growth driver in Q1. Looking further ahead, we remain on track to more than double our internal Indium Phosphide output capacity again by the end of calendar 27.”

The indium phosphide ramp is running ahead of schedule: Anderson said internal output capacity doubles year over year by the end of the current quarter, one quarter earlier than originally planned, and is on track to more than double again by the end of calendar 27.

“fiscal 27 is basically completely booked out We are booked really through the end of calendar 2027. And what we are seeing now is, you know, customers now looking into calendar 2028. Right? So those are those are purchase orders for specific products etcetera. So that is really good because that is very high quality near term demand visibility.”

Anderson described fiscal 27 as essentially booked out, with orders running through the end of calendar 2027 and customers now placing purchase orders into calendar 2028.

“Turning to our Industrial segment, revenue was roughly flat on a pro forma basis in both fiscal 26 and Q4. In Q4, semiconductor capital equipment and display capital equipment both grew sequentially and year over year offset by continued weakness across broader industrial markets.”

Outside the data center the picture is flatter: Anderson said industrial revenue was roughly flat on a pro forma basis in both fiscal 26 and Q4, with growth in semiconductor and display capital equipment offset by continued weakness across broader industrial markets.

“We increased gross margin 66 basis points sequentially and 250 basis points year over year. In fact, in 8 out of the past 9 quarters, we have increased our gross margin. So that is not just a trend. that is showing that we are actively driving gross margin improvement. And the accumulation of improvement was over 660 basis points of improvement. So clearly, an area that we are actively driving and focused on. Now the target, that we gave at our Investor Day of greater than 42%. And at the midpoint of our Q1 guide, which is at 40.5%, you know, that is you know, certainly, we are we are still early. We have a little bit of ways to go.”

Luther said gross margin increased 66 basis points sequentially and has risen in 8 of the past 9 quarters, over 660 basis points cumulatively; she placed the midpoint of first-quarter gross margin guidance at 40.5% against the greater-than-42% target given at the company's Investor Day, and said the company still has a little bit of ways to go.

“Our capital expenditures increased $556 million up from $290 million last quarter and 131 million in the year ago period. This acceleration directly supports future growth across our data center and communications business These strategic investments are expected to yield excellent financial returns For example, the investments we are making in the data center business have a roughly 18 month payback period.”

Capital expenditure stepped up steeply to pay for that capacity: Luther put it at $556 million in the quarter against $290 million in the prior quarter and 131 million a year earlier, and said the data center investments carry a roughly 18 month payback period.