Coherent Q1 FY2027 earnings review

Non-GAAP EPS of $2.09 beat consensus, and Q2 guidance sits above it.

Coherent · Q1 FY2027 · Published Nov 4, 2026 · By DeepCell AI · Sources

Coherent Q1 FY2027 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Coherent (COHR) Q1 FY2027 earnings review

Non-GAAP EPS of $2.09 beat consensus, and Q2 guidance sits above it

  1. 1.Revenues rose 49.9% to $2,370M, 3.1% above 24/7 Wall St.
  2. 2.Non-GAAP EPS rose 80.2%, $0.12 above 24/7 Wall St.
  3. 3.D&C revenues rose 79.1% to 82% of revenues
  4. 4.Non-GAAP operating margin rose 368 bps to 23.2%
  5. 5.Q2 non-GAAP EPS guidance midpoint of $2.38 sits above TheFly at $2.21
  6. 6.Shares were $208.56 after-hours on Nov 4, 6.9% above the close

Note: D&C is Datacenter and Communications. After-hours price is not a close.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; 24/7 Wall St.; TheFly via TipRanks; Yahoo Finance prices, Nov 3–4, 2026

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2 · Executive summary

Q1 non-GAAP EPS beat 24/7 Wall St. by 6.1%, and revenues beat too

Q1 FY2027 results vs. consensus (24/7 Wall St. and TradingView, Nov 4, 2026)

MetricActualConsensusVarianceResult
Non-GAAP EPS (24/7 Wall St.)$2.09$1.97+$0.12 / +6.1%Beat
Non-GAAP EPS (TradingView)$2.09$1.99+$0.10 / +5.0%Beat
Revenues (24/7 Wall St.)$2,370M$2,300M+$70M / +3.1%Beat
Revenues (TradingView)$2,370M$2,310M+$60M / +2.6%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

Coherent (COHR)Nov 3 closeNov 4 closeNov 4 after-hoursAfter-hours change
COHR ($)$207.49$195.09$208.56+6.9%

After-hours price at 4:42 PM ET Nov 4, not a close; change is vs. the Nov 4 close.

Note: Variance is actual less consensus.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; 24/7 Wall St.; TradingView; Yahoo Finance prices

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3 · Q1 results vs. consensus

Q2 non-GAAP EPS guidance midpoint sits 7.7% above TheFly consensus

Q2 FY2027 guidance midpoints vs. consensus (TheFly via TipRanks, Nov 4, 2026)

MetricGuidanceConsensusVariancevs. Street
Q2 non-GAAP EPS, midpoint$2.38$2.21+$0.17 / +7.7%Above
Q2 revenues, midpoint$2,650M$2,540M+$110M / +4.3%Above

Q2 FY2027 company guidance (non-GAAP except revenues)

MetricLowHighMidpoint
Revenues$2.55B$2.75B$2.65B
Gross margin40%42%41%
Operating expenses$430M$450M$440M
Diluted EPS$2.28$2.48$2.38

Note: Midpoint is the average of the low and high ends.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; TheFly via TipRanks, Nov 4, 2026

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4 · Guidance vs. consensus

5 · Q1 key financials

D&C revenues rose 79.1%, while Industrial fell 14.8%

Revenues by segment

$M, Q1 FY2026 vs. Q1 FY2027

SegmentQ1 FY2026Q1 FY2027YoY
Datacenter & Communications$1,090M$1,952M+79%
Industrial$491M$419M-15%
Total$1,581M$2,370M+50%
D&C revenues rose 21% from Q4“As AI datacenters transition from copper to optical connectivity, Coherent’s broad photonics platform and manufacturing scale position us to help customers.” Jim Anderson, CEO

Note: D&C is Datacenter and Communications; AI is artificial intelligence. Segments are as reported in Table 5 of the release.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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6 · Segment results

7 · Revenue bridge

Non-GAAP opex of $412M left $550M of operating income

Non-GAAP profit lines

$M, Q1 FY2027

$M · Non-GAAP gross margin: $962M$M · Non-GAAP opex: $412M$M · Non-GAAP op. income: $550M$M · Non-GAAP net earnings: $422MNon-GAAP grossmarginNon-GAAP opexNon-GAAP op.incomeNon-GAAP netearnings$0.0M$250.0M$500.0M$750.0M$1,000.0M$1,200.0M$962M$412M$550M$422M
R&D was 10.0% of revenues on a GAAP basis

Note: Non-GAAP opex is non-GAAP gross margin less non-GAAP operating income.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

8

8 · Non-GAAP profit lines

Non-GAAP net earnings of $422M add $73M of SBC to GAAP

GAAP to non-GAAP net earnings

$M, Q1 FY2027

$M · Reported: $385M$M · Stock pay: $73M$M · Intangibles: $70M$M · Other: $16M$M · Tax: -$121M$M · Non-GAAP: $422MReportedStock payIntangiblesOtherTaxNon-GAAP$0.0M$200.0M$400.0M$600.0M$385M$73M$70M$16M-$121M$422M
The tax effect removed $121M

Note: SBC is share-based compensation. Intangibles is acquired intangible amortization. Other items are derived as non-GAAP less GAAP net earnings and the named items.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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9 · Net earnings bridge

Non-GAAP gross margin rose 184 bps to 40.6%

Margins

% of revenues, Q1 FY2026 vs. Q1 FY2027

Non-GAAP gross margin · Q1 FY2026: 38.7%Non-GAAP gross margin · Q1 FY2027: 40.6%Non-GAAP operating margin · Q1 FY2026: 19.5%Non-GAAP operating margin · Q1 FY2027: 23.2%Q1 FY2026Q1 FY20270.0%10.0%20.0%30.0%40.0%50.0%38.7%40.6%19.5%23.2%

Non-GAAP gross marginNon-GAAP operating margin

Non-GAAP operating margin rose 368 bps

Note: Margins are non-GAAP gross margin and operating income over revenues.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

10

10 · Margin analysis

11 · Free cash flow

12 · Capex and funding

13 · Balance sheet and debt

Q2 guidance needs revenues 11.8% above Q1, with capex at $776M

Indicator
What to watch
Implication
Latest reading
AI datacenter demand
D&C revenues
Optical transceiver orders
D&C up 79%
Capacity build
Cash flow
Capex ahead of revenues
FCF -$868M
Inventories
Working capital
Stock built for the ramp
Up 29%
Gross margin
Q2 guidance
Pricing and costs
Guide 41%

Note: D&C is Datacenter and Communications; FCF is free cash flow; AI is artificial intelligence. These are analytical watch points, not company targets.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

15 · Appendix: GAAP results

Appendix: segment and sequential detail

ClaimEvidenceCalculation
D&C share of revenues69% to 82%Table 5
D&C revenues, Q4 FY2026$1,615MTable 5
Revenues vs. Q4 FY2026+15.9%Sequential
Pro forma revenue growth56%Company figure
Non-GAAP EPS, Q4 FY2026$1.74Table 1
R&D expenses$237M, up 52.7%Table 2

D&C is Datacenter and Communications. Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

16

16 · Appendix: Segment detail

17 · Appendix: Results vs. guidance

18 · Appendix: Cash and balance

Appendix: income statement detail

Income statement

$ millionQ1 FY2026Q1 FY2027
Revenues$1,581M$2,370M
Cost of goods sold$1,002M$1,443M
SG&A expenses$252M$305M
Operating income$259M$378M

GAAP to non-GAAP

$ millionQ1 FY2026Q1 FY2027
GAAP net earnings$226M$385M
SBC and amortization$45M / $70M$73M / $70M
Other items and tax($60M) / ($60M)$16M / ($121M)
Non-GAAP net earnings$221M$422M

Note: SBC is share-based compensation. Q1 FY2026 other items include a $115M gain on the sale of a business.Source: Coherent Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Coherent Form 8-K, Nov 4, 2026 (accepted 4:05 PM ET) — https://www.sec.gov/Archives/edgar/data/820318/000119312526447200/0001193125-26-447200-index.htm
  • Exhibit 99.1, first quarter fiscal 2027 results — https://www.sec.gov/Archives/edgar/data/820318/000119312526447200/d176836dex991.htm
  • Prior guidance: Form 8-K Ex. 99.1, Aug 12, 2026 — https://www.sec.gov/Archives/edgar/data/820318/000119312526346860/d128030dex991.htm
  • Consensus: 24/7 Wall St., EPS $1.97 and revenue $2.30B — https://247wallst.com/cards/coherent-q1-2027-earnings-cohr-01m6m6c8nses8fzp5jba8fverb
  • Consensus: TradingView, EPS $1.99 and revenue $2.31B — https://www.tradingview.com/news/tradingview:71a4d6045e823:0-cohr-q1-27-earnings-eps-estimate-is-1-99-usd/
  • Q2 FY2027 consensus: TheFly via TipRanks, EPS $2.21 and revenue $2.54B — https://www.tipranks.com/news/the-fly/coherent-sees-q2-eps-2-28-2-48-consensus-2-21-thefly-news
  • Share price: Yahoo Finance COHR, Nov 3 and Nov 4 closes; Nov 4 after-hours at 4:42 PM ET, not a close — https://finance.yahoo.com/quote/COHR/
  • Release timing: Form 8-K accepted by the SEC at 4:05 PM ET, Nov 4, 2026, after the US close; earnings call at 4:30 PM ET.
  • Coherent’s fiscal year ends June 30. Q1 FY2027 is the quarter ended September 30, 2026.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Coherent's Forms 8-K of November 4 and August 12, 2026 (Exhibit 99.1). Consensus estimates (24/7 Wall St., TradingView, TheFly) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are US GAAP for the quarters ended September 30, 2026 and September 30, 2025, in US dollars, unless labelled non-GAAP.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Non-GAAP gross margin, operating income, net earnings and EPS follow Coherent's own definitions and are reconciled in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Coherent Corp. Company names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 4, 2026, including after-hours trading.

Built with DeepCell / deepcell.net

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21 · Disclosures

Sources

Not investment advice; no rating or price target.

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