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Sentiment · FY2026 Q4
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Samik Chatterjee | JPMorgan | 17 (0%) |
| Simon Leopold | Raymond James | 15 (20%) |
| Tom O'Malley | Barclays | 12 (8%) |
| Papa Sylla | Citigroup | 11 (0%) |
| Karl Ackerman | BNP Paribas | 11 (0%) |
| Michael Mani | Bank of America | 10 (0%) |
| George Notter | Wolfe Research | 8 (0%) |
| Meta Marshall | Morgan Stanley | 8 (0%) |
| Ruben Roy | Stifel | 7 (0%) |
| Chris Rolland | Susquehanna | 7 (29%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 17 (0%) |
| Raymond James | 1 | 15 (20%) |
| Bank of America | 2 | 13 (8%) |
| Barclays | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $1.35B | +28.0% | $-0.04 | +93.8% | 7.4% | 1.9% | $61M |
| FY2025 Q2 | $1.43B | +26.8% | $0.44 | +215.8% | 10.1% | 7.2% | $82M |
| FY2025 Q3 | $1.50B | +23.9% | $-0.11 | +62.1% | 9.7% |
| 12 (8%) |
| Citigroup | 1 | 11 (0%) |
| BNP Paribas | 1 | 11 (0%) |
| Jefferies | 2 | 10 (0%) |
| Morgan Stanley | 1 | 8 (0%) |
Coherent delivered record Q3 revenue of $1.8 billion, up 21% year-over-year and 7% sequentially, with non-GAAP earnings per diluted share of $1.41, up 55% from the year ago quarter. Non-GAAP gross margin expanded to 39.6%, up 105 basis points year-over-year on input cost reductions, 6-inch indium phosphide yield improvements and pricing optimization, while non-GAAP operating margin rose to 20.3% from 18.6%. Data center revenue grew 37% year-over-year and accounted for 75% of total revenue, and record bookings pushed backlog out into calendar 2028, supported by NVIDIA's $2 billion equity investment and a multiyear CPO supply agreement. Capital expenditures rose to $290 million from $112 million a year ago as the company accelerated internal capacity expansion, and management continues to expect fiscal 2027 growth to exceed fiscal 2026.
Demand | Revenue Growth | Competitive Dynamics | Supply Chain | Margin | Cloud & AI | Product Launch | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 3 | 4 | 3 | 4 | 2 | 3 | 2 |
| 2025Q2 | 6 | 4 | 5 | 3 | 2 | 2 | 2 | 4 |
| 2025Q3 | 4 | 4 | 3 | 3 | 4 | 3 | 2 | 1 |
| 2025Q4 | 6 | 6 | 3 | 3 | 1 | 5 | 1 | |
| 2026Q1 | 6 | 3 | 2 | 6 | 2 | 3 | 2 | 2 |
| 2026Q2 | 4 | 4 | 3 | 4 | 4 | 3 | 3 | 3 |
| 2026Q3 | 5 | 6 | 7 | 5 | 6 | 2 | 7 | 6 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 5 | 6 | 4 | 6 | 6 | 4 | 5 |
| Revenue Growth | 3 | 4 | 4 | 6 | 3 | 4 | 6 |
| Competitive Dynamics | 4 | 5 | 3 | 3 | 2 | 3 | 7 |
| Supply Chain | 3 | 3 | 3 | 3 | 6 | 4 | 5 |
| Margin | 4 | 2 | 4 | 1 | 2 | 4 | 6 |
| Cloud & AI | 2 | 2 | 3 | 5 | 3 | 3 | 2 |
| Product Launch | 3 | 2 | 2 | 2 | 3 | 7 | |
| Innovation & R&D | 2 | 4 | 1 | 1 | 2 | 3 | 6 |
| 1.0% |
| $51M |
| FY2025 Q4 | $1.53B | +16.4% | $-0.83 | -58.7% | 10.4% | -6.3% | $-1M |
| FY2026 Q1 | $1.58B | +17.3% | $1.19 | +3075.0% | 10.9% | 14.3% | $-58M |
| FY2026 Q2 | $1.69B | +17.5% | $0.76 | +72.7% | 11.8% | 8.7% | $-96M |
| FY2026 Q3 | $1.81B | +20.5% | $0.97 | +981.8% | 8.2% | 10.6% | $-383M |
| FY2026 Q4 | $2.05B | +33.7% | $1.19 | +243.4% | 12.4% | 11.8% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What COHR and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“now that the NVIDIA partnership is public, yes, they're -- clearly, they're probably our lead customer on CPO”
Coherent confirms NVIDIA is its lead customer for co-packaged optics, with other customers expected to follow.
“In March, we announced a strategic partnership with NVIDIA focused on multiple CPO-related products and solutions. This partnership includes both NVIDIA's $2 billion equity investment in Coherent and a multiyear supply agreement extending through the end of the decade.”
NVIDIA made a $2B equity investment in Coherent and signed a multiyear CPO supply agreement through the decade's end; strong read-through on NVIDIA securing co-packaged-optics laser supply for its AI systems.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
COHR Coherent, Inc. | 9 | +20.6% | |
| APH Amphenol | 9 | +58.4% | |
| FLEX Flex Ltd. | 9 | +16.9% | |
| FTV Fortive | 5 | -27.5% | |
| GLW Corning Inc. | 9 | +20.1% | |
| GRMN Garmin | 8 | +14.2% | |
| JBL Jabil | 9 | +23.1% | |
| KEYS Keysight Technologies | 9 | +23.3% | |
| SNDK Sandisk Corporation | 9 | +251.0% | |
| TDY Teledyne Technologies | 8 | +7.6% | |
| TEL TE Connectivity | 8 | +14.5% | |
| TRMB Trimble Inc. | 9 | +11.8% |