Coherent earned $805.0m and collected $79.5m — capital spending was $1.10bn
FY2026 10-K: net income multiplied sixteen times in a year while cash from operations fell 87%. Capital spending in the same year was fourteen times the cash the business produced, and the money came in from a share issue
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Published
Coherent Corp. Form 10-K (fiscal 2026, filed 2026-08-14, accession 0000820318-26-000020): consolidated statement of cash flows; the sources and uses of cash table in MD&A, Liquidity and Capital Resources; the subsequent events note (August 2026 Facility); consolidated balance sheet; the noncontrolling interests note (Silicon Carbide). Annual figures cross-checked against SEC XBRL Company Facts.
aiSwingX™ analyzes US filings and reports them as news investors can read.
In the cash flow statement of the annual report Coherent (COHR) filed on August 14 for fiscal 2026, one line runs the opposite way from the income statement. For the year ended June 30, net income was $805.0m; cash from operating activities was $79.5m. Additions to property, plant and equipment over the same twelve months came to $1,102.9m.
In plain terms
Coherent makes the parts that move data as light between servers in AI datacentres. Profit on paper multiplied sixteen times in a year, while the money that actually reached the bank account fell to one eighth of the prior year. The company wrote that the main reason was stock built ahead of orders. Spending on new plant in the same year was far larger than that bank balance, and the company sold new shares.
What happened
Coherent (COHR) makes optical components. Its main products are the transceivers that move data as light between servers in AI datacentres. It also makes industrial lasers and silicon carbide materials. Its fiscal year ends in late June.
In the annual report filed on August 14 for fiscal 2026, the income statement and the cash flow statement point in opposite directions.
FY2025
FY2026
Net income
$49.4m
$805.0m
Cash from operations
$633.6m
$79.5m
Capital spending
$440.8m
$1,102.9m
Revenue rose over the same year. The company gives the reason profit and cash parted company in the filing itself. The decrease was, in its words, "primarily driven by a significant increase in inventory levels to support higher revenue growth, resulting in increased use of working capital."
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
It can. Profit is recorded when goods change hands, but if the money has not arrived or stock was built ahead of orders, that cash is not in the account. Coherent wrote in the 10-K that a rise in inventory was the main reason.
Does this mean the company is in trouble?
The 10-K does not say so. Revenue rose, and cash and equivalents at June 30 were higher than a year earlier. This article reports the figures in the filing and does not draw a conclusion about financial condition. The amounts are tabled in the subscriber section.
Where did the money for the plant come from?
The sources and uses of cash table in the 10-K shows the issuance of common shares as the largest source that year, alongside borrowings and repayments. The line-by-line amounts are set out in the subscriber section.
What is the facility signed in August?
The subsequent events note records that on August 12, two days before the 10-K was filed, a foreign subsidiary entered an unsecured credit facility. The size, the pricing and the guarantee structure are covered in the subscriber section.
Where can I check this myself?
On SEC EDGAR, open Coherent Corp.'s fiscal 2026 Form 10-K (accession 0000820318-26-000020) and read the consolidated statement of cash flows, Liquidity and Capital Resources in MD&A, and the subsequent events note.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Coherent Corp. Form 10-K (fiscal 2026, filed 2026-08-14, accession 0000820318-26-000020): consolidated statement of cash flows; the sources and uses of cash table in MD&A, Liquidity and Capital Resources; the subsequent events note (August 2026 Facility); consolidated balance sheet; the noncontrolling interests note (Silicon Carbide). Annual figures cross-checked against SEC XBRL Company Facts. · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
