Compute, memory and networkingCOHRFilings through August 14, 2026
Coherent capital spending
In the quarter ended June 30, 2026, Coherent spent $0.6 billion on capital equipment, 800% of its $0.1 billion of operating cash flow and up 323% from a year earlier. Free cash flow was −$0.5 billion, and long-term debt rose by $0.0 billion.
Next report: November 4, 2026, after the close. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through August 14, 2026
Coherent’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, Coherent capital spending, filings through August 14, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.
Coherent’s quarterly capital spending has been above the same quarter a year earlier for nine consecutive quarters, and Jun 2026 was the highest quarter in the 68-quarter record held here. Over the latest four quarters it generated $0.1 billion from operations and spent $1.1 billion, leaving −$1.0 billion of free cash flow against $0.2 billion over the four before.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 153 | 187 | 163 | 130 | 46 | 58 | (94) | 69 |
| Long-term debt issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term borrowing, net | 0 | 0 | (34) | (18) | (77) | (174) | (374) | (23) |
| Stock issued | 24 | 5 | (29) | 0 | 21 | 9 | 1,970 | (1) |
| Capital spending | 92 | 106 | 112 | 131 | 104 | 154 | 290 | 556 |
| Finance-lease principal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Long-term debt repaid | 118 | 132 | 136 | 51 | 1,651 | 9 | 102 | (38) |
| Share repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends | 0 | 0 | 0 | 11 | 11 | 0 | 0 | 0 |
| Free cash flow | 61 | 82 | 51 | (1) | (58) | (96) | (383) | (486) |
| Net long-term debt issued | (118) | (132) | (136) | (51) | (1,651) | (9) | (102) | 38 |
| Returned to shareholders | 0 | 0 | 0 | 11 | 11 | 0 | 0 | 0 |
| Outside funding needed | (61) | (81) | (51) | 13 | 70 | 96 | 384 | 487 |
| Change in cash | (7) | (114) | (43) | 7 | (80) | (24) | 697 | (457) |
| Interest expense | — | — | — | — | — | — | — | — |
| Stock-based compensation | 35 | 41 | 40 | 44 | 44 | 45 | 51 | 50 |
Millions of dollars, outflows positive as reported in the cash flow statement.
Capex including finance leases
Across the hyperscalers| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash capital spending | 92 | 106 | 112 | 131 | 104 | 154 | 290 | 556 |
| Equipment acquired under finance leases | — | — | — | — | — | — | — | — |
| Capital spending including finance leases | — | — | — | — | — | — | — | — |
| Finance-lease principal paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Finance-lease liability | — | — | — | 16 | — | — | — | 14 |
| Operating-lease liability | — | — | — | 207 | — | — | — | 316 |
Equipment acquired under finance leases is a non-cash addition disclosed in the filings; it is not in cash capital spending. Reported in 4 of 68 quarters on file, so the series shows only the quarters the company disclosed.
The balance sheet
The five hyperscalers combined| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,020 | 918 | 890 | 909 | 853 | 864 | 1,593 | 1,162 |
| Short-term investments | — | — | — | 0 | — | — | 825 | 825 |
| Cash and investments | 1,020 | 918 | 890 | 909 | 853 | 864 | 2,418 | 1,987 |
| Long-term debt | 3,919 | 3,833 | 3,727 | 3,499 | 3,259 | 3,245 | 3,185 | 3,214 |
| Current debt | 70 | 27 | 5 | 188 | 48 | 106 | 9 | 8 |
| Gross debt | 3,989 | 3,860 | 3,732 | 3,687 | 3,308 | 3,352 | 3,194 | 3,222 |
| Finance-lease liability | — | — | — | 16 | — | — | — | 14 |
| Net debt | 2,969 | 2,942 | 2,842 | 2,778 | 2,455 | 2,488 | 776 | 1,235 |
| Property and equipment, net, as reported | 1,875 | 1,890 | 1,936 | 1,878 | 1,944 | 2,117 | 2,420 | 2,999 |
| Accumulated depreciation | 1,563 | 1,595 | 1,668 | 1,615 | 1,665 | 1,713 | 1,744 | 1,783 |
| Construction in progress | — | — | — | — | — | — | — | — |
| Inventory | 1,386 | 1,345 | 1,392 | 1,438 | 1,633 | 1,848 | 2,127 | 2,581 |
| Inventory days | 142 days | 133 days | 131 days | 133 days | 149 days | 159 days | 172 days | 187 days |
| Total assets | 14,699 | 14,197 | 14,445 | 14,911 | 14,699 | 15,088 | 17,287 | 18,300 |
| Shareholders’ equity | 5,501 | 5,168 | 5,353 | 5,645 | 5,830 | 8,539 | 10,677 | 10,903 |
| Interest expense | — | — | — | — | — | — | — | — |
| Interest paid | 63 | 79 | 45 | 69 | 41 | 62 | 32 | 54 |
| Effective interest cost | — | — | — | — | — | — | — | — |
| Stock-based compensation | 35 | 41 | 40 | 44 | 44 | 45 | 51 | 50 |
| Shares outstanding, millions | 155 | 155 | 155 | 156 | 157 | 187 | 196 | 196 |
Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.
Where the revenue is
Across the companiesDatacenter & Communications segment: $1.4B of revenue in Mar 2026. Members read: StatementBusinessSegmentsAxis=DatacenterAndCommunicationsSegmentMember.
Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.
What the asset base is made of
Across the hyperscalers| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Machinery and equipment | 2,111 | 2,128 | 2,188 | 2,189 | 2,318 | 2,487 | 2,661 | 2,916 |
| Buildings | 794 | 784 | 802 | 882 | 919 | 936 | 957 | 1,031 |
| Land | 68 | 65 | 66 | 60 | 60 | 60 | 62 | 59 |
| Construction in progress | 441 | 483 | 523 | 363 | 314 | 348 | 484 | 777 |
| Classes combined | 3,414 | 3,460 | 3,580 | 3,493 | 3,610 | 3,830 | 4,164 | 4,782 |
| Property and equipment, gross, as reported | 3,439 | 3,485 | 3,605 | 3,493 | 3,610 | 3,830 | 4,164 | 4,782 |
| Accumulated depreciation | 1,563 | 1,595 | 1,668 | 1,615 | 1,665 | 1,713 | 1,744 | 1,783 |
| Share of the balance the classes explain | 99.3% | 99.3% | 99.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Gross cost before depreciation, by the classes the company reports. Classes read: Building and Building Improvements, Construction In Progress, Land and Land Improvements, Machinery and Equipment.
Largest customers
Share of revenue or receivables, as disclosed| Period | Customer | Benchmark | Share | Filing |
|---|---|---|---|---|
| Year to Jun 2026 | Major Customer One | Revenue | 20.0% | 10-K |
| Year to Jun 2026 | Major Customer Two | Revenue | 12.0% | 10-K |
Coherent does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 3 customer labels seen in filings since 2023.
Debt issued
The ledger across all companies| Priced | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|
| Sep 26, 2025 | Term loan | — | — | 1,080 | Low: one amount read from the filing text | 8-K |
| Jan 7, 2025 | Term loan (amendment) not counted | — | — | 2,232 | Low: one amount read from the filing text | 8-K |
| Apr 3, 2024 | Term loan (amendment) not counted | — | — | 2,436 | Low: one amount read from the filing text | 8-K |
In 2025 Coherent has priced $1.1B of notes and term loans in 2 filings, with $2.2B of facilities and obligations listed but not counted. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.
Demand behind the capex
All companies, side by side| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,348 | 1,435 | 1,498 | 1,529 | 1,581 | 1,686 | 1,806 | 2,046 |
| Deferred revenue, current | 56 | 52 | 69 | 63 | 59 | 58 | 59 | 48 |
| Deferred revenue | 69 | 65 | 80 | 72 | 64 | 65 | 70 | 63 |
Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 92 | 106 | 112 | 131 | 104 | 154 | 290 | 556 |
| Depreciation of property and equipment | 66 | 63 | 59 | 63 | 53 | 56 | 62 | 71 |
| Capex to depreciation | 1.4× | 1.7× | 1.9× | 2.1× | 2.0× | 2.8× | 4.6× | 7.9× |
| Amortization of intangibles | 72 | 72 | 87 | 72 | 69 | 71 | 70 | 70 |
| Depreciation and amortization, as reported | 138 | 134 | 147 | 135 | 122 | 126 | 133 | 140 |
| Property and equipment, net, as reported | 1,875 | 1,890 | 1,936 | 1,878 | 1,944 | 2,117 | 2,420 | 2,999 |
| Property and equipment, gross | — | — | — | 3,493 | — | 3,830 | 4,164 | 4,782 |
In Jun 2026 Coherent spent 7.9× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 68 of 70 quarters on file.
The statement
Download the source data| Millions of dollars | Sep 2024 Q1 FY2025 | Dec 2024 Q2 FY2025 | Mar 2025 Q3 FY2025 | Jun 2025 Q4 FY2025 | Sep 2025 Q1 FY2026 | Dec 2025 Q2 FY2026 | Mar 2026 Q3 FY2026 | Jun 2026 Q4 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,348 | 1,435 | 1,498 | 1,529 | 1,581 | 1,686 | 1,806 | 2,046 |
| Operating cash flow | 153 | 187 | 163 | 130 | 46 | 58 | (94) | 69 |
| Capital spending | 92 | 106 | 112 | 131 | 104 | 154 | 290 | 556 |
| Free cash flow | 61 | 82 | 51 | (1) | (58) | (96) | (383) | (486) |
| Depreciation and amortization | 138 | 134 | 147 | 135 | 122 | 126 | 133 | 140 |
| Long-term debt | 3,919 | 3,833 | 3,727 | 3,499 | 3,259 | 3,245 | 3,185 | 3,214 |
| First filed / release date | Nov 6, 2024 | Feb 5, 2025 | May 7, 2025 | Aug 15, 2025 | Nov 5, 2025 | Feb 4, 2026 | May 6, 2026 | Aug 14, 2026 |
Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.
Questions this page answers
- How much did Coherent spend on capital expenditures last quarter?
- Coherent spent $0.6 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 323% from the same quarter a year earlier. Over its latest four reported quarters it spent $1.1 billion.
- Did Coherent's capital spending exceed its operating cash flow?
- Yes. In the quarter ended June 30, 2026 Coherent spent 800% of its $0.1 billion of operating cash flow on capital equipment, leaving free cash flow of −$0.5 billion.
- What is Coherent's free cash flow?
- −$0.5 billion in the quarter ended June 30, 2026, and −$1.0 billion over the latest four reported quarters, against $0.2 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. Four of the last four quarters were negative.
- Is Coherent's capital spending still rising?
- Yes. Coherent's quarterly capital spending has been above the same quarter a year earlier for nine consecutive quarters, and Jun 2026 was the highest quarter in its 68-quarter record on this site. The latest four quarters' spending is 150% above the four before.
- Did Coherent borrow to fund its spending?
- Coherent's long-term debt rose by $0.0 billion over the quarter ended June 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
- Is this Coherent's AI spending?
- No. These are Coherent's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.