杰富瑞-美国通信科技：OFC峰会复盘-带宽需求需提升数个数量级-OFC Recap–Bandwidth Needs Scale Up by Order of Magnitude-20260319

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OFCRecap–BandwidthNeedsScaleUpbyOrderofMagnitude

ThemassiveexpansioninbandwidthfueledbyAIisdrivingbothcapacityexpansionaswellasinnovationsinbandwidthdensity.RoadmapssuggestanorderofmagnitudeincreaseinopticalbandwidthtosupportScaleUpnetworking.

Thekeyfocusacrosstheentireconferencewastheneedformorebandwidth.ScaleUpnetworkingrequiresanorderofmagnitudemorebandwidthvs.ScaleOutandthatisdrivingaparadigmshiftacrosstheindustry.Pluggablesarerampingrapidlywithsomecommentarysuggestinghighspeedtransceiverunitsof140-160Mnextyear(vs.ourmodeljustunder100M,CWgrowingvs.EMLandAVGOtakingmoreshareat1.6TDSPs).ANETevensuggestedthetotalbandwidthdemandwillrisefrom100M1.6Tunitsequivalentin2026to1Bunitsequivalentin2028.LITEandCOHRarebothbuildingsignificantcapacityaheadtobuildtowardsthatdemandasNVDApushestheroadmapforward.NVDA’scontrolovertheirecosystemwasoncleardisplayasonlytheyseemtohavetheabilitytopushScaleOutCPOasapipecleanerforScaleUp,whiletherestoftheindustrylooksmorelikelytoadoptNPOwithMSAsinthemediumtermtohelpwithsupplychainplanningandreliability.ThepluggableroadmapwillextendevenfurtherwithXPOcreatingaroadmapto12.8Tpluggables(extendingtheroadmapwellintothe2030s).WhilethemarkethasactedlatelyasifOptical/Copperareazero-sumgame,themassivegrowthinbandwidthshouldactasadriverofactivecopperintheScaleOutnetwork.

RoadmapsBifurcatedbyNVDAvs.EveryoneElse:AkeythemeacrossmanysolutionspresentedatOFCwasthesettingsofMSAsandthedesirefortheecosystemtoadoptnewsolutions.ThisthemedroveboththeOCI/CPXstandardstohelpstandardizeNPO/CPOadoptionaswellasXPOtohelpdensifythetransceiverformfactor.However,whileallthegeneralmerchantoptionsrequirecustomeradoption,NVDAisabletoleveragetheirtotalsolutionofferingtodrivesolutionsthatcustomersmaynotfeelreadytoadoptwithintheirownroadmaps.ThefirstexampleofthisisScaleOutCPO,whereNVDAispushingadoptiontohelppipecleanaheadoftheScaleUpCPOramp(thereremainslittlebusinessrationaleforhyperscalerstodeployScaleOutCPO).ThishelpspushNVDAsolutionsintothemarketfaster,likelyagenerationortwoaheadoftherestoftheindustry.NVDAwillberampingCPOastherestofthebusinessrampsNPO.

ScaleUpOpticalDrivingMassiveBandwidthNeedsintheMediumTerm:TheexpansionoftheScaleUpdomainhelpsdriveefficiencyimprovements,especiallyforinference.TheScaleUpdomainremainsconstrainedat72GPUstoday,andwhiletheKyberrackwilldrivethatto144,thereisalimittohowfaryoucanextendcopper.NVDAisexpandingtheScaleUpdomainto576GPUsforNVL72OberonRacksand1152GPUsforKyberracks(picturesofeachbelow)usingoptical.TheScaleUpnetworkrequiresanorderofmagnitudehigherbandwidthvs.theScaleOutnetwork,drivingsignificantdemandforIndiumPhosphidecapacitytosupporttheramp.ANETnotedthatdemandfortheindustryisgrowingfrom100M1.6Tportequivalentofbandwidththisyearupto1Bin2028–a10Xincrease.

KEYSTOCKSFEATUREDINCLUDE:

TICKERRATINGPRICETARGET

COHRBUY$350.00

LITE

BUY

$900.00

KEYCHANGESINCLUDE:

TICKERRATINGPRICETARGET

COHRBUY个$350.00($325.00)

LITE

BUY

个$900.00($800.00)

Figure1-NVDANVL576ScaleUpSystem

Source:NVDA

Figure2-NVDAKyberNVL1152

Source:NVDA

BlayneCurtis*|EquityAnalyst

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(917)

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Giventheorderofmagnitudeofgrowth,theindustrywillneedtorampmassiveamountsofcapacityoverthenexttwoyears.Withinthiscontext,LITEannouncedanacquisitionofafabthathascapacitytorunrate$5BinrevenueandCOHRisplanningtodoubleInPcapacitythisyearandagainnextyear.Whiletheserampsareinherentlymassive,the$5BofrevenueforLITEfromthenewfabwouldsupplyscaleupbandwidthforapproximately2-2.5MFeynmanGPUsassumingevenlysplitsharewithCOHR.

ThisisalittlemisleadingasyoudohavetomakeanassumptionofwhatpercentageofGPUswillbeinthelargerclusterformat.Earlyindicationssuggestmaybe20%.WearealsonotsureallofthebandwidthperGPUwillbesupportedfromracktorackastheGB200examplesuggestsonlyafraction(1/2or1/4)issupported.Wewouldexpectthebandwidthtodoubleagainin2yearsandthatadoptionpercentagetoincreaseaswell.It'sreallynotaquestionofwhetherthecapacitywillbeneededjustthetiming,buttheriskremainsthatgiventhesizeoftheramp,anypushoutsinadoptioncouldleadtosignificantoversupplyofInPintheindustry.

Figure3-ScaleUpLaserTAM

ScaleUpLaserTAM

NVDAVF200

TotalBandwidthperGPU(Gbps)

LaneSpeed(Gbps)

115,200

200

TotalLanes

576

ELSModuleASP

$500

Lanes/Chip

4

Chips/Module

8

TotalLanes

32

ELS$perLane

16

Laseras%ofELSASP

Laser$Per200G

50%

$8

Laser$PerVF200

$4,500

AcquiredFabRevenue($M)

$5,000

Share

50%

NVDAScaleUpLaserTotalOpportunity

$10,000

VF200EquivalentUnits(k)

2,222

Source:CompanyReports,JefferiesResearch

PortCountsPushingEvenHigher–AVGOShareGainsin1.6TDSPs:Demandcontinuestopushhigher,withsomeisolatedcommentarysuggestingtransceiverunitsforCY27couldreachashighas60M1.6Tunitsand80-100M800Gunits.Thisisnearlydoublewherewearemodelingat37M/59M.BookingshavealreadypushedintotheendofCY27,helpingprovidesignificantvisibilityintonextyear.Withinthatframework,currentordersthroughCY27pointtomaterialsharegainsforAVGOwithinDSPsandanincreasingpushtowardsCW/SiPhosolutions.WebelieveAVGOhasmajoritysharein1.6TasMRVLmissedtheinitialqualifications.WealsoseesomesharelosstoNVDAandCRDO.

Supply/DemandCurveHardtoPinDown–TightnessMostlyRelatedtoScaleUpRamp:Significantconjecturearoundthelevelofundersupplycurrentlyintheopticalmarket.Whilesomesuggestedundersupplynorthof20%,othersfairlynotedthatthereisamaterialamountofdouble/tripleorderingandthatdemandisartificiallyinflated.Atthemoment,bothCOHRandLITEdonotbelievetransceiversareabottlenecktoGPUdeploymentswhichsuggestssupply/demandmayberelativelycloserthanwethink,buttheexpectationisopticscouldbecomethebottleneckin2027asScaleUpopticalhitsthemarket.

ScaleOutPluggableRoadmapExtendedwithXPO–Don’tExpectMassCPOAdoptioninScaleOut:TheroadmapforCPOremainedakeyfocuswithCPOstartingtorolloutinsmallvolumesfrom

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NVDAthisyearforScaleOutnetworkingandScaleUprack-racknetworkingstartingnextyear.ThegeneralconsensusremainsthatCPOwillnotbethepreferredformfactorforScaleOutasbandwidthneedsandlatencyrequirementsaresignificantlyovershadowedbythedesiretoremainonapluggable,interoperableformfactor.Althoughthiswasoriginallybelievedtobereachingthetheoreticallimitat6.4T,theadoptionofthehigherdensityXPOformfactorcreatesaroadmapforpluggablestheoreticallyasfaras25.6T(assuggestedbyCOHR).WhileCPOforScaleOutisbeingrolledoutthisyearbyNVDA,thisisseenasmoreofashorttermpipecleanertoprepareforScaleUpratherthanarealshiftintheScaleOutmarket.

CopperLivesOn–ShareforActiveCopperContinuingtoRise:WhiletheopticalTAMismassivelyincreasing,thislargelydoesnotcomeattheexpenseofactivecopper.ThegrowthisprimarilydrivenbytheadditionofScaleUpoptical,anentirelyincrementalTAMtotoday.However,withintheScaleOutnetwork,increasingSerDesspeeds/1.6TadoptiondodrivetheconversionofDACstoAECsandtightnessinopticsdriveAECconversionfromopticsforshortreach,leavingplentyofroomforgrowth.

ScaleAcrossRampingAsNetworksSpanAcrossCampuses/Geographies–DrivingOCSandDCIProducts:ThemessagingwasclearacrosstheboardthatScaleAcrossisseeingasignificantramp.ThisisdrivinglargegrowthopportunitiesforbothCOHR/LITEacrossmultipleproducts.ThisispushingupdemandforChargePumps,NarrowLinewidthLasers,andevenOCS.CommentaryonusecasesforOCSinScaleAcrosspushedhigherastheabilitytoconfiguremassiveclusterstothesizeoftheusecasecanhelpdrivesignificantefficiencyandOCScanhelpavoidaddinganunnecessarylayerofpacketswitchingtoconnectlargerclusters.

LITELTFinancialModelPointsTo$13BRevenueOpportunity/$50+CY28EPS:Overthenext9-12months,revenueisexpectedtoreach$1.25Bquarterlyrevenuerun-ratewithGMranging45-48%andOMranging33-37%(inlinewithourpriorestimateof~$1.3B).Theprimaryraisewasoverthemid-term(another9-12months),whereLITEexpects$2.0BofquarterlyrevenuewithGM49-52%andOM38-42%(wemodel$1.65B/38%OM).Inaddition,theteamofferedatotalOpticalTAMforecastof$90BinF2030,upfrom$18BinF2025.Thetotalopportunitysetbybandwidthforscale-upvs.scale-outis55%/45%thoughrevenueopportunitycloserto65%/35%givennoDSP,LITEshouldhavesameorbettervalue.Notably,totalrevenueestimatesdonotincludecontributionfromtherecentlyannouncedmulti-billiondollarpartnershipwithNVDA.InconnectionwiththeNVDAagreement,LITEannouncedtheyhaveacquiredafabfromQRVOinGreensboro,NC,whichisexpectedtogenerate$5BofannualrevenuecapacitywithUHPproductionrampingbyearly2028–reachinga$13Brevenuerunratewhenaddedtothe$2Bquarterlybasebusinessrunrate.Allin,thissuggestsEPStargetsapproaching$30inCY27andnorthof$50inCY28/29.Withintheevent,LITEannouncedanewmulti-year,multi-billiondollarOCSagreementwith$400M+oforderbacklogtobefulfilledin2HC26.Theport-to-XPUratioforscale-upOCSshouldshiftfrom1.5:1todaytoarangeof2:1upto10:1withthepossibilityofOCSalsobeingusedforspinelayerswitchingand"Super-Spine"layerswitchingforscale-outorscale-across.

COHRSeeingAllTheSameTailwinds–6”Ramping:Highlighted$50B+ofexistingTAMand$20B+ofnewgrowthenginesacrossOCS(rampingnow),CPO/NPO(2H26),Multi-rail(1H27),andThermalSolutions(2H27)withallnewproductsexpectedtobeGMtailwinds.NotedtheNVDApartnershipfocusesonScaleOut/UpCPOandrepresentsentirelyincrementalbusinessbeyondtheexistingrelationship.CPOSAMestimatedat$15B+by2030.Raising2030OCSSAMto$4B,from$2B,drivenbybroaderusecasesandfastercustomeradoption,with64x64and320x320currentlyshippingtomultiplecustomersand512x512systemindevelopment.ThermalmanagementSAMguidedto$2Bby2030,withrevenueexpectedin2H27usingproprietaryThermaditematerialsthatoffer2xbetterheattransfertoreducexPUjunctiontemperaturesby5-10degrees,helpingDCsrunchipshotterandproducemoretokens.CurrentlyhavefourseparateInPwaferfabs,withShermanbeingthefirstfabintheworldwith6inproductionandplentyofroomtorampmoreproductionlines.ExpectingtodoubleInPcapacitybyendofC26andasubsequentdoublinginC27.Delivered400mVCSELdevicesper

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yearforDC/sensingapplicationsandoneofthefirsttoachieve200Gcapability.Alsodevelopedfirst4x25GPDfor100Gtransceivers.DCItransceiverTAMforscaleacrossguidedto$6Bby2030withnanoITLAtunablelasersrampingtoproductionandmulti-railtransportsystemaddingrevenuein1H27.Demonstratedindustryfirst4x400GInPalongwithnewXPOformfactorwhichscalesto64lanesof200Gsupporting12.8TB/s.AlsoshowingSiPhosocketedCPO,at6.4TaspartofOpenCPXMSAannouncedlastweek.

RaisingEstimatesandPriceTargetsforCOHR/LITE:WeraiseourCOHR/LITEestimatesfurther.Anorder-of-magnitudeincreaseinScaleUpopticalbandwidthdemand(vsScaleOut),acceleratingpluggableroadmaps,andNVDA-drivenecosystemshiftsmateriallyexpandtherevenueandearningsopportunity.WithbothcompaniesaggressivelyrampingInP/OCScapacity,weincreaseourPTtoreflecthigherconfidenceinsustainedgrowthandmarginupside.

•COHR:RaisingPTto$350(31x2028EPSof$11.40vs.prior$325).RaisingC27/28revenueestimatesto$10.43B/$11.90Bfrom$9.98B/$11.35B(vs.St.$9.51B/$10.21B)andEPSto$9.41/$11.40from$8.69/$10.52(vs.St.$8.14/$9.49).

•LITE:RaisingPTto$900(33x2028EPSof$27.30,vs.prior$800).RaisingC27/28revenueestimatesto$6.14B/$7.58Bfrom$5.97B/$7.29B(vs.St.$5.37BinC27)andEPSto$21.04/$27.30from$19.66/$24.90(vs.St.$16.69inC27).

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Figure4-COHRIncomeStatement

Coherent

PeriodEnding

$inMillion

9-25

3Q

12-25

4Q

3-26

1QE

6-26

2QE

9-26

3QE

12-26

4QE

3-27

1QE

6-27

2QE

9-27

3QE

12-27

4QE

2025

CY

2026

CYE

2027

CYE

2028

CYE

2025

FY

2026

FYE

2027

FYE

IncomeStatement

Revenues

$1,581.4$1,685.6$1,773.6

$1,922.2

$2,102.3

$2,294.7

$2,450.3

$2,563.3

$2,658.2

$2,757.4

$6,294.3

$8,092.8

$10,429.2

$11,901.3

$5,810.1

$6,962.8

$9,410.6

QoQ

3.4%6.6%5.2%

8.4%

9.4%

9.2%

6.8%

4.6%

3.7%

3.7%

YoY

17.3%17.5%18.4%

25.7%

32.9%

36.1%

38.1%

33.4%

26.4%

20.2%

18.6%

28.6%

28.9%

14.1%

23.4%

19.8%

35.2%

CostofGoods

968.81,028.51,073.0

1,157.2

1,261.4

1,372.2

1,460.3

1,522.6

1,573.7

1,626.8

3,865.7

4,863.8

6,183.5

6,998.0

3,607.9

4,227.5

5,616.6

GrossProfit

$612.6$657.1$700.6

$765.0

$840.9

$922.5

$989.9

$1,040.7

$1,084.6

$1,130.5

$2,428.6

$3,229.0

$4,245.7

$4,903.3

$2,202.2

$2,735.3

$3,794.0

R&D

147.9158.8170.0

179.0

191.5

203.5

215.5

225.5

231.5

239.5

597.6

744.1

912.1

971.4

554.2

655.7

836.1

SG&A

155.8162.4163.0

170.0

181.9

186.9

191.9

196.9

199.9

202.9

631.7

701.8

791.6

839.1

611.0

651.2

757.6

TotalOperatingExpense

$303.7$321.2$333.0

$349.0

$373.4

$390.4

$407.4

$422.4

$431.4

$442.4

$1,229.3

$1,445.9

$1,703.7

$1,810.5

$1,165.2

$1,306.9

$1,593.7

OperatingIncome

$308.9$335.9$367.6

$416.0

$467.5

$532.0

$582.5

$618.3

$653.1

$688.1

$1,199.3

$1,783.2

$2,542.0

$3,092.8

$1,037.0

$1,428.4

$2,200.3

InterestIncome(Exp),net

(37.6)(33.3)(33.6)

(33.2)

(32.9)

(31.9)

(34.0)

(34.0)

(34.0)

(34.0)

(148.5)

(131.6)

(136.0)

(136.0)

(167.1)

(137.7)

(132.8)

Interestexpense

(58.7)(45.9)(44.0)

(44.0)

(44.0)

(44.0)

(44.0)

(44.0)

(44.0)

(44.0)

(216.9)

(176.0)

(176.0)

(176.0)

(243.2)

(192.6)

(176.0)

Otherincome(expense),net

21.112.610.4

10.8

11.1

12.1

10.0

10.0

10.0

10.0

68.4

44.4

40.0

40.0

76.1

54.9

43.2

ProfitBeforeTaxes

$271.3$302.6$334.0

$382.8

$434.6

$500.2

$548.5

$584.3

$619.1

$654.1

$1,050.8

$1,651.5

$2,406.0

$2,956.8

$869.9

$1,290.7

$2,067.5

Taxes

51.657.663.5

72.7

82.6

95.0

104.2

111.0

117.6

124.3

220.5

313.8

457.1

561.8

184.0

245.4

392.8

NetIncome(Loss)

$219.7$245.0$270.5

$310.1

$352.0

$405.2

$444.3

$473.3

$501.5

$529.8

$830.3

$1,337.7

$1,948.8

$2,395.0

$685.9

$1,045.3

$1,674.7

NetLoss(Income)AttributableToNCI

(1.2)(2.9)

(8.2)

(6.9)

(4.1)

NetIncometoCOHR-ProForma

$220.9$247.9$270.5

$310.1

$352.0

$405.2

$444.3

$473.3

$501.5

$529.8

$838.5

$1,337.7

$1,948.8

$2,395.0

$692.8

$1,049.4

$1,674.7

DividendsonPreferredStock

65.8

129.9

NetIncometoCommon-ProForma

$220.9$247.9$270.5

$310.1

$352.0

$405.2

$444.3

$473.3

$501.5

$529.8

$772.7

$1,337.7

$1,948.8

$2,395.0

$562.9

$1,049.4

$1,674.7

EPS-ProForma(ex-ESO)

$1.16$1.29$1.38

$1.57

$1.76

$2.01

$2.18

$2.30

$2.41

$2.52

$4.35

$6.71

$9.41

$11.40

$3.54

$5.39

$8.24

EPS-ProForma(incl-ESO)

$0.92$1.05$1.15

$1.34

$1.53

$1.78

$1.95

$2.07

$2.18

$2.29

$3.37

$5.79

$8.48

$10.48

$2.52

$4.47

$7.32

EPS-GAAP

$1.19$0.76$0.90

$1.09

$1.29

$1.54

$1.72

$1.84

$1.96

$2.07

$1.28

$4.83

$7.59

$9.56

($1.23)

$3.94

$6.39

FullyDilutedShares

190.7192.8196.0

198.0

200.0

202.0

204.0

206.0

208.0

210.0

177.5

199.3

207.1

210.1

159.2

194.7

203.2

PercentofSales

GrossMargin

38.7%39.0%39.5%

39.8%

40.0%

40.2%

40.4%

40.6%

40.8%

41.0%

38.6%

39.9%

40.7%

41.2%

37.9%

39.3%

40.3%

R&D

9.4%9.4%9.6%

9.3%

9.1%

8.9%

8.8%

8.8%

8.7%

8.7%

9.5%

9.2%

8.7%

8.2%

9.5%

9.4%

8.9%

SG&A

9.9%9.6%9.2%

8.8%

8.7%

8.1%

7.8%

7.7%

7.5%

7.4%

10.0%

8.7%

7.6%

7.1%

10.5%

9.4%

8.1%

OperatingMargin

19.5%19.9%20.7%

21.6%

22.2%

23.2%

23.8%

24.1%

24.6%

25.0%

19.1%

22.0%

24.4%

26.0%

17.8%

20.5%

23.4%

Pre-TaxMargin

17.2%18.0%18.8%

19.9%

20.7%

21.8%

22.4%

22.8%

23.3%

23.7%

16.7%

20.4%

23.1%

24.8%

15.0%

18.5%

22.0%

TaxRate

19.0%19.0%19.0%

19.0%

19.0%

19.0%

19.0%

19.0%

19.0%

19.0%

21.0%

19.0%

19.0%

19.0%

21.2%

19.0%

19.0%

NetIncome

13.9%14.5%15.3%

16.1%

16.7%

17.7%

18.1%

18.5%

18.9%

19.2%

13.2%

16.5%

18.7%

20.1%

11.8%

15.0%

17.8%

SequentialChange

R&D

(1.2%)7.4%7.1%

5.3%

7.0%

6.3%

5.9%

4.6%

2.7%

3.5%

19.7%

24.5%

22.6%

6.5%

25.6%

18.3%

27.5%

SG&A

(0.9%)4.2%0.4%

4.3%

7.0%

2.7%

2.7%

2.6%

1.5%

1.5%

9.2%

11.1%

12.8%

6.0%

12.0%

6.6%

16.3%

ReconciliationofProFormatoGAAP

Share-basedcompensation

($44.7)($44.6)($45.1)

($45.6)

($46.1)

($46.6)

($47.1)

($47.6)

($48.1)

($48.6)

($173.8)

($183.4)

($191.4)

($193.4)

($161.0)

($180.0)

($187.4)

Amortizationofacquiredintangibles

(69.5)(70.5)(70.3)

(70.0)

(69.8)

(69.5)

(69.3)

(69.0)

(68.8)

(68.5)

(299.2)

(279.5)

(275.5)

(274.5)

(302.8)

(280.3)

(277.5)

Foreigncurrencyexchange(gains)losse

0.82.42.4

2.4

2.4

2.4

2.4

2.4

2.4

2.4

(50.5)

9.6

9.6

(28.4)

8.0

9.6

Restructuringcharges(recoveries)

(19.3)(3.6)(3.6)

(3.6)

(3.6)

(3.6)

(3.6)

(3.6)

(3.6)

(3.6)

(150.6)

(14.4)

(14.4)

(14.4)

(160.1)

(30.1)

(14.4)

Integration,siteconsolidationandother

(22.2)(21.4)

(63.8)

(38.1)

(43.6)

Impairmentofinvestment

(9.1)(11.0)

(105.1)

(85.0)

(20.1)

Gainonsaleofbusiness

115.2

115.2

115.2

Gainoninvestment

6.714.8

21.5

21.5

Transactionfeesandfinancing

(12.4)(0.8)

(13.2)

(13.2)

Non-controllinginterestimpactofnon-GAAPitems

12.3

12.3

Taximpactofnon-GAAPmeasures

23.3

23.4

23.4

23.5

23.5

23.6

23.6

23.7

66.4

93.5

94.3

96.5

114.0

46.7

93.9

Taxwindfallfromshare-basedcompensa

5.5

20.4

TaximpactofvaluationallowancefordeOther

59.933.4

89.9

(14.6)

93.3

NetIncome-GAAP

$226.3$146.6$177.3

$216.6

$258.4

$311.3

$350.2

$379.0

$407.1

$435.2

$227.4

$963.6

$1,571.5

$2,009.2

($80.3)

$766.8

$1,298.9

GAAPShares

190.7192.8196.0

198.0

200.0

202.0

204.0

206.0

208.0

210.0

177.5

199.3

207.1

210.1

159.2

194.7

203.2

EPS-GAAP

$1.19$0.76$0.90

$1.09

$1.29

$1.54

$1.72

$1.84

$1.96

$2.07

$1.28

$4.83

$7.59

$9.56

($0.50)

$3.94

$6.39

Source:CompanyReports,JefferiesResearch

Pleaseseeimportantdisclosureinformationonpages15-22ofthisreport.6

Jefferies

CommunicationsTechnology

EquityResearchMarch19,2026

$909.2 8.9 964.11,437.6 55.8551.6

$3,927.2

$1,877.54,471.13,204.7 53.4 714.8662.2

$14,910.9

$188.31847.0258.7 41.6123.8335.6

$1,794.8

$3,498.6711.7165.2259.3

$6,429.7

$5,056.2372.0584.4(368.1)

$5,644.5

353.5

$5,998.0

$14,910.9

BalanceSheet

Assets

CashandcashequivalentsRestrictedcash,current

Accountsreceivable,net

Inventories

Prepaid&refundableincometaxesPrepaid&other

$905.1

35.5

1,161.8

1,907.4 44.1547.6

$4,601.4

$2,311.94,462.83,064.1 69.1 629.6351.8

$15,490.7

$106.46890.1243.1 43.0128.0312.0

$1,722.7

$3,245.2643.3151.6208.1

$5,970.9

$2,483.3

$7,821.2 355.31,407.0(412.7)

$9,170.8

349.0

$9,519.8

$15,490.7

$509.8 35.51,549.32,509.8 44.1547.6

$5,196.0

$2,748.14,462.83,064.1 69.1 629.6351.8

$16,521.5

$106.461,171.2 243.1 43.0 128.0312.0

$2,003.8

$2,945.2643.3151.6208.1

$5,952.0

$7,479.2 355.32,798.6(412.7)

$10,220.5

349.0

$10,569.5

$16,521.5

TotalCurrentAssets

PropertyandEquipment

Goodwill

Otherintangibleassets

Deferredincometaxes

Restrictedcash,non-currentOthernon-currentassets

TotalAssets

Liabilities

Currentportionoflong-termdebtAccountspayable

AccruedcompensationandbenefitOperatingleasecurrentliabilities

AccruedincometaxespayableAccruedLiabilities&other

TotalCurrentLiabilities

Long-termdebt

Deferredincometaxes

Operatingleaseliabilities

Othernon-currentliabilities

TotalLiabilities

SeriesBredeemableconvertiblepref

Shareholders'Equity

Commonstock

AccumulatedothercomprehensiveRetainedearnings

Treasurystock

TotalShareholder'sEquity

Noncontrollinginterests

TotalEquity

TotalLiabilities,Equity&PrefferedSt

Figure5-COHRBalanceSheet

Coherent

PeriodEnding

Sep-25

Dec-25

Mar-26

Jun-26

Sep-26

Dec-26

Mar-27

Jun-27

Sep-27

Dec-27

2025

2026

2027

2025

2026

2027

$inmillion

3Q

4Q

1QE

2QE

3QE

4QE

1QE

2QE

3QE

4QE

CY

CYE

CYE

FY

FYE

FYE

$852.8

22.5

1,027.2

1,632.6 44.8462.0

$4,042.0

$1,944.44,474.83,133.2 53.9 677.6373.0

$14,698.8

$48.38953.9210.4 41.4164.3317.6

$1,736.0

$3,259.4629.5156.7229.9

$6,011.4

$2,505.3

$5,118.7339.7777.2(405.5)

$5,830.2

351.9

$6,182.1

$14,698.8

$863.7

35.5

1,054.6

1,847.9 44.1547.6

$4,393.4

$2,117.04,462.83,064.1 69.1 629.6351.8

$15,087.7

$106.461,118.5 243.1 43.0 128.0312.0

$1,951.1

$3,245.4643.3151.6208.1

$6,199.4

$7,674.3355.3922.3(412.7)

$8,539.3

349.0

$8,888.3

$15,087.7

$830.335.5

1,072.0

1,768.8 44.1547.6

$4,298.2

$2,214.6

4,462.83,064.1 69.1 629.6351.8

$15,090.2

$106.46825.4243.1 43.0128.0312.0

$1,658.0

$3,245.3643.3151.6208.1

$5,906.3

$7,747.6355.3

1,144.7(412.7)

$8,834.9

349.0

$9,183.9

$15,090.2

$905.135.5

1,161.8

1,907.4 44.1547.6

$4,601.4

$2,311.9

4,462.83,064.1 69.1 629.6351.8

$15,490.7

$106.46890.1243.1 43.0128.0312.0

$1,722.7

$3,245.2643.3151.6208.1

$5,970.9

$7,821.2355.3

1,407.0(412.7)

$9,170.8

349.0

$9,519.8

$15,490.7

$714.7

$565.3

$498.3

$509.8

$571.4

$657.9

$863.7

$565.3

$657.9

35.5

35.5

35.5

35.5

35.5

35.5

35.5

35.5

35.5

1,270.6

1,386.9

1,480.9

1,549.3

1,606.6

1,666.5

1,054.6

1,386.9

1,666.5

2,079.2

2,261.9

2,407.2

2,509.8

2,594.0

2,681.6

1,847.9

2,261.9

2,681.6

44.1

44.1

44.1

44.1

44.1

44.1

44.1

44.1

44.1

547.6

547.6

547.6

547.6

547.6

547.6

547.6

547.6

547.6

$4,691.7

$4,841.3

$5,013.6

$5,196.0

$5,399.1

$5,633.2

$4,393.4

$4,841.3

$5,633.2

$2,530.2

$2,748.1

$2,748.1

$2,748.1

$2,748.1

$2,748.1

$2,117.0

$2,748.1

$2,748.1

4,462.8

4,462.8

4,462.8

4,462.8

4,462.8

4,462.8

4,462.8

4,462.8

4,462.8

3,064.1

3,064.1

3,064.1

3,064.1

3,064.1

3,064.1

3,064.1

3,064.1

3,064.1

69.1

69.1

69.1

69.1

69.1

69.1

69.1

69.1

69.1

629.6

629.6

629.6

629.6

629.6

629.6

629.6

629.6

629.6

351.8

351.8

351.8

351.8

351.8

351.8

351.8

351.8

351.8

$15,799.3

$16,166.8

$16,339.0

$16,521.5

$16,724.6

$16,958.7

$15,087.7

$16,166.8

$16,958.7

$106.46

$106.46

$106.46

$106.46

$106.46

$106.46

$106.46

$106.46

$106.46

970.3

1,055.6

1,123.3

1,171.2

1,210.5

1,251.4

1,118.5

1,055.6

1,251.4

243.1

243.1

243.1

243.1

243.1

243.1

243.1

243.1

243.1

43.0

43.0

43.0

43.0

43.0

43.0

43.0

43.0

43.0

128.0

128.0

128.0

128.0

128.0

128.0

128.0

128.0

128.0

312.0

312.0

312.0

312.0

312.0

312.0

312.0

312.0

312.0

$1,802.9

$1,888.2

$1,955.9

$2,003.8

$2,043.1

$2,084.0

$1,951.1

$1,888.2

$2,084.0

$3,095.2

$2,945.2

$2,945.2

$2,945.2

$2,945.2

$2,945.2

$3,245.4

$2,945.2

$2,945.2

643.3

643.3

643.3

643.3

643.3

643.3

643.3

643.3

643.3

151.6

151.6

151.6

151.6

151.6

151.6

151.6

151.6

151.6

208.1

208.1

208.1

208.1

208.1

208.1

208.1

208.1

208.1

$5,901.1

$5,836.3

$5,904.1

$5,952.0

$5,991.3

$6,032.2

$6,199.4

$5,836.3

$6,032.2

$7,895.1

$7,969.4

$7,723.7

$7,479.2

$7,236.0

$6,994.0

$7,674.3

$7,969.4

$6,994.0