FormFactor (FORM) Q2 2026: 34% EPS Beat Fueled by AI Probe Demand
As seen on the 24/7 Wall St. homepage on July 29, 2026.
FormFactor crushed earnings with a 34% EPS beat as gross margins expanded 1,500 basis points, tripling profit over the past year while AI-driven demand for High Bandwidth Memory probes and Co-Packaged Optics systems drive record revenue. The company is guiding Q3 at $270 million plus or minus $10 million, signaling the momentum shows no signs of slowing despite new semiconductor tariffs creating headwinds across the sector.
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FormFactor reported Q2 2026 earnings per share of $0.82, well ahead of the $0.61 consensus estimate, marking a 34% beat. Revenue came in at roughly $258 million against expectations of about $240 million, a beat of nearly 8%. Gross margins expanded 1,500 basis points over the prior year, which the company credited with tripling profit over that same period.
The growth story is tightly linked to artificial intelligence infrastructure buildout. Demand for High Bandwidth Memory probes and Co-Packaged Optics systems — both critical testing tools as chipmakers push the limits of AI hardware — drove what the company described as record revenue. Looking back at the past eight quarters, EPS has accelerated sharply from $0.23 in Q1 2025 to $0.82 now, with FormFactor beating estimates in six of those eight periods.
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Management guided Q3 2026 revenue to $270 million, plus or minus $10 million, suggesting confidence that the AI-driven demand cycle has further to run. The company did flag that new semiconductor tariffs represent a headwind across the broader sector, a risk worth monitoring as the tariff situation evolves.
Mentioned: FORM