Ichor Holdings ICHR Q2 2026: EPS beats, revenue misses, Q3 guidance strong
As seen on the 24/7 Wall St. homepage on August 3, 2026.
Ichor sees Q3 revenue of $315 million to $345 million and non-GAAP EPS of $0.40 to $0.50, with management saying the growth it forecast for Q2 has already been booked in Q3. Gross margin widened to 13.9% from 11.3% a year ago, and customer demand visibility now runs into 2027, even as revenue landed just shy of expectations.
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Ichor Holdings reported Q2 2026 earnings per share of $0.34, topping the consensus estimate of roughly $0.31 by about 11%. Revenue came in at $294.8 million, just under the $300.2 million analysts had expected — a shortfall of less than 2%. The more notable story is on the margin side: gross margin expanded to 13.9% from 11.3% a year ago, a meaningful step up that signals improving operational leverage even as top-line growth fell slightly short.
Management's forward commentary was notably upbeat. The company guided Q3 2026 revenue of $315 million to $345 million and non-GAAP EPS of $0.40 to $0.50, and said the growth it had forecast for Q2 has already been booked in Q3 — suggesting the revenue miss was more about timing than underlying demand. Customer demand visibility now extends into 2027, which is an unusually long line of sight for a semiconductor equipment supplier.
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Looking at the recent EPS history, Ichor spent much of 2024 and 2025 delivering results that trailed estimates, including a sharp miss in Q1 2025 when it reported $0.12 against a $0.26 estimate. The last two quarters have reversed that trend, with beats in both Q1 and Q2 2026. Whether the strengthening Q3 guidance marks a durable recovery or reflects a pull-forward of demand is the key question investors will be watching.
Mentioned: ICHR