Vicor (VICR) Q2 2026: 58% EPS Beat Fueled by AI Power Demand
As seen on the 24/7 Wall St. homepage on July 21, 2026.
Vicor obliterated expectations with a 58% EPS beat as royalty revenue nearly tripled and backlog exploded 145% year-over-year to $380 million, cementing its stranglehold on power delivery for next-gen AI accelerators. The power chipmaker's first fab is approaching full capacity, spurring plans for a second facility dedicated to next-generation vertical power delivery chips.
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Vicor reported Q2 2026 earnings per share of $1.04, crushing the consensus estimate of $0.66 by 58%. Revenue came in at $143.4 million, edging past the $138.4 million estimate by about 3.6%. The quarter was powered by royalty revenue that nearly tripled and a backlog that surged 145% year-over-year to $380 million, signaling that demand for Vicor's power delivery solutions is accelerating well ahead of supply.
The backlog explosion reflects Vicor's deepening foothold in power delivery for next-generation AI accelerators, a market where its vertical power delivery chip architecture has become a closely watched differentiator. The company's first fabrication facility is now approaching full capacity, a constraint that is already shaping the next chapter: plans for a second fab dedicated specifically to next-generation vertical power delivery chips.
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Looking at the recent earnings history, Vicor's trajectory has been uneven — the company missed estimates in Q1 2025 with $0.14 reported against a $0.29 estimate — but the three most recent quarters, including $1.10 in Q4 2025 and $0.52 in Q1 2026, show a company that has found its footing. The Q2 2026 result of $1.04 is the second-highest reported EPS in the past eight quarters, and the widening gap between reported and estimated figures suggests Wall Street is still catching up to Vicor's AI-driven inflection.
Mentioned: VICR