Cohu (COHU) Q2 2026 Earnings
How Did COHU Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +1.97%.
Did COHU Beat Earnings? Q2 2026 Results
Yes. Cohu reported Q2 2026 earnings of $0.26 a share on Jul 30, 2026, beating the $0.14 consensus estimate by 87.3%. Revenue was $149.0M against a $144.1M estimate.
Cohu delivered a standout second quarter for fiscal 2026, posting non-GAAP earnings of $0.26 per diluted share against a consensus estimate of $0.14, a beat of 87.32%, while revenue of $149.00 million topped expectations by 3.42% and surged 38.4% from the year-ago period. The primary engine behind the quarter was accelerating demand for AI and high-performance computing test solutions, with CEO Luis Müller pointing to strong adoption of the Eclipse test handler with T-Core active thermal control for high-power data center processors. Gross margin expanded to 45.5% on a non-GAAP basis, up from 44.4% a year ago, reflecting meaningful operating leverage as semiconductor test volumes ramped, while adjusted EBITDA reached $18.39 million, or 12.3% of net sales, compared to just $3.85 million in Q2 2025. Analysts had rated the stock a buy heading into the print, and the results appear to validate that outlook; Cohu raised its FY26 high-performance computing revenue estimate to $100.00 million to $110.00 million and guided Q3 2026 sales to approximately $170.00 million, signaling continued sequential momentum.
- 38% year-over-year revenue growth driven by broad-based improvement across end markets
- Test cell utilization improved sequentially to approximately 80% at end of June
- AI compute momentum accelerating with Eclipse test handler adoption for data center processors
- Non-GAAP operating margin expanded to 10.1% of net sales from 0.1% in Q2 2025
- Adjusted EBITDA margin improved to 12.3% from 3.6% year-over-year
“Second quarter results reflected broad-based improvement across our end markets, with revenue increasing 38% year-over-year and estimated test cell utilization improving to approximately 80% at the end of June.”
Cohu CEO, on the earnings call
What Is Cohu's Outlook?
Cohu expects Q3 2026 sales in a range of $170 million +/- $7 million. The company raised its annual AI-driven compute opportunity pipeline to approximately $850 million and increased its FY26 high-performance computing revenue estimate to $100 million to $110 million. Estimated test cell utilization improved sequentially to approximately 80% at the end of June, indicating broad-based improvement across end markets.
COHU YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $149.0M | $107.7M | +38.4% |
| Gross Profit | $67.6M | $47.1M | +43.5% |
| Operating Income | $292,000 | $144,777 | +101.7% |
| Net Income | −$159,000 | −$79,875 | +99.1% |
When Does Cohu Report Next?
Figures from SEC filings and company reports. Not investment advice.