Companies /Technology

Cohu Inc

NASDAQ: COHU Semiconductor Equipment & Materials
$50.72
▲ $4.74 (+10.31%) today
Markets closed · 4:38pm ET

Q2 2026 Earnings

Reported Jul 30, 2026, 4:07pm ET · SEC source
$0.26
Beat +87.32%
EPS · est. $0.14
$149.0M
Beat +3.42%
Revenue · est. $144.1M
−10.0%
Trailing market
COHU vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−16%−8%0Jul 30Jul 31report 4:07pm ETearnings+0.4%−16.2%
−16%−8%0Jul 30Jul 31earnings+0.4%−16.2%
COHU −16.2%S&P 500 +0.4%
−16%−8%0Jul 30Jul 31report 4:07pm ETearnings+0.2%−16.2%
−16%−8%0Jul 30Jul 31earnings+0.2%−16.2%
COHU −16.2%NASDAQ +0.2%
−20%−10%0Jul 29Aug 7report 4:07pm ETearnings+4.2%−2.7%
−20%−10%0Jul 29Aug 7earnings+4.2%−2.7%
COHU −2.7%S&P 500 +4.2%
−20%−10%0Jul 29Aug 7report 4:07pm ETearnings+5.4%−2.7%
−20%−10%0Jul 29Aug 7earnings+5.4%−2.7%
COHU −2.7%NASDAQ +5.4%
+3.32%
Day of report
+1.77%
Next session
+10.19%
One week
−7.98%
30 days

S&P 500 over the same 30 days: +1.97%.

Did COHU Beat Earnings? Q2 2026 Results

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.

Key Takeaways
  • 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

Forward Guidance & 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

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$50.0M$100.0M$150.0M$107.7M$149.0MRevenue$47.1M$67.6MGross Profit$144,777$292,000Operating Income$-79,875$-159,000Net Income
$0$50.0M$100.0M$150.0MRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.