Companies /Technology
Cohu Inc
NASDAQ: COHU Semiconductor Equipment & Materials
$35.91
▼ $8.07 (−18.35%) today
Markets open · 3:16pm ET

Cohu (COHU) Q3 2026 Earnings

Reported Oct 28, 2026, 4:07pm ET · SEC source
$0.43
Beat +24.64%
EPS · est. $0.35 Adjusted

Non-GAAP EPS excludes share-based compensation of $4,625K, amortization of purchased intangible assets of $7,177K, restructuring charges of $435K, manufacturing transition and severance costs of $246K and duplicate facility costs of $190K, net of a $1,501K tax effect; GAAP diluted EPS was $0.22

$173.0M
Beat +1.59%
Revenue · est. $170.2M
2 quarters
Consecutive EPS beats

How Did COHU Stock React to Q3 2026 Earnings?

% change · around the report
−5%0+5%+10%Oct 28Oct 29report 4:07pm ETearnings−1.2%−4.4%
−5%0+5%+10%Oct 28Oct 29earnings−1.2%−4.4%
COHU −4.4%S&P 500 −1.2%
−5%0+5%+10%Oct 28Oct 29report 4:07pm ETearnings−3.1%−4.4%
−5%0+5%+10%Oct 28Oct 29earnings−3.1%−4.4%
COHU −4.4%NASDAQ −3.1%
−40%−20%0Oct 27Nov 5report 4:07pm ETearnings−4.4%−37.1%
−40%−20%0Oct 27Nov 5earnings−4.4%−37.1%
COHU −37.1%S&P 500 −4.4%
−40%−20%0Oct 27Nov 5report 4:07pm ETearnings−9.5%−37.1%
−40%−20%0Oct 27Nov 5earnings−9.5%−37.1%
COHU −37.1%NASDAQ −9.5%
+0.49%
Day of report
−4.89%
Next session
−32.64%
One week

Did COHU Beat Earnings? Q3 2026 Results

Yes. Cohu reported Q3 2026 earnings of $0.43 a share on Oct 28, 2026, beating the $0.35 consensus estimate by 24.6%. Revenue was $173.0M against a $170.2M estimate.

Cohu delivered a strong third quarter of 2026, posting adjusted non-GAAP EPS of $0.43 against a consensus estimate of $0.34, a beat of 24.64%, while revenue of $172.96 million edged past the $170.24 million estimate by 1.59% and climbed 37.0% from the year-ago period. The primary engine behind those results was accelerating demand for the company's Eclipse thermal solutions tied to high-performance computing and AI workloads, with bookings jumping 126% year-over-year as systems orders alone surged 318%. That demand shift also lifted profitability sharply; GAAP net income reached $12.13 million, compared with a loss of $4.10 million in Q3 2025, and non-GAAP operating income expanded to $25.46 million, or 14.7% of sales. The AI-driven compute opportunity pipeline grew 18% sequentially to roughly $1.00 billion, underscoring why management raised its fiscal 2026 HPC revenue outlook to approximately $120.00 million. Looking ahead, Cohu guided Q4 2026 sales to $178.00 million, plus or minus $7.00 million, representing approximately 46% year-over-year growth, as the company expands manufacturing capacity to support potential 2027 customer production ramps.

Key Takeaways
  • Growing customer adoption of Eclipse thermal solutions for high-performance computing drove systems demand
  • Bookings up 126% year-over-year, with systems up 318% and recurring up 36%
  • Estimated test cell utilization rose 200 bps sequentially to 82%
  • Recurring revenue from services, consumables and software provided a stable foundation
  • GAAP gross margin of 45.5% vs 43.8% a year ago; non-GAAP gross margin of 45.7%
  • Adjusted EBITDA margin of 16.6% vs 9.2% a year ago

“Third-quarter results reflected broad-based improvement, with revenue increasing 37% year-over-year to $173 million and bookings increasing 126%. Growing customer adoption of our Eclipse thermal solutions for high-performance computing was a key driver for systems demand as customers respond to increasing device complexity, higher power requirements, and greater test intensity.”

Cohu CEO, on the earnings call

What Is Cohu's Outlook?

Cohu expects fourth-quarter 2026 sales of $178 million +/- $7 million, which it says represents growth of 46% year-over-year. Management raised its fiscal 2026 high-performance computing revenue outlook to approximately $120 million. It cited an AI-driven compute opportunity pipeline of about $1 billion and several hundred Eclipse systems currently forecast for 2027, and it is expanding manufacturing capacity and working with supply partners to support potential customer production ramps.

COHU YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$50.0M$100.0M$150.0M$126.2M$173.0MRevenue$55.3M$78.7MGross Profit$3.9M$12.8MOperating Income$2.4M$12.1MNet Income
$0$50.0M$100.0M$150.0MRevenueGross ProfitOperating IncomeNet Income
COHU income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $173.0M $126.2M +37.0%
Gross Profit $78.7M $55.3M +42.4%
Operating Income $12.8M $3.9M +231.8%
Net Income $12.1M $2.4M +395.8%

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