Q1 26 EPS
$0.01
MISS 68.15%
Est. $0.03
Q1 26 Revenue
$125.1M
BEAT +2.44%
Est. $122.1M
vs S&P Since Q1 26
+21.5%
BEATING MARKET
COHU +29.3% vs S&P +7.7%
Market Reaction
Did COHU Beat Earnings? Q1 2026 Results
Cohu delivered a mixed first quarter for fiscal 2026, beating on revenue while falling well short of profit expectations, as the semiconductor test equipment maker posted non-GAAP EPS of $0.01 against a consensus estimate of $0.03, a miss of 68.15%, … Read more Cohu delivered a mixed first quarter for fiscal 2026, beating on revenue while falling well short of profit expectations, as the semiconductor test equipment maker posted non-GAAP EPS of $0.01 against a consensus estimate of $0.03, a miss of 68.15%, even as net sales of $125.12 million topped the $122.14 million estimate by 2.44% and climbed 29.3% year over year. The top-line strength was driven by accelerating demand from AI and high-performance computing applications, with roughly 60% of revenue coming from recurring sources and GAAP gross margin expanding to 46.3% from 43.7% a year ago. The company swung to a non-GAAP profit of $596,000 from a non-GAAP loss of $0.02 per share in the year-ago period, reflecting meaningful operating leverage as restructuring charges fell sharply. Recent orders for Cohu's DiamondX systems targeting GaN power devices underscore the broadening demand picture. Looking ahead, Cohu guided Q2 2026 revenue to approximately $144 million, plus or minus $7 million, and raised its full-year high-performance computing revenue outlook to $80 million to $100 million.
Key Takeaways
- • Accelerating AI and high-performance computing demand
- • Improving market conditions with estimated test cell utilization at 78% at end of March
- • Approximately 60% recurring revenue mix
- • Gross margin expansion to 46.3% GAAP and 46.5% non-GAAP
COHU YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We started fiscal 2026 with strong momentum, driven by accelerating AI and high-performance computing demand and improving market conditions driving an estimated test cell utilization of 78% at the end of March.”
— Luis Müller, Q1 2026 Earnings Press Release
COHU Earnings Trends
COHU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COHU EPS Trend
Earnings per share: estimate vs actual
COHU Revenue Trend
Quarterly revenue: estimate vs actual
COHU Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.14 | $0.26 | +87.32% | $149.0M | +3.42% |
| Q1 26 MISS | $0.03 | $0.01 | -68.15% | $125.1M | +2.44% |
| Q4 25 MISS FY | $0.06 | $-0.15 | -341.94% | $122.2M | +0.11% |
| FY Full Year | — | $-0.22 | — | $453.0M | — |
| Q3 25 BEAT | $-0.20 | $-0.06 | +69.70% | $126.2M | +1.01% |
| Q2 25 BEAT | $-0.02 | $0.02 | +219.76% | $107.7M | +1.59% |