Q2 26 EPS
$0.26
BEAT +87.32%
Est. $0.14
Q2 26 Revenue
$149.0M
BEAT +3.42%
Est. $144.1M
vs S&P Since Q2 26
+43.7%
BEATING MARKET
COHU +47.6% vs S&P +3.9%
Market Reaction
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% fro… Read more 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
COHU 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, source: SEC Filings
“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.”
— Luis Müller, Q2 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% |