Q1 26 EPS
$0.15
BEAT +14.16%
Est. $0.13
Q1 26 Revenue
$256.1M
BEAT +1.89%
Est. $251.3M
vs S&P Since Q1 26
+36.2%
BEATING MARKET
ICHR +37.5% vs S&P +1.3%
Market Reaction
Did ICHR Beat Earnings? Q1 2026 Results
Ichor Holdings delivered a stronger-than-expected first quarter of 2026, with revenue of $256.07 million rising 4.8% year over year and beating the consensus estimate of $251.32 million by 1.89%, while non-GAAP EPS of $0.15 cleared the $0.13 consensu… Read more Ichor Holdings delivered a stronger-than-expected first quarter of 2026, with revenue of $256.07 million rising 4.8% year over year and beating the consensus estimate of $251.32 million by 1.89%, while non-GAAP EPS of $0.15 cleared the $0.13 consensus by 14.16%. The cleaner result was driven largely by the fading of restructuring headwinds that had weighed heavily on Q4 2025, with restructuring charges collapsing to just $549,000 from $9.06 million in the prior quarter, allowing gross margin to recover to 12.6% GAAP and operating margin to turn positive. The company remains in a GAAP net loss position at roughly $2.47 million, though that represented a sharp improvement from Q4's $15.96 million loss. Looking ahead, management guided Q2 2026 revenue to a $300 million midpoint and non-GAAP diluted EPS of $0.25 to $0.35, citing a sustained semiconductor upcycle and accelerating customer delivery timelines; the company also recently filed a $200 million ATM shelf offering aimed primarily at repaying its term loan and positioning for further growth.
Key Takeaways
- • 15% sequential revenue increase driven by strengthening demand environment
- • Strong operational execution enabling revenue growth toward the high end of demand forecast
- • Early investments in ramping labor headcount and pre-positioning inventory
- • GAAP gross margin improved to 12.6% from 9.4% in Q4 2025 and 11.7% in Q1 2025
- • Non-GAAP operating margin expanded to 3.4% from 1.2% in Q4 2025
- • Significant reduction in restructuring charges ($549K in Q1 2026 vs $9,058K in Q4 2025)
ICHR Forward Guidance & Outlook
For Q2 2026, Ichor expects revenue of $290 million to $310 million (midpoint $300 million), GAAP diluted EPS of $0.10 to $0.20 (midpoint $0.15), and non-GAAP diluted EPS of $0.25 to $0.35 (midpoint $0.30). The non-GAAP outlook excludes approximately $1.9 million in amortization of intangible assets and approximately $4.4 million in share-based compensation expense, plus related tax effects. Management expects a sustained industry upcycle driven by structural technology transitions and strategic capacity investments in wafer fabrication equipment, with continued gross margin expansion and significant earnings leverage as revenues ramp through 2026 and into 2027.
ICHR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“Within a strengthening demand environment, we are pleased to report Q1 results at the upper end of our expectations for revenues, gross margin, and earnings per share due to strong operational execution by our team.”
— Phil Barros, Q1 2026 Earnings Press Release
ICHR Earnings Trends
ICHR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ICHR EPS Trend
Earnings per share: estimate vs actual
ICHR Revenue Trend
Quarterly revenue: estimate vs actual
ICHR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.13 | $0.15 | +14.16% | $256.1M | +1.89% |
| Q4 25 BEAT FY | $-0.06 | $0.01 | +117.51% | $223.6M | +1.25% |
| FY Full Year | $0.17 | $0.23 | +35.29% | $947.7M | +0.29% |
| Q3 25 MISS | $0.12 | $0.07 | -40.98% | $239.3M | +1.77% |
| Q2 25 MISS | $0.14 | $0.03 | -79.01% | $240.3M | +2.46% |
| Q1 25 MISS | $0.26 | $0.12 | -54.09% | $244.5M | -0.20% |