Q2 26 EPS
$0.34
BEAT +10.71%
Est. $0.31
Q2 26 Revenue
$294.8M
MISS 1.79%
Est. $300.2M
Did ICHR Beat Earnings? Q2 2026 Results
Ichor Holdings delivered a mixed but broadly encouraging second quarter, beating profit expectations while falling just short on revenue, with the results pointing to a company gaining meaningful operating traction in a recovering semiconductor equip… Read more Ichor Holdings delivered a mixed but broadly encouraging second quarter, beating profit expectations while falling just short on revenue, with the results pointing to a company gaining meaningful operating traction in a recovering semiconductor equipment market. The Fremont-based fluid delivery specialist reported non-GAAP diluted EPS of $0.34, ahead of the $0.31 consensus by 10.71%, as volume leverage and expanding margins drove profitability sharply higher from a loss of $0.01 per share a year ago. Revenue of $294.78 million grew 22.7% year over year, though it trailed the $300.17 million analyst estimate by 1.79%, with demand from wafer fabrication equipment customers fueling the top-line acceleration. GAAP gross margin widened to 13.9% from 11.3% in Q2 2025, a reflection of the company's operational improvement initiatives taking hold at higher volumes. With CEO Phil Barros noting that Q2 growth targets were already met early in Q3, the company guided for Q3 revenue of $315 million to $345 million and non-GAAP EPS of $0.40 to $0.50, signaling continued sequential momentum through year-end.
Key Takeaways
- • 15% sequential revenue growth driven by strengthening semiconductor demand environment
- • Gross margin expansion to 13.9% GAAP / 14.1% non-GAAP from operational improvements
- • Non-GAAP operating margin expanded to 5.5% from 1.9% year-over-year
- • Strategic and operational priorities driving improved earnings leverage
- • Customer demand visibility extending well into 2027
ICHR Forward Guidance & Outlook
For Q3 2026, Ichor expects revenue of $315 million to $345 million (midpoint $330 million), GAAP diluted EPS of $0.25 to $0.35 (midpoint $0.30), and non-GAAP diluted EPS of $0.40 to $0.50 (midpoint $0.45). The company indicated that growth forecast for Q2 has already been achieved to date in Q3, and that the outlook for the remainder of 2026 indicates continued sequential growth in revenues, gross margin, and earnings per share, with customer demand visibility extending well into 2027.
ICHR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“We are pleased to report strong financial results for the second quarter, as we continue to execute strategic and operational priorities that are driving improved earnings leverage within a strengthening demand environment. Revenues of $295 million increased 15% sequentially, and the additional growth we had forecast for Q2 has already been achieved to date in Q3 as we drive significantly more growth in the second half, compared to our expectations a quarter ago.”
— Phil Barros, Q2 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.31 | $0.34 | +10.71% | $294.8M | -1.79% |
| 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% |