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Microchip (MCHP) investor relations material
Microchip Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Net sales reached $1.14 billion in Q2 FY26, up 6% sequentially but down 2% year-over-year, exceeding guidance midpoint and reflecting inventory corrections and gradual market recovery.
Maintained 140 consecutive quarters of non-GAAP profitability, with a 13% CAGR in net sales since FY93.
Strong customer engagement and design activity in data center, aerospace, defense, and industrial markets, with robust performance in MCUs and analog products.
Launched industry's first 3nm PCIe Gen 6 switch, targeting AI and enterprise data center markets.
Completed closure and sale agreement of Tempe, Arizona (Fab 2) facility as part of restructuring.
Financial highlights
Non-GAAP gross margin was 56.7%, GAAP gross margin 55.9%; non-GAAP operating margin 24.3%, GAAP 7.8%.
Non-GAAP net income was $199.1 million (EPS $0.35); GAAP net income $13.9 million (EPS $0.03), positively impacted by IRS audit settlement.
Adjusted EBITDA was $341.8 million (30% of net sales); trailing 12-month adjusted EBITDA $1.103 billion.
Returned $245.8 million to shareholders via dividends in the quarter; adjusted free cash flow was $38.3 million.
R&D expenses were $262.3 million for the quarter, or 23% of net sales.
Outlook and guidance
Q3 FY26 net sales expected at $1.109–$1.149 billion, with non-GAAP gross margin guidance of 57.2%–59.2%.
Non-GAAP operating profit projected to increase by over $13 million sequentially at midpoint; EPS guidance $0.34–$0.40.
Long-term model targets 65% gross margin and 40% operating margin through cycles.
Capital expenditures for FY26 expected at or below $100 million, with most factory expansion paused.
Adjusted free cash flow expected to match dividend payments, with excess used to reduce borrowings.
How 3nm PCIe Gen 6 switch enhances AI solutions
Detail debt reduction plan for coming quarters
What do book-to-bill and expedited shipments signal?
New advanced products: impact on Microchip's CAGR?
Detail the path to 65% non-GAAP gross margin.
Explain the current customer inventory reduction strategy.
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Wells Fargo's 9th Annual TMT Summit18 Nov, 2025
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Frequently asked questions
Microcontrollers, Processors, and More
Microchip Technology Incorporated is a provider in the field of smart, connected, and secure embedded control solutions. The company's product portfolio is extensive, encompassing general-purpose 8-bit, 16-bit, and 32-bit microcontrollers, alongside 32-bit embedded mixed-signal microprocessors and specialized microcontrollers tailored for a variety of applications. These applications range from automotive and industrial to computing, communications, lighting, power supplies, motor control, human-machine interface, security, and connectivity solutions. Microchip Technology is headquartered in Chandler, Arizona, and its shares are listed on the Nasdaq.
Founding and Growth
Founded in 1989, Microchip Technology emerged from a predecessor company, General Instrument, which was restructured to focus specifically on its microelectronics division. This strategic shift was driven by the recognition of the growing potential and demand for microcontrollers, which are integral in the operation of a myriad of electronic devices.
From its inception, Microchip adopted a unique approach by concentrating on the development of PIC microcontrollers, a type of easily programmable chip that found extensive applications in various electronic devices due to its versatility and cost-effectiveness. Over the years, Microchip Technology expanded its product line beyond microcontrollers to include analog, memory, and several other semiconductor products.
The Products
Microchip Technology Inc. manufactures a variety of electronic components, including microcontrollers, mixed-signal, analog, and Flash-IP integrated circuits. Its microcontrollers are designed to manage specific operations in electronic systems and are a fundamental component in various applications, ranging from simple tasks like controlling small household appliances to complex systems in automotive electronics, industrial machinery, and advanced communication devices. Mixed-signal products combine analog and digital functions, utilized to convert real-world inputs into digital data. Analog components are used to manage real-world signals within electronics, and their Flash-IP solutions focus on providing memory storage. Some other companies operating in the same industry are Texas Instruments, Analog Devices, and Intel.
Working With Customers
Microchip’s business model, emphasizing long-term client relationships and a commitment to providing comprehensive support and resources for developers, has played a pivotal role in its sustained growth. The company's design tools, development boards, and comprehensive technical documentation have made it easier for engineers to implement Microchip's products in their designs, fostering a loyal customer base and steady demand for its products.
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