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Photronics
Photronics (PLAB) investor relations material
Photronics Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary27 Feb, 2026
Executive summary
Fiscal Q1/FQ1 2026 revenue rose to $225.1 million, up 4% sequentially and 6.1% year-over-year, driven by record high-end IC revenue and robust demand in Asia, especially ahead of Chinese New Year.
High-end IC business achieved a second consecutive quarterly record, with high-end IC revenue up 19% year-over-year, supported by advanced geometries and ongoing customer qualifications in the U.S. and Korea.
GAAP diluted EPS was $0.74; non-GAAP diluted EPS was $0.61, both above expectations and reflecting robust market demand.
Operational improvements and facility expansions are ongoing, with a focus on quality, yield, and geographic diversification.
Financial highlights
Total Q1/FQ1 2026 revenue: $225.1 million, up 6.1% year-over-year and 4.3% sequentially.
IC revenue: $165.3 million, up 7% year-over-year and 5% sequentially; high-end IC revenue up 19%.
FPD revenue: $59.8 million, up 3% year-over-year and sequentially, with strong mainstream demand in China.
Gross margin was 35.0%, at the high end of expectations; operating margin was 24.4%.
Operating cash flow was $97.3 million, the second highest in company history, representing 43% of revenue.
Outlook and guidance
Q2/FQ2 2026 revenue expected between $212 million and $220 million, reflecting seasonal impact from Chinese New Year.
Q2 operating margin projected at 22%-24%; non-GAAP diluted EPS guidance is $0.49-$0.55.
Full-year growth trajectory supported by healthy design starts, ongoing demand, and strategic capex of ~$330 million focused on U.S. and Korea expansion.
Factors driving Q2 guidance decline?
Plans for cash held in Joint Ventures?
Nature of large FX gain/loss in Q1?
FY26 capex: expansion strategy details
Impact of deferred tax valuation allowance reversal?
Quantify Chinese New Year's FQ2 impact
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Next Photronics earnings date
Q2 202627 May, 2026
Photronics
Next Photronics earnings date
Q2 202627 May, 2026
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Frequently asked questions
Photronics, Inc. manufactures and sells photomask products used to make semiconductor devices, flat panel displays, and light emitting diode (LED) products worldwide. The company offers photomasks for use in the production of semiconductor devices; and liquid crystal display photomasks that are used by flat panel display manufacturers to etch patterns onto glass panels.
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