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Semtech (SMTC) investor relations material
Semtech Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary25 Aug, 2025
Executive summary
Achieved record Q2 net sales of $257.6 million, up 20% year-over-year, with strong growth in infrastructure, industrial, and data center markets.
GAAP gross margin improved to 52.1% from 49.0% year-over-year; non-GAAP adjusted gross margin rose to 53.2%.
Non-GAAP adjusted operating margin increased to 18.8% from 14.2% year-over-year; adjusted EBITDA margin reached 21.9%.
Non-GAAP adjusted diluted EPS was $0.41, up from $0.11 a year ago; GAAP diluted loss per share improved to $(0.31) from $(2.61).
Significant progress on strategic priorities, including debt reduction of $879 million since June 2024 and revitalization of company culture.
Financial highlights
Adjusted gross margin was 53.2%, up 280 basis points year-over-year; GAAP gross margin at 52.1%.
Adjusted operating income reached $48.6 million (18.8% margin), up 460 basis points year-over-year.
Adjusted EBITDA was $56.5 million (21.9% margin), up 39% year-over-year.
Free cash flow for Q2 was $41.5 million, up from -$8.4 million a year ago.
Interest expense dropped to $5.2 million in Q2 from $28.6 million year-over-year, reflecting debt reduction.
Outlook and guidance
Q3 net sales expected at $266 million ± $5 million, up 12% year-over-year.
Adjusted gross margin guidance at 53.0% ± 50 bps; adjusted operating margin at 19.6%.
Adjusted EBITDA expected at $60 million ± $3 million; adjusted EPS at $0.44 ± $0.03.
Infrastructure and high-end consumer end markets expected to increase sequentially; industrial end market to be slightly up.
Why was goodwill impairment excluded from non-GAAP?
What was the Q2'26 total debt reduction?
Which segment drove Q2'26 sales growth?
LPO/ACC revenue ramp timeline and key customers
New LoRa capabilities and market expansion
Impact of 1.6x leverage on M&A/divestiture
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Q3 202624 Nov, 2025
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Frequently asked questions
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company's products are used in a broad range of applications, such as networking and telecommunications infrastructure, broadband access network equipment, enterprise storage systems and data center servers, set top boxes (STBs), portable multimedia devices, wireless infrastructure equipment including base transceiver stations (BTSs) for cellular infrastructure systems and mobile data backhaul systems, computing and gaming peripherals and industrial automation and control systems. The company operates through two segments: Analog Products Division (APD) and Digital Products Division (DPD). Semtech Corporation is based in Camarillo, California.
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