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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 net sales of $257.6M in Q2 FY26, up 20% year over year, with strong contributions from data center, LoRa, and Persei core assets, and marking the sixth consecutive quarter of growth.
GAAP gross margin improved to 52.1% from 49.0% year over year; non-GAAP adjusted gross margin rose to 53.2% from 50.4%.
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 balance sheet and portfolio optimization, with net leverage ratio reduced to 1.6x from 8.8x and gross debt down by $879M year over year.
Financial highlights
Adjusted gross margin was 53.2%, up 280 bps year over year; semiconductor products margin at 60.7%.
Adjusted operating income reached $48.6M (18.8% margin), up 460 bps year over year.
Adjusted EBITDA was $56.5M (21.9% margin), up 39% year over year.
Adjusted diluted EPS was $0.41, up from $0.11 a year ago.
Free cash flow improved to $41.5M from negative $8.4M in Q2'25.
Outlook and guidance
Q3 net sales expected at $266M (+/- $5M), up 12% year over year at midpoint.
Adjusted gross margin expected at 53% (+/- 50 bps); adjusted operating margin at 19.6%.
Adjusted EBITDA forecasted at $60M (+/- $3M); adjusted EPS at $0.44 (+/- $0.03).
Continued growth anticipated in infrastructure (data center), high-end consumer, and industrial IoT segments.
Inventory levels actively managed to align with customer demand.
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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