Entegris (ENTG) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached a record $1,005.7M, up 24.6% YoY and 13.9% QoQ; non-GAAP EPS was $1.23, up 70.8% YoY, and results exceeded guidance.

• Strong demand across advanced logic, memory and the semiconductor ecosystem, supported by AI infrastructure investment and higher production, drove growth.

• Backlog rose more than 35% sequentially and more than doubled YoY; book-to-bill remained significantly above one.

Financial highlights

• GAAP net income was $157.8M, up 123.8% YoY; non-GAAP net income was $189.7M, up 72.6%. GAAP and non-GAAP diluted EPS were $1.03 and $1.23, respectively.

• GAAP gross profit was $500.2M and operating income was $230.6M, up 88.1% YoY; adjusted operating income was $269.4M, up 58.2%.

• Adjusted EBITDA was $303.3M, up 37.4% YoY; adjusted gross profit grew ~17% QoQ, faster than revenue growth of 13.9%.

• Q3 operating cash flow was $266.8M and free cash flow was $223.6M; both were records.

Outlook and guidance

• Q4 sales guidance is $1,025M–$1,055M; GAAP diluted EPS is $1.09–$1.17 and non-GAAP diluted EPS is $1.32–$1.40.

• Q4 adjusted EBITDA margin guidance is 30.7%–31.2%; GAAP and non-GAAP gross margins are each expected at 49.2%–49.7%.

• Q1 revenue is expected to decline mid-single digits QoQ on seasonality and fewer selling days, but rise more than 20% YoY; MS and APS are expected to post double-digit growth in Q4 and Q1.

• 2026 wafer-start growth is expected at ~8%; 2026 CapEx is expected at ~$200M, about one-third below 2025. Strong double-digit industry WFE and fab-construction growth in 2027 is management's industry view, not company guidance.