Ichor (ICHR) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 37.4% YoY and 11.5% QoQ to $328.7M; GAAP net income was $20.9M and diluted EPS was $0.55.

• Robust demand and visibility into 2027 supported three consecutive quarters of revenue growth and gross-margin expansion, though supply constraints limited some high-end shipments.

Financial highlights

• Q3 non-GAAP net income was $24.2M and diluted EPS was $0.63, compared with $12.2M and $0.34 in Q2 and a $14.4M loss and $(0.42) in Q3 2025.

• Q3 gross profit was $52.0M versus $11.1M; operating income was $22.8M versus an operating loss of $19.4M.

• Nine-month revenue rose 21.5% to $879.6M; GAAP net income was $19.5M versus a $36.8M loss in the prior-year period.

• Adjusted EBITDA was $33.9M in Q3; FY2026 adjusted EBITDA is estimated to exceed $100M.

Outlook and guidance

• Q4 revenue guidance is $345M–$365M; non-GAAP diluted EPS guidance is $0.65–$0.75 and gross margin is expected at 16.5% ±0.5%.

• Q4 guidance implies sequential growth in revenue, gross margin and EPS; the revenue midpoint implies ~30% FY2026 growth.

• For 2027, revenue is expected to grow sequentially each quarter; earnings growth is expected to exceed revenue growth by more than 2x, with incremental gross margins of at least 25%.

• FY2027 operating expenses are expected to rise ~15%, with the largest step-up in Q1; the effective tax rate is forecast at 15%–20%.