Lattice Semiconductor (LSCC) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $291.0M, up 118% YoY; non-GAAP EPS was $0.72, up ~160% YoY.

• FPGA revenue grew ~90% YoY, with strong data-center AI demand, Industrial & Embedded momentum, bookings and backlog supporting growth into 2027 and beyond.

• Q4 revenue midpoint of $335M implies ~130% YoY growth; management expects at least 60% revenue growth in 2027 against a projected ~$1B 2026 base.

Financial highlights

• Q3 revenue was $291.0M versus $133.3M YoY; nine-month revenue was $663.0M versus $377.5M.

• GAAP operating income was $24.0M versus a $1.5M loss YoY; GAAP net income was $11.2M versus $2.8M.

• Non-GAAP net income was $103.7M and diluted EPS was $0.72, versus $38.2M and $0.28 YoY.

• Q3 FPGA revenue was $251.9M; AMI contributed $39.1M from its July 27 acquisition close.

• Operating cash flow was $95.0M and free cash flow was $77.6M in Q3; nine-month operating cash flow was $233.6M.

Outlook and guidance

• Q4 revenue guidance is $325M–$345M; non-GAAP gross margin is 72% ±1%.

• Q4 non-GAAP operating expenses are expected at $95M–$101M, tax rate at 4%–6%, and EPS at $0.82–$0.86.

• FY2026 revenue is expected to be ~$1B, with FPGA revenue above $900M and non-GAAP EPS of ~$2.50.

• 2027 revenue growth is expected to be at least 60%; planning assumes slower growth in H2 than H1 while retaining meaningful H2 YoY growth.

• Long-term outlook calls for revenue CAGR above 30% over five years, with EPS growth expected to outpace revenue growth.