MACOM (MTSI) Q4 2026 earnings summary

Executive summary

• FY26 revenue was $1,327.6M, up 37.3% YoY; adjusted EPS was $5.60 and GAAP net income was $335.3M. Q4 book-to-bill was 1.4:1, with record year-end backlog.

• All three end markets grew sequentially in Q4; data center led, while data center and Industrial & Defense each reached record revenue.

• Management expects FY27 to be a record year, with data center growth accelerating and second-half revenue stronger than the first half; $2B is a target, not formal guidance.

Financial highlights

• Q4 revenue was $424.8M, up 24.1% QoQ and 62.7% YoY; GAAP net income was $139.4M, or $1.78 diluted EPS.

• Q4 adjusted operating income was $162.3M and adjusted net income was $163.3M, or $2.09 diluted EPS, versus $71.4M and $0.94 a year earlier.

• FY26 adjusted net income was $435.7M, or $5.60 diluted EPS, versus $263.4M and $3.47 in FY25.

• FY26 operating cash flow was $357.1M, versus $235.4M in FY25.

Outlook and guidance

• Q1 FY27 revenue guidance is $450M–$460M; adjusted gross margin is 62%–63%; adjusted diluted EPS is $2.21–$2.29 on 79.0M diluted shares.

• Q1 segment outlook: data center revenue up ~15% sequentially, I&D up at a single-digit rate, and telecom flat to slightly down.

• FY27 data center growth base case is ~80% YoY; I&D growth target is above FY26's 27.8%, and telecom is expected to grow at a low double-digit rate.

• FY27 adjusted operating margin is expected to exceed 40% as the year progresses; adjusted tax rate is expected to rise from 3% to ~6%.

• FY27 CapEx is forecast at $100M–$110M, with gross margin progression of 25–50 bps per quarter and telecom revenue targeted above $300M.