10-Q · August 4, 2026
Astera Labs delivered Q2 revenue of $392.4 million, up 104% year over year and 27% sequentially, while GAAP operating income rose 124% to $89.2 million and reported EPS was $0.80. The principal trade-off was…
Earnings analysis · 10-Q
ALAB earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Astera Labs reported Q3 revenue of $584.899 million, up 49.2% sequentially and 153.2% year over year, while non-GAAP diluted EPS of $1.32 beat the $1.12 consensus estimate. Q4 guidance calls for $730 million-$750…
Read full summary
Astera Labs reported Q3 revenue of $584.899 million, up 49.2% sequentially and 153.2% year over year, while non-GAAP diluted EPS of $1.32 beat the $1.12 consensus estimate. Q4 guidance calls for $730 million-$750 million of revenue and GAAP diluted EPS of $1.13-$1.17, but margin pressure and the $0.33 gap between GAAP and non-GAAP EPS remain concerns. The company also implemented a new ERP system during the quarter and disclosed no material changes to its 2025 Form 10-K risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.99
What stood out
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Revenue growth accelerated
Q3 revenue was $584.899 million, up 49.2% from $392 million in Q2 2026 and 153.2% from $231 million in Q3 2025.
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Non-GAAP EPS beat estimates
Non-GAAP diluted EPS was $1.32 versus the $1.12 consensus estimate, a 17.9% beat. GAAP diluted EPS was $0.99.
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Strong Q4 outlook
Management issued Q4 FY2026 revenue guidance of $730 million-$750 million and GAAP diluted EPS guidance of $1.13-$1.17.
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ERP transition completed
The company implemented a new ERP system during the quarter ended September 30, 2026, and management stated that disclosure controls were effective at a reasonable assurance level as of September 30, 2026.
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Revenue exceeded consensus
Q3 2026 revenue exceeded consensus by 6.2%, with reported revenue of $584.899 million versus the $550.720 million estimate.
What to watch
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Margin pressure
Gross-margin history deteriorated from 76.3% in Q3 2025 to 73.3% in Q2 2026; the current-quarter gross margin was not provided in the extracted filing text, limiting visibility into whether compression continued.
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GAAP/non-GAAP earnings gap
GAAP diluted EPS of $0.99 was substantially below non-GAAP diluted EPS of $1.32, indicating a $0.33 per-share gap from adjustments and reduced comparability of headline earnings.
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ERP implementation risk
The new ERP system changed processes and internal controls during the quarter ended September 30, 2026. Management said it will continue monitoring the implementation’s impact, creating execution and reporting-system risk during the transition.
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Existing risks remain
The 10-Q states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K, so previously disclosed business and execution risks remain applicable.
Management's outlook
Q4 FY2026 guidance is revenue of $730 million-$750 million and GAAP diluted EPS of $1.13-$1.17; non-GAAP diluted EPS guidance is $1.62-$1.66. The filing provides no comparable prior quantitative outlook, so direction is not determinable.
Earlier filings 4
10-Q · May 5, 2026
Astera Labs reported Q1 2026 results with revenue of $308.4 million, a 93% year-over-year increase and a 14% increase from the prior quarter. EPS exceeded expectations at $0.61, up from $0.18 in Q1 2025, indicating…
10-K · February 20, 2026
Astera Labs describes an "Intelligent Connectivity Platform" of four product families (Aries, Taurus, Leo, Scorpio) plus the COSMOS software suite targeting hyperscalers and AI/cloud infrastructure. Revenue accelerated…
10-Q · November 5, 2024
Astera Labs reported Q3 revenue of $113,086,000 (three months ended September 30, 2024), up sharply from $36,928,000 in Q3 2023, while gross margin remained high at ~77.7%. The company generated positive operating cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.