10-Q · July 28, 2026
Amkor delivered record Q2 revenue of $1.898 billion, up 25.6% year over year and 13.4% sequentially, while diluted EPS increased to $0.70 from $0.22 a year ago and $0.33 in Q1. Higher utilization lifted gross margin to…
Earnings analysis · 10-Q
AMKR earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Amkor’s Q3 2026 operating performance improved substantially, with revenue of $1.991 billion, gross margin of 18.3% and operating margin of 11.3%, all above the prior-year period’s $1.99 billion, 14.3% and 8.0%,…
Read full summary
Amkor’s Q3 2026 operating performance improved substantially, with revenue of $1.991 billion, gross margin of 18.3% and operating margin of 11.3%, all above the prior-year period’s $1.99 billion, 14.3% and 8.0%, respectively. Diluted EPS rose to $0.76 from $0.51 year over year but missed the $0.79 consensus estimate, while the company continues to carry $2.4672 billion of debt and expects approximately $2.5 billion of 2026 capital expenditures. The outlook is balanced: advanced-packaging and AI demand support growth, but customer concentration, foreign-exchange exposure, variable-rate debt and execution risks around the ERP system and Arizona Facility remain material.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $0.76
What stood out
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Revenue rebounded sequentially
Q3 revenue was $1.991 billion, up approximately 4.8% from $1.9 billion in Q2 2026 and essentially flat with $1.99 billion in Q3 2025. Revenue was 2.2% below the $2.035 billion consensus estimate.
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Margins expanded materially
Gross margin increased to 18.3% from 16.8% in Q2 2026 and 14.3% in Q3 2025, while operating margin rose to 11.3% from 10.5% and 8.0%, respectively.
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EPS grew but missed consensus
Diluted EPS of $0.76 increased from $0.70 in Q2 2026 and $0.51 in Q3 2025, but was 3.8% below the $0.79 consensus estimate.
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Debt remains substantial
The company reported $2.4672 billion of total debt at September 30, 2026, including $149.5 million classified as current liabilities and $845.8 million of collateralized indebtedness.
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Hedging limits but does not remove FX risk
Foreign-exchange sensitivity indicates that a 10% appreciation of all foreign currencies against the U.S. dollar would have reduced nine-month 2026 operating income by approximately $132 million, despite hedging activities.
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Share repurchases continued
The company repurchased 0.7 million shares for $32.3 million during Q3 2026, with $267.7 million remaining under the repurchase authorization at September 30, 2026.
What to watch
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AI demand and capex execution
The filing identifies AI-driven advanced packaging demand as a key dependency and warns that a slowdown could create excess capacity, lower utilization and pricing pressure. The company also has $2.5 billion of expected 2026 capital expenditures, increasing the downside if demand does not materialize.
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Leverage and variable-rate exposure
Total debt was $2.4672 billion at September 30, 2026, including $490.625 million of variable-rate debt with an average interest rate of 5.8%. The filing states that the Federal Reserve raised rates in September 2026, which could increase debt-service costs and reduce cash flow.
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ERP and Arizona funding execution
The filing newly emphasizes implementation risk associated with a new ERP system, including potential cost overruns, delays, data loss, security failures and operational disruption. Separately, the Arizona Facility has up to $407 million of CHIPS Act direct funding that is conditional on construction and production milestones and may be reduced, terminated or clawed back.
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Material foreign-exchange sensitivity
A 10% appreciation of foreign currencies against the U.S. dollar would have reduced nine-month 2026 income before taxes by approximately $21 million for balance-sheet remeasurement and operating income by approximately $132 million for sales and expense exposure.
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Customer concentration and limited backlog
The ten largest customers represented 72% of 2025 net sales. Because customer commitments are generally short term and the company has no material backlog, order reductions, cancellations or pricing changes could materially affect utilization and margins.
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Controlling shareholder concentration
The Kim family and affiliates owned approximately 122.6 million shares, or 49.5% of outstanding common stock, as of September 30, 2026. This concentration can substantially influence shareholder votes and may reduce public-float liquidity.
Management's outlook
The filing text provided does not include a prior-outlook comparison. The associated Q3 earnings update provided Q4 2026 revenue guidance of $1.9 billion-$2.0 billion and diluted EPS guidance of $0.65-$0.75; full-year 2026 capital expenditures were updated to approximately $2.5 billion from $2.5 billion-$3.0 billion.
Earlier filings 4
10-Q · April 28, 2026
Amkor reported Q1 2026 net sales of $1,684,701,000, up 27.5% year-over-year, with gross margin improving to 14.2% (from 11.9%) and operating margin to 6.0% (from 2.4%). Diluted EPS was $0.33 and operating cash flow…
10-K · February 20, 2026
Amkor reports revenue of $6,708 million for 2025, driven by growth in Advanced Products (Advanced Products $5,556 million, 82.8% of net sales). Management is executing on a technology- and footprint-led strategy…
10-Q · July 29, 2025
Amkor reported Q2 net sales of $1,511,392 (in thousands), up from $1,461,474 in Q2 2024, while gross profit fell to $181,897 (in thousands) from $212,375. Operating income improved to $91,967 (in thousands) (6.1%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.