10-Q · August 4, 2026
Ichor delivered a strong operating recovery in Q2: revenue increased 22.7% year over year to $294.8 million, gross margin expanded 260 bps to 13.9%, and GAAP EPS turned positive at $0.03 versus a negative $0.28 loss a…
Earnings analysis · 10-Q
ICHR earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Ichor delivered strong sequential and year-over-year revenue growth to $328.699 million and reported EPS of $0.63, substantially above the $0.43 consensus estimate. Management’s Q4 outlook calls for $345 million-$365…
Read full summary
Ichor delivered strong sequential and year-over-year revenue growth to $328.699 million and reported EPS of $0.63, substantially above the $0.43 consensus estimate. Management’s Q4 outlook calls for $345 million-$365 million of revenue and $0.50-$0.60 of GAAP EPS, with sequential improvement expected in revenue, gross margin, and EPS. However, free cash flow was negative $39.5 million and working capital consumed $58.8 million, leaving cash conversion and liquidity as the key concerns. Segment revenue and current-period gross and operating margin percentages were not disclosed in the supplied filing text.
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
- $0.63
What stood out
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Revenue accelerated sequentially and year over year
Revenue was $328.699 million, up approximately 11.4% from $295 million in Q2 2026 and approximately 37.5% from $239 million in Q3 2025. Revenue was slightly below the $330.118 million consensus estimate.
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EPS materially exceeded consensus
Reported EPS was $0.63 versus the $0.43 consensus estimate, a $0.20 beat or approximately 46.5%. EPS also improved from $0.03 in Q2 2026 and $(0.67) in Q3 2025.
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Q4 outlook calls for sequential growth
Management provided Q4 2026 revenue guidance of $345 million-$365 million, implying sequential growth from $328.699 million, and GAAP EPS guidance of $0.50-$0.60 versus reported EPS of $0.63.
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No reported control deficiencies
The filing states that disclosure controls were effective as of September 25, 2026, and that there were no changes in internal control reasonably likely to materially affect reporting during the period.
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Insider trading plan disclosed
A director entered a Rule 10b5-1 arrangement covering up to 22,000 ordinary shares, expiring August 15, 2027; the arrangement may be terminated earlier under specified circumstances.
What to watch
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Cash flow conversion remained negative
Free cash flow was negative $39.5 million for the quarter, despite reported EPS of $0.63, indicating earnings conversion into cash remained weak.
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Working capital consumed substantial cash
Working capital absorbed $58.8 million of cash during the quarter, increasing liquidity pressure as revenue rose to $328.699 million.
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Revenue slightly missed expectations
Revenue of $328.699 million missed the $330.118 million consensus estimate by approximately $1.419 million, or 0.4%, despite sequential growth from $295 million.
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No new risk-factor detail provided
The filing states that risk factors should be read with the 2025 Form 10-K and identifies no new material risk-factor changes; it also warns that historical results may not reliably indicate future performance.
Management's outlook
Management introduced Q4 2026 guidance of $345 million-$365 million in revenue and $0.50-$0.60 in GAAP EPS. No prior quantitative company outlook was provided, so a raise/maintain/lower comparison is not available; management expects sequential improvement in revenue, gross margin, and EPS.
Earlier filings 4
10-Q · May 5, 2026
Ichor Holdings reported Q1 2026 results with revenue of $256.1 million, slightly above estimates, and an EPS of $0.15, outperforming expectations by 36%. The results indicate a recovery in operations as both gross and…
10-K · February 20, 2026
Ichor reported full-year revenue of $947.7 million in 2025, up from $849.0 million in 2024 and $811.1 million in 2023, driven by semiconductor OEM demand. Despite top-line growth, GAAP results deteriorated with a net…
10-Q · August 5, 2025
Ichor reported Q2 net sales of $240,285 (in thousands) versus $203,227 in Q2 2024, but GAAP profitability and cash flow deteriorated. Gross profit rose in dollars to $27,202 (Q2 2025) but gross margin compressed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.