10-Q · May 7, 2026
MKS Inc. reported Q1 2026 earnings with revenue of $1,078 million and diluted EPS of $2.30, both surpassing analyst estimates. The company experienced robust segment growth primarily in Semiconductor and Electronics &…
Earnings analysis · 10-Q
MKSI earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Q3 results showed strong sequential and year-over-year acceleration, with revenue of $1.413 billion, GAAP operating margin of 23.1%, and GAAP EPS of $3.26. Revenue exceeded consensus by approximately $54.1 million,…
Read full summary
Q3 results showed strong sequential and year-over-year acceleration, with revenue of $1.413 billion, GAAP operating margin of 23.1%, and GAAP EPS of $3.26. Revenue exceeded consensus by approximately $54.1 million, while non-GAAP EPS of $4.18 beat consensus by 14.5%. The principal offsets are continuing tariff and pending Ophir Optics transaction uncertainty, while the supplied 10-Q reports no material changes in market-risk exposure as of September 30, 2026.
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
- $3.26
- Operating margin
- 23.1%
What stood out
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Revenue accelerated and beat consensus
Q3 revenue was $1.413 billion, up $163 million, or 13.0%, from $1.250 billion in Q2 2026 and up $425 million, or 43.0%, from $988 million in Q3 2025. Revenue also exceeded the $1.3589 billion consensus estimate by approximately $54.1 million.
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Operating margin expanded sharply
GAAP operating margin was 23.1%, up 300 basis points from 20.1% in Q2 2026 and 910 basis points from 14.0% in Q3 2025.
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GAAP EPS improved materially
GAAP EPS was $3.26, versus $2.41 in Q2 2026 and $1.10 in Q3 2025, representing sequential growth of $0.85 and year-over-year growth of $2.16.
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Adjusted EPS exceeded expectations
Non-GAAP EPS was $4.18 versus the $3.65 consensus estimate, a $0.53 beat or 14.5%.
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Semiconductor and E&P led growth
Management identified Semiconductor and E&P as the principal growth drivers in the Q3 earnings discussion, although the supplied 10-Q text does not provide revenue by segment.
What to watch
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No material risk-factor update
The 10-Q incorporates the risk factors from the 2025 Form 10-K and does not identify a new risk-factor change. It separately states that, as of September 30, 2026, there were no material changes in exposure to market risk from December 31, 2025.
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Tariff and transaction uncertainty
The Q4 outlook excludes the pending Ophir Optics sale and incorporates U.S. import tariffs and retaliatory actions through November 4, 2026, leaving transaction timing and trade-policy exposure as continuing uncertainties.
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Insider sale plans disclosed
Three insiders adopted Rule 10b5-1 sale plans during the quarter covering up to 28,000 shares in aggregate: 2,000 shares for Peter J. Cannone III, 20,000 for Gerald G. Colella, and 6,000 for Renee M. Donlan.
Management's outlook
The supplied 10-Q text does not include a quantitative outlook or MD&A discussion. The Q4 2026 outlook reported in the accompanying November 4, 2026 earnings materials was revenue of $1.450 billion-$1.530 billion and GAAP EPS of $3.66-$4.42; it excludes the pending Ophir Optics sale and incorporates U.S. import tariffs and retaliatory actions through November 4, 2026.
Earlier filings 4
10-K · February 24, 2026
MKS Inc. reported strong performance in 2025, with revenue reaching $3.93 billion, up 9.6% year-over-year, driven primarily by growth in the semiconductor and electronics markets. However, a substantial increase in…
10-Q · November 6, 2025
MKS Instruments (MKSI) reported an impressive third quarter, with revenue of $988 million, exceeding expectations and showing a 10.5% increase from the prior quarter. EPS for the quarter was $1.93, beating consensus…
10-Q · August 7, 2025
MKS Instruments reported strong results in its Q2 2025 10-Q filing, with significant revenue growth and EPS surpassing estimates. Revenue for the quarter reached $973 million, a 9.2% increase from the prior quarter,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.