10-Q · May 5, 2026
Veeco Instruments Inc. reported disappointing Q1 2026 results, with revenue of $158.3 million and a net loss of $(0.3) million, missing consensus estimates for revenue and EPS. Though semiconductor market revenue…
Earnings analysis · 10-Q
VECO earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Veeco’s Q3 revenue and EPS improved substantially sequentially and year over year, but both missed consensus and gross margin declined to 38.4% from 40.8% a year earlier. The filing does not provide segment results,…
Read full summary
Veeco’s Q3 revenue and EPS improved substantially sequentially and year over year, but both missed consensus and gross margin declined to 38.4% from 40.8% a year earlier. The filing does not provide segment results, operating margin, or free cash flow in the supplied text. Market-risk exposure includes a $2.4 million estimated portfolio impact from a 100-basis-point rate increase, while the company reported no material changes to previously disclosed 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
- $0.36
- Gross margin
- 38.4%
What stood out
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Revenue rebounded sequentially and year over year
Q3 revenue was $209.4 million, up approximately 8.5% from $193 million in Q2 2026 and approximately 26.1% from $166 million in Q3 2025, although it missed the $214.7 million consensus estimate by 2.5%.
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EPS improved but missed consensus
Non-GAAP diluted EPS was $0.36 versus $0.18 in Q2 2026 and $0.17 in Q3 2025, but was below the $0.41 consensus estimate.
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Gross margin remained under pressure
Gross margin was 38.4%, down 30 basis points from 38.7% in Q2 2026 and down 240 basis points from 40.8% in Q3 2025.
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Substantial fixed-income portfolio
The company held $277.2 million of fixed-income securities at September 30, 2026, providing a meaningful investment portfolio despite exposure to rate movements.
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No reported control deficiencies
Disclosure controls were concluded effective as of September 30, 2026, and the company reported no changes in internal control that materially affected or were reasonably likely to materially affect financial reporting.
What to watch
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Interest-rate sensitivity
A 100-basis-point increase in interest rates would reduce the fair value of the $277.2 million fixed-income portfolio by approximately $2.4 million.
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High international revenue exposure
International exposure remains material: customers outside the United States represented 69% of Q3 net sales and 72% for the first nine months of 2026. Management expects international sales to remain a large percentage of total sales.
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No material risk-factor update
Risk factors were not materially changed from the prior disclosure, but the filing states that foreign-currency-denominated sales represented 5% of Q3 total net sales; a 10% change in foreign-exchange rates was estimated to have an immaterial consolidated operating impact.
Management's outlook
The filing does not establish a comparable prior outlook. Associated Q4 2026 outlook calls for revenue of $230 million-$260 million and non-GAAP diluted EPS of $0.50-$0.70; revised FY2026 non-GAAP diluted EPS guidance is $1.32-$1.52.
Earlier filings 4
10-K · February 25, 2026
Veeco reports fiscal 2025 revenue of $664.3 million and GAAP net income of $35.4 million (diluted EPS $0.59), with backlog rising to $554.9 million at December 31, 2025. Results show margin compression (Q4 gross margin…
10-Q · November 5, 2025
Veeco reported Q3 net sales of $165,881,000 and diluted EPS of $0.17, with year-over-year declines in revenue, gross margin and operating income versus Q3 2024. Liquidity strengthened (cash $193,192,000; short-term…
10-Q · May 7, 2025
Veeco reported Q1 net sales of $167.3M and diluted EPS of $0.20. Revenue and gross profit declined versus Q1 2024 (sales down $7.2M to $167.3M; gross profit down $6.95M to $68.47M) while operating income fell to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.