FormFactor, Inc.

Q2 FY26Semiconductors and Semiconductor Equipment

FormFactor, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹130

Market cap₹10.2K Cr

P/E156.9

Updated30 May 2026

Read5 min read

What the Q2 FY26 call signalled

3 of 4 strong

RevenueRank 3

MarginRank 2

CapexYes

Order bookYes

Not discussed on this call: fundraise.

The short version

- FormFactor expects continued strong revenue growth, with Q2 2026 guidance at $240 million ± $5 million, up from $226.1 million in Q1. - Growth driven by increased demand in advanced DRAM probe cards, especially HBM (over 50% growth from H1 2025 to H1 2026). - Expansion in foundry and logic probe cards fueled by networking and data center CPU applications linked to AI compute intensification. - Farmers Branch manufacturing site ramping up later this year, planned to reach substantial capacity (approx. - Q2 2026 revenues are expected at $240 million ± $5 million, indicating continued growth.

From FormFactor, Inc.'s Q2 FY26 earnings-call transcript · updated 30 May 2026.

Revenue & Sales Performance

Rank 3

FormFactor expects continued strong revenue growth, with Q2 2026 guidance at $240 million ± $5 million, up from $226.1 million in Q1.
Growth driven by increased demand in advanced DRAM probe cards, especially HBM (over 50% growth from H1 2025 to H1 2026).
Expansion in foundry and logic probe cards fueled by networking and data center CPU applications linked to AI compute intensification.
Farmers Branch manufacturing site ramping up later this year, planned to reach substantial capacity (approx. 60% of current probe cards business) by 2027.
Operational improvements (yields, cycle times, capacity leverage) expected to drive incremental output growth and gross margin expansion.
Market share gains anticipated from differentiated technology (Smart Matrix) and supply to all major DRAM and foundry customers.
Seasonality expected in some segments, but overall demand environment remains strong with supply constraints benefiting FormFactor.

Profitability & Margins

Q2 2026 revenues are expected at $240 million ± $5 million, indicating continued growth.
Non-GAAP gross margin outlook for Q2 is 49.5% ± 150 basis points, showing expected margin expansion.
Non-GAAP operating expenses projected at $65 million ± $2 million, reflecting disciplined spending.
Non-GAAP effective tax rate expected between 15% to 19%.
Non-GAAP EPS for Q2 forecasted at $0.61 ± $0.04, signaling profit growth.
The company anticipates further operational leverage and incremental improvements beyond current gains.
Gains from restructuring and operational efficiencies are expected to persist and offset temporary timing effects.
Farmers Branch site ramp later in 2026 to enable additional capacity and support future revenue and gross margin expansion.
Commitment to sustained profitable growth with moderated pace as improvements require more effort and time.

See what FormFactor, Inc. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

FormFactor is prioritizing capital deployment to accelerate ramp-up of its new manufacturing site in Farmers Branch.
Farmers Branch site expansion is on track to begin coming online later in 2026, with ramp-up continuing through 2027.
Expected cash CapEx for Farmers Branch in 2026 is between $140 million and $170 million.
Preproduction ramp and G&A expenses related to Farmers Branch are expected to be between $20 million and $25 million in 2026.
Farmers Branch will provide increased capacity with structurally lower costs, enabling future revenue growth and gross margin expansion.
The site is expected to be accretive to gross margins upon reaching initial target capacity.
FormFactor secured about $24 million in cash grants as incentives to partially offset capital expenditures for Farmers Branch.
The company plans to leverage operational improvements and efficiencies from existing facilities in the ramp of Farmers Branch.

Fundraising & Capital Structure

The transcript does not mention any current or future plans for fundraising through debt or equity.
The company prioritized deploying cash to ramp up the new manufacturing site in Farmers Branch.
They have an ongoing $75 million 2-year share repurchase program aimed at offsetting dilution from stock-based compensation.
No indication of issuing new equity or taking on new debt was discussed.
Focus remains on operational improvements, capacity expansion, and cost reduction rather than external financing.

See what FormFactor, Inc. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Yes

The transcript does not explicitly mention current or expected order book or pending orders figures.
However, strong customer demand and revenue growth indicate a healthy order flow:
- Significant growth in HBM probe card business (>50% growth expected from H1 2025 to H1 2026).
- Increased adoption by a second customer for at-speed HBM testing in Q2.
- Focus on insertion 1 for co-packaged optics (CPO) with ongoing partnerships, indicating future order potential.
- Strong demand in foundry and logic probe cards, especially from data center CPU and networking applications.
- Ongoing production ramp at Farmers Branch site will expand capacity to meet demand.
The company expects continued growth with capacity constraints managed through operational improvements and new manufacturing expansion.
Investor Day (May 11) planned to share more on growth opportunities and strategies.

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Frequently Asked Questions

What were FormFactor, Inc. Q2 FY26 results?

What is FormFactor, Inc. share price analysis?

FormFactor, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 156.9 with a market cap of $10,151. Investors should review the full earnings analysis for detailed insights.

Is FormFactor, Inc. planning capital expenditure?

- FormFactor is prioritizing capital deployment to accelerate ramp-up of its new manufacturing site in Farmers Branch.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.