Onto Innovation Inc.
Onto Innovation Inc. Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management said on revenue, margins and capex.
What the Q2 FY26 call signalled
4 of 4 strong
The short version
- Advanced packaging revenue expected to grow more than 50% in 2026, driven by Dragonfly G5 and panel-level packaging. - Q2 2026 earnings per share (EPS) expected at approximately $1.69, representing strong growth.
From Onto Innovation Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- Advanced packaging revenue expected to grow more than 50% in 2026, driven by Dragonfly G5 and panel-level packaging.
- Dragonfly G5 shipments increasing steadily through 2026 quarters; strong pipeline with over 10 customers and 15 applications.
- Advanced nodes business projected to grow about 25% in 2026, outpacing average WFE growth.
- Silicon photonics seen as a high-growth area from a low base, with volume ramp-ups starting.
- Panel-level packaging currently around $200 million revenue, with potential to increase as industry adoption grows.
- Rigaku collaboration expected to generate licensing revenue and hybrid metrology sales, with software revenue growing in 2026 and 2027.
- Overall, 2026 revenue forecast over $1.3 billion; visibility and backlog strong.
2 more points from Onto Innovation Inc.'s call on revenue
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Profitability & Margins
See what Onto Innovation Inc. said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Onto Innovation announced a strategic investment by purchasing a 27% stake in Rigaku for approximately $710 million, expected to close in H2 2026, primarily funded with cash on hand.
- This investment strengthens long-term alignment, provides insight into X-ray technology roadmaps, and supports joint development of next-generation hybrid metrology solutions combining optical and X-ray technologies.
- There is active ongoing R&D collaboration with Rigaku targeting hybrid metrology solutions for future advanced semiconductor processes, aiming for high-volume manufacturing readiness a few generations out.
- The company is managing supply chain adjustments and factory expansions (extended factories) to support growth and meet customer demands, including pruning suppliers to improve scalability.
Fundraising & Capital Structure
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Order Book & Pipeline
- Onto Innovation reported a record backlog, indicating strong orderbook visibility.
- There is a healthy pipeline of application studies for Dragonfly G5, implying significant order expansion in 2027.
- The partnership with Rigaku also contributes to software attach rates depending on Rigaku’s CD X-ray tool pipeline, which is described as quite healthy.
- Shipments of Dragonfly G5 have been accelerating, with requests to pull in shipments and steady growth expected through all four quarters of 2026.
- Orders from 10+ customers and over 15 applications for Dragonfly G5 are actively engaged and growing.
- Over 10 new orders were received in the quarter for 3DI technology from OSAT customers.
2 more points from Onto Innovation Inc.'s call on order book
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Continue your research
Others in Semiconductors and Semiconductor Equipment this season
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Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Onto Innovation Inc. Q2 FY26 results?
- Advanced packaging revenue expected to grow more than 50% in 2026, driven by Dragonfly G5 and panel-level packaging. - Q2 2026 earnings per share (EPS) expected at approximately $1.69, representing strong growth.
What is Onto Innovation Inc. share price analysis?
Onto Innovation Inc. currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 128.1 with a market cap of $12,874. Investors should review the full earnings analysis for detailed insights.
Is Onto Innovation Inc. planning capital expenditure?
- Onto Innovation announced a strategic investment by purchasing a 27% stake in Rigaku for approximately $710 million, expected to close in H2 2026, primarily funded with cash on hand.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.