The earnings call reflected strong financial results and growth in key segments, particularly in data center and high-end consumer markets. However, challenges such as the goodwill impairment charge and cautious bookings in China present areas of concern. Overall, the positive highlights outweigh the lowlights, suggesting a strong performance with optimistic future prospects.

Company Guidance

In the recent earnings call, Semtech Corporation provided guidance on several key metrics for its fiscal Q3 2026. The company forecasts net sales of approximately $266 million, representing a 12% year-over-year increase at the midpoint. Adjusted gross margin is expected to be around 53.0%, an improvement of 60 basis points compared to the same period last year. Semtech anticipates adjusted operating expenses to be about $88.8 million, resulting in an adjusted operating margin of 19.6%, up by 130 basis points year-over-year. The adjusted EBITDA is projected to be approximately $60 million, with an adjusted EBITDA margin of 22.5%, reflecting a 90 basis point improvement from the previous year. The adjusted net interest expense is estimated at $5 million, benefiting from lower leverage-based pricing on the company's term loan. These figures contribute to an anticipated adjusted diluted earnings per share of $0.44, based on a weighted average share count of 91.6 million shares.

Record Net Sales and Financial Performance

Semtech reported record net sales of $257.6 million for Q2 FY2026, a 20% increase year-over-year, marking the sixth consecutive quarter of growth. Adjusted gross margin improved by 280 basis points year-over-year.

Strong Data Center Segment Growth

Data center net sales reached a record $52.2 million, up 92% year-over-year. The segment benefited from record revenues in FiberEdge products, contributing to growth in the infrastructure end market.

Debt Reduction and Financial Strength

Semtech reduced its debt by $879 million year-over-year, resulting in a quarterly interest expense reduction of 80% and an improved net leverage ratio of 1.6x, compared to 8.8x a year ago.

High-End Consumer Market Performance

Net sales for high-end consumer products were $41.2 million, up 16% sequentially and 11% year-over-year, driven by strong content gains and market share growth.

Progress in PerSe and LoRa Technologies

PerSe sensing technology and LoRa-enabled solutions showed significant growth. LoRa net sales were up 29% year-over-year, with a historic record in end node shipments, while PerSe technology continues to gain traction in smart glasses and smartphones.

Semtech (SMTC) Earnings, Revenues Date & History

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SMTC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 26, 2025	2026 (Q3)	0.44 / -	0.26	―	―	―
Aug 25, 2025	2026 (Q2)	0.40 / 0.41	0.11	272.73% (+0.30)
May 27, 2025	2026 (Q1)	0.37 / 0.38	0.06	533.33% (+0.32)
Mar 13, 2025	2025 (Q4)	0.32 / 0.40	-0.06	766.67% (+0.46)
Nov 25, 2024	2025 (Q3)	0.23 / 0.26	0.02	1200.00% (+0.24)
Aug 27, 2024	2025 (Q2)	0.10 / 0.11	0.11	0.00% (0.00)
Jun 05, 2024	2025 (Q1)	0.01 / 0.06	0.02	200.00% (+0.04)
Mar 28, 2024	2024 (Q4)	-0.04 / -0.06	0.47	-112.77% (-0.53)
Dec 06, 2023	2024 (Q3)	-0.15 / 0.02	0.65	-96.92% (-0.63)	―
Sep 13, 2023	2024 (Q2)	0.02 / 0.11	0.87	-87.36% (-0.76)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SMTC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 25, 2025	$51.00	$58.72	+15.14%
May 27, 2025	$38.78	$37.01	-4.56%
Mar 13, 2025	$32.71	$39.60	+21.06%
Nov 25, 2024	$53.44	$63.11	+18.10%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.