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Formfactor (FORM)
NASDAQ:FORM
Earnings Data
Report Date
May 06, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.44Last Year’s EPS
0.23Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong operational and financial momentum: record revenues, accelerating gross margin expansion (cumulative +540 bps since Q2 and +290 bps QoQ non-GAAP), improved cash generation, and confident Q1 guidance (revenue and margin expansion). Management executed structural cost and output improvements and is investing to scale (Farmers Branch, Keystone acquisition) to capture HBM, foundry/logic, GPU and custom ASIC opportunities. Key risks include a ~200 bps tariff headwind, near-term customer concentration in HBM, systems seasonality, capital-intensive ramp costs for Farmers Branch, and limited visibility beyond the quarter. Overall, the positive results, clear operational progress, and constructive guidance materially outweigh the headwinds and execution risks.Company Guidance
Record Revenue
Q4 2025 revenue of $215.2M came in at the high end of outlook and represented record quarterly and annual revenue for the company.
Large Sequential/Quarterly Gross Margin Improvement
Non-GAAP gross margin improved to 43.9% in Q4 (up 290 basis points from 41.0% in Q3). GAAP gross margin was 42.2% (up 40 basis points from Q3). Management expects another ~100+ basis points of non-GAAP gross margin expansion in Q1 2026.
Cumulative Gross Margin Progress
Gross margins improved from 38.5% in Q2 2025 to 43.9% in Q4 2025, a cumulative improvement of 540 basis points driven largely by operational improvements (yields, cycle time, workforce redeployment).
Segment Margin and Profitability Gains
Probe card segment non-GAAP gross margin rose 364 basis points to 44.5% in Q4. GAAP net income in Q4 was $23.2M ($0.29/sh) vs $15.7M ($0.20/sh) in the prior quarter; non-GAAP net income was $36.6M ($0.46/sh) vs $25.7M ($0.33/sh) in Q3 (≈+42% non-GAAP net income QoQ).
Strong Cash Generation
Q4 operating cash flow was $46M (up $19M vs Q3 $27M) and free cash flow was $34.7M (up $15M vs Q3 $19.7M), demonstrating improved cash generation with higher margins. Cash & investments totaled $275M, up $9.1M sequentially.
Confident Q1 2026 Outlook
Q1 non-GAAP guidance: revenue $225M ±$5M (midpoint ≈ +4.6% vs Q4), non-GAAP gross margin 45% ±150 bps (midpoint +110 bps vs Q4), non-GAAP EPS $0.45 ±$0.04. Non-GAAP OpEx midpoint ~$62M (~$4.5M higher than Q4) reflecting Farmers Branch startup costs.
Strategic Wins and Market Positioning
Company reports leading positions in HBM, DRAM, network switches, foundry/logic; progress on GPU qualifications and expanding custom ASIC/XPU business (multimillion-dollar design win mid-2025). Acquisition of Keystone Photonics (≈$20M cash used) enhances co-packaged optics (CPO) optical probe capabilities.
Operational Actions Driving Results
Management executed workforce reductions, site consolidation and process yield/cycle-time improvements that are cited as primary drivers of margin and output gains; created capability to run at ~$225M quarterly run-rate from existing footprint.
Share Repurchase Flexibility Preserved
No repurchases in Q4 while prioritizing Farmers Branch ramp; $70.9M remains available under the $75M buyback program to offset future dilution.
FORM Earnings History
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
FORM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | $71.57 | $83.87 | +17.19% |
Oct 29, 2025 | $47.72 | $59.25 | +24.16% |
Jul 30, 2025 | $34.42 | $28.41 | -17.46% |
Apr 30, 2025 | $28.14 | $28.97 | +2.95% |
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.
FAQ
When does Formfactor (FORM) report earnings?
Formfactor (FORM) is schdueled to report earning on May 06, 2026, TBA (Confirmed).
What is Formfactor (FORM) earnings time?
Formfactor (FORM) earnings time is at May 06, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FORM EPS forecast?
FORM EPS forecast for the fiscal quarter 2026 (Q1) is 0.44.