The call conveyed a constructive outlook: solid FY2025 results with 12% revenue growth, Q4 outperformance, stronger-than-expected early-2026 demand, raised Q1 guidance with double-digit sequential growth, and clear operational plans (Mexico expansion, Malaysia facility, product insourcing) to drive margin recovery and share gains. Near-term challenges include a Q4 trough, temporary capacity reductions during the global footprint realignment, lingering EUV/litho inventory digestion, restructuring charges, and qualification risk in the new Malaysia facility. Management expects margins and gross profit dollars to materially improve in the second half of 2026 and anticipates sequential growth each quarter, which together with balance sheet improvements supports a positive outlook.

Company Guidance

The company guided Q1 revenue of $240–$260 million (midpoint implying double‑digit sequential growth versus Q4’s $223.6M), Q1 gross margins of 12–13%, and Q1 operating expenses of about $24 million (a ~flat $24M OpEx run‑rate for 2026, ~+5% vs. FY2025); net interest expense is expected to be roughly $1.7M in Q1 and about $7M for 2026, Q1 tax expense ~$1.1M with an assumed non‑GAAP effective tax rate of 20–25%, and Q1 diluted EPS of $0.08–$0.16 on ~35.1M shares; management expects sequential revenue growth every quarter in 2026, gross profit dollars to grow at roughly twice the rate of revenues beginning in Q2 with meaningful margin improvement by midyear, CapEx to moderate to about 3% of revenue in 2026 (vs. ~4% in 2025), and most restructuring actions largely complete.

Full-Year Revenue Growth

Fiscal 2025 revenue of $948 million, up 12% year-over-year, driven primarily by strength in etch and deposition.

Q4 and Q1 Outperformance and Guidance

Q4 revenue $223.6M (reported as $224M), above the midpoint of guidance. Q1 2026 guidance of $240M–$260M (midpoint ~$250M) implies double-digit sequential growth (~11.7% vs Q4 midpoint) and management expects sequential growth every quarter in 2026.

Improving Gross Margin Trend

Q4 gross margin 11.7%, ~70 basis points above the midpoint of guidance. Management expects gross profit dollars to grow about twice the rate of revenues beginning in Q2 and forecasts Q1 gross margins in a 12%–13% range with meaningful margin improvement by midyear.

Operational Investments and Capacity Expansion

Large manufacturing center in Malaysia began operation and Mexico machining expansion will complete later in 2026 to serve as high-volume manufacturing centers and drive supply resiliency; CapEx moderation planned from ~4% of revenue (~$36M in 2025) to ~3% in 2026.

Product Strategy and Commercial Wins

Design wins in non-semiconductor/commercial space are beginning to convert to revenue; commercial business grew significantly in 2025 and is now the company's fifth largest customer (sub-5% today with a medium-term goal to reach ~10%). Target to have Ichor-branded products support up to 75% of system content by year-end 2026.

Balance Sheet and Cash Flow Improvements

Cash and equivalents $98.3M at fiscal year-end (up $6M from Q3). Working capital improvements generated $9M of positive cash flow; Q4 capex ~$3M and free cash flow ~$6M. Total debt $123M, down from $129M a year ago.

Operational Metrics and Efficiency

DSO improved to 29 days (better than Q3) and inventory turns remained steady at 3.3, indicating improving receivables management amid the demand ramp.

Profitability and Expense Guidance

Q4 operating expenses $23.4M (slightly lower than forecast) with operating income $2.7M and Q4 non-GAAP EPS $0.01. Q1 OpEx projected at ~$24M and management expects a relatively consistent OpEx run rate for 2026 (full-year OpEx ~ +5% vs fiscal 2025).

Ichor Holdings (ICHR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ICHR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 12, 2026	2026 (Q1)	0.13 / -	0.12	―	―	―
Feb 09, 2026	2025 (Q4)	-0.06 / 0.01	0.08	-87.50% (-0.07)	―
Nov 03, 2025	2025 (Q3)	0.12 / 0.07	0.12	-41.67% (-0.05)	―
Aug 04, 2025	2025 (Q2)	0.14 / 0.03	0.05	-40.00% (-0.02)	―
May 05, 2025	2025 (Q1)	0.26 / 0.12	-0.09	233.33% (+0.21)	―
Feb 04, 2025	2024 (Q4)	0.09 / 0.08	-0.06	233.33% (+0.14)	―
Nov 04, 2024	2024 (Q3)	0.11 / 0.12	0.07	71.43% (+0.05)	―
Aug 06, 2024	2024 (Q2)	0.03 / 0.05	0.02	150.00% (+0.03)	―
May 07, 2024	2024 (Q1)	<0.01 / -0.09	0.38	-123.68% (-0.47)	―
Feb 06, 2024	2023 (Q4)	0.07 / -0.06	0.72	-108.33% (-0.78)	―

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

ICHR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 09, 2026	$34.11	$45.27	+32.72%
Nov 03, 2025	$22.92	$15.72	-31.39%
Aug 04, 2025	$20.14	$14.06	-30.19%
May 05, 2025	$20.84	$16.00	-23.22%

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 Ichor Holdings (ICHR) report earnings?

Ichor Holdings (ICHR) is schdueled to report earning on May 12, 2026, After Close (Confirmed).

What is Ichor Holdings (ICHR) earnings time?

Ichor Holdings (ICHR) earnings time is at May 12, 2026, After Close (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 ICHR EPS forecast?

ICHR EPS forecast for the fiscal quarter 2026 (Q1) is 0.13.