Amkor Technology

Amkor Technology reported Q2 FY2026. EPS came in at $0.70 against a $0.47 consensus, beat by 48.9%. Revenue was $1.9B versus $1.8B expected, beat by 4.6%. Gross margin was 16.8%, up 260 bps from last quarter.

Amkor Technology reported a strong Q1 FY2026, with record revenue of $1.68 billion, up 27% year-over-year, and non-GAAP EPS of $0.33, significantly beating street estimates. The company's favorable product mix and cost management drove gross margin expansion, setting a positive tone for the year.

Amkor Technology cleared the Q4 bar, but the market’s likely mistake is treating the $0.69 EPS beat as a demand inflection rather than a mix-and-asset-sale quarter that is now being converted into a much larger U.S. capacity cycle. The investable question is not whether Q4 was clean enough, since revenue beat by only +2.7%, but whether investors will underwrite $2.5 billion to $3.0 billion of 2026 CapEx before the computing and advanced automotive revenue promised for 2026 shows up in margins.

Amkor Technology delivered the upside the market wanted in Q3, yet the print’s actionable message is less about the beat than about the cost of building U.S. capacity before margins are ready. The variant view is that investors are likely over-crediting the $1.99 billion revenue quarter and under-discounting a Q4 guide whose gross margin depends on an asset-sale benefit while the company raises 2025 CapEx to $950 million.