Ichor Holdings

Ichor Holdings reported Q2 FY2026. EPS came in at $0.34 against a $0.31 consensus, beat by 10.7%. Revenue was $294.8M versus $300.2M expected, missed by 1.8%. Gross margin was 14.7%, up 310 bps from last quarter.

Ichor Holdings Ichor Holdings reported Q1 FY2026 revenue of $256.1 million, a 1.9% beat over the street estimate of $251.3 million. EPS came in at $0.15, a 15.4% beat over the estimate of $0.13. The company's guidance for Q2 FY2026 indicates a continued positive trajectory, with revenues expected in the range of $290 million to $310 million.

Ichor Holdings printed only a small revenue beat, but the variant view is that investors are still anchored to the backward-looking Q4 downtick while the company is guiding a Q1 reset in revenue, gross margin, and EPS. The market may be underpricing the operating leverage embedded in a $240 million to $260 million Q1 revenue guide, 12% to 13% gross margin, and $0.08 to $0.16 non-GAAP EPS after a street-comparison Q4 loss of -$0.05.

Ichor Holdings cleared the revenue bar and missed EPS because the quarter exposed a manufacturing reset that investors should not treat as normal cycle noise. The variant view is that the print is less about a modest top-line beat and more about whether a now-visible gross-margin trough at 4.6% can recover toward the company’s stated mid-teens framework as Malaysia consolidation, inventory cleanup, and customer mix stabilize.

Ichor Holdings beat the revenue line but missed EPS because the business is trapped below the revenue scale needed to convert its restructuring into margin. The variant view is that the market should not treat the $240.3 million print as demand validation: the surprise was pull-forward and mix-limited, while the investable question is whether Q3 gross margin can reset to 12.5% to 13.5% without a revenue breakout above the current run rate.