The Q4 guidance midpoint of $285M revenue and $0.95 non-GAAP EPS implies continued sequential growth and margin expansion, though the pace of gross margin improvement may moderate as the Farmers Branch factory ramps. Watch for updates on capacity expansion costs and the Teradyne partnership's revenue contribution.
Price Chart
Executive Summary
FormFactor reported Q3 2026 revenue of $280.5M (up 38.4% YoY) and non-GAAP EPS of $1.04, both exceeding the high end of guidance and consensus estimates of $270.5M and $0.86. The company guided Q4 2026 revenue to $285M +/- $10M and non-GAAP EPS to $0.95 +/- $0.09, implying continued sequential growth.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $280.5M, up 38.4% YoY from $202.7M and 8.6% sequentially from $258.2M
- Non-GAAP diluted EPS of $1.04, up from $0.33 in Q3 2025 and $0.82 in Q2 2026
- GAAP diluted EPS of $0.93, up from $0.20 in Q3 2025 and $0.71 in Q2 2026
- Non-GAAP gross margin of 56.5%, up from 41.0% in Q3 2025 and 53.3% in Q2 2026
- GAAP gross margin of 54.7%, up from 39.8% in Q3 2025 and 50.7% in Q2 2026
- Free cash flow of $64.8M, up from $19.7M in Q3 2025 and $52.6M in Q2 2026
- Q4 2026 guidance: revenue $285M +/- $10M, non-GAAP EPS $0.95 +/- $0.09
- Fourth consecutive quarterly revenue record
- Foundry Logic segment grew 10% sequentially; Systems segment grew >20% sequentially on co-packaged optics demand
- Announced expanded partnership with Teradyne for next-gen semiconductor test applications
Financial Impact
Revenue beat consensus by $10M (3.7%), non-GAAP EPS beat consensus by $0.18 (20.9%)
Segment Breakdown
| Segment | Growth |
|---|---|
| Foundry Logic | +10.0% |
| Systems | +20.0% |
Risk Factors
- Productivity gains from existing footprint are moderating as capacity limits approach, with new Farmers Branch factory costs potentially pressuring near-term margins
- Forward-looking statements subject to risks from export controls, tariffs, and US-China trade tensions
- Restructuring charges of $2.9M in Q3 2026 and $30.7M year-to-date indicate ongoing operational changes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001039399-26-000040 |
| Document: form-20261028.htm | 0001039399-26-000040 |
| Document: 0001039399-26-000040-index-headers.html | 0001039399-26-000040 |
| Document: 0001039399-26-000040-index.html | 0001039399-26-000040 |
| Document: 0001039399-26-000040.txt | 0001039399-26-000040 |
| 8-K Data (Synthetic) | 0001039399-26-000040 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | No price | awaiting T+5 | awaiting T+5 | No price |
Oct 28, 2026 1d ago | Press Release | $111.04 | awaiting T+5 | awaiting T+5 | $97.46 (−12.23%) |
Oct 27, 2026 2d ago | Institutional Cluster | $106.85 | awaiting T+5 | awaiting T+5 | $97.46 (−8.79%) |
Oct 13, 2026 16d ago | 8-K | $128.09 $107.70 | ▼ −15.92% | ▼ −14.77% | $97.46 (−23.91%) |
Aug 22, 2026 9w ago | Institutional Cluster | $107.90 $100.61 | ▼ −6.76% | ▼ −7.23% | $97.46 (−9.68%) |
Jul 8, 2026 16w ago | Press Release | $119.44 $107.11 | ▼ −10.32% | ▼ −10.19% | $97.46 (−18.40%) |
Jun 26, 2026 17w ago | Institutional Cluster | $130.74 $123.59 | ▼ −5.47% | ▼ −7.63% | $97.46 (−25.46%) |
Jun 16, 2026 19w ago | Insider Cluster | $139.95 $141.42 | ▲ +1.05% | ▲ +2.09% | $97.46 (−30.36%) |
May 22, 2026 22w ago | Insider Cluster | $136.48 $115.07 | ▼ −15.69% | ▼ −16.77% | $97.46 (−28.59%) |
May 21, 2026 23w ago | Insider Cluster | $128.99 $115.07 | ▼ −10.79% | ▼ −12.47% | $97.46 (−24.44%) |
US Market Status
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