FORMEarnings

FORM Q3 FY2026 GAAP gross margin 54.7%, Beat Guidance by +2.7 pts

FORM beat prior Q3 FY2026 GAAP gross margin guidance by +2.7 pts. FormFactor reported Q3 FY2026 results that beat guidance across all key metrics, with GAAP gross margin of 54.7% exceeding the guided midpoint of 52.0% and non-GAAP net income per diluted share of $1.04 beating the guided midpoint of $0.86. Revenue of $280.5 million increased 38.4% year-over-year, marking the fourth consecutive quarterly revenue record.

Published October 28, 2026 at 6:58 PM EDTFormFactor, Inc.SEC filing

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Guidance comparison

GAAP gross marginQ3 FY2026

54.7%Guide 52.0% | beat | +2.7 pts | +5.2%

Non-GAAP gross marginQ3 FY2026

56.5%Guide 54.0% | beat | +2.5 pts | +4.6%

GAAP net income per diluted shareQ3 FY2026

$0.93Guide $0.75 | beat | +$0.18 | +24.0%

Non-GAAP net income per diluted shareQ3 FY2026

$1.04Guide $0.86 | beat | +$0.18 | +20.9%

Forward guidance

RevenueQ4 FY2026 (ending December 26, 2026)

$275 million - $295 million+32.4% implied Y/Y vs Q4 FY2025

GAAP gross marginQ4 FY2026

50.8% - 53.8%+8.4 pp implied Y/Y vs Q4 FY2025

Non-GAAP gross marginQ4 FY2026

52.5% - 55.5%+10.1 pp implied Y/Y vs Q4 FY2025

GAAP net income per diluted shareQ4 FY2026

$0.75 - $0.93+82.6% implied Y/Y vs Q4 FY2025

Non-GAAP net income per diluted shareQ4 FY2026

$0.86 - $1.04+106.5% implied Y/Y vs Q4 FY2025

Key takeaways

Revenue: Q3 FY2026 revenue of $280.5 million grew 8.6% sequentially from $258.2 million in Q2 FY2026 and increased 38.4% year-over-year from $202.7 million in Q3 FY2025.
Profitability: GAAP gross margin of 54.7% beat guidance midpoint of 52.0% by 2.7 percentage points; non-GAAP gross margin of 56.5% exceeded guidance midpoint of 54.0% by 2.5 percentage points.
Earnings per share: GAAP diluted EPS of $0.93 beat guidance midpoint of $0.75 by $0.18; non-GAAP diluted EPS of $1.04 beat guidance midpoint of $0.86 by $0.18.
Cash generation: GAAP operating cash flow was $104.3 million and free cash flow was $64.8 million in the quarter.
Foundry & Logic segment: Revenue grew approximately 10% sequentially with broad-based strength across multiple end applications.
Systems segment: Revenue grew more than 20% sequentially driven by higher demand for co-packaged optics.
Q4 FY2026 outlook: Revenue guidance of $285 million plus/minus $10 million; GAAP gross margin of 52.3% plus/minus 1.5%; non-GAAP gross margin of 54.0% plus/minus 1.5%; GAAP EPS of $0.84 plus/minus $0.09; non-GAAP EPS of $0.95 plus/minus $0.09.

Key metrics

RevenueQ3 FY2026 (ended September 26, 2026)

$280.5 million+38.4%

RevenueQ3 FY2026

$280.5 million+8.6% vs Q2 FY2026 ($258.2M)

GAAP gross marginQ3 FY2026

54.7%+14.9 pts vs Q3 FY2025 (39.8%)

Non-GAAP gross marginQ3 FY2026

56.5%+15.5 pts vs Q3 FY2025 (41.0%)

GAAP net incomeQ3 FY2026

$73.8 million+371.4% vs Q3 FY2025 ($15.7M)

Non-GAAP net incomeQ3 FY2026

$82.3 million+220.3% vs Q3 FY2025 ($25.7M)

GAAP net income per diluted shareQ3 FY2026

$0.93+365.0% vs Q3 FY2025 ($0.20)

Non-GAAP net income per diluted shareQ3 FY2026

$1.04+215.2% vs Q3 FY2025 ($0.33)

Primary source

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