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Applied Optoelectronics (AAOI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Applied Optoelectronics (AAOI) Q3 2026 earnings results →

Q3 2026 Revenue up 128% year over year to $270M · 2¢ of every $1 of revenue kept as net profit · operating margin -0.5%

Applied Optoelectronics made $270M in Q3 2026 (+128% Y/Y): Data Center $156M, CATV $111M, Telecom $2.7M. Operating margin -0.5%, net earnings $6.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$270M
Year over year+128%
Operating margin-0.5%
Net earnings$6.3M
Operating cash flow−$2.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $269.9M in Q3 2026, up 127% year over year and up 41% from the previous quarter. Data Center was the largest line at 58% of revenue. Data Center added $111.7M year over year (up 254%), 74% of the total change. Telecom declined 27%.

Gross margin was 28.2%, up 0.2 points from a year earlier. Operating costs exceeded revenue by $1.4M, an operating margin of -0.5%. Operating expenses grew 51% against revenue growth of 127%. The fastest-growing cost line was Research & development (+79%). Net earnings were $6.3M. The effective tax rate was 27.2%. Non-operating items added $10.1M, 117% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$2.9M. Non-cash charges added back $14.7M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items used $29.6M. Capital expenditures of $367.0M exceeded it, leaving free cash flow of −$369.9M.

Quarterly history

Applied Optoelectronics revenue by quarterApplied Optoelectronics revenue by quarter$192MQ2 2026$270MQ3 2026
Applied Optoelectronics net earnings by quarterApplied Optoelectronics net earnings by quarter−$22.8MQ2 2026$6.3MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$270M+128%-0.5%$6.3M−$2.9M
Q2 202610-QAug 6, 2026$192M+86%-12.9%−$22.8M$11.6M

Charts

Applied Optoelectronics: where the cash came from (+) and went (−), TTM to Q3 2026Applied Optoelectronics: where the cash came from (+) and went (−), TTM to Q3 2026Shares issued$1.8BOther investing−$1.2BCash drawn (+) / kept (−)−$471MOperating cash flow−$106MNet borrowing (+) / repaid (−)$26.1MOther financing−$21.8MExchange rates$97KAsset & business sales$8K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Applied Optoelectronics: profit against cash, quarter by quarterApplied Optoelectronics: profit against cash, quarter by quarterNet incomeOperating cash flow−$120M−$24.6MQ4 2024−$9.2M−$50.9MQ1 2025−$9.1M−$65.5MQ2 2025−$17.9M−$28.5MQ3 2025−$2.0M−$29.6MQ4 2025−$14.3M−$85.4MQ1 2026−$22.8M$11.6MQ2 2026$6.3M−$2.9MQ3 2026
Latest (Q3 2026): Net income $6.3M, Operating cash flow −$2.9M.
Applied Optoelectronics: diluted shares by fiscal yearApplied Optoelectronics: diluted shares by fiscal year22MFY202027MFY202128MFY202232MFY202342MFY202460MFY2025
+175.2% since FY2020: more shares outstanding (issuance, stock pay).
Applied Optoelectronics in its industry: growth against margin (80 companies, SIC 3674)Applied Optoelectronics in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMTESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRAAOI (+128%, 0%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Optics & interconnect

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Applied Optoelectronics

Applied Optoelectronics, Inc. (the "Company" or "AOI") is a leading, vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television ("CATV"), telecommunications, ("telecom"), and fiber-to-the-home ("FTTH"). We design and manufacture a range of optical communications products at varying levels of integration, from components, subassemblies and modules to complete turn-key equipment. In designing products for our customers, we typically begin with the fundamental building blocks of lasers and laser components. From these foundational products, we design and manufacture a wide range of products to meet our customers’ needs and specifications, and such products differ from each other by their end market, intended use and level of integration.

In its own words, from its 10-K, filed Feb 26, 2026.

Applied Optoelectronics against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +128% against the peers' median +45%. Operating margin: -0.5% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
AAOI Applied OptoelectronicsQ3 2026$270M+128%-0.5%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: Applied Optoelectronics 10-Q on SEC EDGAR · CIK 1158114 · Semiconductors & Related Devices

Guidance and outlook

Applied Optoelectronics Revenue: guidance against what was reportedApplied Optoelectronics Revenue: guidance against what was reportedguided rangereported (above / within / below)Q1 2026Q2 2026$192MQ3 2026$270MQ4 2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Applied Optoelectronics: what its forward-looking statements are about (10-Q filed 2026-11-05)Applied Optoelectronics: what its forward-looking statements are about (10-Q filed 2026-11-05)Demand8Other3Costs2AI1Capital spending1Supply chain1Margins1The economy1Financing1
19 statements; tone +0.26 (−1 all cautious, +1 all confident); 3 hedged.
Applied Optoelectronics: outlook statements against the filing beforeApplied Optoelectronics: outlook statements against the filing beforeConfident8Cautious3

13F: who owns AAOI and who is buying

Largest holders of AAOI (13F)Largest holders of AAOI (13F)BlackRock$956MInvesco$506MVanguard Capital Management LLC$498MMarex Group$419MVanguard Portfolio Management LLC$393MUBS Group AG$313MOberweis Asset Management$265MGeode Capital Management, LLC$248MValue Aligned Research Advisors, …$236MGoldman Sachs Group$235M
Funds' net buying of AAOI by quarter (13F)Funds' net buying of AAOI by quarter (13F)$26.5M2024-09−$77.5M2024-12$8.0M2025-03$56.2M2025-06$173M2025-09$308M2025-12$262M2026-03−$282M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AAOI

History

Every quarter: Q3 2026 results · Q2 2026 results

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