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ACM Research (ACMR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · ACM Research (ACMR) Q3 2026 earnings results →
Q3 2026 Revenue up 37% year over year to $368M · 0¢ of every $1 of revenue kept as net profit · operating margin 15.1%
ACM Research made $368M in Q3 2026 (+37% Y/Y): Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment $211M, ECP (front-end and packaging), Furnace and Other Technologies $109M, Advanced Packaging (excluding ECP), Services & Spares $47.5M. Operating margin 15.1%, net earnings $1.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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 $367.7M in Q3 2026, up 37% year over year and up 26% from the previous quarter. Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment was the largest line at 57% of revenue. ECP (front-end and packaging), Furnace and Other Technologies added $49.6M year over year (up 83%), 50% of the total change.
Gross margin was 41.5%, down 0.6 points from Q3 2025. Operating profit was $55.5M, a 15.1% margin (up 4.4 points year over year). Of the extra revenue versus Q3 2025, 27% reached operating profit, above the 11% margin then. Operating expenses grew 15% against revenue growth of 37%. The fastest-growing cost line was Research & development (+30%). Net earnings were $1.5M, down 96% year over year. The effective tax rate was 23.0%.
Operating cash flow was −$70.4M. Non-cash charges added back $7.0M of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items used $94.4M. Capital expenditures of $25.2M exceeded it, leaving free cash flow of −$95.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $368M | +37% | 15.1% | $1.5M | −$70.4M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $293M | +36% | 17.0% | $89.0M | −$6.4M |
| Q1 2026 | 10-Q | May 8, 2026 | $231M | +34% | 15.6% | $17.3M | −$29.5M |
| Q4 2025 | 10-K | Mar 2, 2026 | $244M | +9% | 9.4% | $8.0M | $33.9M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $269M | +32% | 10.7% | $35.9M | −$4.6M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $215M | +6% | 14.7% | $29.8M | −$44.9M |
| Q1 2025 | 10-Q | May 12, 2025 | $172M | +13% | 15.0% | $20.4M | $5.3M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵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 ACM Research
Our products are designed to address yield-critical and performance-sensitive process steps that become increasingly difficult as semiconductor devices scale to smaller geometries and more complex structures. We focus on developing differentiated process solutions that enable effective particle removal, uniform material deposition, and reliable process control, while helping customers manage cost of ownership, throughput, and environmental considerations. We believe this approach has supported broader adoption of our tools across multiple technology nodes and device types.
In its own words, from its 10-K, filed Mar 2, 2026.
ACM Research against its Special Industry Machinery, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +37% against the peers' median +26%. Operating margin: 15.1% against the peers' median 9.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ACMR ACM Research | Q3 2026 | $368M | +37% | 15.1% |
| LRCX LAM Research | Q1 FY27 | $8.2B | +54% | 40.0% |
| ACLS Axcelis Technologies | Q3 2026 | $238M | +11% | 11.5% |
| VECO Veeco Instruments | Q3 2026 | $209M | +26% | 6.7% |
| CRCT Cricut | Q3 2026 | $189M | +11% | 18.0% |
| AZTA Azenta | Q3 FY26 | $161M | +12% | -2.6% |
| ASYS Amtech Systems | Q3 FY26 | $22.4M | +14% | 9.9% |
| VELO Velo3D | Q2 2026 | $20.7M | +52% | -53.5% |
| TRT Trio-Tech International | Q4 FY26 | $14.9M | +40% | -1.8% |
Source: ACM Research 10-Q on SEC EDGAR · CIK 1680062 · Special Industry Machinery, NEC
Guidance and outlook
13F: who owns ACMR and who is buying
More on ACMR
- How ACM Research makes money: revenue by segment
- ACM Research next earnings date and what analysts expect
- ACM Research stock forecast, price target and fair value
- Who owns ACM Research stock: holders, funds and Congress trades
- ACM Research guidance and outlook
- Is ACM Research a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- ACM Research guidance history: guided vs reported
- ACM Research gross margin by quarter
- ACM Research operating margin by quarter
- ACM Research net income by quarter
- ACM Research R&D spending by quarter
- ACM Research Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment revenue by quarter
- ACM Research ECP (front-end and packaging), Furnace and Other Technologies revenue by quarter
- ACM Research Advanced Packaging (excluding ECP), Services & Spares revenue by quarter