Filing Flows › AXT (AXTI) › Q2 2026 › vs Q2 2025
AXT (AXTI) Q2 2026 vs Q2 2025 (year over year)
AXT's revenue rose $29.6M (+165%) from $18.0M in Q2 2025 to $47.6M in Q2 2026. The biggest changes: Substrates +$26.3M (+233%); Raw Materials and Other +$3.3M (+50%). Gross margin 44.9% against 8.0% (+36.9 pts).
AXT, Q2 2026: revenue $47.6M (+165% year over year), operating margin 21.9%, net earnings $11.1M, operating cash flow $10.8M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 44.9% | 8.0% | +36.9 pts |
| Operating margin | 21.9% | -37.5% | +59.4 pts |
| Net margin | 23.4% | -39.0% | +62.4 pts |
| Free cash flow margin | 7.5% | -27.0% | +34.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Substrates | $37.6M | $11.3M | $26.3M | +233% |
| Raw Materials and Other | $10.0M | $6.7M | $3.3M | +50% |
| Revenue | $47.6M | $18.0M | $29.6M | +165% |
| Gross profit | $21.4M | $1.4M | $19.9M | 15× |
| Cost of revenue | $26.2M | $16.5M | $9.7M | +59% |
| Other income, net | $4.7M | −$350K | $5.1M | — |
| Operating profit | $10.4M | −$6.7M | $17.2M | — |
| Operating expenses | $10.9M | $8.2M | $2.8M | +34% |
| Pre-tax earnings | $15.1M | −$7.1M | $22.2M | — |
| Research & development | $3.7M | $2.5M | $1.1M | +45% |
| SG&A | $7.3M | $5.7M | $1.6M | +29% |
| Net earnings | $11.1M | −$7.0M | $18.1M | — |
| Minority interests | $1.9M | −$666K | $2.6M | — |
| Income tax | $2.1M | $579K | $1.5M | +263% |
| Depreciation & amortization | $2.5M | $2.3M | $246K | +11% |
| Share-based compensation | $762K | $633K | $129K | +20% |
| Working capital & other | $3.6M | $461K | $3.2M | +684% |
| Operating cash flow | $10.8M | −$4.6M | $15.4M | — |
| Free cash flow (OCF − capex) | $3.6M | −$4.9M | $8.4M | — |
| Capital expenditures | $7.2M | $279K | $6.9M | 26× |
Questions
How much did AXT's revenue grow year over year in Q2 2026?
AXT's revenue rose $29.6M (+165%) from $18.0M in Q2 2025 to $47.6M in Q2 2026.
What drove AXT's revenue change in Q2 2026?
Substrates +$26.3M (+233%); Raw Materials and Other +$3.3M (+50%).