Filing Flows › Formfactor (FORM) › Q1 2026
Formfactor (FORM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Formfactor (FORM) reported revenue of $226M for the first quarter 2026 (Q1 2026), +32% from a year earlier and +5% from the quarter before. Operating margin was 7.4%, net earnings $20.4M (9.0% of revenue).
Formfactor, Q1 2026: revenue $226M (+32% year over year), operating margin 7.4%, net earnings $20.4M, operating cash flow $45.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $226M | +5% | +32% |
| Gross profit | $86.8M | -4% | +35% |
| Operating profit | $16.6M | -29% | +409% |
| Net earnings | $20.4M | -12% | +218% |
| Operating cash flow | $45.0M | -2% | +91% |
| Free cash flow | $29.8M | -14% | +501% |
What changed
Revenue was $226.1M in Q1 2026, up 32% year over year and up 5% from the previous quarter. Foundry & Logic was the largest line at 49% of revenue. DRAM added $34.1M year over year (up 70%), 62% of the total change. Systems declined 20%.
Gross margin was 38.4%, up 0.7 points from Q1 2025. Operating profit was $16.6M, a 7.4% margin (up 5.5 points year over year). Of the extra revenue versus Q1 2025, 24% reached operating profit, above the 2% margin then. Operating expenses grew 15% against revenue growth of 32%. The fastest-growing cost line was Research & development (+11%). Net earnings were $20.4M, up 218% year over year. The effective tax rate was 1.9%.
Operating cash flow was $45.0M (up 91% year over year), 221% of net earnings. Non-cash charges added back $9.8M of depreciation and amortization and $8.1M of share-based compensation. Working capital and other items added $6.7M. Capital expenditures of $15.2M left free cash flow of $29.8M.
Questions
What was Formfactor's revenue in the first quarter 2026?
Formfactor (FORM) reported revenue of $226M for the first quarter 2026 (Q1 2026), +32% from a year earlier and +5% from the quarter before.
Was Formfactor profitable in the first quarter 2026?
Operating profit was $16.6M (7.4% of revenue) and net earnings $20.4M.
Source: Formfactor 10-Q on SEC EDGAR.