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Netlist (NLST) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Netlist (NLST) Q2 2026 earnings results →
Q2 2026 Revenue up 163% year over year to $110M · 1¢ of every $1 of revenue kept as net profit · operating margin 1.2%
Netlist made $110M in Q2 2026 (+163% Y/Y): Resales of third-party products $104M, Sale of our modular memory subsystems $6.1M. Operating margin 1.2%, net earnings $1.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 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 $109.8M in Q2 2026, up 163% year over year and up 5% from the previous quarter. Resales of third-party products was the largest line at 94% of revenue. Resales of third-party products added $63.5M year over year (up 158%), 93% of the total change.
Gross margin was 20.8%, up 17.5 points from Q2 2025. Operating profit was $1.3M, a 1.2% margin (up 16.2 points year over year). Operating expenses grew 182% against revenue growth of 163%. The fastest-growing cost line was Other operating costs (+381%). Net earnings were $1.4M. The effective tax rate was 0.0%.
Operating cash flow was $3.3M, 236% of net earnings. Non-cash charges added back $69K of depreciation and amortization and $809K of share-based compensation. Working capital and other items added $1.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 11, 2026 | $110M | +163% | 1.2% | $1.4M | $3.3M |
| Q1 2026 | 10-Q | May 12, 2026 | $105M | +262% | 8.2% | $8.6M | −$21.8M |
| Q4 2025 | 10-K | Mar 19, 2026 | $75.7M | +121% | -3.1% | −$2.2M | $13.3M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $42.2M | +5% | -16.9% | −$7.0M | −$10.3M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $41.7M | +13% | -15.0% | −$6.1M | −$7.7M |
| Q1 2025 | 10-Q | May 13, 2025 | $29.0M | -19% | -33.7% | −$9.5M | −$10.1M |
| Q4 2024 | 10-K | Mar 28, 2025 | $34.3M | +2% | -38.3% | −$12.7M | −$9.1M |
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 Netlist
Netlist is a leading innovator in advanced memory and storage solutions. With a rich portfolio of patented technologies, Netlist's inventions are foundational to the advancement of AI computing. To learn more about Netlist, please visit www.netlist.com .
In its own words, from its 8-K, filed Jul 30, 2026.
Netlist against its Semiconductors & Related Devices peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +163% against the peers' median +45%. Operating margin: 1.2% against the peers' median 40.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NLST Netlist | Q2 2026 | $110M | +163% | 1.2% |
| NVDA NVIDIA | Q2 FY27 | $96.2B | +106% | 66.2% |
| MU Micron Technology | Q4 FY26 | $54.2B | +379% | 80.7% |
| AVGO Broadcom | Q3 FY26 | $29.6B | +86% | 53.9% |
| INTC Intel | Q3 2026 | $16.5B | +21% | 15.3% |
| AMD Advanced Micro Devices | Q3 2026 | $13.4B | +45% | 21.2% |
| AMAT Applied Materials | Q3 FY26 | $9.1B | +25% | 33.7% |
| TXN Texas Instruments | Q3 2026 | $6.1B | +28% | 47.5% |
| ADI Analog Devices | Q3 FY26 | $4.0B | +40% | 40.1% |
Source: Netlist 10-Q on SEC EDGAR · CIK 1282631 · Semiconductors & Related Devices
13F: who owns NLST and who is buying
More on NLST
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results