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Photronics (PLAB) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Mar 11, 2026
Photronics (PLAB) reported revenue of $225M for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and +4% from the quarter before. Operating margin was 24.4%, net earnings $42.9M (19.1% of revenue).
Photronics, Q1 FY26: revenue $225M (+6% year over year), operating margin 24.4%, net earnings $42.9M, operating cash flow $97.3M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $225M | +4% | +6% |
| Gross profit | $78.7M | +4% | +4% |
| Operating profit | $54.9M | +5% | +5% |
| Net earnings | $42.9M | -31% | +0.2% |
| Operating cash flow | $97.3M | +11% | +24% |
| Free cash flow | $49.6M | +145% | +15% |
What changed
Revenue was $225.1M in Q1 FY26, up 6% year over year and up 4% from the previous quarter. Mainstream Integrated Circuits was the largest line at 42% of revenue. High End Integrated Circuits added $11.2M year over year (up 19%), 86% of the total change. High End Flat Panel Displays declined 5%.
Gross margin was 35.0%, down 0.6 points from a year earlier. Operating profit was $54.9M, a 24.4% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 21% reached operating profit, below the 25% margin then. Operating expenses grew 2% against revenue growth of 6%. The fastest-growing cost line was SG&A (+12%). Net earnings were $42.9M, roughly flat year over year. The effective tax rate was 19.3%. Non-operating items added $19.7M, 26% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $97.3M (up 24% year over year), 162% of net income including minority interests. Non-cash charges added back $19.8M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $14.4M. Capital expenditures of $47.6M left free cash flow of $49.6M.
Questions
What was Photronics' revenue in the first quarter fiscal 2026?
Photronics (PLAB) reported revenue of $225M for the first quarter fiscal 2026 (Q1 FY26), +6% from a year earlier and +4% from the quarter before.
Was Photronics profitable in the first quarter fiscal 2026?
Operating profit was $54.9M (24.4% of revenue) and net earnings $42.9M.
Source: Photronics 10-Q on SEC EDGAR.