Filing Flows › Photronics (PLAB) › Q2 FY26 › vs Q1 FY26
Photronics (PLAB) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Photronics's revenue fell $15.1M (-7%) from $225M in Q1 FY26 to $210M in Q2 FY26. The biggest changes: Integrated Circuits −$17.8M (-11%); Flat Panel Displays +$2.7M (+4%). Gross margin 31.3% against 35.0% (-3.6 pts).
Photronics, Q2 FY26: revenue $210M (-0.5% year over year), operating margin 20.1%, net earnings $31.4M, operating cash flow $47.0M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 31.3% | 35.0% | -3.6 pts |
| Operating margin | 20.1% | 24.4% | -4.3 pts |
| Net margin | 15.0% | 19.1% | -4.1 pts |
| Free cash flow margin | 0.6% | 22.0% | -21.5 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Mainstream Integrated Circuits | $90.9M | $94.0M | −$3.2M | -3% |
| High End Integrated Circuits | $56.7M | $71.3M | −$14.6M | -21% |
| High End Flat Panel Displays | $52.8M | $46.9M | $5.9M | +13% |
| Mainstream Flat Panel Displays | $9.6M | $12.8M | −$3.2M | -25% |
| Integrated Circuits | $148M | $165M | −$17.8M | -11% |
| Flat Panel Displays | $62.4M | $59.8M | $2.7M | +4% |
| Revenue | $210M | $225M | −$15.1M | -7% |
| Gross profit | $65.8M | $78.7M | −$12.9M | -16% |
| Cost of revenue | $144M | $146M | −$2.2M | -1% |
| Other income, net | $11.7M | $19.7M | −$8.0M | -41% |
| Operating profit | $42.2M | $54.9M | −$12.7M | -23% |
| Operating expenses | $23.6M | $23.8M | −$265K | -1% |
| Pre-tax earnings | $53.9M | $74.5M | −$20.7M | -28% |
| Research & development | $2.8M | $2.6M | $234K | +9% |
| SG&A | $20.8M | $21.3M | −$555K | -3% |
| Net earnings | $31.4M | $42.9M | −$11.5M | -27% |
| Minority interests | $11.8M | $17.2M | −$5.4M | -31% |
| Income tax | $10.6M | $14.4M | −$3.7M | -26% |
| Depreciation & amortization | $20.0M | $19.8M | $208K | +1% |
| Share-based compensation | $3.7M | $2.9M | $874K | +31% |
| Working capital & other | $8.1M | −$31.7M | $39.8M | — |
| Operating cash flow | $47.0M | $97.3M | −$50.2M | -52% |
| Free cash flow (OCF − capex) | $1.2M | $49.6M | −$48.4M | -98% |
| Capital expenditures | $45.8M | $47.6M | −$1.8M | -4% |
Questions
How much did Photronics's revenue grow quarter over quarter in Q2 FY26?
Photronics's revenue fell $15.1M (-7%) from $225M in Q1 FY26 to $210M in Q2 FY26.
What drove Photronics's revenue change in Q2 FY26?
Integrated Circuits −$17.8M (-11%); Flat Panel Displays +$2.7M (+4%).