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Semtech (SMTC) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 26, 2026 · Semtech (SMTC) Q2 FY27 earnings results →

Q2 FY27 Revenue up 33% year over year to $342M · 47¢ of every $1 of revenue kept as net profit · operating margin 16.3%

Semtech made $342M in Q2 FY27 (+33% Y/Y). Operating margin 16.3%, net earnings $160M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 26, 2026.

Revenue$342M
Year over year+33%
Operating margin16.3%
Net earnings$160M
Operating cash flow$68.9M

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 $341.9M in Q2 FY27, up 33% year over year and up 17% from the previous quarter.

Gross margin was 53.8%, up 1.7 points from Q2 FY26. Operating profit was $55.8M, a 16.3% margin (up 22.6 points year over year). Operating expenses fell 15% while revenue rose 33%. The fastest-growing cost line was Research & development (+26%). Net earnings were $160.1M. The tax line was a benefit of $101.4M on pre-tax earnings of $58.8M.

Operating cash flow was $68.9M (up 55% year over year), 43% of net earnings. Non-cash charges added back $9.8M of depreciation and amortization and $23.8M of share-based compensation. Working capital and other items used $124.8M. After net capital expenditures ($7.5M), free cash flow as the company reports it was $61.4M.

Quarterly history

Semtech revenue by quarterSemtech revenue by quarter$251MQ4 FY25$251MQ1 FY26$258MQ2 FY26$267MQ3 FY26$274MQ4 FY26$291MQ1 FY27$342MQ2 FY27
Semtech net earnings by quarterSemtech net earnings by quarter$39.1MQ4 FY25$19.3MQ1 FY26−$27.1MQ2 FY26−$2.9MQ3 FY26−$29.8MQ4 FY26$26.6MQ1 FY27$160MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 26, 2026$342M+33%16.3%$160M$68.9M
Q1 FY2710-QMay 27, 2026$291M+16%8.9%$26.6M$36.2M
Q4 FY2610-KMar 23, 2026$274M+9%-6.7%−$29.8M$61.5M
Q3 FY2610-QNov 25, 2025$267M+13%11.6%−$2.9M$47.5M
Q2 FY2610-QAug 26, 2025$258M+20%-6.3%−$27.1M$44.4M
Q1 FY2610-QMay 29, 2025$251M+22%14.3%$19.3M$27.8M
Q4 FY2510-KMar 25, 2025$251M+30%8.5%$39.1M$33.5M

Charts

Semtech: revenue growth, year over year and quarter over quarterSemtech: revenue growth, year over year and quarter over quarterY/YQ/Q+30%Q4 FY25+22%+0%Q1 FY26+20%+3%Q2 FY26+13%+4%Q3 FY26+9%+3%Q4 FY26+16%+6%Q1 FY27+33%+17%Q2 FY27
Latest (Q2 FY27): Y/Y +33%, Q/Q +17%.
Semtech: where the cash came from (+) and went (−), TTM to Q1 FY27Semtech: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$190MNet borrowing (+) / repaid (−)−$103MAcquisitions−$50.7MTaxes on employees’ shares−$45.0MOther financing$35.5MCapital spending−$16.3MOther investing−$9.3MCash drawn (+) / kept (−)−$6.8MShares issued$4.9MExchange rates$996KAsset & business sales$50K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Semtech: profit against cash, quarter by quarterSemtech: profit against cash, quarter by quarterNet incomeOperating cash flow−$170M−$5.0MQ2 FY25−$7.6M$29.6MQ3 FY25$39.1M$33.5MQ4 FY25$19.3M$27.8MQ1 FY26−$27.1M$44.4MQ2 FY26−$2.9M$47.5MQ3 FY26−$29.8M$61.5MQ4 FY26$26.6M$36.2MQ1 FY27
Latest (Q1 FY27): Net income $26.6M, Operating cash flow $36.2M.
Semtech: diluted shares by fiscal yearSemtech: diluted shares by fiscal year66MFY2166MFY2264MFY2364MFY2472MFY2588MFY26
+33.8% since FY21: more shares outstanding (issuance, stock pay).
Semtech in its industry: growth against margin (80 companies, SIC 3674)Semtech in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRSMTC (+33%, 16%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

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 Semtech

We are a leading provider of high-performance semiconductors powering data center networking, Internet of Things ("IoT") connectivity and cellular infrastructure solutions and were incorporated in Delaware in 1960. We design, develop, manufacture and market a diverse portfolio of products for commercial applications, addressing the global infrastructure, high-end consumer and industrial end markets. Infrastructure: data centers, passive optical networks ("PON"), base stations, optical networks, servers, carrier networks, switches and routers, cable modems, wireless local area network ("LAN") and other communication infrastructure equipment. This market has expanded to support AI-driven applications and general compute data center applications.

In its own words, from its 10-K, filed Mar 23, 2026.

Semtech against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +33% against the peers' median +40%. Operating margin: 16.3% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
SMTC SemtechQ2 FY27$342M+33%16.3%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: Semtech 10-Q on SEC EDGAR · CIK 88941 · Semiconductors & Related Devices

Guidance and outlook

Semtech Revenue: guidance against what was reportedSemtech Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$251MQ1 FY26$251MQ2 FY26$258MQ3 FY26$267MQ4 FY26$274MQ1 FY27$291MQ2 FY27$342MQ3 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Semtech: what its forward-looking statements are about (10-Q filed 2026-08-26)Semtech: what its forward-looking statements are about (10-Q filed 2026-08-26)Other7Demand1Legal & regulation1Capital spending1Margins1Financing1Buybacks & dividends1
13 statements; tone -0.08 (−1 all cautious, +1 all confident); 2 hedged.
Semtech: outlook statements against the filing beforeSemtech: outlook statements against the filing beforeCautious1

13F: who owns SMTC and who is buying

Largest holders of SMTC (13F)Largest holders of SMTC (13F)BlackRock$1.6BVanguard Group$874MVanguard Portfolio Management LLC$862MVanguard Capital Management LLC$680MAmeriprise Financial$559MState Street$548MJane Street Group, LLC$542MCapital Research Global Investors$478MGeode Capital Management, LLC$367MHood River Capital Management LLC$364M
Funds' net buying of SMTC by quarter (13F)Funds' net buying of SMTC by quarter (13F)$184M2024-09$216M2024-12$25.2M2025-03$305M2025-06$20.9M2025-09−$320M2025-12−$214M2026-03−$1.3B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SMTC

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Semtech（SMTC）财报

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