Filing Flows › Semtech (SMTC) › Q1 FY26
Semtech (SMTC) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed May 29, 2025
Semtech (SMTC) reported revenue of $251M for the first quarter fiscal 2026 (Q1 FY26), +22% from a year earlier and 0% from the quarter before. Operating margin was 14.3%, net earnings $19.3M (7.7% of revenue).
Semtech, Q1 FY26: revenue $251M (+22% year over year), operating margin 14.3%, net earnings $19.3M, operating cash flow $27.8M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $251M | 0% | +22% |
| Gross profit | $131M | +0.6% | +32% |
| Operating profit | $36.0M | +69% | 11× |
| Net earnings | $19.3M | -51% | — |
| Operating cash flow | $27.8M | -17% | — |
| Free cash flow | $26.2M | -15% | — |
What changed
Revenue was $251.1M in Q1 FY26, up 22% year over year and roughly flat from the previous quarter. Products was the largest line at 89% of revenue. Products added $46.3M year over year (up 26%), 103% of the total change. Services declined 5%.
Gross margin was 52.3%, up 4.0 points from a year earlier. Operating profit was $36.0M, a 14.3% margin (up 12.8 points year over year). Of the extra revenue versus a year earlier, 73% reached operating profit, above the 2% margin then. Operating expenses fell 1% while revenue rose 22%. The fastest-growing cost line was Research & development (+14%). Net earnings were $19.3M. The effective tax rate was 30.9%.
Operating cash flow was $27.8M, 144% of net earnings. Non-cash charges added back $10.2M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items used $8.5M. Capital expenditures of $1.6M left free cash flow of $26.2M.
Questions
What was Semtech's revenue in the first quarter fiscal 2026?
Semtech (SMTC) reported revenue of $251M for the first quarter fiscal 2026 (Q1 FY26), +22% from a year earlier and 0% from the quarter before.
Was Semtech profitable in the first quarter fiscal 2026?
Operating profit was $36.0M (14.3% of revenue) and net earnings $19.3M.
Source: Semtech 10-Q on SEC EDGAR.