Filing Flows › Semtech (SMTC) › Q1 FY27
Semtech (SMTC) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed May 27, 2026
Semtech (SMTC) reported revenue of $291M for the first quarter fiscal 2027 (Q1 FY27), +16% from a year earlier and +6% from the quarter before. Operating margin was 8.9%, net earnings $26.6M (9.1% of revenue).
Semtech, Q1 FY27: revenue $291M (+16% year over year), operating margin 8.9%, net earnings $26.6M, operating cash flow $36.2M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $291M | +6% | +16% |
| Gross profit | $151M | +10% | +15% |
| Operating profit | $25.8M | — | -28% |
| Net earnings | $26.6M | — | +37% |
| Operating cash flow | $36.2M | -41% | +30% |
| Free cash flow | $28.0M | -53% | +7% |
What changed
Revenue was $291.0M in Q1 FY27, up 16% year over year and up 6% from the previous quarter. Products was the largest line at 91% of revenue. Products added $41.1M year over year (up 18%), 103% of the total change. Services declined 4%.
Gross margin was 52.0%, down 0.2 points from Q1 FY26. Operating profit was $25.8M, a 8.9% margin (down 5.5 points year over year). Operating profit fell $10.2M even though revenue rose $40.0M versus Q1 FY26, so costs grew faster than sales. Operating expenses grew 32% against revenue growth of 16%. The fastest-growing cost line was SG&A (+43%). Net earnings were $26.6M, up 37% year over year. The effective tax rate was 0.4%.
Operating cash flow was $36.2M (up 30% year over year), 136% of net earnings. Non-cash charges added back $9.2M of depreciation and amortization and $26.4M of share-based compensation. Working capital and other items used $26.0M. Capital expenditures of $8.2M left free cash flow of $28.0M.
Questions
What was Semtech's revenue in the first quarter fiscal 2027?
Semtech (SMTC) reported revenue of $291M for the first quarter fiscal 2027 (Q1 FY27), +16% from a year earlier and +6% from the quarter before.
Was Semtech profitable in the first quarter fiscal 2027?
Operating profit was $25.8M (8.9% of revenue) and net earnings $26.6M.
Source: Semtech 10-Q on SEC EDGAR.