Filing Flows › Semtech (SMTC) › Q2 FY26
Semtech (SMTC) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Aug 26, 2025
Semtech (SMTC) reported revenue of $258M for the second quarter fiscal 2026 (Q2 FY26), +20% from a year earlier and +3% from the quarter before. Operating margin was -6.3%, net loss $27.1M (10.5% of revenue).
Semtech, Q2 FY26: revenue $258M (+20% year over year), operating margin -6.3%, net loss $27.1M, operating cash flow $44.4M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $258M | +3% | +20% |
| Operating profit | −$16.2M | -145% | — |
| Net earnings | −$27.1M | -240% | — |
| Operating cash flow | $44.4M | +60% | — |
| Free cash flow | $41.5M | +59% | — |
What changed
Revenue was $257.6M in Q2 FY26, up 20% year over year and up 3% from the previous quarter. Products was the largest line at 89% of revenue. Products added $43.7M year over year (up 24%), 104% of the total change. Services declined 5%.
Gross margin was 52.1%, up 3.1 points from a year earlier. Operating costs exceeded revenue by $16.2M, an operating margin of -6.3%. Operating expenses grew 54% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+2293%). The quarter ended with a net loss of $27.1M, after a profit of $19.3M the previous quarter.
Operating cash flow was $44.4M. Non-cash charges added back $10.3M of depreciation and amortization and $17.3M of share-based compensation. Working capital and other items added $43.8M. Capital expenditures of $2.9M left free cash flow of $41.5M.
Questions
What was Semtech's revenue in the second quarter fiscal 2026?
Semtech (SMTC) reported revenue of $258M for the second quarter fiscal 2026 (Q2 FY26), +20% from a year earlier and +3% from the quarter before.
Was Semtech profitable in the second quarter fiscal 2026?
Operating loss was $16.2M (-6.3% of revenue) and net loss $27.1M.
Source: Semtech 10-Q on SEC EDGAR.