FormFactor, Inc. (FORM) Earnings
FormFactor, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.61. FORM has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +19.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.45 | $0.56 | +24.4% | $226M | +0.3% |
| Feb 4, 2026 | $0.35 | $0.46 | +31.4% | $215M | +5.7% |
| Oct 29, 2025 | $0.25 | $0.33 | +32.0% | $203M | -3.6% |
| Jul 30, 2025 | $0.30 | $0.27 | -10.0% | $196M | -1.8% |
| Apr 30, 2025 | $0.19 | $0.23 | +21.1% | $171M | +0.8% |
| Feb 5, 2025 | $0.29 | $0.27 | -6.9% | $189M | -0.3% |
| Oct 30, 2024 | $0.31 | $0.35 | +12.9% | $208M | +6.6% |
| Jul 31, 2024 | $0.31 | $0.35 | +12.9% | $197M | +1.3% |
| May 1, 2024 | $0.19 | $0.18 | -5.3% | $169M | -13.5% |
| Feb 7, 2024 | $0.20 | $0.20 | +0.0% | $168M | +1.7% |
| Nov 1, 2023 | $0.17 | $0.22 | +29.4% | $172M | +2.7% |
| Aug 2, 2023 | $0.12 | $0.14 | +16.7% | $156M | -3.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Revenue grew sequentially to an all-time record, with gross margin and EPS above outlook. • Benefiting from high performance compute and advanced packaging trends. • DRAM probe cards had record revenue, HBM demand driving growth. • Foundry and Logic saw increased demand, driven by networking and CPU. • System segment focused on CPO and quantum, ramped CPO revenues. • Achieved target model on run rate basis, drove gross margin improvements through operational actions. • Farmers Branch site on track to come online later this year.
Guidance
• Q2 revenues expected to be $240M ±$5M, non-GAAP gross margin 49.5% ±150bps. • Q2 non-GAAP operating expenses expected $65M ±$2M, effective tax rate 15-19%, EPS $0.61 ±$0.04. • Target model achieved, looking forward to investor day for new target model.
Segment performance
In DRAM probe cards, they delivered sequential growth to a record, with increased demand in HBM and sustained DDR demand, forecasting record revenue in Q2 driven by HBM demand. Foundry and Logic probe card market saw significant Q1 growth, driven by networking, with expected continued growth in Q2. System segment had seasonal demand reduction, with focus on co-package optics and quantum, ramping CPO revenues. DRAM probe cards: record revenue, HBM and DDR demand. Foundry and Logic: growth in networking, CPU, etc. System: seasonal reduction, CPO ramp.
Risks & headwinds
• Forward-looking statements subject to risks like macroeconomic/geopolitical conditions, acquisition integration, industry trends, regulatory changes, demand volatility, etc. • Tariffs still a headwind, though some may be refundable. • Constraints on supply in some segments.
Analyst Q&A
Q: About NVIDIA 10% customer, break out vs TSMC, networking vs GPU.
A: Based on PO and invoice, second 10% customer is networking, GPU qualification nearing final stages.
Q: Near-term revenue growth mix vs ASP.
A: Gross margin improvement based on COGS cost reduction, pricing not major driver.
Q: Foundry logic business breakout, CPU demand service.
A: Qualitatively discussed, running high utilizations, working with customers.
Q: IDM customer revenue recovery.
A: Bumping back up, hopeful to return/exceed 2022 peaks.
Q: Farmers Branch leverage, networking seasonality.
A: Intend to leverage gains, some seasonality in networking.
Q: CPO insertion, HBM customer adoption.
A: Focus on insertion one, second customer increasing HBM adoption in Q2