MKS Inc. (MKSI) Earnings
MKS Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $2.92. MKSI has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +6.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.00 | $2.30 | +15.0% | $1.1B | +3.1% |
| Feb 17, 2026 | $2.51 | $2.47 | -1.6% | $1.0B | +2.4% |
| Nov 5, 2025 | $1.85 | $1.93 | +4.3% | $988M | +2.1% |
| Aug 6, 2025 | $1.61 | $1.77 | +9.9% | $973M | +2.8% |
| Feb 12, 2025 | $1.92 | $2.15 | +12.0% | $935M | +2.3% |
| Nov 7, 2024 | $1.45 | $1.72 | +18.6% | $896M | +2.5% |
| Feb 7, 2024 | $0.89 | $1.17 | +31.5% | $893M | +5.7% |
| Nov 1, 2023 | $1.00 | $1.46 | +46.0% | $932M | +0.0% |
| Aug 2, 2023 | $1.14 | $1.32 | +15.8% | $1.0B | +2.0% |
| May 3, 2023 | $-0.28 | $0.48 | +271.4% | $794M | -22.0% |
| Feb 27, 2023 | $1.31 | $2.00 | +52.7% | $1.1B | +9.3% |
| Nov 2, 2022 | $2.38 | $2.74 | +15.1% | $954M | +0.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• 2026 is an outstanding start for MKS with first quarter revenue, gross margin, and EPS at high end or above guidance ranges. • Semiconductor market well positioned to capitalize on Chipmaker's AI-driven CapEx plans. • Electronics and Packaging's leading position in chemistries and equipment sets up long-term growth. • Specialty Industrial portfolio expected to continue steady performance. • MCAS's strong position due to broad portfolio and design wins. • Prioritize investing in collaborative development programs with customers. • MPS teams' dedication and execution, customers' and suppliers' partnership, and shareholders' support
Guidance
• Expect revenue of $1.2 billion +/- $40M in Q2. • Semiconductor revenue expected to be $550M +/- $15M. • Electronics and Packaging revenue expected to be $350M +/- $15M. • Specialty Industrial revenue expected to be $300M +/- $10M. • Q2 gross margin estimated at 47% +/- 100 basis points. • Q2 operating expenses expected to be $275M +/- $5M. • Q2 adjusted EBITDA estimated at 328M +/- 26M. • CapEx for the year expected to be 4%-5% of revenue. • Second quarter net earnings per diluted share expected to be $2.90 +/- 30 cents
Segment performance
Semiconductor: Q1 revenue just above high end of expectations, grew 13% YOY and 7% sequentially; Electronics and Packaging: Revenues surpassed high end of expectations, up 6% sequentially and 27% YOY; Specialty Industrial: Performance steady, modest sequential decline but 8% growth YOY. Semiconductor Q2 expected to accelerate, growing high seams sequentially and over 25% YOY; Electronics and Packaging expected to grow in high single digits eventually and over 30% YOY; Specialty Industrial anticipated to be a steady contributor with attractive margins and incremental cash flows
Analyst Q&A
Q: About CENI business, are you shipping to build inventory ahead of stronger cycle?
A: Best to ask customers, but assume some is to build inventory as supply chain has revved up.
Q: Strength in laser drilling business despite smartphone unit demand concerns?
A: Driven by high-end smartphones and AI.
Q: Non-NAND opportunities for upgrades?
A: Most shipments for new tools for advanced DRAM and Logic Foundry applications, some upgrade business but not at past rate.
Q: Visibility from PCB and substrate makers?
A: Strong chemistry equipment orders indicate good visibility.
Q: Supply side metrics for WFE?
A: Fine for 2026, already planning to expand capacity for 2027.
Q: AI-related trends in packaging architectures and EMP business?
A: Boards for AI bigger with more layers, glass cores and stronger bonding are areas of opportunity, and MKS is a market leader in chemistry for bonding.
Q: SEMI conversations and outgrowing WFE?
A: Communications with customers close, MKS has historically outgrown WFE and expects to continue.
Q: Gross margin drivers and seasonality?
A: Volume, cost structure, mix including equipment and VSD business, and inflation on palladium are drivers; Q2 guide accounts for these.
Q: Consumer electronics exposure in E&P chemistry business?
A: AI is a tailwind, more levered to high-end smartphones and PCs, AI expected to make up for potential consumer electronics unit declines.
Q: Fiber alignment stage business in Datacom?
A: Part of specialty industrials, driven by AI, growing nicely.
Q: AI's size in chemistry portfolio?
A: Currently in 15% range.
Q: Updated gross margin goal?
A: Goal is 47% plus, ongoing programs to improve gross margin.
Q: Semi-market outperformance vs prior cycles?
A: Broader-based supplier now, less swing in certain markets, and denominator bigger due to less Chinese equipment OEMs.
Q: Leverage in PC maker base and electroplating market share?
A: Top 30 PCD makers are customers, broad portfolio strategy for gaining share.
Q: Tariffs impact on Q2 guide?
A: Still seeing about 30-40 bps impact included in Q2 guide.
Q: LEO market opportunity and MKSI content?
A: LEO market growing, MKS benefits from being process tool record in this growing market