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Get filing alertsUltra Clean reports Q2 revenue of $644.9M, guides Q3 to $700M-$750M with improving margins
Filed August 3, 2026 · Period ending August 3, 2026 · ~1 min read
Key Changes
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Q2 2026 revenue of $644.9M ($572.7M Products, $72.2M Services); non-GAAP EPS of $0.70 vs. $0.31 prior quarter, reflecting sequential profitability improvement.
Exhibit 99.1 view on EDGAR → -
high
Q3 2026 guidance: revenue $700M-$750M (up 9-16% sequentially), non-GAAP EPS $0.83-$1.03, indicating continued margin expansion.
Exhibit 99.1 view on EDGAR → -
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Inventory increased to $629.9M in first half 2026, consuming operating cash flow as company prepares for higher anticipated demand.
Exhibit 99.1 view on EDGAR → -
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Issued $600M convertible notes, used to repay bank borrowings, paid $25.1M for capped call transactions and $17.4M in issuance costs.
Exhibit 99.1 view on EDGAR →
Summary
Ultra Clean reported second quarter 2026 results showing sequential improvement in both revenue and profitability. Revenue of $644.9 million returned the company to GAAP profitability at $0.19 per share after a prior-quarter loss, while non-GAAP EPS more than doubled to $0.70 from $0.31.
The substantial inventory build—up to $629.9 million—consumed operating cash flow but positions the company for the higher demand reflected in its Q3 guidance. For holders, the key question is whether the guided sequential growth represents a sustainable inflection or a temporary uptick in a cyclical business.
Section-by-Section Diff
Event · Exhibit 99.1
Ultra Clean reports Q2 2026 revenue of $644.9M, GAAP EPS of $0.19, non-GAAP EPS of $0.70, and guides Q3 revenue to $700M-$750M.
Added in current filing · view on EDGAR →
Total revenue was $644.9 million. Products contributed $572.7 million and Services added $72.2 million. Total gross margin was 16.1%, operating margin was 4.6%, and net income was $8.7 million or $0.19 per diluted share.
Ultra Clean reported second quarter 2026 revenue of $644.9 million, with Products at $572.7 million and Services at $72.2 million. GAAP gross margin was 16.1%, operating margin was 4.6%, and net income was $8.7 million or $0.19 per diluted share. This represents sequential improvement from the prior quarter's net loss of $(17.9) million or $(0.40) per diluted share.
Added in current filing · view on EDGAR →
On a non-GAAP basis, gross margin was 16.7%, operating margin was 7.0%, and net income was $32.3 million or $0.70 per diluted share.
On a non-GAAP basis, Ultra Clean reported Q2 2026 gross margin of 16.7%, operating margin of 7.0%, and net income of $32.3 million or $0.70 per diluted share. This compares to non-GAAP net income of $14.5 million or $0.31 per diluted share in the prior quarter, representing sequential improvement in profitability.
Added in current filing · view on EDGAR →
The Company expects revenue in the range of $700 million to $750 million. The Company expects GAAP diluted net income per share to be between $0.67 and $0.87 and non-GAAP diluted net income per share to be between $0.83 and $1.03.
Ultra Clean guided third quarter 2026 revenue to $700 million to $750 million, representing sequential growth from Q2's $644.9 million. The company expects GAAP diluted EPS of $0.67 to $0.87 and non-GAAP diluted EPS of $0.83 to $1.03, indicating continued profitability improvement.
Added in current filing · view on EDGAR →
Proceeds from the issuance of convertible notes 600.0 ... Payment of debt issuance costs (17.4) ... Payment for capped call transactions (25.1) ... Principal payments on bank borrowings (481.5)
Ultra Clean issued $600.0 million in convertible notes during the first half of 2026, incurred $17.4 million in debt issuance costs, paid $25.1 million for capped call transactions, and used to repay existing bank borrowings. The cash flow statement also shows $3.4 million in loss on extinguishment of debt, indicating a refinancing transaction that replaced prior credit facilities with convertible debt.
Added in current filing · view on EDGAR →
Inventories 629.9 ... Inventories (238.9) ... Accounts payable 104.4
Ultra Clean's inventory increased significantly to $629.9 million at June 26, 2026 from $390.9 million at December 26, 2025, consuming $238.9 million in operating cash flow during the first half of 2026. Accounts payable increased by $104.4 million, partially offsetting the inventory build. The substantial inventory increase suggests the company is preparing for higher anticipated demand, consistent with management's commentary on increasing customer demand and AI-driven investment.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 4, 2026 · How we verify