AMKREarnings
Amkor: Net sales up 26% to $1.90bn, with a $1.95bn–$2.05bn third-quarter guide and 2026 capex held at $2.5bn–$3.0bn
Amkor Technology reported second-quarter net sales of $1.898 billion (+26% YoY; +13% QoQ) for the period ended June 30, 2026, with diluted EPS of $0.70, gross margin 16.8%, operating income $200 million (margin 10.5%), and EBITDA $400 million. Management guided the September quarter (Q3 2026) to net sales of $1.95 billion–$2.05 billion, gross margin 18.5–19.5%, and diluted EPS $0.72–$0.82 (Ex. 99.1 / 8-K). Full-year 2026 capex remains $2.5 billion–$3.0 billion. First-half net sales were $3.583 billion (+26% YoY).
Amkor provides outsourced assembly and test (OSAT) and advanced packaging, including memory and HBM-related flows, for AI racks. Amkor assembles, packages, and tests chips for smartphones, data-center/AI compute, auto, and consumer electronics; it does not sell wafer-fab equipment. Customer capex and design wins are the offtake path. Top-ten customers were 66% of Q2 sales (Ex. 99.1); Communications still 42% of the mix. Vietnam SiP relocation and Arizona campus capex are capacity/geography moves — not multi-year offtake. Computing ~30% sequential growth guided for Q3 and HDFO / 2.5D program counts are call KPIs — not Ex. 99.1 product-line dollars.
Period: Calendar Q2 2026 ended June 30, 2026. Release / call: July 27, 2026. Primary: SEC Exhibit 99.1 (8-K Acc. 0001047127-26-000043). Next print: Q3 2026 — expected Oct. 26, 2026. Headline P&L (company-reported — Ex. 99.1) (Q2’26 (Jun)): Net sales $1,898m (+26% YoY); Gross margin 16.8% (+4.8 ppts YoY); Operating income $200m (+117% YoY); Operating margin 10.5%; Net income attributable to Amkor $174m (+219% YoY); Diluted EPS $0.70 (+218% YoY); EBITDA (non-GAAP) $400m (+54% YoY). Advanced vs mainstream; packaging / test; end markets (Q2’26): Advanced products $1,557m (+27% YoY); Mainstream products $341m (+20% YoY); Total $1,898m (+26% YoY). Advanced = flip chip, memory, wafer-level + related test (Ex. 99.1) — ~82% of Q2. Mainstream = wirebond + test — fifth consecutive YoY growth quarter (call). Packaging 88% / test 12%. Top-ten customers 66% (vs 68% Q1 / 72% Q2’25).
End-market mix (Ex. 99.1 % of net sales): Advanced vs mainstream; packaging / test; end markets (Q2’26): Communications (smartphones, tablets) 42%; Computing (data center, infrastructure, PC, storage) 22%; Automotive, industrial and other 22%; Consumer 14%. End-market color (call KPIs — not Ex. 99.1 $): Computing record (+20% seq.); Auto/Industrial record (+17%, ADAS-led); Communications +6% seq. (iOS double-digit; Android −20% on memory supply); Consumer +15% (IoT). Q3 color: Computing ~+30% seq. (AI DC + HDFO CPU); Communications HSD seq. decline (SiP Korea→Vietnam, memory, build patterns); Auto MSD; Consumer mid-teens. Utilization / mix (call): H1 utilization 50s→70s; Q2 high 70s. Q2 GM (~250+ bps QoQ): ~2/3 volume, ~1/3 mix; Q3 GM step (midpoint ~19%) predominantly Computing/advanced mix (call).
Cash flow, balance sheet (light credit overlay) (Q2’26 / Jun 30, 2026): Cash and cash equivalents $1.55bn; Short-term investments $0.96bn; Cash + short-term investments ~$2.5bn; Accounts receivable / inventories $1.42bn / $0.56bn; Property, plant and equipment, net $4.48bn; Short-term borrowings + current LTD $151m; Long-term debt $2.33bn; Total debt (company) ~$2.5bn; Total assets / Amkor stockholders’ equity $9.72bn / $4.65bn; H1 operating cash flow $382m. May 2026: $1.15bn 0% convert — cash, liquidity, and total debt rose (call / Ex. 99.1). Liquidity ~$3.6bn; debt/EBITDA 1.8× (call). Capex payable $621m (vs $244m YE2025). Dividend $0.08352/sh (Jun. 23). Ex. 99.1 FLS: absence of backlog / short-term commitments — partnership / “fully committed” Phase 1 = capacity/visibility, not offtake. Net sales: $1.95bn–$2.05bn; Gross margin: 18.5–19.5%; Net income: $180m–$205m; Diluted EPS: $0.72–$0.82. OpEx: ~$140m (call); FY2026 ETR ~20% (call). FY2026 capex: $2.5bn–$3.0bn — ~65–70% facilities (incl. Arizona Phase 1); ~30–35% HDFO, test, and other advanced packaging; remainder R&D/quality (call).
Technology / program color (call KPIs, not Ex. 99.1 $): 2.5D / HDFO programs (Investor Day framing: 11 / 5 customers); four of each launching 2026; HDFO data-center CPU ramped Q2 / scales H2; bridge tech more 2028 (call).
Advanced $1.56bn (+27% YoY) monetizes flip-chip / memory / wafer-level packaging and test for AI compute and HBM-related memory — not token, bit, or tool sales. Computing vs Communications is the near-term mix swing. Computing 22% guided ~+30% seq. in Q3 (call); Communications 42% guided HSD seq. down on SiP move / memory / builds (call). Auto/Industrial 22% second sequential record — ADAS content, not EV offtake. Top-10 66% (Ex. 99.1 concentration fact) and Communications 42% remain structural OSAT risks. Vietnam / Arizona capex are geography and capacity, not offtake. SiP move frees Korea for Computing (call). Arizona Phase 1 fully committed (call capacity language — Ex. 99.1 flags absence of backlog); Phase 2 (Sep. 8) lifts campus capex plan to ~$12bn (not offtake) (~93k sqm: 33k + 60k); Phase 2 build late 2027 / complete end 2029. TSMC 10-year framework (Jun. 16) and Nvidia multi-year deal with $1.5bn prepay expected 2027 (earned as U.S. services over ~5–10 yrs) are framework / prepayment — not multi-year revenue or named wafer offtake.
Credit overlay only: Cash+STI ~$2.5bn ≈ total debt ~$2.5bn after the convert; H1 OCF $382m vs PPE $688m — investment-phase cash FCF watch. Capex payable, SiP-move utilization, Computing mix, convert/capped-call overlay. Liquidity ~$3.6bn (call).
Q2’26 print (Jul. 27): Record $1.90bn (+26% YoY); EPS $0.70; GM 16.8%; Q3 guide $1.95bn–$2.05bn / EPS $0.72–$0.82; capex $2.5bn–$3.0bn. (Ex. 99.1). Arizona Phase 2 / $12bn campus (Sep. 8): Phase 2 adds 60,000 sqm; total ~93,000 sqm; investment raised from prior ~$7bn framing to ~$12bn; construction late 2027 / complete end 2029. Nvidia multi-year partnership (Jul. 23): Advanced packaging/test for next-gen AI infrastructure; $1.5bn prepayment expected 2027, returned as U.S. services (call / company PR) — not offtake. TSMC 10-year packaging framework (Jun. 16): Arizona advanced packaging/test collaboration framework — capacity/ecosystem, not named wafer dollars (IR). $1.15bn 0% convert (May) / dividend $0.08352/sh (Jun. 23). Next print expected Oct. 26, 2026.
“Amkor delivered record second quarter revenue and strong profitability, with record revenue in our Computing and Automotive & Industrial end markets. During the first half of 2026, we expanded strategic partnerships across the semiconductor ecosystem, advanced key customer programs in AI and HPC, and continued the expansion of our Advanced packaging and test capacity.” — Kevin Engel, President and CEO, Ex. 99.1, Jul. 27, 2026 (SEC Ex. 99.1) “Computing growth is expected to accelerate to nearly 30% sequentially in Q3, driven by AI data center demand and the HDFO CPU ramp… Q3 revenue is expected to be between $1.95 billion and $2.05 billion. Gross margin is projected to be between 18.5% and 19.5%… Our estimated 2026 capex spend remains between $2.5 billion and $3 billion. Approximately 65% to 70% is projected for facilities expansion, including Phase 1 of our Arizona campus.” — Megan Faust / Kevin Engel, Q2’26 earnings call, Jul. 27, 2026 (earnings call transcript)
“Our projections now show Phase 1 as fully committed… The SiP move from Korea to Vietnam enables additional capacity for our rapidly scaling Computing programs in Korea.” — Kevin Engel, same call (call KPIs — capacity/visibility; not offtake).
Verified Form 4 activity (open-market prioritized): Faust/Rogers lots under 10b5-1 where noted — plan liquidity, not a thesis rewrite. Engel Jul. 30 open-market sale small vs float. Rutten 50k Aug. is the largest recent director open-market print. Kim-family 10m-share secondary (Feb. 12 @ $48.49) aged vs this week.
Amkor guides Q3 2026 (September quarter) revenue of $1.95bn–$2.05bn and EPS of $0.72–$0.82, with no Q4 or annual sales guide; 2026 capex is guided to $2.5bn–$3.0bn. The outlook embeds Computing mix, SiP drag and Arizona spend — not TSMC/Nvidia offtake.
Amkor’s Q2 is an OSAT / advanced-packaging print ($1.90bn / +26% YoY) with Computing/Auto records and AI data-center capex exposure. Advanced $1.56bn, top-10 66%, Communications 42%, Q3 guide $1.95bn–$2.05bn / GM 18.5–19.5%. Swings: Computing vs Communications, Vietnam SiP, Arizona $12bn capex conversion, utilization, TSMC/Nvidia frameworks. Credit: cash ≈ debt; investment-phase FCF watch. Next: Q3 ~Oct. 26, 2026.