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FormFactor (NASDAQ: FORM) — Q2 FY2026 Read-Through

Applying this module's Q1 margin-walk method to the Q2 figures FormFactor announced on July 29, 2026 — and asking how much of the gross-margin recovery is operational, and how much is a one-time charge not repeating.

Earnings release furnished 2026-07-29 · quarter ended 2026-06-27 · this page written 2026-07-30

Press release — not XBRL-tagged

These Q2 figures are not part of this module's dataset, and they are not in EDGAR XBRL. Earnings-release financials are furnished as an 8-K Item 2.02 EX-99.1 exhibit, and those exhibits are not XBRL-tagged — so no us-gaap facts flow into the companyfacts API until the 10-Q is filed. The newest FormFactor fact in XBRL today still ends 2026-03-28.

Phases 1–3 are untouched and remain frozen as of 2026-07-21. Nothing on this page was loaded into data/ or the SQLite star schema, and no figure here appears in any Phase 1–3 chart. Q1 comparatives below come from the filed Q1 10-Q (XBRL); Q2 values come from the announced release. Every number is labelled with which.

Expected in filed facts on or about 2026-08-04. FormFactor's earnings-8-K→10-Q lag has been 6 days for each of the prior six quarters (7 days once, in Q2 FY2024). When the 10-Q lands, these figures become tagged facts, enter the dataset through the normal ingest path, and this page is replaced by a reconciliation of announced versus filed — published whichever way it comes out.

Update: the 10-Q has since filed — see the Q2 filed-vs-announced reconciliation →.

Q2 FY2026 as announced

Quarter ended June 27, 2026. Sequential comparison against filed Q1 FY2026 (XBRL).

Revenue

$258.2M

▲ +14.2% QoQ

Above the top of the $240M ± $5M guide

Announced · 8-K EX-99.1

Gross margin (GAAP)

50.7%

▲ +12.3 pts QoQ

Gross profit $130.9M · Q1 was 38.4%

Announced · 8-K EX-99.1

Gross margin (non-GAAP)

53.3%

▲ +4.3 pts QoQ

Company-defined basis · Q1 was 49.0%

Announced · 8-K EX-99.1

Diluted EPS (GAAP)

$0.71

▲ +$0.45 QoQ

Operating income $57.8M · net income $56.2M

Announced · 8-K EX-99.1

The gross-profit walk — same method as Phase 2

Each quarter's change in gross profit splits exactly into a revenue effect (Δrevenue × prior-quarter GM%) and a margin effect (ΔGM% × current revenue).

Gross profit rose $44.1M, from $86.8M to $130.9M.
Only $12.3M of that is the revenue effect — (258.2 − 226.1) × 38.38%.
$31.8M is the margin effect — (50.71 − 38.38)% × 258.2. The two sum to the change, to the rounding.
This is the exact mirror of Q1 FY2026, where the same decomposition gave +$4.6M revenue effect and −$8.6M margin effect: revenue grew while margin compressed. In Q2 both move the same way.

Margin, more than volume, drove the $44.1M gross-profit gain

$M · Q1 → Q2 FY2026, announced figures · revenue effect + margin effect = Δ gross profit

Normalized for restructuring, margin rose about 4.5 points — not the 12.3 the headline shows

% of revenue · GAAP as reported vs. ex-restructuring vs. company non-GAAP

How much of the recovery is operational?

The headline GAAP improvement overstates it. Isolating the one item that is separately disclosed in both quarters closes most of the gap.

Restructuring charges recorded in cost of revenue fell from $21.5M in Q1 (per the Q1 10-Q MD&A) to $4.29M in Q2 (per the Q2 release) — a $17.2M cost that did not repeat.
That $17.2M is 54% of the entire $31.8M margin effect. More than half of the margin recovery is a charge normalizing, not the business improving.
Add the charge back to both quarters and gross margin goes 47.9% → 52.4%, about +4.5 points — against a headline GAAP move of +12.3 points.
The company's own non-GAAP gross margin moved 49.0% → 53.3%, +4.3 points. The GAAP-only normalization lands within about two tenths of a point of management's non-GAAP delta, without using any non-GAAP input. The ~1-point difference in level is stock-based compensation and acquisition-related amortization, which non-GAAP also excludes and this normalization does not; those were roughly stable across the two quarters, so the deltas agree even though the levels do not.
The remaining $14.6M of margin effect — roughly 5.7 points on Q2 revenue — reflects volume, factory utilization, mix, and tariff refunds. It is not decomposed further here, because none of those components is separately quantified in the release. Management noted Q2 benefited from refunds of tariffs previously paid, and guided that non-recurring items contribute roughly 300 bps to Q3 gross margin — but did not size the Q2 refund. Phase 2 does not estimate price/volume/mix, and neither does this page.

Table view

All figures $M except margins. Q1 filed (XBRL); Q2 announced (press release).

Measure	Q1 FY2026 filed	Q2 FY2026 announced	Change
Revenue	226.14	258.20	+32.06
Gross profit	86.79	130.92	+44.13
of which revenue effect	—	—	+12.30
of which margin effect	—	—	+31.83
GAAP gross margin	38.38%	50.71%	+12.33 pts
Restructuring in cost of revenue	21.50	4.29	−17.21
Gross margin ex-restructuring	47.89%	52.37%	+4.48 pts
Gross margin, company non-GAAP	49.00%	53.30%	+4.30 pts
Diluted EPS (GAAP)	$0.26	$0.71	+$0.45

What isn't on this page, and why

Gaps are shown as gaps — the same rule the rest of the module runs on.

Segment detail (Probe Cards / Systems). Not disclosed in the earnings release — FormFactor reports segments only in the 10-Q/10-K footnote. Figures circulating from the earnings call are secondary-source and are deliberately excluded. The Corporate/unallocated reconciling line — the one that carries the restructuring in the Phase 2 bridge — arrives with the 10-Q.
An exact tariff-refund amount. Management described refunds of tariffs paid from 2025 into early 2026 but did not size them for Q2. Not estimated here.
A reconciliation note on the restructuring figures. The release gives a cost-of-revenue impact of $4.292M and an operating-expense impact of $(0.201)M, which sum to $4.091M, while also citing an approximately $4.5M total operating-income impact. Those do not tie. This page uses the $4.292M cost-of-revenue figure because that is the line the gross-margin analysis depends on, and flags the discrepancy rather than smoothing it. It should resolve against the 10-Q.
Peer comparison. Not attempted for Q2. Only Teradyne has a comparable calendar-Q2 with a fast 10-Q; KLA's June quarter is a fiscal Q4 inside a 10-K; Onto, inTEST and Cohu file later; and Camtek is a foreign private issuer on 20-F/6-K that produces no comparable quarterly GAAP XBRL at all. A complete GAAP peer panel for calendar Q2 is not possible before roughly August 7–10.

Data & method

Provenance tiers. Two tiers appear on this page and are never mixed silently. Filed (XBRL) — Q1 FY2026 comparatives and the $21.5M Q1 restructuring figure, from the 10-Q filed 2026-05-05, already in this module's frozen dataset. Announced (not tagged) — all Q2 FY2026 figures, from the earnings release furnished 2026-07-29. Unaudited, subject to change in the 10-Q.
Why the distinction matters. An 8-K Item 2.02 exhibit is a real, citable SEC filing — it is simply not machine-readable. The rule this module runs on is not "XBRL or nothing"; it is that a reader must never mistake one tier for another. Hence the labelling on every figure.
Decomposition. Revenue effect = Δrevenue × prior-quarter GM%. Margin effect = ΔGM% × current-quarter revenue. The two sum exactly to the change in gross profit. Identical to the method used on the Phase 2 margins page.
Normalization. Gross margin ex-restructuring adds the disclosed cost-of-revenue restructuring charge back to gross profit in each quarter and re-divides by that quarter's revenue. It is not a non-GAAP measure of the company's, is not comparable to one, and is shown only to isolate a single disclosed item. It excludes nothing else — notably not stock-based compensation or acquisition-related amortization, which the company's non-GAAP measure does exclude.
What is not estimated. Price, volume, mix, utilization, and the tariff-refund amount are not separately disclosed and are not modelled. The residual is reported as a residual.
Rounding. The walk components sum to $44.13M against a $44.13M change in gross profit; small differences are rounding on margin percentages carried to two decimals.
Source. FormFactor, Inc. Q2 FY2026 earnings release, furnished 2026-07-29 — investors.formfactor.com. Q1 FY2026 figures from the Q1 10-Q via SEC EDGAR XBRL companyfacts, FormFactor CIK 0001039399, frozen in this repository as of 2026-07-21.

Built from public SEC filings and a public earnings release. Q2 FY2026 figures are unaudited and not XBRL-tagged; Phases 1–3 remain frozen as of 2026-07-21. Independent portfolio project — not affiliated with, endorsed by, or based on any non-public information from FormFactor or any company shown. Not investment advice.