Oxford Instruments earnings date
Oxford Instruments (OX3) Q2 2027 Earnings Report
DE:OX3 Q2 2027 EPS Results
- Actual EPS
- EUR 0.50
- Consensus EPS
- EUR 0.50
- Beat/Miss
- Met expectations
- One Year Ago EPS
- EUR 0.39
DE:OX3 Q2 2027 Revenue Results
- Actual Revenue
- EUR 240.44M
- Expected Revenue
- EUR 238.88M
- Beat/Miss
- Beat by +EUR 1.55M
- YoY Revenue Growth
- +8.41%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/10/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 10, 2026
Oxford Instruments's next earnings date is estimated for June 8, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
Q2 2027 Earnings Slide Deck
Q2 2027 Earnings Call Summary
The call was strongly positive, with robust order growth, improving revenue, profit, margins, cash conversion and capital returns. Advanced Technologies produced particularly strong results and drove an upgrade to the FY2028 outlook, while Imaging & Analysis showed order recovery and improved revenue cover. Management nevertheless highlighted U.S. academic weakness, currency and mix headwinds, macro uncertainty, supply-chain execution requirements and disciplined but constrained M&A activity.
For FY ’27, Imaging & Analysis expects second half revenue to be around 25% higher than H1, translating to low single-digit revenue growth for both H2 and the full year; divisional margin is expected to be broadly steady on a constant currency basis, with a reported currency headwind of around 120 basis points. Advanced Technologies is expected to deliver high teens revenue growth and a high single-digit margin for FY ’27, with FY ’27 revenue now effectively covered, while FY ’28 revenue growth is expected to be around 20%, assuming lead times remain broadly where they are today, moving the division into its 12% to 15% medium-term margin range next year. Group margin is expected to more than offset the full year currency headwind and continue to improve versus the prior year; cash impact of adjusting items is expected to be around GBP 2 million to GBP 3 million for the full year, and the further GBP 25 million buyback is expected to complete by summer next year.
- Strong First-Half Group PerformanceThe company reported a strong first half, with orders up 44%, reported revenue up just over 8% and 9% at constant currency, and adjusted operating profit increasing 21.5%. The opening summary also described adjusted operating profit as up 28%.
- Improved Operating MarginReported adjusted operating margin increased by 160 basis points to 14.9%, despite a GBP 1.7 million currency headwind. Management expects to more than offset the full-year currency headwind at group level and continue improving group margin versus the prior year.
- Significant Cash Flow ImprovementNormalized cash conversion improved to 85% from 41% in the prior period, while free cash flow increased by nearly GBP 19 million. The improvement was attributed to higher profits, better cash conversion, reduced cash restructuring items and the cessation of U.K. defined pension scheme contributions.
- Higher Earnings and Return on CapitalAdjusted diluted EPS increased 29%, with approximately one-fifth of the growth contributed by the accretive effect of the share buyback program. Return on capital employed increased to 30.1%, moving into the company's target range.
- Advanced Technologies Order MomentumAdvanced Technologies order intake was GBP 132 million in H1, more than double the same period last year and close to the intake for the whole of the prior year. Commercial customers represented around 93% of divisional order intake, with around 75% of those orders related to datacom applications.
- Advanced Technologies Revenue and Margin ExpansionAdvanced Technologies revenue grew around 27% in the first half, while adjusted operating margin increased by 540 basis points to 7.5%. Approximately 30% of revenue growth dropped through to profit, reflecting operating leverage.
- Advanced Technologies Order Book and FY2028 OutlookThe Advanced Technologies order book finished the half almost 90% higher than at the same point last year. FY2027 revenue is effectively covered by the current order book, and management now expects FY2028 revenue growth of around 20%, with the division expected to enter its 12% to 15% medium-term margin range earlier than previously expected.
- Imaging & Analysis Order RecoveryImaging & Analysis reported order intake growth of 11.7%, or 12.6% at constant currency. Commercial orders increased by just over 20%, while academic orders increased by nearly 3% despite continued U.S. weakness. The order book reached GBP 144 million by the end of the half, with around 70% scheduled for delivery in H2.
- Imaging & Analysis Revenue and Market GrowthImaging & Analysis revenue grew 2.4%, or just over 3% at constant currency. Materials analysis orders increased by just over 10%, reaching GBP 82 million, while semiconductor orders in the division increased 59%.
- Semiconductor Market Strength Across Both DivisionsThe semiconductor market generated GBP 164 million of group orders, with strong growth in both silicon and compound semiconductors. Advanced Technologies compound semiconductor orders grew 173%, while Imaging & Analysis semiconductor orders increased 59%.
- Commercial and Geographic ExpansionThe company has established four regional commercial organizations across the Americas, Europe, China and Asia Pacific. It expanded innovation-center coverage with new centers in Taiwan and Seoul and a new facility in Wiesbaden, Germany. In the U.S., management said customer demonstrations typically produce conversion rates almost 40% higher.
- Continued Technology and Capacity InvestmentThe company continues to invest around 8% to 9% of revenue in R&D, including customer demonstration facilities, equipment and tooling for semiconductor capabilities. It is also investing in operational capacity, supply-chain resilience, inventory, talent, clean-room improvements and an in-house talent academy, where the number of apprentices has more than doubled.
- AI-Enabled Product UpgradesImaging & Analysis launched AI-powered upgrades to several software packages during the first half to help customers interpret data acquired from their samples.
- Strong Balance Sheet and Capital ReturnsThe company ended the half with nearly GBP 75 million of net cash after GBP 21 million of share buybacks and a GBP 10 million dividend payment. It completed GBP 83 million of its current GBP 100 million buyback program and intends to allocate a further GBP 25 million to continue the program through the middle of 2027. The interim dividend was increased by 7.4%.
- Reduced Restructuring Cash CostsCash-related adjusting items reduced substantially as the group's restructuring activity was largely concluded, lowering these costs by nearly GBP 5 million compared with the prior year.
- China Order Growth ResumedAfter derisking China from a technology perspective and reducing revenue and contribution over the prior 18 months, the company said China had returned to growth from an order-intake perspective during the last 6 to 12 months, driven by repositioned sales activity toward commercial customers.
- Broad Compound Semiconductor OpportunityBeyond current datacom demand, management identified additional opportunities in power electronics and RF using gallium nitride and silicon carbide, as well as microLED and augmented reality applications. The opportunity pipeline was described as fully replenished despite the strong order intake.
DE:OX3 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jun 08, 2027 | 2027 (Q4) | 0.84- | 0.77 | ― | ― |
| Nov 10, 2026 | 2027 (Q2) | 0.500.50 | 0.39 | 27.88% (+0.11) | |
| Jun 09, 2026 | 2026 (Q4) | 0.740.77 | 0.8 | -4.33% (-0.03) | |
| Nov 11, 2025 | 2026 (Q2) | 0.430.39 | 0.55 | -28.88% (-0.16) | |
| Jun 13, 2025 | 2025 (Q4) | 0.730.80 | 0.69 | 16.72% (+0.11) | |
| Nov 12, 2024 | 2025 (Q2) | 0.550.55 | 0.59 | -5.69% (-0.03) | |
| Jun 11, 2024 | 2024 (Q4) | 0.690.69 | 0.71 | -2.88% (-0.02) | |
| Nov 14, 2023 | 2024 (Q2) | 0.590.59 | 0.5 | 17.14% (+0.09) | |
| Jun 13, 2023 | 2023 (Q4) | 0.710.71 | 0.63 | 13.00% (+0.08) | |
| Nov 08, 2022 | 2023 (Q2) | 0.380.50 | 0.49 | 3.19% (+0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
