EarningsQ2 2026 Earnings Report
MX:VICR Q2 2026 EPS Results
Actual EPS$18.89
Consensus EPS$11.84
Beat/MissBeat by +$7.05
One Year Ago EPS$16.53
MX:VICR Q2 2026 Revenue Results
Actual Revenue$2.60B
Expected Revenue$2.51B
Beat/MissBeat by +$90.55M
YoY Revenue Growth+49.25%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
MX:VICR Upcoming Earnings
Vicor's next earnings date is estimated for October 27, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:VICR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely positive operational and financial update: strong sequential revenue growth (+26.9%), meaningful advanced-products momentum (+45% sequential), backlog growth (+26%) and improved consolidated gross margin (+280 bps) alongside a strengthened cash position ($453.6M). Management also reported tangible technical progress on second‑generation VPD (baseline ~3 A/mm² with roadmap toward ~5 A/mm²) and upgraded near-term revenue expectations (Q3 +~10%, 2026 >$600M) and reiterated ambitious long-term targets. Offsetting these positives are higher operating/legal expenses, one-time factory relocation costs that pressured product margins, inventory build with low turns (2.1), dependence on licensing timing (royalty recognition volatility and ITC timing), and the need to secure and build a second fab to reach the $2.5B target — all of which introduce execution and timing risk. Overall, the highlights outweigh the lowlights but the path to scale is dependent on licensing cadence and successful capacity expansion.Company Guidance
Strong Sequential Revenue Growth
Total product and royalty revenue of $143.4M in Q2 2026, up 26.9% sequentially from $113.0M in Q1 2026 and up 1.6% year-over-year (Q2 2025 was $141M, which included a $45M patent settlement).
Advanced Products Momentum
Advanced products revenue rose 45% sequentially to $94.2M and represented 65.7% of total revenue in Q2 (vs. 57.5% in Q1), indicating a clear shift toward higher-margin advanced products.
Gross Margin Expansion
Consolidated gross profit margin increased 280 basis points sequentially to 58% in Q2 2026, with management expecting further margin expansion as utilization improves.
Profitability and EPS
Net income of $49.8M for Q2 and GAAP diluted EPS of $1.40 on a fully diluted share count of 47,708,000 shares.
Cash Position Strengthened
Cash and cash equivalents of $453.6M at quarter end, up $49.4M sequentially; received a $14.3M CHIPS Act refund from the IRS which will bolster cash in Q3 and beyond.
Backlog and Bookings
Q2 book-to-bill was above 1 and one-year backlog increased 26% sequentially to $379.7M, signaling healthy demand visibility.
Licensing Contribution and Structure
A recent license agreement contributed $15M to Q2 revenue. The contract provides four $5M quarterly payments in year one and $10M quarterly payments in year two (total $60M). GAAP recognition will be $5M in Q3 and $10M per quarter for the following four quarters due to accounting treatment.
Product Development and VPD Technical Progress
Second-generation Vertical Power Delivery (VPD) development completed to a baseline of ~3 A/mm² for the lead customer, with demo systems in progress and a roadmap to raise current density toward ~5 A/mm² late this year / early next year; management reports meaningful customer interest and sampling initiatives.
Updated Near-Term Guidance and Long-Term Targets
Management expects nearly a 10% increase in Q3 revenue, updated 2026 revenue expectation of over $600M, and reiterated long-term targets of $2.5B revenue with ~70% gross margins and ~40% operating income (requiring additional capacity).
Solid Operating Cash Flow and Investment
Operating cash flow of $34M in Q2 and capital expenditures of $11.2M; construction-in-progress for manufacturing equipment of ~$18.2M with ~$23.5M remaining to be spent.
MX:VICR Earnings History
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.
Beat
Missed