Cohu (COHU) Earnings: Q3 Fiscal 2026 Results

The quarter ended September 26, 2026 and Cohu published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Cohu reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Cohu reports in thousands of dollars; figures here are converted to millions. Cohu reports one segment, Semiconductor Test & Inspection; the systems and non-systems split comes from the 10-Q revenue note.
• Cohu's fiscal quarters end on a Saturday. The quarters ended September 26, 2026 and September 27, 2025 were both 13 weeks.

Source: Cohu Q3 fiscal 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 26, 2026. Figures as reported; checked against the release on November 10, 2026.

How Cohu splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Cohu's Systems revenue was $90.7 million in Q3 fiscal 2026, up 61% from $56.2 million in Q3 fiscal 2025, 52% of total revenue.
• Cohu's Non-systems revenue was $82.3 million in Q3 fiscal 2026, up 18% from $70.0 million in Q3 fiscal 2025, 48% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 fiscal 2026 release, Cohu said:

“Cohu expects fourth quarter 2026 sales to be up 46% year-over-year and in the range of $178 million +/- $7 million.”

Source: Cohu Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the COHU forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Q2 fiscal 2026 was a net loss of $0.2 million, which Cohu printed as $(0.00) per share.

We do not hold a confirmed date for Cohu's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Oct 28, 2026

Cohu sells semiconductor test handlers, testers, inspection and metrology systems, plus the interface products, spares, services and software that go with them. In Q3 fiscal 2026 systems brought in $90.7 million of net sales, up from $56.2 million a year earlier, and non-systems (the recurring side) $82.3 million, up from $70.0 million. Total net sales rose 37.0% to $173.0 million. (Cohu Form 10-Q, Q3 2026, Oct 29, 2026)

Cohu put the increase down primarily to stronger demand across AI-based computing applications and the industrial and automotive semiconductor markets, while demand in mobile and consumer end markets was relatively consistent with a year earlier. Its CEO named customer adoption of Eclipse thermal solutions for high-performance computing as a key driver of systems demand, and Cohu raised its fiscal 2026 high-performance computing revenue outlook to approximately $120 million. (Cohu Form 10-Q, Q3 2026, Oct 29, 2026; Cohu Q3 2026 release, Oct 28, 2026)

By shipment destination, China was Cohu's largest market in the quarter at $46.1 million, against $14.2 million a year earlier. Malaysia was $26.8 million, Taiwan $19.6 million and the Philippines $18.7 million, with the rest of the world at $61.7 million. (Cohu Form 10-Q, Q3 2026, Oct 29, 2026)

Cohu's sales are concentrated in a few customers. One customer accounted for 15% of net sales in Q3 fiscal 2026; in the same quarter a year earlier, three customers together accounted for 34%. Cohu's 10-K says its active equipment installed base exceeds 25,000 systems across 108 customers in 31 countries, and that recurring revenue consists of interface products, services, spares, upgrades, configuration tooling and software analytics. (Cohu Form 10-Q, Q3 2026, Oct 29, 2026; Cohu Form 10-K, fiscal 2025, Feb 17, 2026)

Cohu earned GAAP net income of $12.1 million, or $0.22 per diluted share, in Q3 fiscal 2026, against a loss of $0.09 a year earlier. Its non-GAAP EPS of $0.43 excludes share-based compensation ($4.6 million), amortization of purchased intangible assets ($7.2 million), restructuring charges, manufacturing transition and severance costs and duplicate facility costs, net of their tax effect. (Cohu Q3 2026 release, Oct 28, 2026)

Diluted shares were 54,366 thousand against 47,410 thousand basic, because the dilutive effect of Cohu's 1.50% convertible senior notes due 2031 is counted under the if-converted method. Cohu issued $287.5 million of the notes on September 29, 2025, and all of it remained outstanding at quarter end. The notes were convertible at holders' option from July 28, 2026 through September 8, 2026 after the share price condition was met, and again from October 26, 2026 through December 7, 2026. (Cohu Q3 2026 release, Oct 28, 2026; Cohu Form 10-Q, Q3 2026, Oct 29, 2026)

Cohu did not repurchase any shares of its common stock in Q3 fiscal 2026. Interest expense rose to $1.8 million from $110 thousand a year earlier, which Cohu attributed primarily to the convertible notes. (Cohu Q3 2026 release, Oct 28, 2026; Cohu Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Cohu gives a one-quarter sales outlook in its release. For Q4 fiscal 2026 it expects sales of $178 million, plus or minus $7 million, which it said would be up 46% from a year earlier. The release gives no EPS or margin outlook. (Cohu Q3 2026 release, Oct 28, 2026)

Cohu's release also gives forward-looking business indicators: bookings rose 126% from a year earlier, with systems up 318% and recurring up 36%, and its annual AI-driven compute opportunity pipeline grew 18% sequentially to about $1.0 billion. The CEO said several hundred Eclipse systems are currently forecasted for 2027. (Cohu Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Cohu, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Cohu's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning COHU is on is COHU a buy or a sell?, what analysts expect next is on the COHU forecast, and what the company does is on the Cohu (COHU) stock page.

Every number on this page can be traced to a document Cohu published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.