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Call sheet · Q2'26

Onto Innovation (ONTO)

Q2'26 earnings call · held August 6, 2026 · compared with the Q1'26 call · management-credibility review
8/12
Disclosure score
1 medium, 1 low flags
Financial quality
Bottom line
Onto raised growth expectations and reported a $1.1B backlog. The next tests are delivery conversion, inventory funding and product mix. Operating cash flow of $62M was slightly above GAAP net income, so comparing it with a 30% non-GAAP operating margin does not show poor cash conversion. Verify Rigaku economics in filings rather than infer failure from a shorter call update.

The 30-second version

  • Growth guidance rose, with delivery still ahead
  • Cash conversion needs the right denominator
  • Follow investment economics without inferring failure from silence

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$292M, +10% QoQ$343M, +18% QoQ / +35% YoYAcceleration, sequential growth nearly doubled
EPS (non-GAAP)$1.42$1.93, 20c above high end of guide+36% QoQ, big beat
Gross margin (non-GAAP)55.7%57%, +130bps QoQ130bps above Q1; 250bps above Q4 2025
Operating margin (non-GAAP)26.7%30%, +500bps since start of yearSharp leverage gain
Advanced Nodes Revenue~$80M~$120M, +50% QoQNew record, broad-based
Advanced Packaging/Specialty Revenue$160M, with precise $ split given (2/3 AP, $25M Semilab)No dollar figure given, only 'nearly half' of $343M totalCall-level disclosure is less granular; confirm dollars in issuer materials
BacklogMentioned qualitatively as 'record backlog' with no dollar figure disclosed$1.1B, record levelA quantified backlog disclosure in the two calls reviewed
FY Advanced Packaging Growth Guide~50%~80%+30pts raise in one quarter
FY Advanced Nodes Growth Guide~25%>35%Growth guide raised from about 25% to more than 35%
2H Revenue Growth Guide (vs 1H)>15%>25%Guide raised meaningfully

Accountability tracked

9 new promises made2 narrative shifts flagged9 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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