| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 28, 2026 | 8/12 | 1 high, 4 medium, 3 low flags | 3 | 0 | Call sheet → |
| Q1'26 | April 28, 2026 | 6/12 | 2 high, 4 medium, 3 low flags | 4 | 0 | Call sheet → |
| Q4'25 | January 29, 2026 | 3/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q3'25 | October 28, 2025 | 9/12 | 1 high, 5 medium, 2 low flags | 3 | 0 | Call sheet → |
| Q2'25 | July 29, 2025 | 10/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q1'25 | April 25, 2025 | 7/12 | 2 high, 4 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q2'24 | July 25, 2024 | 6/12 | 2 high, 5 medium, 1 low flags | 5 | 1 | Call sheet → |
| Q1'24 | April 25, 2024 | 6/12 | 1 high, 3 medium, 4 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | $1B CapEx for full year 2026 Running at exactly $1B rate through H1, on track |
| Q2'26 | Pending | Digital native rack scale program mass production 2027 Now revealed as OpenAI, maintaining 2027 timeline |
| Q2'26 | Delivered | Capital equipment strengthening in H2 Q2 already showed strength, driving ATS back to growth |
| Q2'26 | Pending | AMD Helios initial units by year-end Still claims samples in 2026, no update on timing |
| Q2'26 | Pending | Mass production on 1.6T switch programs in H2 Says starting Q3 with two hyperscalers, on track |
| Q2'26 | Exceeded | Q2 EPS between $2.14-$2.34 Delivered $2.54, beat high-end by $0.20 |
| Q2'26 | Exceeded | Q2 revenue between $4.15B-$4.45B Delivered $4.70B, beat high-end by $250M |
| Q1'26 | Pending | Digital native rack production early 2027 Pushed slightly to 'late Q1' 2027 |
| Q1'26 | Pending | 1.6T production beginning late 2026 Reaffirmed but now citing supply constraints |
| Q1'26 | Pending | Capital expenditures ~$1B for 2026 Q1 at $230M, tracking to plan |
| Q1'26 | Pending | Free cash flow $500M for 2026 Q1 run rate of $552M annualized, but deteriorating |
| Q1'26 | Exceeded | Communications growth low 60s percentage Delivered 69% growth vs low 60s guide |
| Q1'26 | Exceeded | Enterprise growth high teens percentage Grew 101%, though missed internal 118% target due to supply |
| Q1'26 | Exceeded | Q1 adjusted EPS $1.95-$2.15 Delivered $2.16, above high end |
| Q1'26 | Delivered | Q1 revenue $3.85B-$4.15B Hit $4.05B, just above midpoint |
| Q4'25 | Missed | ATS growth resuming in 2026 Now guiding 'flat to mid-single digits' instead of clear growth |
| Q4'25 | Exceeded | Free cash flow of $425M for 2025 Delivered $458M, beat by $33M |
| Q4'25 | Pending | Mass production for 1.6T switches beginning in 2026 Now saying 'latter part of the year,' appears delayed |
| Q4'25 | Pending | Digital native rack-scale system ramping in 2027 Pushed to 'samples' in H2 2026, concerning timeline slippage |
| Q4'25 | Exceeded | Q4 EPS $1.65-1.81 Delivered $1.89, beat by $0.08 |
| Q4'25 | Exceeded | Q4 revenue $3.325-3.575B Delivered $3.65B, beat high end by $75M |
| Q3'25 | Pending | CapEx at 1.5-2.0% of revenue Tracking to 1.5% but guiding higher for Q4 |
| Q3'25 | Pending | Free cash flow of $400M for 2025 Raised from $350M to $400M, but Q3 FCF of $89M was weak |
| Q3'25 | Delivered | ATS segment 'approximately flat' for full year Maintaining flat guidance despite Q3 weakness |
| Q3'25 | Pending | Digital native samples 'in the middle of 2026' Now saying 'second half of 2026', slight pushout |
| Q3'25 | Delivered | Q3 enterprise 'mid-20s percentage decrease' Came in at -24%, within guided range |
| Q3'25 | Exceeded | Q3 communications growth 'low 60s percentage' Delivered 82% growth vs guided low 60s, beat by ~20 points |
| Q2'25 | Pending | Enterprise AI/ML program ramping Q3 Reconfirmed for Q3 start |
| Q2'25 | Delivered | 800G programs ramping/accelerating in Q2 Confirmed at parity with 400G volumes, acceleration continuing |
| Q2'25 | Exceeded | ATS revenue approximately flat YoY in Q2 Up 7% YoY vs flat guidance |
| Q2'25 | Delivered | Enterprise down low-40s% in Q2 Down 37%, slightly better than guided low-40s% |
| Q2'25 | Exceeded | Communications growth in high-50s% range for Q2 Delivered 75% growth vs guided high-50s% |
| Q2'25 | Exceeded | Q2 adjusted EPS $1.17-1.27 Delivered $1.39, beat high end by $0.12 |
| Q2'25 | Exceeded | Q2 revenue $2.575-2.725B Delivered $2.89B, beat high end by $165M |
| Q1'25 | Delivered | Capital equipment growth in 2025 Confirmed 'above market growth' continuing |
| Q1'25 | Pending | Optical transceiver production in H2 2025 Still on track per management commentary |
| Q1'25 | Delivered | 800G programs accelerating HPS revenue surged 25% sequentially, largely 800G driven |
| Q1'25 | Pending | ATS segment approximately flat for full year Q1 up 5%, but maintaining flat guide suggests back-half weakness |
| Q1'25 | Pending | Begin ramping next-gen AI/ML compute in Q3 Pushed back to 'third quarter' but language softened significantly |
| Q1'25 | Exceeded | Q1 2025 adjusted EPS of $1.06-1.16 Delivered $1.20, beat high-end by $0.04 |
| Q1'25 | Exceeded | Q1 2025 revenue of $2.475-2.625B Delivered $2.65B, beat high-end by $25M |
| Q2'24 | Delivered | Thailand Phase 2 complete by H1 2025 Accelerated to Q1 2025 from H1 2025 |
| Q2'24 | Delivered | 800G platforms to ramp throughout the year and into 2025 Confirmed 800G ramping as we exit year |
| Q2'24 | Exceeded | CCS revenues up mid-20s for full year Raised to mid-30s range from mid-20s |
| Q2'24 | Exceeded | HPS to see sustained double-digit growth throughout 2024 94% growth in Q2 far exceeds 'double-digit' promise |
| Q2'24 | Missed | Industrial business to return to YoY growth by Q4 Quietly pushed to 2025 without acknowledging the miss |
| Q2'24 | Delivered | Capital equipment business to show growth acceleration in coming quarters Guided continued growth in Q3 after Q1 stabilization |
| Q2'24 | Pending | Second half ATS revenues to be sequentially higher than first half Q3 guide shows ATS down low single digits YoY, need to see if H2>H1 |
| Q1'24 | Pending | ATS to resume growth in H2 2024 Still guiding for H2 recovery |
| Q1'24 | Delivered | Continue share buybacks opportunistically Bought 460K shares for $17M in Q1 |
| Q1'24 | Pending | 2024 free cash flow of $200M+ Q1 at $65M, on track but needs acceleration |
| Q1'24 | Exceeded | Communications to return to growth in Q1 Up 17% YoY vs 'low single digit' expected |
| Q1'24 | Delivered | Malaysia expansion online H1 2024 Completed and operational |
| Q1'24 | Delivered | Thailand Phase 1 online in Q1 2024 Confirmed operational this quarter |
| Q1'24 | Exceeded | Q1 2024 adjusted EPS of $0.67-0.77 Delivered $0.86, beat by $0.09 or 12% |
| Q1'24 | Exceeded | Q1 2024 revenue of $2.025-2.175B Delivered $2.21B, above high end by $35M |
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