| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 7/12 | 1 medium flags | 4 | 0 | Call sheet → |
| Q1'26 | May 7, 2026 | 5/12 | 3 high, 4 medium, 1 low flags | 3 | 2 | Call sheet → |
| Q4'25 | February 18, 2026 | 6/12 | 2 high, 3 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q3'25 | November 6, 2025 | 5/12 | 1 high, 2 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q2'25 | August 7, 2025 | 3/12 | 1 high, 3 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q1'25 | May 8, 2025 | 10/12 | 1 high, 4 medium, 2 low flags | 4 | 1 | Call sheet → |
| Q4'24 | February 13, 2025 | 3/12 | 4 high, 4 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q3'24 | November 7, 2024 | 9/12 | 1 high, 3 medium, 2 low flags | 4 | 1 | Call sheet → |
| Q2'24 | August 8, 2024 | 4/12 | 2 high, 5 medium, 2 low flags | 1 | 2 | Call sheet → |
| Q1'24 | May 9, 2024 | 2/12 | 2 high, 4 medium, 1 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | our goal was 47% plus...That will be our primary objective to continue to stabilize a 47% plus number. No explicit deadline was attached to this target; Q3 is guided to 47% plus or minus 100 basis points, not clearly a sustained 'plus,' and underlying ex-discrete Q2 margin did not clearly clear 47% plus on an organic basis per management's own comment. Not yet independently resolved as delivered or missed. |
| Q2'26 | Delivered | we are positioned to support higher levels of growth into the future as we prepare to open our new supercenter facility in Malaysia this June. Management confirmed Malaysia 'has started ramping' and 'the first revenue shipments have occurred there'. |
| Q2'26 | Delivered | estimate second quarter gross margin of 47%, plus or minus 100 basis points. Gross margin of 47.6% was inside the 46%-48% guidance range. About 100bps came from discrete items, implying roughly 46.6% without them as an analytical estimate. |
| Q2'26 | Exceeded | expect second quarter net earnings per diluted share of $2.90, plus or minus $0.30. Actual Q2 EPS was $3.30, above the high end of the $2.60-$3.20 range. |
| Q2'26 | Exceeded | Q2 revenue guide of $1.2B, plus or minus $40 million. Actual Q2 revenue was $1.25B, above the high end of the $1.16B-$1.24B range. |
| Q1'26 | Delivered | Continue proactive deleveraging $100M additional prepayment in Q1 as promised |
| Q1'26 | Missed | Chemistry equipment bookings to remain strong Completely omitted from commentary despite being highlighted for 5 quarters |
| Q1'26 | Missed | Maintain 18-20% tax rate Q1 tax rate came in at 20.9%, above the range |
| Q1'26 | Pending | Operating expenses to grow slower than revenue Q1 OpEx up 2.7% sequentially vs 4.9% revenue growth, on track so far |
| Q1'26 | Exceeded | Malaysia facility to ramp in second half of 2026 Now opening in June 2026, ahead of schedule |
| Q1'26 | Delivered | Semi business to outperform WFE growth in 2025 Confirmed semi grew faster than WFE for full year 2025 |
| Q4'25 | Pending | Malaysia factory to provide capacity for future On track for H2'26 ramp per commentary |
| Q4'25 | Pending | OpEx to grow slower than revenue Q4 OpEx was $263M vs $256M Q3, need to see 2026 to verify |
| Q4'25 | Delivered | Continue bringing down leverage ratio Reduced to 3.7x from 3.9x, plus another $100M prepayment in Feb |
| Q4'25 | Delivered | Mitigation to offset tariff costs dollar for dollar by Q4 Confirmed achieved, though still 50bps margin headwind |
| Q4'25 | Delivered | E&P revenue up double digits YoY in Q4 Achieved 19% YoY growth, though decelerated from 25% in Q3 |
| Q4'25 | Exceeded | Q4 semiconductor revenue to remain flat sequentially Delivered $435M vs $415M prior, +5% beat on 'flat' guide |
| Q3'25 | Delivered | Specialty Industrial to remain flattish Up 3% sequentially, basically flat as guided |
| Q3'25 | Delivered | Continue to see strength in chemistry equipment Fourth consecutive quarter of strong orders confirmed |
| Q3'25 | Exceeded | Full year tax rate at lower end of 18-20% range Now guiding to 'just over 14%' for full year |
| Q3'25 | Delivered | Tariff impact to be below 100 bps in Q3 Came in at 80 bps, better than Q2's 115 bps |
| Q3'25 | Delivered | E&P to be up sequentially and double-digits YoY in Q3 E&P up 9% sequentially, 25% YoY, beat their own guidance |
| Q3'25 | Delivered | Q3 semiconductor to moderate sequentially due to NAND lumpiness Semi down 4% sequentially as guided, exactly as promised |
| Q2'25 | Delivered | Another voluntary prepayment in current quarter Completed $100M prepayment in early August |
| Q2'25 | Pending | Chemistry revenue to increase sequentially in Q2 Management confirmed this happened but didn't quantify the increase |
| Q2'25 | Missed | Tariff mitigation strategies to limit impact 115bps impact was 'slightly higher than expected' per management |
| Q2'25 | Delivered | Specialty Industrial to remain flattish Grew 2% sequentially, within guided range |
| Q2'25 | Missed | E&P revenue down mid-single digits sequentially in Q2 Actually grew 5% sequentially, opposite of guidance |
| Q2'25 | Exceeded | Q2 semiconductor revenue to be consistent sequentially Delivered 5% sequential growth vs flat guidance |
| Q1'25 | Missed | Electronics & packaging down 4% sequentially in Q1 Actual decline only 0.4%, customers pulled forward demand |
| Q1'25 | Pending | Maintain 4% to 5% of revenue CapEx Q1 only at 2% of revenue, needs acceleration to hit full year target |
| Q1'25 | Exceeded | Tax rate improvement to 19% to 21% for full year Now guiding 18% to 20%, 100 bps improvement |
| Q1'25 | Delivered | OpEx in $250M to $260M quarterly range Q1 at $254M, within promised range |
| Q1'25 | Delivered | Continued focus on deleveraging balance sheet $100M prepayment in January plus another coming in Q2 |
| Q1'25 | Exceeded | Semiconductor revenue to be flattish in Q1 Delivered $413M vs $400M in Q4, up 3% sequentially vs flat guide |
| Q4'24 | Delivered | Chemistry to continue outperforming PCB industry 12% organic growth clearly outperformed but no industry benchmark provided |
| Q4'24 | Pending | World-class optics growth to outperform lithography/metrology segment No revenue metrics provided to verify this claim |
| Q4'24 | Pending | Focus on deleveraging as top priority after investing in business 4.3x leverage barely improved despite $426M prepayments suggests limited progress |
| Q4'24 | Missed | Maintain 40% incremental operating margins long-term OpEx stepping up faster than revenue growth makes this mathematically impossible near-term |
| Q4'24 | Delivered | Second half revenue up low to mid-single-digits vs first half H2 revenue of $1,831M vs H1 of $1,730M is +5.8%, hitting the range |
| Q4'24 | Missed | Operating expenses will increase 'modestly' from Q3 levels $255M midpoint is a $15-18M quarterly increase, not 'modest' by any definition |
| Q3'24 | Delivered | E&P synergies from combined laser and chemistry capabilities Multiple equipment wins for AI applications validating the combination thesis |
| Q3'24 | Pending | Photonics wins to ramp over next several quarters Still in startup phase with margin pressure, no revenue contribution disclosed |
| Q3'24 | Delivered | Continue to prioritize debt paydown with excess FCF $316M additional prepayments in Q3 and October, aggressive deleveraging |
| Q3'24 | Exceeded | Tax rate of 20% for full fiscal year Now expecting just under 16% for full year due to discrete items |
| Q3'24 | Missed | Operating expenses at $235M run rate for Q3 and Q4 Q3 came in at $237M, Q4 guided to $240M, expenses creeping up |
| Q3'24 | Exceeded | Second-half revenue relatively in line with first-half Now guiding H2 up low-to-mid single digits vs H1, better than flat expectation |
| Q2'24 | Pending | Continue to outperform WFE growth Can't verify until WFE numbers published, but photonics win suggests share gains |
| Q2'24 | Pending | 20% full year tax rate Reaffirmed 20% for full year despite Q2 at 20.5% |
| Q2'24 | Missed | Modest improvement in semiconductor market in H2 Q3 semi guide of $360M is DOWN from Q2's $369M, no H2 improvement |
| Q2'24 | Pending | Recovery in semi and E&P markets to unfold slowly in second half Now saying 'bouncing along bottom' longer, recovery pushed out |
| Q2'24 | Exceeded | Operating expenses of $240-250M appropriate run rate for balance of 2024 Now guiding to $235M for Q3/Q4, below prior range |
| Q2'24 | Missed | Second half 2024 revenue slightly higher than first half Q2 call now guides H2 'relatively in line' with H1, walked back the uptick |
| Q1'24 | Delivered | Continue to prioritize deleveraging Paid down $100M total in Q1 and April, net leverage improved to 4.3x |
| Q1'24 | Pending | Long-term tax rate of 19-21% Q1 at 23%, claiming 20% for full year requires aggressive H2 execution |
| Q1'24 | Missed | Position for future revenue opportunities in advanced packaging Advanced packaging fell to 25% of E&P from 33% historical; they're losing share not gaining |
| Q1'24 | Pending | $240-250M quarterly OpEx run rate for balance of 2024 Q1 at $240M, maintaining discipline so far |
| Q1'24 | Pending | Recovery to slowly unfold in second half 2024 Still using exact same language, suggesting no progress toward recovery |
| Q1'24 | Delivered | Achieve $55M Atotech synergies by Q2 2024 Hit target early at end of Q1, removing this from future growth story |
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