Oct 28, 2026 earnings call — Record revenue and raised 2026 outlook
Benchmark reported record revenue of $811 million and said 2026 revenue will exceed $3 billion.
Revenue $0.8B (est $0.8B) · EPS $0.84 (est $0.79) · Next-quarter revenue outlook $0.8B–$0.9B
Key quotes
"Demand continues to improve across most of our markets, supported by healthy bookings activity and strong engagement from our customers."
"We expect Semi-Cap revenue to accelerate further year-over-year in the fourth quarter, followed by continued growth in 2027."
"That includes investments in capacity and capabilities such as PT4 in Penang, which is ramping well and our planned building in Thailand, which is expected to be completed in late 2027."
Analyst Q&A 5
Why growth will keep going
Q (David Williams · Needham): The analyst asked what gives management confidence growth will continue into 2027. He also asked if the company has enough factory capacity and how much margin leverage remains.
A: Management said confidence comes from customer forecasts, multiple production starts from bookings in 2025 and early 2026, and frequent customer conversations. They said they are comfortable on capacity through 2027, citing Penang and Thailand coming next year and the PT4 factory that came online in July 2026. They expect continued operating leverage and are targeting a 1.5 to 2x revenue percentage flowing to the bottom line.
"So just putting that in perspective, that's still what we're targeting." — Bryan Schumaker (CFO)
Semi demand and margin drivers
Q (Steven Fox · Fox Advisors): The analyst asked whether semi-cap momentum will increase into next year and whether mix or pricing will change. He also asked how capacity additions affect margins and what AC&C product timing looks like.
A: Management said they see momentum continuing into 2027 and tied some of that to ongoing production starts, including filling PT4. They expect continued gross margin efficiency into next year as PT4 and other projects ramp, but said some product mix items can offset that and they will give more guidance later. On AC&C, they said on-prem products are already accelerating, they expanded capacity to meet demand, and they see that continuing into Q4 and 2027.
"But that said, we feel really positive about semi." — David Moezidis (CEO)
HPC timing and supply chain
Q (Maxwell Michaelis · Lake Street): The analyst asked whether the HPC timing in this presentation is the same project as before or a new opportunity. He also asked about any supply chain issues into 2027 and how customers are behaving.
A: Management said the HPC opportunity layers on top of existing work and that timing has shifted later, so they now expect it to start picking up mid- to late 2027. They acknowledged supply chain challenges, especially on the ASIC side, and said they are working closely with suppliers and customers and making selective joint inventory investments. They said customer inputs and longer order horizons support their view of durable semi demand.
"Max, the HPC will layer on top of what we're doing and what we've been saying." — David Moezidis (CEO)
Medical demand and cash use
Q (Anja Soderstrom · Sidoti): The analyst asked what management is seeing in Medical and whether demand will stay. She also asked how to think about cash flow and capital allocation.
A: Management said Medical is improving since the summer of 2025, helped by new wins and rising base customer demand, and that current production starts could push Medical beyond 2027 and into 2028. They noted a significant new medical-device win that will take time to ramp but should be meaningful once it does. On cash, they said they have been buying back shares, pay a dividend, reported $113 million of free cash flow over the last 12 months, and they are focused on returning inventory turns toward a 5 to 5.5 target.
"Now as we look forward, we continue to remain positive on Medical, and we still have some ramps that are in the process and as those ramps materialize, we think Medical could potentially continue beyond '27 and into '28." — David Moezidis (CEO)
Inventory increase and semi share gains
Q (David Williams · Needham): The analyst asked why inventory rose more than revenue and whether any of that inventory is higher-priced or hard to sell. He also asked if semi-cap gains are from market improvement or share wins.
A: Management said inventory is higher because of many ongoing production starts and bookings, noting activity at 11 sites worldwide and that the inventory lift is tied to those starts. They said they remain disciplined on inventory turns and manage inventory carefully. On semi-cap, they said it's hard to fully separate demand from share gains, but they have been winning programs since 2023, added new customers, and were positioned when the industry began to turn in January.
"What I would tell you is the inventory is lifting as a result of the ramps and the number of bookings that we've had." — David Moezidis (CEO)