Onto Innovation Posts Record Q2 Revenue of $343M, Backlog Tops $1B, Guides Q3 Above Consensus

summarizeSummary

Onto Innovation reported record Q2 2026 revenue of $343 million and non-GAAP EPS of $1.93, both exceeding guidance, and guided Q3 revenue to $380–$400 million, reflecting strong AI-driven demand and a record $1 billion backlog.

check_boxKey Events · Earnings and Guidance · ONTO

• Record Revenue and Earnings Beat

  Revenue reached $343.1 million in Q2, up 35.3% year-over-year and exceeding the high end of guidance. Non-GAAP diluted EPS of $1.93 also topped expectations.

• Backlog Surpasses $1 Billion

  For the first time in company history, backlog exceeded $1 billion, driven by strong demand across advanced nodes and advanced packaging for AI applications.

• Strong Q3 Guidance

  Q3 revenue guidance of $380–$400 million and non-GAAP EPS of $2.18–$2.38, both well above consensus, indicate continued momentum.

• Robust Cash Position

  The quarter ended with $1.88 billion in cash and short-term investments, providing significant resources for the pending Rigaku investment and strategic initiatives.

auto_awesomeAnalysis · ONTO · Industrial Applications And Services

A standout quarter for Onto Innovation was fueled by AI-related demand in advanced nodes and packaging, driving revenue up 35% year-over-year to a record $343 million. Non-GAAP EPS of $1.93 crushed the high end of guidance, and the backlog crossed $1 billion for the first time—a clear signal of sustained momentum. Looking ahead, Q3 guidance calls for revenue of $380–$400 million and non-GAAP EPS of $2.18–$2.38, well above current expectations. The company's $1.88 billion cash position, bolstered by the recent $1.5 billion convertible notes offering, provides ample firepower for the pending Rigaku investment and organic growth.