Benchmark Revenue Reaches $811 Million in Third Quarter, Exceeding Expectations
Key Facts
Benchmark Electronics reported record quarterly revenue of $811 million in the third quarter ended September 30, 2026, up 19% year over year, and diluted non-GAAP earnings per share of $0.84, up 35%. Revenue exceeded the consensus estimate of $776.25 million, while earnings per share topped the forecast of $0.79, according to Investing.com. The company therefore beat analyst estimates on both key measures, recording annual growth in sales and adjusted earnings. GAAP diluted earnings per share were about $0.47, up 21% from the year-earlier period. The company said earnings grew “at nearly twice the rate of sales.”
A comparison with the previous quarter shows continued growth in revenue and adjusted earnings: Benchmark reported second-quarter revenue of $756 million, up 18% year over year, and adjusted earnings per share of $0.75, up 36%. In July, the company had set third-quarter guidance of $755 million to $795 million in revenue and $0.76 to $0.82 in diluted non-GAAP earnings per share. The actual results came in above the top of both ranges. Chief Executive David Mozidze said in July that second-quarter results had also exceeded the top of the previous guidance range. He added at the time that bookings had recorded “another record quarter.” In the second quarter, gross margin was 10.4%, compared with 10.1% in the same period of 2025, while operating margin was 4.0%, compared with 3.2%.
Mozidze attributed the improved annual outlook to broader demand across the company’s portfolio and continued healthy momentum in bookings. Benchmark raised its fiscal 2026 revenue growth forecast to about 16%. In July, the company had raised its growth forecast to about 13%, saying that put it on track to reach annual revenue of $3 billion for the first time in its history. Mozidze said the company now expects “revenue growth of about 16%” in 2026. The higher forecast marks an improvement on the level announced in July, alongside quarterly results that exceeded its previous guidance.
Semiconductor capital equipment made the largest segment contribution, generating $241 million in third-quarter revenue. The industrial segment recorded $172 million, while medical revenue was $138 million. Advanced computing and communications generated $132 million, compared with $128 million for aerospace and defense. Revenue was therefore spread across five main areas, led by semiconductor capital equipment, which outpaced the industrial segment. The company reported these figures as part of its quarterly results, alongside confirmation that revenue had reached a record level.
Operating cash flow was $30 million in the third quarter, while free cash flow reached $14 million. For the nine months ended September 30, net cash provided by operating activities was $111.615 million. These figures add a cash-flow dimension to results that included revenue and earnings growth, and detail the operating liquidity generated during the period. The company also announced fourth-quarter guidance, setting a revenue range of $815 million to $855 million. It expects diluted non-GAAP earnings per share of $0.85 to $0.91 for the quarter.
The company’s shares, listed under the ticker BHE, closed at $70.7 on October 27, 2026. The company had scheduled its third-quarter earnings call for October 28, 2026, at 5:00 p.m. Eastern Time. The call was scheduled for the day after the recorded closing date for the shares, giving investors an opportunity to follow management’s discussion of results and guidance. The earnings agenda included record third-quarter revenue, a higher annual revenue growth forecast and the range set for the fourth quarter. The fourth-quarter revenue and earnings-per-share outlook remain the company’s key figures for the coming period.