Jun 2026 (Q2 FY26) — Aug 4, 2026
Tower Semiconductor Q2 FY26 — Record Revenue and Profitability Driven by Silicon Photonics
Read the full callTower Semiconductor (TSEM) earnings
- Jun 2024
- Jun 2026 (Q2 FY26)
- Dec 2025
Tower Semiconductor earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 351 | −1.7% YoY | Quarterly, as filed | Quarter to Jun 2024 | Revenue from operations as filed. |
| Operating margin | 15.7 | +1.5 pts YoY | Operating profit / revenue | Quarter to Jun 2024 | For the quarter; a change is in percentage points. |
| Net profit | 53.4 | +4.4% YoY | Quarterly, as filed | Quarter to Jun 2024 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 23 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly total revenue guidance | $455 million, plus or minus 5% | Mar 2026 | Second quarter revenue was $460 million | Achieved |
| 3.2 terabit-per-second (400G-per-lane) SiPho platform ramp | First 3.2T-generation platform anticipated to ramp as early as mid-2026 | Jun 2025 | Over the next 1 to 2 years, we expect several of these technologies to transition into high-volume manufacturing, including and especially heterogeneous integration of [ 35 ] materials on silicon photonics for integrated lasers, advanced modulators and optical signal processing. | Delayed |
| 300mm RFSOI wafer starts growth | 3x increase in 300mm RFSOI wafer starts by mid-FY27 versus Q2 FY26 shipments | Jun 2026 | driving an expected 3x RFSOI increase and 300-millimeter wafer starts by mid-2027 against the Q2 '26 shipments. | New |
3 of TOWER SEMICONDUCTOR LTD's 39 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 36 more targets are in the full ledger.
Claimed
- Record Q2 revenue of $460 million, representing 11% quarter-over-quarter and 24% year-over-year growth.
- Achieved record Q2 gross margin of 30%, operating margin of 20%, and net margin of 20%.
- Silicon photonics revenue increased over 60% quarter-over-quarter and over 270% year-over-year, reaching an annualized run rate of over $680 million.
- Updated 2028 model targets $3.6 billion in revenues, $1.63 billion in gross profit (45% GM), and $1.2 billion in net profit (33% NM).
- Secured customer contracts representing approximately $1.3 billion of silicon photonics revenue for 2027.
Qualified
- RF mobile revenue decreased 14% year-over-year in 300-millimeter RFSOI due to strategic transition and consolidation.
- Fab 5 in Japan operated at 75% utilization, below the company's 85% utilization model.
Price
$200.3 +2.41% · +$4.72
Performance +171.6% 1Y
1Y: $73.76 on 17 Oct 2025 → $200.3. High $316.85 (22 Jun 2026), low $72.74 (22 Oct 2025).
- Previous close
- $195.58
- 52-week range
- $72.74 – $316.85
- One year
- +165.51%
Overview
- Symbol
- TSEM
- Sector
- Information Technology
- Industry
- Semiconductors & Related Devices
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 23 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly total revenue guidance | $455 million, plus or minus 5% | Mar 2026 | Second quarter revenue was $460 million | Achieved |
| 3.2 terabit-per-second (400G-per-lane) SiPho platform ramp | First 3.2T-generation platform anticipated to ramp as early as mid-2026 | Jun 2025 | Over the next 1 to 2 years, we expect several of these technologies to transition into high-volume manufacturing, including and especially heterogeneous integration of [ 35 ] materials on silicon photonics for integrated lasers, advanced modulators and optical signal processing. | Delayed |
| 300mm RFSOI wafer starts growth | 3x increase in 300mm RFSOI wafer starts by mid-FY27 versus Q2 FY26 shipments | Jun 2026 | driving an expected 3x RFSOI increase and 300-millimeter wafer starts by mid-2027 against the Q2 '26 shipments. | New |
Claimed
- Record Q2 revenue of $460 million, representing 11% quarter-over-quarter and 24% year-over-year growth.
- Achieved record Q2 gross margin of 30%, operating margin of 20%, and net margin of 20%.
- Silicon photonics revenue increased over 60% quarter-over-quarter and over 270% year-over-year, reaching an annualized run rate of over $680 million.
- Updated 2028 model targets $3.6 billion in revenues, $1.63 billion in gross profit (45% GM), and $1.2 billion in net profit (33% NM).
- Secured customer contracts representing approximately $1.3 billion of silicon photonics revenue for 2027.
Qualified
- RF mobile revenue decreased 14% year-over-year in 300-millimeter RFSOI due to strategic transition and consolidation.
- Fab 5 in Japan operated at 75% utilization, below the company's 85% utilization model.
The full ledger
Open TOWER SEMICONDUCTOR LTD’s full ledger
A free account opens 5 company ledgers a month. All 39 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 13, 2026
Tower Semiconductor Q1 FY26 — Strong SiPho Growth and Record Revenue Guidance
Read the full callDec 2025 (Q4 FY25) — Feb 11, 2026
Tower Semiconductor Q4 FY25 — Record Revenue and Accelerated Financial Model
Read the full callEvery analysed call
Tower Semiconductor earnings calls (TSEM)
Financials
What the filings say
Net profit, year on year: +4% (quarter to jun 2024 against jun 2023).
| Line item | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 |
|---|---|---|---|---|
| Sales | 362 | 426 | 357 | 351 |
| Operating profit | 34 | 71 | 51 | 55 |
| Operating margin | 9.4% | 16.6% | 14.2% | 15.7% |
| Other income | -0 | — | — | — |
| Profit before tax | 34 | 63 | 54 | 63 |
| Tax rate | 6.6% | 6.9% | 10.6% | 9.7% |
| Net profit | 31 | 58 | 51 | 53 |
| EPS ($ per share) | 0.29 | 0.53 | 0.46 | 0.48 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 418 | 426 | 431 | 435 | 440 | 444 | 447 | 451 |
| Reserves | -637 | -547 | -465 | -315 | -51 | 468 | 675 | 896 |
| Total liabilities | 554 | 586 | 639 | 616 | 659 | 491 | 440 | 418 |
| Fixed assets | 657 | 682 | 839 | 877 | 962 | 1,156 | 1,287 | 1,463 |
| Investments | 120 | 176 | 189 | 364 | 495 | 791 | 946 | 917 |
| Total assets | 1,790 | 1,933 | 2,094 | 2,231 | 2,548 | 2,919 | 3,080 | 3,322 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 313 | 291 | 277 | 421 | 530 | 677 | 449 | 395 |
| Cash from investing | -328 | -305 | -364 | -339 | -329 | -721 | -400 | -398 |
| Cash from financing | -48 | -18 | -61 | -77 | -67 | -30 | -32 | -33 |
| Net cash flow | -61 | -30 | -144 | -1 | 130 | -80 | 11 | -37 |
| Capital expenditure | -210 | -191 | -314 | -314 | -366 | -445 | -436 | -444 |
| Free cash flow | 103 | 100 | -37 | 107 | 163 | 232 | 13 | -49 |
TSEM operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Utilization rate Fab 2 and Fab 9 | ~55%Fab 2 and Fab 9, where we are driving SiGe and SiPho capability -- capacity activities operated at approximately 55% utilization.Source: earnings call transcript | ~60%Looking at utilizations, in the second quarter, Fab 2 in Israel and Fab 9 in Texas, both operated at about 60% utilization while repurposing tools to now load high levels of Silicon Germanium and to begin the manufacturer of Silicon Photonics.Source: earnings call transcript | — | — | — | — | — |
| Utilization rate Fab 3 | 70%Fab 3 was at 70% utilization.Source: earnings call transcript | 85%Fab 3 is fully utilized at our 85% utilization model.Source: earnings call transcript | 85%Fab 3 maintained our model full utilization of 85% with growing activities for SiPho capacity.Source: earnings call transcript | 85%Fab 3 maintained our model full utilization of 85% and still adding capacity for increasing silicon photonics capability.Source: earnings call transcript | 80%Fab 3 operated at 80% utilization.Source: earnings call transcript | — | -5 pt |
| Utilization rate Fab 5 | 60%Fab 5 at 60% and Fab 7 300-millimeter at 90% foundry utilization with the highest process layers to date.Source: earnings call transcript | 75%Fab 5 was at 75% with rising demand for high-voltage power management and Fab 7 300-millimeter was fully utilized, well exceeding the 85% model.Source: earnings call transcript | 75%Fab 5 was at 75% utilization.Source: earnings call transcript | 75%Fab 5 was a 75% utilization.Source: earnings call transcript | 75%Fab 5 was at 75% utilization.Source: earnings call transcript | 75%Fab 5 in Japan was at 75% utilization.Source: earnings call transcript | 0 pt |
| Utilization rate Fab 2 | — | — | ~65%Therefore, while we are in the final qualifications and initial ramp of the repurposed fabs and added capacity, our third quarter utilization levels, Fab 2 in Israel operated at about 65% utilization.Source: earnings call transcript | ~60%For the fourth quarter, utilization rates were Fab 2 operated at about 60% utilization as we are now in the final stages of silicon germanium and silicon photonics capacity qualification for a variety of flows.Source: earnings call transcript | ~60%For the first quarter, utilization rates for Fab 2 at around 60% utilization as SiPho and SiGe qualifications continue.Source: earnings call transcript | — | — |
| Utilization rate Fab 9 | — | — | 60%Fab 9 was at 60% utilization.Source: earnings call transcript | 65%Fab 9 was at 65% utilization, presently in the silicon photonics and silicon germanium ramp.Source: earnings call transcript | 80%Fab 9 utilization was at 80%.Source: earnings call transcript | — | +15 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
48 filings between Jul 2, 2026 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$60.01M
38 sales by 2 insiders
Compensation
not trading decisions- 10
- Award — granted as compensation
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Ellwanger Russell Craig | — | $59.96M | Aug 11, 2026 |
| Chelouche Yoav | — | $49.9K | Sep 10, 2026 |
Latest filings (48)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Chelouche Yoav Director | Sale | 232 | $49.9K |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,507 | $613.4K |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 11,624 | $2.86M |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 5,065 | $1.25M |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 23,028 | $5.71M |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 3,060 | $744.6K |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 15,816 | $3.95M |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 3,331 | $835.7K |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,098 | $530.2K |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,489 | $632.0K |
| Aug 11, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 35,208 | $8.76M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 5,407 | $1.39M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 1,025 | $252.1K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,519 | $654.8K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 5,316 | $1.39M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 1,471 | $385.6K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 1,827 | $481.9K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 6,486 | $1.68M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,062 | $508.7K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 5,498 | $1.36M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 5,559 | $1.38M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 1,123 | $280.8K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 6,474 | $1.63M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 3,341 | $842.2K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 9,022 | $2.29M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 7,343 | $1.87M |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 3,116 | $795.3K |
| Aug 10, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 9,720 | $2.49M |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 17,173 | $3.64M |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 9,797 | $2.08M |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 9,878 | $2.11M |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 3,025 | $659.2K |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,118 | $463.9K |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 4,936 | $1.09M |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 4,772 | $1.05M |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 1,856 | $412.9K |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 2,510 | $589.1K |
| Jul 13, 2026 | Ellwanger Russell Craig Chief Executive Officer | Sale | 10,899 | $2.30M |
| Jul 2, 2026 | Ben Moshe Sagi Director | Award | 814 | $0 |
| Jul 2, 2026 | Gross Dana Rebecca Director | Award | 814 | $0 |
| Jul 2, 2026 | Vakrat Wolkin Michal Director | Award | 814 | $0 |
| Jul 2, 2026 | Avner Iris Director | Award | 814 | $0 |
| Jul 2, 2026 | Hasson Avi Director | Award | 814 | $0 |
| Jul 2, 2026 | Chelouche Yoav Director | Award | 814 | $0 |
| Jul 2, 2026 | Kaufman Kalman Director | Award | 814 | $0 |
| Jul 2, 2026 | Elstein Amir Director | Award | 1,222 | $0 |
| Jul 2, 2026 | Ellwanger Russell Craig Chief Executive Officer | Award | 22,918 | $0 |
| Jul 2, 2026 | Seward Carolin T Director | Award | 814 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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