Analysis ENTG
Entegris beats its own forecast and pays down debt
Entegris exceeded its Q3 2026 sales and earnings forecasts and repaid $200 million of debt. Better margins, a tariff refund and working-capital movements need separating.
Ticker Byline
Entegris, Inc.
Entegris supplies advanced materials, filtration and contamination-control products used in semiconductor manufacturing. It exceeded its Q3 2026 forecast and used cash to reduce debt.
- Ticker
- ENTG
- Exchange
- XNAS
- SEC CIK
- 0001101302
Business
Entegris, listed on Nasdaq as ENTG, supplies advanced materials and products that control contamination in semiconductor manufacturing. Its two reporting segments are Materials Solutions and Advanced Purity Solutions.
Latest results
Quarter ended September 26, 2026, compared with September 27, 2025. Dollar figures are in millions except per-share amounts. Adjusted earnings exclude specified costs and gains, including the accounting expense of acquired intangible assets over time and tariff refunds.
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $1,005.7 | $807.1 |
| Reported net income | $157.8 | $70.5 |
| Reported diluted EPS | $1.03 | $0.46 |
| Adjusted diluted EPS | $1.23 | $0.72 |
| Reported gross margin | 49.7% | 43.5% |
| Adjusted gross margin | 48.9% | 43.6% |
| Operating cash flow | $266.8 | $249.5 |
| Property and equipment spending | $43.2 | $66.7 |
Q2 2026 revenue was $883.2 million, reported EPS was $0.61 and adjusted EPS was $0.93. The latest quarter exceeded the August forecast of $905 million to $935 million revenue, $0.75 to $0.83 reported EPS and $0.96 to $1.04 adjusted EPS. This is a comparison with company guidance.
Reported profit includes an $8.3 million pre-tax tariff refund, removed from adjusted results. Operating cash flow includes a $152.2 million contribution from higher payables and accrued liabilities, while receivables and inventory increases used cash.
Debt and liquidity
Entegris repaid $200 million of debt during Q3 without drawing new borrowing. At September 26, 2026, long-term debt was $3.261 billion and cash was $356.5 million. At December 31, 2025, the corresponding amounts were $3.698 billion and $360.4 million. These are pre-Q4 balance-sheet amounts.
Next-quarter expectations
Management forecasts Q4 2026 sales of $1.025 billion to $1.055 billion, reported diluted EPS of $1.09 to $1.17 and adjusted diluted EPS of $1.32 to $1.40. The figures are expectations for a future period.
Latest reporting