Amkor Technology Reports Financial Results for the First Quarter 2026
TEMPE, Ariz.--( BUSINESS WIRE)--Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights
“Amkor delivered a strong start to 2026 with record first quarter revenue driven by broad-based end market demand,” said Kevin Engel, Amkor’s president and chief executive officer. “During the quarter, we progressed key customer programs in Advanced packaging, improved utilization across our factory network, and made continued progress on our margin initiatives, demonstrating our ability to execute effectively in a dynamic industry environment.”
Quarterly Financial Results
($ in millions, except per share data)
Q1 2026
Q4 2025
Q1 2025
Net sales
$1,685
$1,888
$1,322
Gross margin
14.2%
16.7%
11.9%
Operating income
$100
$185
$32
Operating income margin
6.0%
9.8%
2.4%
Net income attributable to Amkor
$83
$172
$21
Earnings per diluted share
$0.33
$0.69
$0.09
EBITDA (1)
$285
$369
$197
(1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”
At March 31, 2026, total cash and short-term investments was $1.8 billion, and total debt was $1.4 billion.
The company paid a quarterly dividend of $0.08352 per share on March 31, 2026. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
On April 23, 2026, the Board of Directors authorized the repurchase of up to $300 million of the company’s common stock.
Business Outlook
The following information presents Amkor’s guidance for the second quarter 2026 (unless otherwise noted):
Conference Call Information
Amkor will conduct a conference call on Monday, April 27, 2026, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at ir.amkor.com. The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.
About Amkor Technology, Inc.
Amkor Technology, Inc. (Nasdaq: AMKR) is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world’s leading semiconductor and electronics companies to bring advanced technologies to market. The company’s comprehensive portfolio includes advanced packaging, wafer-level processing, and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables. For more information visit amkor.com.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
Q1 2026
Q4 2025
Q1 2025
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
1,372
$
1,580
$
1,064
Mainstream products (2)
313
308
258
Total net sales
$
1,685
$
1,888
$
1,322
Packaging services
89
%
89
%
88
%
Test services
11
%
11
%
12
%
Net sales from top ten customers
68
%
72
%
71
%
End Market Distribution Data:
Communications (smartphones, tablets)
44
%
49
%
40
%
Computing (data center, infrastructure, PC/laptop, storage)
21
%
19
%
22
%
Automotive, industrial and other (ADAS, electrification, infotainment, safety)
21
%
18
%
21
%
Consumer (AR & gaming, connected home, home electronics, wearables)
14
%
14
%
17
%
Total
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
53.5
%
56.5
%
52.4
%
Labor
10.7
%
9.5
%
12.0
%
Depreciation
9.3
%
8.0
%
10.6
%
Other manufacturing
12.3
%
9.3
%
13.1
%
Gross margin
14.2
%
16.7
%
11.9
%
(1) Advanced products include flip chip, memory and wafer-level processing and related test services.
(2) Mainstream products include all other wirebond packaging and related test services.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
In this press release, we refer to EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, and our ability to service debt, fund capital expenditures and pay dividends. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore, our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.
Non-GAAP Financial Measure Reconciliation:
(in millions)
Q1 2026
Q4 2025
Q1 2025
EBITDA Data:
Net income
$
84
$
173
$
22
Plus: Interest expense
18
21
17
Plus: Income tax expense
12
9
4
Plus: Depreciation & amortization
171
166
154
EBITDA
$
285
$
369
$
197
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended March 31,
2026
2025
Net sales
$
1,684,701
$
1,321,575
Cost of sales
1,445,669
1,163,992
Gross profit
239,032
157,583
Selling, general and administrative
96,987
80,408
Research and development
41,758
45,652
Total operating expenses
138,745
126,060
Operating income
100,287
31,523
Interest expense
17,710
16,809
Other (income) expense, net
(13,731
)
(11,075
)
Total other expense, net
3,979
5,734
Income before taxes
96,308
25,789
Income tax expense
12,342
3,936
Net income
83,966
21,853
Net income attributable to non-controlling interests
(615
)
(725
)
Net income attributable to Amkor
$
83,351
$
21,128
Net income attributable to Amkor per common share:
Basic
$
0.34
$
0.09
Diluted
$
0.33
$
0.09
Shares used in computing per common share amounts:
Basic
247,550
246,854
Diluted
249,570
247,845
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,121,183
$
1,378,347
Restricted cash
175
—
Short-term investments
727,317
613,038
Accounts receivable, net of allowances
1,287,879
1,354,825
Inventories
494,620
437,797
Other current assets
120,435
100,754
Total current assets
3,751,609
3,884,761
Property, plant and equipment, net
4,150,783
3,870,808
Operating lease right of use assets
90,278
93,449
Goodwill
17,775
18,003
Restricted cash
67,804
67,776
Other assets
220,385
201,512
Total assets
$
8,298,634
$
8,136,309
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
157,038
$
162,430
Trade accounts payable
832,101
912,766
Capital expenditures payable
488,731
243,543
Short-term operating lease liability
23,570
23,140
Accrued expenses
365,339
370,093
Total current liabilities
1,866,779
1,711,972
Long-term debt
1,257,156
1,282,816
Pension and severance obligations
67,947
69,218
Long-term operating lease liabilities
44,194
48,549
Other non-current liabilities
493,416
517,467
Total liabilities
3,729,492
3,630,022
Stockholders’ equity:
Preferred stock
—
—
Common stock
294
294
Additional paid-in capital
2,060,642
2,054,051
Retained earnings
2,689,683
2,627,038
Accumulated other comprehensive income (loss)
15,277
16,833
Treasury stock
(232,385
)
(227,110
)
Total Amkor stockholders’ equity
4,533,511
4,471,106
Non-controlling interests in subsidiaries
35,631
35,181
Total equity
4,569,142
4,506,287
Total liabilities and equity
$
8,298,634
$
8,136,309
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net income
$
83,966
$
21,853
Depreciation and amortization
170,903
153,821
Other operating activities and non-cash items
(5,871
)
5,967
Changes in assets and liabilities
(103,911
)
(157,492
)
Net cash provided by operating activities
145,087
24,149
Cash flows from investing activities:
Payments for property, plant and equipment
(224,605
)
(79,897
)
Proceeds from sale of property, plant and equipment
7,179
4,209
Proceeds from foreign exchange forward contracts
14,899
16,674
Payments for foreign exchange forward contracts
(16,684
)
(15,992
)
Payments for short-term investments
(258,469
)
(169,720
)
Proceeds from sale of short-term investments
14,607
32,345
Proceeds from maturities of short-term investments
127,318
147,825
Other investing activities
1,036
1,502
Net cash used in investing activities
(334,719
)
(63,054
)
Cash flows from financing activities:
Payments of long-term debt
(27,737
)
(25,493
)
Payments of finance lease obligations
(14,543
)
(15,659
)
Payments of dividends
(20,694
)
—
Other financing activities
(4,073
)
(1,099
)
Net cash used in financing activities
(67,047
)
(42,251
)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
(282
)
5,172
Net decrease in cash, cash equivalents and restricted cash
(256,961
)
(75,984
)
Cash, cash equivalents and restricted cash, beginning of period
1,446,123
1,134,312
Cash, cash equivalents and restricted cash, end of period
$
1,189,162
$
1,058,328
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or “intend,” by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as may be required by applicable law. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, including, but not limited to, the following:
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“SEC”). You should carefully consider the trends, risks and uncertainties described in this press release, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by applicable law.