Amkor Technology, Inc.

Third quarter revenue was $1.99 billion, up 5% sequentially. Gross margin was 18.3%, up 150 basis points sequentially and 400 basis points year over year, with gross profit of $364 million. Operating income was $225 million, operating margin was 11.3%, net income was $191 million, and EPS was $0.76; EBITDA was $435 million with EBITDA margin of 21.8%. For Q4, Amkor guided revenue to $1.9 billion to $2 billion, gross margin to 18% to 19%, operating expenses to about $140 million, net income to $160 million to $185 million, and EPS to $0.65 to $0.75. Full-year 2026 CapEx was narrowed to around $2.5 billion, and the full-year tax rate is expected in the high teens percent.

Kevin Engel struck an upbeat tone, framing the quarter as evidence that Amkor’s strategy is working and that advanced packaging is becoming more central to customers’ road maps. He emphasized record revenue in Computing and Automotive/Industrial, stronger customer commitment, and growing visibility from advance payments tied to future capacity. Strategically, he highlighted three pillars: deeper partnerships, technology leadership in HDFO and 2.5D, and geographic expansion in Arizona, Korea and Vietnam.

Megan Faust focused on the financial and operating setup behind the quarter: revenue of $1.99 billion, gross margin of 18.3%, gross profit of $364 million, operating income of $225 million, and EPS of $0.76. She said margin expansion was driven mainly by richer advanced-packaging mix, partially offset by FX and the Japan earthquake impact, and she noted cash and short-term investments of $2.4 billion, total liquidity of $3.4 billion, debt of $2.5 billion, and a debt-to-EBITDA ratio of 1.7x. She also narrowed 2026 CapEx to around $2.5 billion and said customer prepayments should provide significant funding support for the build-out.

Analysts pressed management on whether Q4 gross margin improvement would be driven by mix versus the SiP migration to Vietnam and FX; management said the lift is mainly favorable compute mix, partly offset by lower SiP and continued FX pressure. Questions also focused on the pace of Computing growth, with management saying the 25% sequential growth reflected WIP loading and process timing rather than supply constraints, and that they still expect similar or higher growth into 2027. Analysts asked about margin and risk differences between Korea and Arizona; management said Arizona should have somewhat higher cost from depreciation and labor but no major long-term margin gap, and that the assets are fungible and the customer commitments reduce risk.