Rogers Corporation

Second-quarter sales were $216.8 million, up 6.9% year over year. Gross margin was 32.5%, up 90 basis points, adjusted EBITDA was $37.6 million, or 17.3% of sales, and adjusted EPS was $0.92, up 171% from Q2 2025. Cash and short-term investments exceeded $211 million, cash from operations was $24.4 million, free cash flow was $18.3 million, and capital expenditures were $6.1 million. For Q3, Rogers guided revenue to $233 million to $243 million, gross margin to 33.2% to 34.2%, adjusted EPS to $1.10 to $1.30, adjusted EBITDA to $44 million to $50 million, and a non-GAAP full-year tax rate of approximately 32%.

Ali El-Haj described the quarter as another period of solid progress, emphasizing that commercial and profitability initiatives are gaining traction across all business units. He said the business is benefiting from improved demand, share gains, and a more agile, customer-focused organization, and he framed the outlook as strong with growth expected across all end markets in Q3. He also highlighted progress in the R&D pipeline, especially microchannel coolers and high-frequency circuit materials for data centers, and said an Investor Day will provide more detail on strategy, capital allocation, and long-term financial planning.

Laura Russell said Q2 sales increased 6.9% year over year, with about two-thirds of the increase from stronger demand and mix and the rest from foreign currency. She noted gross margin of 32.5%, adjusted EBITDA of $37.6 million versus $23.9 million a year ago, and adjusted EPS of $0.92, which was more than $0.10 below what the quarter would have otherwise produced because of supply chain headwinds, a one-time facility event, and higher operating expenses. On cash, she highlighted more than $211 million of cash and short-term investments, $24.4 million of operating cash flow, $18.3 million of free cash flow, and $6.1 million of capex, with full-year capex expected to be $30 million to $35 million; she also said the $13 million restructuring program is on track and that the full-year non-GAAP tax rate is expected to be about 32%.

Analysts focused on the supply chain issues, the one-time plant fire, and whether those pressures are easing; management said raw material shortages and freight delays remain ongoing, while the fire-related cleanup and downtime have been resolved. Questions also centered on the source of accelerating growth and the durability of Q3’s 10% growth outlook; management pointed to market share gains, new design wins, and programs launching into late 2026 and early 2027, rather than seasonality. Analysts probed the data-center and EV/auto opportunity set, and Rogers said those initiatives include a mix of existing and newer technologies and that it plans to share more detail at the September Investor Day.