Nova Reports Record Third Quarter 2026 Financial Results

Third-quarter operating cash flow rose to $138.082 million from $71.275 million a year earlier.

Rhea-AI Summary

Nova (NASDAQ: NVMI) reported record third-quarter 2026 revenue of $287.8 million, alongside higher quarterly earnings and a fourth-quarter outlook. Revenue rose 13% sequentially and 28% year over year. GAAP net income was $89.960 million, versus $75.010 million in the second quarter and $61.421 million a year earlier. Diluted earnings per share reached $2.64, versus $2.20 and $1.90, respectively.

Advanced packaging and memory-device revenue reached records. Operating income increased to $92.833 million from $63.860 million a year earlier, while operating expenses rose to $73.288 million from $63.558 million. For the fourth quarter ending December 31, 2026, Nova expects revenue of $305 million to $315 million, diluted GAAP earnings per share of $2.78 to $2.93, and adjusted diluted earnings per share of $3.03 to $3.18.

22 points · 0 major

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue of $287.8 million rose 13% sequentially and 28% year over year.
• Moderate pointQ3 GAAP net income of $89.960 million exceeded $75.010 million sequentially and $61.421 million a year earlier.
• Moderate pointQ3 diluted GAAP EPS of $2.64 increased from $2.20 sequentially and $1.90 a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 revenue guidance of $305 million to $315 million represents Nova's expected next-quarter sales.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 diluted GAAP EPS guidance is $2.78 to $2.93.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 diluted non-GAAP EPS guidance is $3.03 to $3.18.
• Moderate pointQ3 operating income increased to $92.833 million from $63.860 million a year earlier.
• Moderate pointQ3 non-GAAP net income reached $98.405 million, versus $86.459 million sequentially and $69.991 million a year earlier.
• Moderate pointQ3 operating cash flow increased to $138.082 million from $71.275 million a year earlier.

13 minor points

• Minor pointAdvanced packaging revenue reached a record, driven by capacity expansions in HBM and advanced logic.
• Minor pointMemory-device revenue reached a record, driven by demand for dimensional and materials measurement solutions.
• Minor pointQ3 product revenue increased to $231.861 million from $178.873 million a year earlier.
• Minor pointQ3 service revenue increased to $55.980 million from $45.735 million a year earlier.
• Minor pointQ3 GAAP gross margin reached 58%, versus 57% sequentially and a year earlier.
• Minor pointQ3 GAAP operating margin reached 32%, versus 30% sequentially and 28% a year earlier.
• Minor pointQ3 financing income, net increased to $16.757 million from $9.540 million a year earlier.
• Minor pointQ3 diluted non-GAAP EPS reached $2.86, versus $2.51 sequentially and $2.16 a year earlier.
• Minor pointQ3 treasury-share purchases returned $38.461 million to shareholders.
• Minor pointNine-month revenue increased to $778.107 million from $657.953 million in the corresponding 2025 period.
• Minor pointNine-month GAAP net income increased to $234.229 million from $194.535 million in the corresponding 2025 period.
• Minor pointNine-month diluted GAAP EPS increased to $6.87 from $6.10 in the corresponding 2025 period.
• Minor pointNine-month operating cash flow increased to $219.077 million from $185.485 million in the corresponding 2025 period.

Negative

• Moderate pointQ3 operating expenses increased to $73.288 million, versus $68.0 million sequentially and $63.558 million a year earlier.
• Minor pointQ3 income tax expense increased to $19.630 million from $11.979 million a year earlier.
• Minor pointQ3 property and equipment purchases required $6.353 million, versus $4.333 million a year earlier.

News Explained

Nova's cash-flow statement records $38,461 thousand in treasury-share purchases for the third quarter of 2026, documenting cash already spent by the company to buy back shares.

Key Figures

Revenue: $287.8 million; +13% QoQ; +28% YoY GAAP net income: $90.0 million GAAP diluted EPS: $2.64 +5 more

Revenue

$287.8 million; +13% QoQ; +28% YoY

Q3 2026 record

GAAP net income

$90.0 million

Q3 2026 record

GAAP diluted EPS

$2.64

Q3 2026

Non-GAAP net income

$98.4 million

Q3 2026 record

Non-GAAP diluted EPS

$2.86

Q3 2026

Revenue outlook

$305 million to $315 million

Q4 2026

GAAP diluted EPS outlook

$2.78 to $2.93

Q4 2026

Non-GAAP diluted EPS outlook

$3.03 to $3.18

Q4 2026

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q2 earnings

   24h Move

   -5.2%

   Q2 reported record results and issued Q3 revenue and diluted-EPS guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, non-gaap, convertible senior notes, stock-based compensation

4 terms

gaap financial

"Record GAAP net income of $90.0 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Record non-GAAP net income of $98.4 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

convertible senior notes financial

"Convertible senior notes, net"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

stock-based compensation financial

"Stock-based compensation"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

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REHOVOT, Israel, Nov. 5, 2026 /PRNewswire/ -- Nova (NASDAQ: NVMI) today announced financial results for the third quarter, the three-month period ended September 30, 2026.

Third Quarter 2026 Highlights:

• Record quarterly revenue of $287.8 million, 13% increase QoQ, and up 28% YoY.
• Record GAAP net income of $90.0 million, or $2.64 per diluted share, 20% increase QoQ, and up 39% YoY.
• Record non-GAAP net income of $98.4 million, or $2.86 per diluted share, 14% increase QoQ, and up 32% YoY.
• Record revenue from Advanced Packaging solutions, driven by capacity expansions in HBM and advanced logic
• Record revenue from memory devices, driven by demand for dimensional and materials metrology solutions

 

GAAP Results (K)
	Q3 2026	Q2 2026	Q3 2025
Revenues	$287,841	$254,958	$224,608
Net Income	$89,960	$75,010	$61,421
Earnings per Diluted Share	$2.64	$2.20	$1.90

 

Non-GAAP Results (K)
	Q3 2026	Q2 2026	Q3 2025
Net Income	$98,405	$86,459	$69,991
Earnings per Diluted Share	$2.86	$2.51	$2.16
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section.

 

Management Comments

"We delivered an exceptional third quarter, achieving record revenue and profitability while broadening our position across the semiconductor industry's most important growth areas," said Gaby Waisman, President and CEO. "Record revenue in memory and advanced packaging, together with strong demand from logic customers, reflects both the strength of the current investment cycle and the growing adoption of Nova's solutions in critical applications. Supported by enhanced visibility into customer investment plans, we remain confident in our ability to capture opportunities created by the industry's most advanced technology transitions."

2026 Fourth Quarter Financial Outlook

Management provided an outlook for the fourth quarter, the period ending December 31, 2026. Based on current estimates, management expects:

• $305 million to $315 million in revenue
• $2.78 to $2.93 in diluted GAAP EPS
• $3.03 to $3.18 in diluted non-GAAP EPS

2026 Third Quarter Results

Total revenues for the third quarter of 2026 were $287.8 million, an increase of 13% compared with the second quarter of 2026 and an increase of 28% compared with the third quarter of 2025.

Gross margin in the third quarter of 2026 was 57.7%, compared with 56.5% in the second quarter of 2026 and 56.7% in the third quarter of 2025.

Operating expenses in the third quarter of 2026 were $73.3 million, compared with $68.0 million in the second quarter of 2026 and $63.6 million in the third quarter of 2025.

On a GAAP basis, the Company reported net income of $90.0 million, or $2.64 per diluted share, in the third quarter of 2026. This is compared with net income of $75.0 million, or $2.20 per diluted share, in the second quarter of 2026, and $61.4 million, or $1.90 per diluted share, in the third quarter of 2025.

On a non-GAAP basis, the Company reported net income of $98.4 million, or $2.86 per diluted share, in the third quarter of 2026. This is compared with net income of $86.5 million, or $2.51 per diluted share, in the second quarter of 2026, and $70.0 million, or $2.16 per diluted share, in the third quarter of 2025.

Conference Call Information

Nova will host a conference call today, November 5, 2026, at 8:30 a.m. Eastern Time, to discuss the Company's third quarter of 2026 financial results and outlook. To attend the conference call, please dial one of the following teleconference numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

U.S. TOLL-FREE Dial-in Number: 1-833-816-1427
ISRAEL Dial-in Number: +972 3-374-1008
INTERNATIONAL Dial-in Number: 1-412-317-0519

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time

The conference call will also be webcast live from a Link on Nova's website at https://www.novami.com/investors/events/. 

A replay of the conference call will be available from November 5, 2026, at 11:30 a.m. Eastern Time until November 12, 2026. To access the replay, please dial one of the following numbers:

Replay Dial-in U.S. TOLL-FREE: 1-855-669-9658
Replay Dial-in INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 4753512
A replay will also be available for 90 days on Nova's website link at https://www.novami.com/investors/events/. 

About Nova

Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova's website link - https://www.novami.com/.

Nova is traded on the NASDAQ and TASE, NASDAQ ticker symbol NVMI.

Use of Non-GAAP Adjusted Financial Measures

This press release provides financial measures that exclude amortization of acquired intangible assets, inventory step-up, stock-based compensation expenses, acquisition related expenses, revaluation of operating lease liabilities and remeasurement of intercompany loans, amortization of debt issuance costs, discrete tax reserve release, net and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: risks related to information technology security threats, sophisticated computer crime, and data privacy; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies and taxation; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure; risks related to the use of artificial intelligence technologies; challenges related to implementing our new ERP system; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; risks related to conditions in Israel, including Israel's conflicts with certain parties in the region; risks related to our convertible senior notes and capped call transactions; currency fluctuations and quarterly fluctuations in our operating results; and risks related to additional costs and expenses if there is a change in our status as a foreign private issuer. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 17, 2026. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

Company Contact:
Guy Kizner, Chief Financial Officer
Tel: +972-73-229-5760
E-mail - investors@novami.com
Nova website link - https://www.novami.com/ 

Investor Relations Contact:
Miri Segal MS-IR LLC
E-mail - msegal@ms-ir.com 

(Tables to Follow)

 

NOVA LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) - (Unaudited)
	As of
	September 30,		December 31,
ASSETS	2026		2025
Current assets
Cash and cash equivalents	188,156		214,462
Short-term interest-bearing bank deposits	395,865		512,250
Marketable securities	493,297		321,798
Trade accounts receivable, net	197,938		151,929
Inventories	200,731		183,671
Other current assets	41,724		26,692
Total current assets	1,517,711		1,410,802
Non-current assets
Marketable securities	711,846		584,731
Interest-bearing bank deposits and restricted deposits	11,448		12,508
Deferred tax assets	36,347		38,819
Operating lease right-of-use assets	55,366		57,731
Property plant and equipment, net	98,909		102,625
Intangible assets, net	37,546		45,819
Goodwill	88,425		90,807
Other long-term assets	18,529		16,704
Total non-current assets	1,058,416		949,744
Total assets	2,576,127		2,360,546
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable	78,208		46,982
Deferred revenues	64,949		67,163
Operating lease current liabilities	9,992		8,204
Other current liabilities	91,110		102,186
Total current liabilities	244,259		224,535
Non-current liabilities
Convertible senior notes, net	734,559		731,680
Operating lease long-term liabilities	57,448		59,271
Long-term deferred tax liability	7,625		10,221
Other long-term liabilities	20,565		16,591
Total non-current liabilities	820,197		817,763
Shareholders' equity	1,511,671		1,318,248
Total liabilities and shareholders' equity	2,576,127		2,360,546

 

NOVA LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  (U.S. dollars in thousands, except per share data) - (Unaudited)
	Three months ended September 30,					Nine months ended September 30,
	2026		2025			2026		2025
Revenues:
Products	231,861		178,873			619,596		530,644
Services	55,980		45,735			158,511		127,309
Total revenues	287,841		224,608			778,107		657,953
Total cost of revenues	121,720		97,190			332,137		280,986
Gross profit	166,121		127,418			445,970		376,967
Operating expenses:
Research and development, net	42,165		36,740			118,505		105,420
Sales and marketing	23,666		20,243			65,263		59,892
General and administrative	7,457		6,575			22,348		18,920
Total operating expenses	73,288		63,558			206,116		184,232
Operating income	92,833		63,860			239,854		192,735
Financing income, net	16,757		9,540			42,725		37,654
Income before taxes on income	109,590		73,400			282,579		230,389
Income tax expenses	19,630		11,979			48,350		35,854
Net income for the period	89,960		61,421			234,229		194,535
Earnings per share:
Basic	2.83		2.05			7.36		6.57
Diluted	2.64		1.90			6.87		6.10
Shares used in calculation of earnings per share  (in thousands):
Basic	31,821		29,936			31,807		29,602
Diluted	34,426		32,470			34,442		32,028

 

NOVA LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) - (Unaudited)
	Three months ended September 30,					Nine months ended September 30,
	2026		2025			2026		2025
Cash flows from operating activities:
Net income	89,960		61,421			234,229		194,535
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	3,735		3,374			10,919		9,702
Amortization of intangible assets	2,274		2,309			6,888		6,353
Amortization of premium and accretion of discount on      marketable securities, net	(1,413)		(1,305)			(4,080)		(4,193)
Amortization of debt issuance costs	971		448			2,879		1,016
Share-based compensation	7,079		6,681			21,148		19,314
Net effect of exchange rate fluctuation	(335)		(2,329)			(1,087)		(17,385)
Changes in assets and liabilities:
Trade accounts receivable, net	12,138		(6,498)			(47,235)		(18)
Inventories	(16,080)		(2,699)			(19,153)		(18,093)
Other current and long-term assets	(2,804)		(8,603)			(17,588)		(14,533)
Deferred tax, net	(259)		(3,483)			695		(9,627)
Operating lease right-of-use assets	1,338		4,122			2,347		2,241
Trade accounts payable	11,593		(2,882)			30,949		(4,599)
Deferred revenues	18,355		8,018			(5,129)		(4,413)
Operating lease liabilities	(2,468)		(3,208)			(17)		1,160
Other current and long-term liabilities	13,963		15,844			3,003		23,605
Accrued severance pay, net	35		65			309		420
Net cash provided by operating activities	138,082		71,275			219,077		185,485
Cash flows from investment activities:
Acquisition of subsidiary, net of acquired cash	-		-			-		(56,355)
Change in short-term and long-term interest-bearing bank deposits	1,270		29,057			117,498		28,928
Investment in marketable securities	(172,319)		(509,522)			(666,902)		(666,321)
Proceeds from maturity of marketable securities	140,224		92,032			354,840		222,192
Proceeds from sales of marketable securities	494		494			494		494
Purchase of property and equipment	(6,353)		(4,333)			(12,896)		(15,928)
Net cash provided by (used in) investing activities	(36,684)		(392,272)			(206,966)		(486,990)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	-		750,000			-		750,000
Issuance costs of convertible senior notes	-		(17,738)			-		(17,738)
Purchase of capped calls	-		(51,826)			-		(51,826)
Purchases of treasury shares	(38,461)		-			(38,461)		(20,002)
Net cash used in financing activities	(38,461)		680,436			(38,461)		660,434
Effect of exchange rate fluctuations on cash and cash equivalents	373		1,631			(274)		5,243
Changes in cash and cash equivalents and restricted cash	63,310		361,070			(26,624)		364,172
Cash and cash equivalents and restricted cash -beginning of period	124,846		160,881			214,780		157,779
Cash and cash equivalents and restricted cash - end of period	188,156		521,951			188,156		521,951

 

NOVA LTD. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (U.S. dollars in thousands, except percentage and per share data) - (Unaudited)
	Three months ended
	September 30,  2026		June 30,  2026		September 30, 2025
GAAP gross profit	166,121		144,161		127,418
Stock-based compensation*	1,997		1,923		1,901
Amortization of acquired intangible assets	2,081		2,105		2,113
Non-GAAP gross profit	170,199		148,189		131,432
GAAP gross margin as a percentage of revenues	58 %		57 %		57 %
Non-GAAP gross margin as a percentage of revenues	59 %		58 %		59 %
GAAP operating income	92,833		76,185		63,860
Stock-based compensation*	7,079		6,764		6,681
Amortization of acquired intangible assets	2,274		2,299		2,309
Non-GAAP operating income	102,186		85,248		72,850
GAAP operating margin as a percentage of revenues	32 %		30 %		28 %
Non-GAAP operating margin as a percentage of revenues	36 %		33 %		32 %
GAAP net income	89,960		75,010		61,421
Stock-based compensation*	7,079		6,764		6,681
Amortization of acquired intangible assets	2,274		2,299		2,309
Amortization of debt issuance costs	971		958		448
Revaluation of operating lease and intercompany loans	(453)		3,398		762
Tax effect of non-GAAP adjustments	(1,426)		(1,970)		(1,630)
Non-GAAP net income	98,405		86,459		69,991
GAAP basic earnings per share	2.83		2.36		2.05
Non-GAAP basic earnings per share	3.09		2.72		2.34
GAAP diluted earnings per share	2.64		2.20		1.90
Non-GAAP diluted earnings per share	2.86		2.51		2.16
Shares used for calculation of earnings per share (in thousands):
Basic	31,821		31,800		29,936
Diluted	34,426		34,450		32,470
* Stock-based compensation for the three months ended September 30, 2026, included in - Cost of revenues – 1,997; Research and development, net – 3,026; Sales and marketing - 1,430; General and administrative - 626.

 

NOVA LTD. SUPPLEMENTAL INFORMATION - RECONCILIATION OF FOURTH QUARTER 2026 GAAP TO NON-GAAP GUIDANCE (U.S. dollars) (Unaudited)
	Low		High
Estimated GAAP net income per diluted share	2.78		2.93
Estimated non-GAAP items:
Stock-based compensation	0.23		0.23
Amortization of acquired intangible assets	0.07		0.07
Tax effect of non-GAAP adjustments	(0.05)		(0.05)
Estimated non-GAAP net income per diluted share	3.03		3.18

 

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SOURCE Nova

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Nova's third-quarter 2026 revenue and GAAP earnings?

Nova reported $287.8 million in revenue and $2.64 in diluted GAAP earnings per share for the quarter ended September 30, 2026. Revenue increased 13% sequentially and 28% year over year. GAAP net income was $89.960 million, compared with $61.421 million a year earlier.

What is Nova's fourth-quarter 2026 financial outlook?

Nova expects $305 million to $315 million in revenue and $2.78 to $2.93 in diluted GAAP earnings per share for the quarter ending December 31, 2026. Its diluted non-GAAP earnings-per-share outlook is $3.03 to $3.18.