Ultra Clean Holdings Q3 revenue hits record $759M
Ultra Clean expects fourth-quarter revenue of $800 million to $860 million, with GAAP diluted net income per share of $1.02 to $1.26.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Ultra Clean Holdings, Inc. (UCTT) reported record third-quarter 2026 revenue of $759.0 million, up 18% from Q2 2026 and 49% from Q3 2025. Products contributed $681.9 million and Services $77.1 million. GAAP net income attributable to UCT was $39.1 million, or $0.85 per diluted share; GAAP gross and operating margins were 16.9% and 7.1%. Non-GAAP net income was $53.2 million, or $1.15 per diluted share, with gross and operating margins of 17.3% and 9.0%.
For Q4 2026, the company expects revenue of $800 million to $860 million, GAAP diluted net income per share of $1.02 to $1.26, and non-GAAP diluted net income per share of $1.11 to $1.35. In the nine months ended September 25, 2026, operating activities used $116.7 million of cash, compared with $57.5 million provided in the prior-year period. The company reported $600.0 million in proceeds from convertible notes and $50.0 million in revolving-credit-facility borrowings during those nine months.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue reached $759.0 million, up 49% year over year.
- Moderate pointNet income attributable to UCT was $39.1 million, versus a prior-year loss.
Negative
- Moderate pointNine-month operating cash flow was negative $116.7 million, versus positive $57.5 million.
Filing Explained
As of September 25, 2026, UCT reported cash and long-term debt.
This 8-K reports UCT’s third-quarter results and records common shares issued through its at-the-market offering during the first nine months; the issuance increases shares and can reduce existing holders’ percentage ownership, while reported repurchases leave the net share change unquantified.
An at-the-market program lets an issuer sell new shares gradually into the open market at prevailing prices, rather than in one priced deal.
For the nine months ended
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $759.0 million
Revenue growth: 18% and 49%
GAAP net income attributable to UCT: $39.1 million
+5 more
8 metrics
Third-quarter revenue
$759.0 million
Third quarter ended September 25, 2026
Revenue growth
18% and 49%
Compared with Q2 2026 and Q3 2025, respectively
GAAP net income attributable to UCT
$39.1 million
Third quarter 2026
GAAP diluted earnings per share
$0.85 per diluted share
Third quarter 2026
Non-GAAP net income attributable to UCT
$53.2 million
Third quarter 2026
Non-GAAP diluted earnings per share
$1.15 per diluted share
Third quarter 2026
Q4 revenue outlook
$800 million to $860 million
Fourth quarter 2026
Operating cash flow
Negative $116.7 million
Nine months ended September 25, 2026
Key Terms
non-GAAP net income, at-the-market offering, capped call transactions, valuation allowance
4 terms
non-GAAP net income financial
"The Company defines non-GAAP net income"
Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.
at-the-market offering financial
"issuance of common stock under at-the-market offering"
An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.
capped call transactions financial
"Payment for capped call transactions"
Capped call transactions are agreements where investors buy options that give them the chance to benefit if a stock's price goes up, but with a limit on how much they can gain. This helps protect them from paying too much if the stock's price rises a lot, similar to having a maximum limit on a reward. They matter because they help investors manage risk while still allowing some upside potential.
valuation allowance financial
"full federal and state valuation allowances"
A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.
Earnings Snapshot
Revenue: $759.0 million · Guidance included
Third quarter 2026 ended September 25, 2026
Revenue
$759.0 million
Up 18% compared with Q2 2026 and 49% compared with Q3 2025
GAAP net income attributable to UCT
$39.1 million
Compared with $8.7 million in the prior quarter
GAAP diluted earnings per share
$0.85 per diluted share
Compared with $0.19 in the prior quarter
Non-GAAP net income attributable to UCT
$53.2 million
Compared with $32.3 million in the prior quarter
Non-GAAP diluted earnings per share
$1.15 per diluted share
Compared with $0.70 in the prior quarter
Guidance
For Q4 2026, expected revenue is $800 million to $860 million; expected GAAP diluted net income per share is $1.02 to $1.26, and expected non-GAAP diluted net income per share is $1.11 to $1.35.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was UCTT's revenue in Q3 2026?
UCTT reported revenue of $759.0 million for Q3 2026, up 18% compared with Q2 2026 and 49% compared with Q3 2025. Products contributed $681.9 million and Services contributed $77.1 million.
What is UCTT's Q4 2026 earnings outlook?
UCTT expects Q4 2026 revenue of $800 million to $860 million. It expects GAAP diluted net income per share of $1.02 to $1.26 and non-GAAP diluted net income per share of $1.11 to $1.35.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): | ||
(Exact name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s Telephone Number, Including Area Code: | ||
| N/A | ||
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, Ultra Clean Holdings, Inc. (the “Company”) issued a press release announcing its financial results for its third fiscal quarter ended September 25, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information furnished under Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into the Company’s filings with the SEC under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | Exhibit Description | |||||||
| 99.1 | Press Release dated October 27, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||
| Date: | October 27, 2026 | By: | /s/ Paul Y. Cho | ||||||||
| Name: Paul Y. Cho Title: General Counsel and Corporate Secretary | |||||||||||
Exhibit 99.1
| Press Release | Source: Ultra Clean Holdings, Inc. | ||||
Ultra Clean Reports Third Quarter 2026 Financial Results
HAYWARD, Calif., October 27, 2026 /PRNewswire/ Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the third quarter ended September 25, 2026.
Highlights for the Third Quarter 2026 were as follows:
•Record revenue of $759 million, up 18% compared to Q2 2026 and up 49% compared to Q3 2025.
•GAAP gross margin of 16.9% and non-GAAP gross margin of 17.3%.
•GAAP EPS of $0.85 and non-GAAP EPS of $1.15.
“UCT delivered another strong quarter of growth and solid operational performance, as we responded with speed and agility to scale production and meet accelerating customer demand,” said James Xiao, CEO. “We are positioning UCT to capture more value from this next phase of AI-driven industry expansion by co-innovating with our customers, developing more advanced solutions, and executing with focus and discipline. Through UCT 3.0, we are building a more agile and efficient company that is well positioned to anticipate customer needs, accelerate innovation, and translate industry growth into lasting shareholder value.”
Third Quarter 2026 GAAP Financial Results
Total revenue was $759.0 million. Products contributed $681.9 million and Services added $77.1 million. Total gross margin was 16.9%, operating margin was 7.1%, and net income was $39.1 million or $0.85 per diluted share. This compares to total revenue of $644.9 million, gross margin of 16.1%, operating margin of 4.6%, and net income of $8.7 million or $0.19 per diluted share, in the prior quarter.
Third Quarter 2026 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was 17.3%, operating margin was 9.0%, and net income was $53.2 million or $1.15 per diluted share. This compares to gross margin of 16.7%, operating margin of 7.0%, and net income of $32.3 million or $0.70 per diluted share, in the prior quarter.
Fourth Quarter 2026 Outlook
The Company expects revenue in the range of $800 million to $860 million. The Company expects GAAP diluted net income per share to be between $1.02 and $1.26, and non-GAAP diluted net income per share to be between $1.11 and $1.35.
Conference Call
The call will take place at 1:45 p.m. PT and can be accessed by dialing 1-800-836-8184 or 1-646-357-8785. No passcode is required. A replay of the call will be available by dialing 1-888-660-6345 or 1-646-517-4150 and entering the confirmation code 33664#. The Webcast will be available on the Investor Relations section of the Company's website at http://uct.com/investors/events/.
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services, primarily for the semiconductor industry. Under its Products division, UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping, and high-precision manufacturing. Under its Services Division, UCT offers its customers tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.
Use of Non-GAAP Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), management uses non-GAAP gross margin, non-GAAP operating margin and non-GAAP net income to evaluate the Company's operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing our core business and business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP. Tables presenting reconciliations from GAAP results to non-GAAP results are included at the end of this press release.
The Company defines non-GAAP net income as net loss before amortization of intangible assets, stock-based compensation, restructuring charges, debt refinancing costs, legal-related costs, unrealized loss (gain) on foreign exchange, VAT settlement, and the tax effects of the foregoing adjustments.
A reconciliation of our guidance for non-GAAP net income per diluted share for the subsequent quarter is not available due to fluctuations in the geographic mix of our earnings from quarter to quarter, which impacts our tax rate and cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable efforts and we are unable to determine the probable significance of the unavailable information.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, “forward-looking statements” (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as “anticipates,” “projection,” “outlook,” “forecast,” “believes,” “plan,” “expect,” “future,” “intends,” “may,” “will,” “estimates,” “see,” “predicts,” “should” and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company’s actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in our annual report on Form 10-K for the year ended December 26, 2025, as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law.
Contact:
Rhonda Bennetto
SVP Investor Relations
rbennetto@uct.com
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
| (Unaudited; in millions, except per share data) | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 25, 2026 | September 26, 2025 | September 25, 2026 | September 26, 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Products | $ | 681.9 | $ | 445.0 | $ | 1,720.3 | $ | 1,356.9 | |||||||||||||||
| Services | 77.1 | 65.0 | 217.3 | 190.4 | |||||||||||||||||||
| Total revenues | 759.0 | 510.0 | 1,937.6 | 1,547.3 | |||||||||||||||||||
| Cost of revenues: | |||||||||||||||||||||||
| Products | 575.7 | 380.4 | 1,465.2 | 1,163.9 | |||||||||||||||||||
| Services | 54.9 | 47.4 | 155.9 | 137.8 | |||||||||||||||||||
| Total cost of revenues | 630.6 | 427.8 | 1,621.1 | 1,301.7 | |||||||||||||||||||
| Gross profit | 128.4 | 82.2 | 316.5 | 245.6 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 8.8 | 7.8 | 26.1 | 23.2 | |||||||||||||||||||
| Sales and marketing | 15.9 | 15.1 | 47.8 | 45.5 | |||||||||||||||||||
| General and administrative | 50.0 | 48.7 | 148.1 | 144.1 | |||||||||||||||||||
| Impairment of goodwill | — | — | — | 151.1 | |||||||||||||||||||
| Total operating expenses | 74.7 | 71.6 | 222.0 | 363.9 | |||||||||||||||||||
| Income (loss) from operations | 53.7 | 10.6 | 94.5 | (118.3) | |||||||||||||||||||
| Interest income | 1.4 | 1.1 | 3.8 | 3.0 | |||||||||||||||||||
| Interest expense | (1.5) | (9.9) | (9.8) | (29.9) | |||||||||||||||||||
| Other expense, net | (2.5) | (1.2) | (3.2) | (2.5) | |||||||||||||||||||
| Income (loss) before provision for income taxes | 51.1 | 0.6 | 85.3 | (147.7) | |||||||||||||||||||
| Provision for income taxes | 10.3 | 8.7 | 47.5 | 23.3 | |||||||||||||||||||
| Net income (loss) | 40.8 | (8.1) | 37.8 | (171.0) | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 1.7 | 2.8 | 7.9 | 6.9 | |||||||||||||||||||
| Net income (loss) attributable to UCT | $ | 39.1 | $ | (10.9) | $ | 29.9 | $ | (177.9) | |||||||||||||||
| Net income (loss) per share attributable to UCT common stockholders: | |||||||||||||||||||||||
| Basic | $ | 0.86 | $ | (0.24) | $ | 0.66 | $ | (3.93) | |||||||||||||||
| Diluted | $ | 0.85 | $ | (0.24) | $ | 0.65 | $ | (3.93) | |||||||||||||||
| Shares used in computing net income (loss) per share: | |||||||||||||||||||||||
| Basic | 45.4 | 45.4 | 45.3 | 45.2 | |||||||||||||||||||
| Diluted | 46.2 | 45.4 | 46.2 | 45.2 | |||||||||||||||||||
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Unaudited; in millions) | |||||||||||
| September 25, 2026 | December 26, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 270.9 | $ | 311.8 | |||||||
| Accounts receivable, net of allowance for credit losses | 272.4 | 208.8 | |||||||||
| Inventories | 723.3 | 390.9 | |||||||||
| Prepaid expenses and other current assets | 67.6 | 48.2 | |||||||||
| Total current assets | 1,334.2 | 959.7 | |||||||||
| Property, plant and equipment, net | 344.4 | 324.6 | |||||||||
| Goodwill | 114.2 | 114.2 | |||||||||
| Intangible assets, net | 136.4 | 156.8 | |||||||||
| Deferred tax assets, net | 4.1 | 3.5 | |||||||||
| Operating lease right-of-use assets | 156.3 | 157.2 | |||||||||
| Other non-current assets | 14.8 | 13.0 | |||||||||
| Total assets | $ | 2,104.4 | $ | 1,729.0 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | — | $ | 9.9 | |||||||
| Accounts payable | 335.2 | 194.9 | |||||||||
| Accrued compensation and related benefits | 63.3 | 51.1 | |||||||||
| Operating lease liabilities | 22.3 | 20.2 | |||||||||
| Other current liabilities | 57.8 | 24.6 | |||||||||
| Total current liabilities | 478.6 | 300.7 | |||||||||
| Long-term debt | 635.1 | 467.0 | |||||||||
| Deferred tax liabilities | 13.7 | 13.8 | |||||||||
| Operating lease liabilities | 152.7 | 156.6 | |||||||||
| Other liabilities | 11.0 | 6.8 | |||||||||
| Total liabilities | 1,291.1 | 944.9 | |||||||||
| Equity: | |||||||||||
| UCT stockholders’ equity: | |||||||||||
| Common stock | 0.1 | 0.1 | |||||||||
| Additional paid-in capital | 601.6 | 578.7 | |||||||||
| Common shares held in treasury | (88.7) | (48.4) | |||||||||
| Retained earnings | 219.1 | 189.2 | |||||||||
| Accumulated other comprehensive loss | (4.6) | (8.6) | |||||||||
| Total UCT stockholders’ equity | 727.5 | 711.0 | |||||||||
| Noncontrolling interests | 85.8 | 73.1 | |||||||||
| Total equity | 813.3 | 784.1 | |||||||||
| Total liabilities and equity | $ | 2,104.4 | $ | 1,729.0 | |||||||
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (Unaudited; in millions) | |||||||||||
| Nine Months Ended | |||||||||||
| September 25, 2026 | September 26, 2025 | ||||||||||
(In millions) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 37.8 | $ | (171.0) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 37.5 | 35.5 | |||||||||
| Amortization of intangible assets | 20.4 | 21.2 | |||||||||
| Stock-based compensation | 17.2 | 14.4 | |||||||||
| Amortization of debt issuance costs | 2.5 | 2.1 | |||||||||
| Loss on extinguishment of debt | 3.4 | — | |||||||||
| Loss on disposal of property, plant and equipment | 1.2 | 0.7 | |||||||||
| Impairment of goodwill | — | 151.1 | |||||||||
| Change in the fair value of financial instruments | — | (0.1) | |||||||||
| Deferred income taxes | (0.6) | 0.4 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (63.6) | 41.6 | |||||||||
| Inventories | (332.4) | (1.2) | |||||||||
| Prepaid expenses and other current assets | (16.0) | (6.3) | |||||||||
| Other non-current assets | 0.0 | (1.0) | |||||||||
| Accounts payable | 131.1 | (22.8) | |||||||||
| Accrued compensation and related benefits | 12.2 | (0.6) | |||||||||
| Income taxes payable | 3.3 | (12.1) | |||||||||
| Operating lease right-of-use assets and operating lease liabilities | (0.9) | 10.2 | |||||||||
| Other liabilities | 30.2 | (4.6) | |||||||||
| Net cash provided by (used in) operating activities | (116.7) | 57.5 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | (45.3) | (40.2) | |||||||||
| Proceeds from sale of equipment | 0.1 | 3.2 | |||||||||
| Net cash used in investing activities | (45.2) | (37.0) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from the issuance of common stock under at-the-market offering, net of commissions and fees | 34.0 | — | |||||||||
| At-the-market offering costs for the issuance of common stock | (0.1) | — | |||||||||
| Proceeds from the issuance of convertible notes | 600.0 | — | |||||||||
| Borrowings on revolving credit facility | 50.0 | — | |||||||||
| Proceeds from bank borrowings | — | 59.3 | |||||||||
| Extinguishment of bank borrowings | — | (59.3) | |||||||||
| Proceeds from issuance of common stock | 1.1 | 1.1 | |||||||||
| Payment of debt issuance costs | (17.4) | (0.6) | |||||||||
| Repurchase of common stock | (40.0) | (3.4) | |||||||||
| Payment for capped call transactions | (25.1) | — | |||||||||
| Principal payments on bank borrowings | (481.5) | (18.2) | |||||||||
| Employees’ taxes paid upon vesting of restricted stock units | (4.3) | (1.1) | |||||||||
| Payments of dividends to a joint venture shareholder | (0.1) | (0.1) | |||||||||
| Net cash provided by (used in) financing activities | 116.6 | (22.3) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 4.4 | 2.0 | |||||||||
| Net increase (decrease) in cash and cash equivalents | (40.9) | 0.2 | |||||||||
| Cash and cash equivalents at beginning of period | 311.8 | 313.9 | |||||||||
| Cash and cash equivalents at end of period | $ | 270.9 | $ | 314.1 | |||||||
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||||||||||||||||||||||||||
| REPORTABLE SEGMENTS | |||||||||||||||||||||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||||||||||||||||||
| (Unaudited; dollars in millions) | |||||||||||||||||||||||||||||||||||
| GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
| September 25, 2026 | September 25, 2026 | ||||||||||||||||||||||||||||||||||
| Products | Services | Consolidated | Products | Services | Consolidated | ||||||||||||||||||||||||||||||
| Revenues | $ | 681.9 | $ | 77.1 | $ | 759.0 | $ | 681.9 | $ | 77.1 | $ | 759.0 | |||||||||||||||||||||||
| Gross profit | $ | 106.2 | $ | 22.2 | $ | 128.4 | $ | 108.3 | $ | 23.2 | $ | 131.5 | |||||||||||||||||||||||
| Gross margin | 15.6 | % | 28.8 | % | 16.9 | % | 15.9 | % | 30.1 | % | 17.3 | % | |||||||||||||||||||||||
| Income from operations | $ | 46.7 | $ | 7.0 | $ | 53.7 | $ | 58.1 | $ | 10.5 | $ | 68.6 | |||||||||||||||||||||||
| Operating margin | 6.8 | % | 9.1 | % | 7.1 | % | 8.5 | % | 13.6 | % | 9.0 | % | |||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| September 25, 2026 | |||||||||||||||||||||||||||||||||||
| Products | Services | Consolidated | |||||||||||||||||||||||||||||||||
| Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||||||||||||||||||||||||||||||||
| Reported gross profit on a GAAP basis | $ | 106.2 | $ | 22.2 | $ | 128.4 | |||||||||||||||||||||||||||||
| Amortization of intangible assets (1) | 1.3 | 1.0 | 2.3 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense (2) | 0.6 | — | 0.6 | ||||||||||||||||||||||||||||||||
| Restructuring charges (3) | 0.2 | — | 0.2 | ||||||||||||||||||||||||||||||||
| Non-GAAP gross profit | $ | 108.3 | $ | 23.2 | $ | 131.5 | |||||||||||||||||||||||||||||
| Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||||||||||||||||||||||||||||||||
| Reported gross margin on a GAAP basis | 15.6 | % | 28.8 | % | 16.9 | % | |||||||||||||||||||||||||||||
| Amortization of intangible assets (1) | 0.2 | % | 1.3 | % | 0.3 | % | |||||||||||||||||||||||||||||
| Stock-based compensation expense (2) | 0.1 | % | — | % | 0.1 | % | |||||||||||||||||||||||||||||
| Restructuring charges (3) | 0.0 | % | — | % | 0.0 | % | |||||||||||||||||||||||||||||
| Non-GAAP gross margin | 15.9 | % | 30.1 | % | 17.3 | % | |||||||||||||||||||||||||||||
| Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||||||||||||||||||||||||||||||||
| Reported income from operations on a GAAP basis | $ | 46.7 | $ | 7.0 | $ | 53.7 | |||||||||||||||||||||||||||||
| Amortization of intangible assets (1) | 3.9 | 2.9 | 6.8 | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense (2) | 6.3 | 0.6 | 6.9 | ||||||||||||||||||||||||||||||||
| Restructuring charges (3) | 0.6 | — | 0.6 | ||||||||||||||||||||||||||||||||
| Legal-related costs (4) | 0.6 | — | 0.6 | ||||||||||||||||||||||||||||||||
| Non-GAAP income from operations | $ | 58.1 | $ | 10.5 | $ | 68.6 | |||||||||||||||||||||||||||||
| Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||||||||||||||||||||||||||||||||
| Reported operating margin on a GAAP basis | 6.8 | % | 9.1 | % | 7.1 | % | |||||||||||||||||||||||||||||
| Amortization of intangible assets (1) | 0.6 | % | 3.8 | % | 0.8 | % | |||||||||||||||||||||||||||||
| Stock-based compensation expense (2) | 0.9 | % | 0.7 | % | 0.9 | % | |||||||||||||||||||||||||||||
| Restructuring charges (3) | 0.1 | % | — | % | 0.1 | % | |||||||||||||||||||||||||||||
| Legal-related costs (4) | 0.1 | % | — | % | 0.1 | % | |||||||||||||||||||||||||||||
| Non-GAAP operating margin | 8.5 | % | 13.6 | % | 9.0 | % | |||||||||||||||||||||||||||||
| 1 Amortization of intangible assets related to the Company’s business acquisitions | |||||||||||||||||||||||||||||||||||
| 2 Represents compensation expense for stock granted to employees and directors | |||||||||||||||||||||||||||||||||||
| 3 Represents costs associated with employee separation, severance, retention, and other expenses related to facility closures | |||||||||||||||||||||||||||||||||||
| 4 Represents estimated costs related to certain legal proceedings and a cybersecurity incident | |||||||||||||||||||||||||||||||||||
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| September 25, 2026 | September 26, 2025 | June 26, 2026 | |||||||||||||||
| Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (in millions) | |||||||||||||||||
| Reported net income (loss) attributable to UCT on a GAAP basis | $ | 39.1 | $ | (10.9) | $ | 8.7 | |||||||||||
| Amortization of intangible assets (1) | 6.8 | 6.9 | 6.8 | ||||||||||||||
| Stock-based compensation expense (2) | 6.9 | 4.6 | 8.1 | ||||||||||||||
| Restructuring charges (3) | 0.6 | 7.1 | 0.7 | ||||||||||||||
| Debt refinancing costs expensed (4) | — | 1.1 | 0.7 | ||||||||||||||
| Legal-related costs (5) | 0.6 | 0.2 | — | ||||||||||||||
| Unrealized loss (gain) on foreign exchange (6) | 2.6 | (2.4) | (1.9) | ||||||||||||||
| VAT settlement (7) | — | (0.2) | — | ||||||||||||||
| Income tax effect of non-GAAP adjustments (8) | (3.5) | (4.0) | (2.9) | ||||||||||||||
| Income tax effect of valuation allowance (9) | 0.1 | 8.6 | 12.1 | ||||||||||||||
| Non-GAAP net income attributable to UCT | $ | 53.2 | $ | 11.0 | $ | 32.3 | |||||||||||
| Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||||||||||||||
| Reported income from operations on a GAAP basis | $ | 53.7 | $ | 10.6 | $ | 29.5 | |||||||||||
| Amortization of intangible assets (1) | 6.8 | 6.9 | 6.8 | ||||||||||||||
| Stock-based compensation expense (2) | 6.9 | 4.6 | 8.1 | ||||||||||||||
| Restructuring charges (3) | 0.6 | 7.1 | 0.7 | ||||||||||||||
| Legal-related costs (5) | 0.6 | 0.2 | — | ||||||||||||||
| VAT settlement (7) | — | (0.2) | — | ||||||||||||||
| Non-GAAP income from operations | $ | 68.6 | $ | 29.2 | $ | 45.1 | |||||||||||
| Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||||||||||||||
| Reported operating margin on a GAAP basis | 7.1 | % | 2.1 | % | 4.6 | % | |||||||||||
| Amortization of intangible assets (1) | 0.8 | % | 1.3 | % | 1.0 | % | |||||||||||
| Stock-based compensation expense (2) | 0.9 | % | 0.9 | % | 1.3 | % | |||||||||||
| Restructuring charges (3) | 0.1 | % | 1.4 | % | 0.1 | % | |||||||||||
| Legal-related costs (5) | 0.1 | % | 0.0 | % | — | % | |||||||||||
| VAT settlement (7) | — | % | 0.0 | % | — | % | |||||||||||
| Non-GAAP operating margin | 9.0 | % | 5.7 | % | 7.0 | % | |||||||||||
| Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||||||||||||||
| Reported gross profit on a GAAP basis | $ | 128.4 | $ | 82.2 | $ | 103.7 | |||||||||||
| Amortization of intangible assets (1) | 2.3 | 2.3 | 2.3 | ||||||||||||||
| Stock-based compensation expense (2) | 0.6 | 0.5 | 1.5 | ||||||||||||||
| Restructuring charges (3) | 0.2 | 2.1 | 0.1 | ||||||||||||||
| VAT settlement (7) | — | (0.2) | — | ||||||||||||||
| Non-GAAP gross profit | $ | 131.5 | $ | 86.9 | $ | 107.6 | |||||||||||
| Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||||||||||||||
| Reported gross margin on a GAAP basis | 16.9 | % | 16.1 | % | 16.1 | % | |||||||||||
| Amortization of intangible assets (1) | 0.3 | % | 0.4 | % | 0.4 | % | |||||||||||
| Stock-based compensation expense (2) | 0.1 | % | 0.1 | % | 0.2 | % | |||||||||||
| Restructuring charges (3) | 0.0 | % | 0.4 | % | 0.0 | % | |||||||||||
| VAT settlement (7) | — | % | 0.0 | % | — | % | |||||||||||
| Non-GAAP gross margin | 17.3 | % | 17.0 | % | 16.7 | % | |||||||||||
| Reconciliation of GAAP Other income (expense), net to Non-GAAP Other income (expense), net (in millions) | |||||||||||||||||
| Reported Other income (expense), net on a GAAP basis | $ | (2.5) | $ | (1.2) | $ | 0.6 | |||||||||||
| Debt refinancing costs expensed (4) | — | 1.1 | 0.7 | ||||||||||||||
| Unrealized loss (gain) on foreign exchange (6) | 2.6 | (2.4) | (1.9) | ||||||||||||||
| Non-GAAP Other income (expense), net | $ | 0.1 | $ | (2.5) | $ | (0.6) | |||||||||||
| Reconciliation of GAAP Income (Loss) Per Diluted Share to Non-GAAP Earnings Per Diluted Share | |||||||||||||||||
| Reported net income (loss) on a GAAP basis | $ | 0.85 | $ | (0.24) | $ | 0.19 | |||||||||||
| Amortization of intangible assets (1) | 0.15 | 0.15 | 0.15 | ||||||||||||||
| Stock-based compensation expense (2) | 0.15 | 0.10 | 0.18 | ||||||||||||||
| Restructuring charges (3) | 0.01 | 0.16 | 0.01 | ||||||||||||||
| Debt refinancing costs expensed (4) | — | 0.02 | 0.01 | ||||||||||||||
| Legal-related costs (5) | 0.01 | 0.00 | — | ||||||||||||||
| Unrealized loss (gain) on foreign exchange (6) | 0.06 | (0.05) | (0.04) | ||||||||||||||
| VAT settlement (7) | — | 0.00 | — | ||||||||||||||
| Income tax effect of non-GAAP adjustments (8) | (0.08) | (0.09) | (0.06) | ||||||||||||||
| Income tax effect of valuation allowance (9) | 0.00 | 0.19 | 0.26 | ||||||||||||||
| Impact of dilutive shares | 0.00 | 0.00 | 0.00 | ||||||||||||||
| Non-GAAP net earnings | $ | 1.15 | $ | 0.24 | $ | 0.70 | |||||||||||
| Weighted average number of diluted shares (in millions) on a non-GAAP basis (10) | 46.2 | 45.6 | 46.0 | ||||||||||||||
| ULTRA CLEAN HOLDINGS, INC. | |||||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| September 25, 2026 | September 26, 2025 | June 26, 2026 | |||||||||||||||
| Provision for income taxes on a GAAP basis | $ | 10.3 | $ | 8.7 | $ | 18.1 | |||||||||||
| Income tax effect of non-GAAP adjustments (8) | 3.5 | 4.0 | 2.9 | ||||||||||||||
| Income tax effect of valuation allowance (9) | (0.1) | (8.6) | (12.1) | ||||||||||||||
| Non-GAAP provision for income taxes | $ | 13.7 | $ | 4.1 | $ | 8.9 | |||||||||||
| Income before income taxes on a GAAP basis | $ | 51.1 | $ | 0.6 | $ | 30.0 | |||||||||||
| Amortization of intangible assets (1) | 6.8 | 6.9 | 6.8 | ||||||||||||||
| Stock-based compensation expense (2) | 6.9 | 4.6 | 8.1 | ||||||||||||||
| Restructuring charges (3) | 0.6 | 7.1 | 0.7 | ||||||||||||||
| Debt refinancing costs expensed (4) | — | 1.1 | 0.7 | ||||||||||||||
| Legal-related costs (5) | 0.6 | 0.2 | — | ||||||||||||||
| Unrealized loss (gain) on foreign exchange (6) | 2.6 | (2.4) | (1.9) | ||||||||||||||
| VAT settlement (7) | — | (0.2) | — | ||||||||||||||
| Non-GAAP income before income taxes | $ | 68.6 | $ | 17.9 | $ | 44.4 | |||||||||||
| Effective income tax rate on a GAAP basis | 20.2 | % | 1450.0 | % | 60.3 | % | |||||||||||
| Non-GAAP effective income tax rate | 20.0 | % | 22.9 | % | 20.0 | % | |||||||||||
| 1 Amortization of intangible assets related to the Company’s business acquisitions | |||||||||||||||||
| 2 Represents compensation expense for stock granted to employees and directors | |||||||||||||||||
| 3 Represents costs associated with employee separation, severance, retention, and other expenses related to facility closures | |||||||||||||||||
| 4 Represents certain third party transaction costs related to the amended credit agreement and the previously capitalized costs of extinguished debt | |||||||||||||||||
| 5 Represents estimated costs related to certain legal proceedings and a cybersecurity incident | |||||||||||||||||
| 6 Represents unrealized foreign exchange gains and losses arising from the remeasurement of monetary assets and liabilities | |||||||||||||||||
| 7 Represents impact of value added tax ruling | |||||||||||||||||
| 8 Tax effect of items (1) through (7) above based on the non-GAAP tax rate | |||||||||||||||||
| 9 The Company's GAAP tax expense is generally higher than the Company’s non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect | |||||||||||||||||
| 10 Non-GAAP diluted weighted-average common shares are adjusted to reflect the dilutive impact of our convertible note based on the capped call cap price instead of the initial conversion price | |||||||||||||||||