Key Takeaways
- • Benchmark Electronics (NYSE:BHE) reported Q2 2026 revenue of $756 million, up 18% year on year, with non-GAAP diluted EPS of $0.75, up 36%, according to the company's second-quarter report of 29 July 2026.
- • Management guided to Q3 2026 revenue of $755 million to $795 million and full-year revenue growth of about 13%, which would take annual sales to $3 billion for the first time.
- • Semi-Cap was the largest segment at $223 million, or 29% of Q2 revenue, while Industrial and Medical together accounted for 39%.
- • Free cash flow was $22 million, about 2.9% of revenue, and first-half share repurchases fell to $5.8 million from $16.0 million a year earlier.
- • BHE closed at $73.22 on 15 October 2026, down 1.55%, and Needham reportedly raised its price target to $90 from $80 about two months earlier.
Summary
Benchmark Electronics, a US electronics manufacturing services provider, reported second-quarter 2026 revenue of $756 million for the quarter ended 30 June, up 18% year on year. GAAP diluted EPS was $0.55 and non-GAAP diluted EPS was $0.75, up 36%. GAAP gross margin was 10.4% and operating margin 4.0%, compared with non-GAAP figures of 10.5% and 5.2%, respectively. Operating cash flow was $35 million and free cash flow $22 million.
By segment, Semi-Cap contributed $223 million (29% of revenue), Industrial $161 million (21%), Medical $134 million (18%), Aerospace and Defense (A&D) $111 million (15%) and Advanced Computing and Communications (AC&C) $127 million (17%). The segment figures sum to the reported total.
For the third quarter, Benchmark guided to revenue of $755 million to $795 million, GAAP diluted EPS of $0.51 to $0.57 and non-GAAP diluted EPS of $0.76 to $0.82. The company expects full-year revenue growth of about 13%, which would bring sales to $3 billion for the first time. Chief Executive David Moezidis said the results "reflect continued momentum across the business," citing "strengthening demand across our end markets, growing customer engagement, and disciplined execution." The guidance is a forecast; the midpoint of third-quarter revenue guidance, $775 million, would be about 2.5% above the second-quarter level.
Capital returns were lighter in 2026. Share repurchases totalled $5.8 million in the first half, compared with $16.0 million in the same period of 2025. On 8 September 2026 the company announced a quarterly cash dividend, and on 17 June it was named Manufacturing Partner of the Year by HPE, though the financial effect of that award was not disclosed.
BHE closed at $73.22 on Thursday 15 October 2026, down $1.15, or 1.55%. Needham was reported to have raised its price target to $90 from $80 about two months earlier; third-party targets are opinions rather than company guidance. Investors will look to the third-quarter report, the reporting date of which was not confirmed in the sources reviewed, for whether revenue lands within the guided range and whether non-GAAP margins hold.
By segment, Semi-Cap contributed $223 million (29% of revenue), Industrial $161 million (21%), Medical $134 million (18%), Aerospace and Defense (A&D) $111 million (15%) and Advanced Computing and Communications (AC&C) $127 million (17%). The segment figures sum to the reported total.
For the third quarter, Benchmark guided to revenue of $755 million to $795 million, GAAP diluted EPS of $0.51 to $0.57 and non-GAAP diluted EPS of $0.76 to $0.82. The company expects full-year revenue growth of about 13%, which would bring sales to $3 billion for the first time. Chief Executive David Moezidis said the results "reflect continued momentum across the business," citing "strengthening demand across our end markets, growing customer engagement, and disciplined execution." The guidance is a forecast; the midpoint of third-quarter revenue guidance, $775 million, would be about 2.5% above the second-quarter level.
Capital returns were lighter in 2026. Share repurchases totalled $5.8 million in the first half, compared with $16.0 million in the same period of 2025. On 8 September 2026 the company announced a quarterly cash dividend, and on 17 June it was named Manufacturing Partner of the Year by HPE, though the financial effect of that award was not disclosed.
BHE closed at $73.22 on Thursday 15 October 2026, down $1.15, or 1.55%. Needham was reported to have raised its price target to $90 from $80 about two months earlier; third-party targets are opinions rather than company guidance. Investors will look to the third-quarter report, the reporting date of which was not confirmed in the sources reviewed, for whether revenue lands within the guided range and whether non-GAAP margins hold.
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