Analyst Consensus ?
ConsensusBuy24 ratings
Bullish1875.0%
Neutral625.0%
Bearish00.0%
Fabrinet · FN · FY2026 Q2 · Calendar Q1 2026
Fabrinet posts record Q2 as telecom, DCI and HPC demand accelerates
The current analysis supports a constructive but execution-dependent view: resilient telecom and DCI demand, a rapid HPC ramp, and capacity expansion strengthen the growth case, while supply, qualification, FX and automotive risks remain material.
Reported After market closeNYSETechnology
$16.17B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.36
Consensus $3.26
EPS surprise
+3.1%
Reported versus consensus
Reported revenue
$1.13B
Consensus $1.08B
Revenue surprise
+5.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-10.2%
Event window
SPY move
-0.8%
Same window
Abnormal move
-9.4%
Stock minus SPY
Volume
3.2×
Versus trailing sessions
Subsequent drift
+25.7%
Up to 20 sessions
FNSPY benchmark
Ask FN2 about FN FY2026 Q2
Transcript, numbers and history already loaded
Why did FN fall 10.2% after beating EPS estimates in FY2026 Q2?What changed in FN's guidance and outlook in FY2026 Q2?Give me the bull and bear case for FN after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Versus the prior-quarter analysis, the current call showed a record $1.13 billion quarter, improved operating margin, progress toward a $150 million HPC scale, a second laser source to ease datacom constraints, and Building 10 ahead of schedule.
Guidance delta
Management maintained a confident outlook; Q3 guidance calls for $1.15–$1.20 billion of revenue and $3.45–$3.60 non-GAAP EPS.
Key takeaways
- Q2 revenue reached a record $1.13 billion, with growth led by telecom, DCI modules and HPC.
- Operating margin improved to 10.9% despite foreign-exchange headwinds.
- Management said datacom supply constraints are being mitigated by a second laser source.
- Capacity expansion at Building 10 and Pinehurst supports higher-volume manufacturing.
Management priorities
- Qualify additional automated HPC production lines and scale HPC revenue to more than $150 million.
- Complete Building 10 by the end of 2026 and convert additional Pinehurst space.
- Pursue CPO and OCS customer programs and expand transceiver programs for hyperscalers and merchant vendors.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$461.82Current
$100Low
$348.67Average
$800High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Rosenblatt | Buy | Buy | Maintain | Aug 20, 2026 |
| Needham | Buy | Buy | Maintain | Aug 18, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 18, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 18, 2026 |
| B. Riley Securities | Neutral | Neutral | Maintain | Feb 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jan 22, 2026 |
| Northland Capital Markets | Outperform | Market Perform | Upgrade | Mar 21, 2024 |
| Lake Street | Buy | Buy | Maintain | Aug 22, 2023 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 22, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Mar 1, 2023 |
| Loop Capital | Buy | Buy | Maintain | Apr 26, 2022 |
| MKM Partners | Neutral | Neutral | Maintain | Aug 17, 2021 |
| Stifel | Buy | Buy | Maintain | Feb 2, 2021 |
| B. Riley FBR | Neutral | Neutral | Maintain | Feb 2, 2021 |
| Northland | Outperform | Market Perform | Upgrade | Sep 30, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 20, 2019 |
| TD Securities | Buy | Hold | Upgrade | Feb 27, 2019 |
| William O'Neil & Co | Buy | Buy | Maintain | Nov 9, 2018 |
| B. Riley | Buy | Buy | Maintain | Nov 7, 2017 |
| PiperJaffray | Overweight | Overweight | Maintain | Jan 4, 2016 |
| Piper Sandler | Overweight | Overweight | Maintain | Jan 4, 2016 |
| Northland Securities | Outperform | Outperform | Maintain | Nov 3, 2015 |
| Deutsche Bank | Hold | Hold | Maintain | May 4, 2015 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 8, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $461.82. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $739 | $598.58 | +60.0% | Aug 18, 2026 |
| Barclays | Tim Long | $702 | $717.8 | +52.0% | May 5, 2026 |
| Northland Securities | Analyst unavailable | $800 | $684.33 | +73.2% | Apr 20, 2026 |
| Wolfe Research | Analyst unavailable | $540 | $457.98 | +16.9% | Feb 4, 2026 |
| Barclays | Tim Long | $548 | $499.61 | +18.7% | Feb 3, 2026 |
| Susquehanna | Analyst unavailable | $570 | $488.36 | +23.4% | Jan 22, 2026 |
| Barclays | Analyst unavailable | $537 | $489 | +16.3% | Jan 14, 2026 |
| Northland Securities | Analyst unavailable | $600 | $479.51 | +29.9% | Dec 22, 2025 |
| Barclays | Analyst unavailable | $499 | $459.6 | +8.1% | Nov 5, 2025 |
| Northland Securities | Analyst unavailable | $550 | $473.16 | +19.1% | Nov 4, 2025 |
| Barclays | Tim Long | $329 | $327.12 | -28.8% | Aug 19, 2025 |
| Barclays | George Wang | $234 | $220.9 | -49.3% | May 6, 2025 |
| Needham | Ryan Koontz | $280 | $230.1 | -39.4% | Nov 5, 2024 |
| Rosenblatt Securities | Mike Genovese | $260 | $188.83 | -43.7% | May 7, 2024 |
| Needham | Alex Henderson | $220 | $197.14 | -52.4% | Mar 22, 2024 |
| Northland Securities | Tim Savageaux | $220 | $206.8 | -52.4% | Mar 21, 2024 |
| Lake Street | Troy Jensen | $130 | $117.8 | -71.9% | Aug 21, 2023 |
| Northland Securities | Analyst unavailable | $155 | $121.61 | -66.4% | Feb 7, 2023 |
| Needham | Analyst unavailable | $150 | $132.06 | -67.5% | Feb 7, 2023 |
| J.P. Morgan | Analyst unavailable | $156 | $127.61 | -66.2% | Dec 20, 2022 |
| Loop Capital Markets | Fahad Najam | $129 | $100.73 | -72.1% | Apr 28, 2022 |
| B.Riley Financial | Dave Kang | $100 | $101.47 | -78.3% | Feb 2, 2022 |
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Start freeCompany context
Snapshot as of publicationFabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and testing. Its products include switching products, including reconfigurable optical add-drop multiplexers, optical amplifiers, modulators, and other optical components and modules that enable network managers to route voice, video, and data communications traffic through fiber optic cables at various wavelengths, speeds, and over various distances.…
Historical context
All FN earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the FN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-02T17:28:11.342804+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T17:28:11.339775+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.