Benchmark Raises 2026 Growth Outlook to About 16%

The Tip Desk · November 8, 2026 · 2 min read

Third-quarter revenue hit a record $811 million, up 19%, and non-GAAP earnings were $0.84 a share.

Benchmark Electronics (BHE) posted record third-quarter revenue of $811 million, up 19% from a year earlier, and raised its fiscal 2026 revenue-growth outlook to approximately 16%, beyond the $3 billion annual revenue level it set after the second quarter.

The electronics manufacturer had lifted that full-year growth target to about 13% in July after a $756 million second quarter, and to 9–10% after the first quarter. President and Chief Executive David Moezidis said demand is broadening across the portfolio, bookings momentum remains healthy, and the company is once again raising its outlook.

Diluted GAAP earnings were $0.47 a share, up 21% from a year earlier. Diluted non-GAAP earnings were $0.84 a share, up 35% from a year earlier. GAAP operating margin was 3.8%. Non-GAAP operating margin expanded to 5.5% from 5.2% in the second quarter. GAAP gross margin held at 10.4% and non-GAAP gross margin at 10.5%, matching second-quarter levels.

Semiconductor capital equipment remained the largest sector, with revenue of $241 million, or 30% of sales, up from $223 million, or 29%, in the second quarter. Industrial revenue was $172 million, or 21% of sales. Advanced computing and communications contributed $132 million, or 16%. Medical was $138 million, or 17%. Aerospace and defense was $128 million, or 16%.

Moezidis said the quarter reflected continued transformation into a higher-performing company and that earnings grew at nearly twice the rate of sales.

The cash conversion cycle improved to 54 days from 59 days in the second quarter. Operating cash flow was $30 million and free cash flow was $14 million.

For the fourth quarter, Benchmark guides to revenue of $815 million to $855 million, GAAP earnings of $0.58 to $0.64 a share, and non-GAAP earnings of $0.85 to $0.91 a share. Non-GAAP guidance excludes stock-based compensation of about $7.8 million and other non-operating expenses of $2.7 million to $3.2 million, which include restructuring, amortization of intangibles and other expenses.