Littelfuse, Inc. (LFUS) Earnings
Littelfuse, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $4.95. LFUS has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +10.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $3.78 | $4.19 | +10.8% | $739M | +5.0% |
| May 6, 2026 | $2.83 | $3.31 | +17.0% | $657M | +2.8% |
| Jan 28, 2026 | $2.51 | $2.69 | +7.2% | $594M | -5.9% |
| Oct 29, 2025 | $2.75 | $2.95 | +7.3% | $625M | +6.4% |
| Jul 30, 2025 | $2.35 | $2.85 | +21.3% | $613M | +1.2% |
| Jan 28, 2025 | $2.07 | $2.04 | -1.4% | $530M | +0.8% |
| Apr 30, 2024 | $1.77 | $1.76 | -0.3% | $535M | -1.2% |
| Jan 30, 2024 | $2.12 | $2.02 | -4.7% | $534M | -2.6% |
| Oct 31, 2023 | $2.61 | $2.97 | +13.8% | $607M | +3.7% |
| Aug 1, 2023 | $3.35 | $3.12 | -6.9% | $612M | -1.9% |
| May 2, 2023 | $2.86 | $3.64 | +27.3% | $610M | +0.6% |
| Feb 1, 2023 | $3.27 | $3.34 | +2.1% | $613M | -0.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Q2 2026 Financial Results - Net sales reached $739 million, up 20% year-over-year and 14% organically. The Basler acquisition added 6% to growth, and foreign exchange provided a 1% tailwind. - Adjusted EBITDA margin hit 23.6%, up 220 basis points year-over-year, driven by strong volume leverage, favorable product mix, and strong operational execution. - Adjusted diluted earnings per share was $4.19, up 47% year-over-year. Free cash flow grew 75% year-over-year to $127 million. - The company ended the quarter with $628 million in cash, a net leverage ratio of 0.8 turns, and increased the quarterly dividend by 7% to 80 cents per share, returning $90 million to shareholders in the quarter. ### End Market Performance - **Computing, Communications, and Diversified Industrial (CCDI):** Strong overall growth, led by Data Center as the top growth contributor. Diversified industrial, medical, and aerospace and defense applications also contributed, while consumer electronics sales declined (consumer electronics represents less than 10% of total company sales). - **Energy and Industrial Infrastructure (EII):** Broad-based demand strength, plus the contribution from Basler. Growth was led by industrial automation and construction, with a faster-than-expected recovery in HVAC demand. Grid modernization, utility investment, and renewable energy deployment continued to drive strong energy infrastructure demand. - **Transportation and Logistics:** Revenue grew moderately year-over-year. Passenger vehicle delivered growth despite lower global production volumes, driven by content expansion and market share gains. Commercial vehicle revenue grew on improving demand in truck, construction, and agricultural equipment markets. ### Strategic and Operational Progress - Secured a $20 million annual revenue design win for an integrated sensor and Megafuse solution for a leading customer's light truck and commercial vehicle platform, with opportunities to scale to additional vehicle lines. - Won a significant new program with a leading battery energy storage provider, utilizing fast-acting TLS fuses for data center battery backup systems, positioning the company for expansion into high-voltage grid-scale storage. - Power semiconductor portfolio optimization is progressing: the business is pivoting to focus on high-power, high-value differentiated applications. A new design win for high-voltage IGBT and diodes for a leading fusion power prototype reactor was secured, with shipments starting in Q3 2026. Power semiconductor demand strengthened in Q2, with continued momentum expected into Q3. - The company entered Q3 2026 with record company-wide bookings, a book-to-build ratio well above 1.0, and double-digit year-over-year growth in design wins across all end markets in the first half of 2026. - Basler acquisition integration is progressing ahead of plan, with stronger than expected commercial and operational performance.
Guidance
- For the third quarter of 2026, management expects net sales to be in the range of $780 million to $800 million, representing 26% year-over-year growth at the midpoint, with 21% organic growth, a 6% contribution from the Basler acquisition, and a 1% foreign exchange headwind. - Third quarter 2026 adjusted diluted EPS is expected to be in the range of $4.85 to $5.05, representing 68% year-over-year growth at the midpoint. - Management now expects Basler to contribute $135 million to $140 million of full year 2026 revenue, and $0.25 to $0.30 of full year adjusted EPS, both upward from prior guidance. - The third quarter 2026 adjusted effective tax rate is expected to be between 23% and 24%. - Management reaffirmed the company's long-term 2030 targets of $4.5 billion in total revenue and $1.1 billion in adjusted EBITDA. - The closure of the Allen, Texas power semiconductor manufacturing facility is expected to enhance Electronics segment profitability starting in 2027.
Segment performance
1. Electronics Product Segment: Sales grew 21% year-over-year (20% organic growth), driven by strong demand for passive products and improved demand for power semiconductor products. Demand was supported by growth in data center, diversified industrial, and transportation end markets. Adjusted EBITDA margin was 26.3%, up 470 basis points year-over-year. This segment contributes approximately 58% of total company net sales based on Q2 2026 results. 2. Transportation Product Segment: Sales increased 2% year-over-year (1% organic growth). Organic sales for passenger vehicles declined 2% due to lower global production volumes and ongoing product sales declines, while stronger commercial vehicle volumes across truck, construction, and agricultural equipment markets drove overall segment growth. Adjusted EBITDA margin for the segment was 18.6%. This segment contributes approximately 18% of total company net sales based on Q2 2026 results. 3. Industrial Product Segment: Sales increased 52% year-over-year (16% organic growth), supported by strong demand from data center, industrial automation, and construction end markets, plus a faster-than-expected recovery in HVAC sales. The Basler acquisition contributed 36% of the segment's year-over-year growth. Adjusted EBITDA margin was 22.6%, up 50 basis points year-over-year. This segment contributes approximately 24% of total company net sales based on Q2 2026 results.
Risks & headwinds
- Forward-looking statements regarding future performance, growth, and strategic outcomes are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, as detailed in the company's SEC filings (10-K, 10-Q). - The multi-year power semiconductor portfolio and footprint optimization process carries transition risks, with full benefits not expected to materialize until 2027 and beyond. - Global passenger vehicle production volume declines create ongoing headwinds for the Transportation product segment.
Analyst Q&A
Q: How is LittleFuse positioned in the data center market mid-year 2026, especially as high-voltage architectures are adopted? /
A: Data center was the fastest growing end market for LittleFuse in Q2 and the first half of 2026, and management expects this growth to continue through the back half of 2026. Current 2026 revenue is almost entirely from low voltage architectures, with only minimal proof-of-concept shipments for high voltage systems, which are expected to ramp starting in 2027. First half 2026 data center design wins more than doubled year-over-year, with most of these new wins focused on high voltage architectures that carry 2x to 4x the content value per system compared to current low voltage designs. Management maintains confidence in the 25% to 30% long-term growth target for the data center market segment.
Q: When will cost savings from the Allen, Texas semiconductor fab closure hit the income statement, and what is the expected magnitude? /
A: The Allen fab closure is the first major step in the multi-year power semiconductor portfolio optimization process, focused on shifting production to simplify the operational footprint and implement make-versus-buy decisions that reduce lead times and lower the long-term cost structure. Cost savings from the closure are not expected to start hitting the income statement until the second half of 2027. Additional details on the magnitude of savings will be shared as the transition plan is finalized. The power semiconductor business currently has strong demand momentum and is already contributing to growth in 2026.
Q: Is the current strong booking growth driven by channel inventory replenishment or true end consumer demand? /
A: Management states channel inventory is currently at normal levels measured in weeks of supply, even though total dollar value has increased with overall sales growth. There is limited minor inventory normalization in some small segments, but point-of-sale and point-of-shipment data are both growing strongly across the business. Management confirms the vast majority of current strong demand reflects real end market consumption, not channel restocking.
Q: How much of LittleFuse's current growth is driven by market share gains from fragmented competitors with limited capacity? /
A: Management confirms it is gaining share overall, with share growth driven primarily by prior design win traction rather than purely opportunistic gains from competitor capacity constraints. Opportunistic share gains do occur in some cases, but the company's primary focus remains on securing new design wins that drive long-term sustainable share growth. Management added that the team is heavily focused on operational execution to ensure it can fulfill strong customer demand given record bookings.