10-Q · April 28, 2026
Rogers Corporation reported Q1 2026 results with net sales of $200.5 million, marking a 5.2% year-over-year increase, and a significant rebound in gross margin to 32.2% compared to 29.9% in the prior year. Adjusted EPS…
Earnings analysis · 10-Q
ROG earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Rogers delivered a solid Q2 recovery, with revenue up 6.9% year over year to $216.8 million, gross margin up 90 basis points to 32.5%, and operating margin improving to 9.2% from a 33.3% loss. AES and EMS both grew,…
Read full summary
Rogers delivered a solid Q2 recovery, with revenue up 6.9% year over year to $216.8 million, gross margin up 90 basis points to 32.5%, and operating margin improving to 9.2% from a 33.3% loss. AES and EMS both grew, while lower SG&A and sharply reduced restructuring charges supported the earnings rebound. Cash generation improved, but higher receivables and inventory, a 36.4% tax rate, and continuing restructuring activity temper the otherwise favorable trend.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.76
What stood out
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Revenue accelerated to $216.8M
Q2 revenue was $216.8 million, up $14.0 million (6.9%) year over year and $15.8 million sequentially from $201.0 million in Q1 2026. Higher demand contributed $8.7 million and currency added $5.3 million.
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Gross margin expanded to 32.5%
Gross margin expanded 90 basis points year over year to 32.5% and 30 basis points sequentially from 32.2%. Higher volume, favorable mix and operating efficiencies outweighed increased raw-material costs.
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Profitability turnaround strengthened
Operating margin reached 9.2%, versus a 33.3% operating loss a year earlier and 5.3% in Q1 2026. SG&A fell $6.3 million, or 13.0%, to $42.2 million, while restructuring and impairment expense declined to $0.7 million from $76.1 million.
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EPS returned to positive territory
GAAP diluted EPS was $0.76, versus a $4.00 diluted loss per share in Q2 2025 and $0.25 in Q1 2026. The year-over-year comparison benefited materially from the prior-year $76.1 million restructuring and impairment charge.
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Both core segments delivered growth
Both core segments grew: AES sales increased $8.5 million to $117.5 million and EMS sales increased $5.4 million to $94.8 million. EMS delivered the stronger margin improvement, rising 170 basis points to 36.9%.
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Operating cash flow improved
Six-month operating cash flow increased to $30.2 million from $25.4 million. The company also repurchased $3.0 million of shares in Q2, leaving $48.8 million under its authorization.
What to watch
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Receivables and inventory increased
Working-capital use increased as receivables rose $18.6 million (14.2%) to $149.2 million and inventories rose $5.0 million to $130.0 million since December 31, 2025. Cash declined $15.6 million to $181.4 million, although the company also held $30.0 million of short-term investments.
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Elevated tax rate weighs on earnings
The Q2 effective tax rate was 36.4%, above the 21% U.S. statutory federal rate, because valuation allowances increased in loss jurisdictions where management does not expect to realize a tax benefit. Tax expense was $7.8 million.
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Restructuring actions remain ongoing
Restructuring and impairment expense remained $0.7 million in Q2 and $6.6 million year to date, tied to Eschenbach footprint consolidation, executive transition, workforce reductions and a Mexico lease impairment. Item 1A reported no updates to the risk factors in the 2025 Form 10-K.
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Input-cost and trade exposure persists
Management identified increased raw-material costs as a partial offset to volume, mix and efficiency gains; nevertheless, gross margin improved to 32.5% from 31.6%. The filing also cites global trade restrictions and supply-chain dynamics as potential sources of future volatility.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS outlook. Management expects 2026 capital spending of approximately $30.0 million to $35.0 million, funded by operating cash flow and cash on hand; it states liquidity is sufficient for operations, planned capex and R&D for at least the next 12 months.
Earlier filings 4
10-K · February 19, 2026
Rogers operates two core segments (AES and EMS) focused on high-performance engineered materials with global manufacturing and four Rogers Innovation Centers. 2025 revenue was roughly stable at ~$812.0M (sum of…
10-Q · October 30, 2025
Rogers reported quarterly net sales of $216.0 million (Q3 2025) versus $210.3 million a year earlier, with operating income of $15.7 million (up from $14.6 million). GAAP diluted EPS for the quarter was $0.48 versus…
10-Q · August 1, 2025
Rogers reported Q2 net sales of $202.8M and a gross margin of $64.0M (≈31.6%), but recorded large restructuring and impairment charges of $76.1M that drove an operating loss of $67.5M and a GAAP diluted loss per share…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.