In line / mixed
Revenue was close to expectations and restructuring depressed margin, while backlog reached roughly €25 billion.
IFXInformation TechnologySemiconductors
Infineon Technologies
A record backlog and higher annual revenue outlook outweighed an in-quarter margin miss.
ResultIn line / mixedGuidanceSelective raiseEnvironmentimproving
Latest eventQ2 FY2026 / H1 FY202606 May 2026Open full analysis
Latest quarter
The investment read-through
Selective raise
Infineon raised FY2026 revenue to more than €16 billion and maintained an approximately 20% segment margin, with further AI capacity expansion.
No clear inflection
Infineon raised FY2026 revenue to more than €16 billion and maintained an approximately 20% segment margin, with further AI capacity expansion.
Qualitative
The re-rating continued because visibility into FY2027 improved more than the quarter itself.
Latest narrative
What the market is now debating
The market accepted a near-term margin blemish in exchange for stronger backlog and pricing visibility.
Market environment deltaEnvironmentimproving
A record backlog and higher annual revenue outlook outweighed an in-quarter margin miss.
- Demand
- AI, auto replenishment and pricing all strengthened; China remained the uneven demand pocket.
- Supply
- Capacity and MOSFET availability became the growth constraint, with restructuring costs temporarily reducing margin.
- Competition
- Infineon's AI power position strengthened, while local China competitors and possible customer over-ordering remained risks.
Industry-specific KPIs
What this company should be judged on
RevenueSegment result marginAutomotive demandInventoryCapacity utilization
Latest KPI read-through
Infineon raised FY2026 revenue to more than €16 billion and maintained an approximately 20% segment margin, with further AI capacity expansion.
[AS-ME-080]Eight-event history
Guidance and narrative timeline
8
06 May 2026
Q2 FY2026 / H1 FY2026
GuidanceSelective raiseEnvironmentimproving
A record backlog and higher annual revenue outlook outweighed an in-quarter margin miss.
GuidanceInfineon raised FY2026 revenue to more than €16 billion and maintained an approximately 20% segment margin, with further AI capacity expansion.NarrativeThe market accepted a near-term margin blemish in exchange for stronger backlog and pricing visibility.
Q2 FY2026 / H1 FY2026Full analysis→
7
04 Feb 2026
Q1 FY2026
GuidanceMixed / newly framedEnvironmentimproving
A supply-constrained FY2027 AI marker turned an in-line quarter into a structural growth event.
GuidanceThe annual plan was preserved while pricing actions and higher AI capacity created upside beyond the formal period.NarrativeThe equity narrative became a capacity-allocation and pricing story rather than a simple auto recovery.
Q1 FY2026Full analysis→
6
12 Nov 2025
Q4 / FY2025
GuidanceSelective raiseEnvironmentimproving
A large increase in the AI data-center power target reframed the stock from auto-cycle recovery to structural AI growth.
GuidanceInfineon lifted its FY2026 AI target to about €1.5 billion and gave a deliberately prudent group outlook that left room for execution upside.NarrativeThe market's central question migrated from cyclical trough timing to AI capacity and share execution.
Q4 / FY2025Full analysis→
5
05 Aug 2025
Q3 FY2025
GuidanceRaisedEnvironmentimproving
Profitability improved before revenue, validating self-help and mix while foreign exchange masked underlying volume.
GuidanceThe company kept revenue near €14.6 billion and lifted the segment-margin view to the high teens, supported by Step Up savings.NarrativeThe market began to value self-help and AI mix more than a broad industrial recovery.
Q3 FY2025Full analysis→
4
08 May 2025
Q2 FY2025 / H1 FY2025
GuidanceSelective cutEnvironmentmixed
Investors treated the guidance reduction as foreign-exchange and tariff prudence rather than new demand weakness.
GuidanceInfineon reset currency, added a tariff buffer and lowered the reported outlook while maintaining AI power targets.NarrativeThe narrative changed from demand deterioration to a recovery obscured by currency and prudence.
Q2 FY2025 / H1 FY2025Full analysis→
3
04 Feb 2025
Q1 FY2025
GuidanceRaisedEnvironmentimproving
A mostly currency-funded guidance raise was interpreted as evidence that the down-cycle had stopped worsening.
GuidanceInfineon became one of the few auto-exposed semiconductor companies to raise its annual revenue view, albeit primarily for exchange rates.NarrativeThe market shifted from further-cuts risk to a tentative trough and green-shoots narrative.
Q1 FY2025Full analysis→
2
12 Nov 2024
Q4 / FY2024
GuidanceMixed / newly framedEnvironmentworsening
A sharp first-quarter revenue step-down and weak margin framework reset expectations below an already reduced bar.
GuidanceThe FY2025 outlook called for subdued revenue, a roughly 40% gross margin and a mid-to-high-teens segment margin, with Q1 revenue down about 18% sequentially.NarrativeThe equity story became a cyclical trough case with AI power as an emerging offset.
Q4 / FY2024Full analysis→
1
05 Aug 2024
Q3 FY2024
GuidanceMaintainedEnvironmentmixed
A modest bottoming signal was overwhelmed by a global risk-off shock and a worsening automotive demand narrative.
GuidanceFull-year guidance was largely maintained, leaving the November outlook as the decisive test of the auto cycle.NarrativeThe market moved from looking for a trough to questioning the credibility of the next fiscal-year recovery.
Q3 FY2024Full analysis→