ONTO INNOVATION INC. (ONTO): Results of Operations and Financial Condition

Onto Innovation (NYSE:ONTO) reported Q2 operating cash flow of $62 million and cash and short-term investments of about $1.9 billion as of June 30. In May it completed a $1.5 billion 0% convertible debt offering due 2031, netting about $1.2 billion, and used part for repurchases. Q3 revenue guidance is $380-$400 million; non-GAAP EPS about $2.28 at midpoint. Advanced-node revenue expected to grow over 35% in 2026; advanced-packaging growth outlook raised to about 80% for 2026.

The article highlights AI-driven semiconductor capex and profiles five equipment/testing stocks. Applied Materials (AMAT) raised its 2026 semiconductor equipment growth forecast to over 30%. Onto Innovation (ONTO) reported Q1 revenue of $291.95M and a $240M+ HBM purchase agreement through 2027. It also cites record results for Lam Research (LRCX), KLA (KLAC), and Teradyne (TER).

The article argues that AI-driven data center demand is boosting semiconductor capital equipment sales, citing strong YTD gains and results for Applied Materials, Lam Research, KLA, ASML, and Onto Innovation. It highlights Applied’s Q2 FY2026 revenue of $7.91B and raised 2026 equipment outlook to >30%, Lam’s March-quarter $5.84B revenue and $1.47 non-GAAP EPS, KLA’s $3.42B revenue and $9.40 EPS, ASML’s Q1 2026 $10.34B revenue and raised outlook to €36B–€40B, and Onto’s record Q4 2025 $266.87M re

Phillips 66 (PSX) said it repaid all outstanding commercial paper and $1 billion of its March 2027 term loan during Q2, with the remaining $1.25 billion repaid in July. It ended the quarter with $4.1B cash and $10.5B committed liquidity. Management guided Q3 refining capture near 95% and midstream EBITDA run rate to $4.5B by end-2027.

Palmer Square Capital BDC (PSBD) reported Q2 NAV per share of $13.21, down from $13.30, citing fair-value adjustments tied to broadly syndicated loan pricing. Portfolio fair value was about $1.11B. It made 21 commitments totaling $72.4M and realized $109.8M from repayments and sales. Management expanded buybacks and reset a BDC CLO to lower debt cost.

Restaurant Brands International (QSR) reported Q2 call highlights including Burger King average unit volumes up more than 20% since its elevation campaign, and Kids Meal volumes up nearly 50% vs 2022. International delivered 5.5% comparable-sales growth. Free cash flow was $501 million, with $137 million stock repurchases and guidance for 2026 refranchising. Liquidity was about $2.3 billion.