A maker of high-performance engineered materials, Rogers Corporation supplies circuit materials, ceramic substrates, and cooling parts for electric vehicles, aerospace, and wireless networks, plus polyurethane and silicone foams (PORON, BISCO) used for cushioning and sealing in cars, electronics, and medical gear. It began in 1832 as the Rogers Paper Manufacturing Company, founded by Dutch immigrant Peter Rogers in a former powder mill in Manchester, Connecticut, before evolving into advanced materials. During the Great Depression it partnered with plastics pioneer Leo Baekeland to develop phenolic molding compounds, a step that helped it outgrow its papermaking roots.
Q2 2026 revenue rose 6.9% to $216.8M and operating income returned to profit after a year-ago impairment loss
The quarter returned to profit after a year of -driven losses. rose 6.9% to $216.8M and expanded to 32.5% as volume and mix improved, with at 9.2% of sales versus a loss a year earlier when a $71.8M non-cash charge hit. The underlying business is growing again, but cash generation weakened sharply.
Key takeaways
Restructuring and charges dropped to $0.7M from $76.1M a year earlier, as the prior-year period carried the $71.8M non-cash curamik® and impairment, swinging to 9.2% of sales from a loss.
increased 6.9% to $216.8M, driven by $8.7M of higher demand and $5.3M of currency benefit, with growth in electronics, industrial, and automotive markets.
improved to 32.5% from 31.6% on higher volume, favorable mix, and operational efficiencies, partly offset by higher raw material costs.
Section summaries
Management's Discussion and Analysis
Q2 2026 net sales rose 6.9% to $216.8M, gross margin expanded 90 bps to 32.5%, and operating income swung to 9.2% of sales from a loss a year ago.
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increased 6.9% to $216.8 million, driven by $8.7 million higher demand and $5.3 million currency benefit, with growth in electronics, industrial, and automotive markets.
improved to 32.5% from 31.6% due to higher volume, favorable mix, and operational efficiencies, partially offset by higher raw material costs.
SG&A expenses fell 13.0% to $42.2M from cuts in professional services, compensation, and software costs.
AES sales grew 7.8% and EMS segment sales rose 6.0%, with EMS margin expanding to 36.9% from 35.2%.
was $30.2M and cash and equivalents were $181.4M; 2026 is expected at $30–35M, funded by operations and cash.
What changed
Q2 2026 of $216.8M rose 6.9% , reversing the Q2 2025 decline of 5.3% to $202.8M and extending the growth that began in Q1 2026 (up 5.2% to $200.5M).
of 32.5% is up from 31.6% a year ago and from 32.2% in Q1 2026, answering the flagged watch on whether the 32.2% level held.
The $71.8M curamik® that drove the Q2 2025 operating loss did not recur; of $0.7M compare with $76.1M a year earlier.
Zero balance held — cash was $181.4M with no borrowings drawn, consistent with the flagged watch item carried from FY2025.
of $30.2M in the quarter was down from $42.0M in Q3 2023 and $39.9M in Q3 2021, and below the $42.4M Q3 2024, a weaker cash result than the profit swing suggests.
What to watch
Q3 2026 and to see if the 32.5% level and 6.9% growth hold as tariff costs and automotive weakness persist
Whether the zero balance holds as 2026 of $30–35M proceeds and any share repurchases resume after Q1's none
AES sales path next quarter given the curamik® elimination and Q2's 7.8% growth
trajectory after the $30.2M quarter against $5.8M in Q1 and prior-year quarterly levels above $40M
SG&A expenses fell 13.0% to $42.2 million, primarily from reductions in professional services, compensation, and software costs.
Restructuring and charges dropped to $0.7 million from $76.1 million, reflecting prior-year in curamik® and ongoing footprint consolidation.
Cash and equivalents were $181.4 million; was $30.2 million, and is expected to be $30–35 million in 2026.
AES sales grew 7.8% on higher demand and currency, while EMS segment sales rose 6.0% with to 36.9% from 35.2%.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our exposure to market risk during the second quarter of 2026. For discussion of our exposure to market risk, refer to “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” contained in our Annual Report.
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There have been no material changes in our exposure to market risk during the second quarter of 2026. For discussion of our exposure to market risk, refer to “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” contained in our Annual Report.
Refer to the discussion of certain environmental, asbestos and other litigation matters in “Note 9 – Commitments and Contingencies” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.
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Refer to the discussion of certain environmental, asbestos and other litigation matters in “Note 9 – Commitments and Contingencies” to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.
In addition to the other information set forth in this Form 10-Q, you should carefully consider factors discussed in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s other filings with the SEC, which are avai…
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In addition to the other information set forth in this Form 10-Q, you should carefully consider factors discussed in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s other filings with the SEC, which are available at www.sec.gov and on the Company’s website at www.rogerscorp.com.