艾姆科科技 (AMKR) 2026年第三季度业绩电话会议：先进封装提升利润率lg...

安靠科技（Amkor Technology，NASDAQ: AMKR）公布2026财年第三季度营收为19.9亿美元，得益于计算业务以及汽车与工业业务销售额创下历史新高。高价值先进封装产品的更优组合将毛利率提升至18.3%，同时管理层预计第四季度计算业务将进一步增长，并将持续进行产能投资直至2027年及以后。

核心要点

• 第三季度营收环比增长5%至19.9亿美元。计算业务以及汽车与工业业务营收同比均增长37%，双双创下季度新高。
• 毛利率环比扩大150个基点，同比扩大400个基点至18.3%，主要得益于先进封装收入占比的提升。
• 营业利润达到2.25亿美元，营业利润率为11.3%。净利润为1.91亿美元，即每股收益0.76美元。
• 随着安靠扩大其旗舰HDFO CPU项目规模并扩展其他数据中心项目，计算业务收入环比增长25%。
• 对于2026财年第四季度，管理层指引营收为19亿至20亿美元，毛利率为18%至19%。
• 安靠将2026年资本支出预期收窄至约25亿美元。管理层预计，随着公司在亚利桑那州、韩国和越南扩大产能，2027年的资本支出将增加。

核心财务数据

业务与经营业绩

计算与先进封装

计算业务收入环比增长25%，创下历史新高。安靠继续扩大其旗舰HDFO CPU项目规模，同时针对一家超大规模客户的另一项HDFO CPU项目也在第三季度开始量产爬坡。预计两项用于网络和数据中心应用的新2.5D项目将于第四季度上线。

管理层表示，尽管个人电脑（PC）需求相对疲软，但计算业务收入从2025年到2026年仍应增长30%以上。数据中心项目是主要增长驱动力。公司预计第四季度计算业务收入将实现低两位数的环比增长，以及超过50%的同比增长。

汽车与工业

在多家客户的高级驾驶辅助系统（ADAS）和工业产品推动下，汽车与工业业务收入环比增长7%，创下历史新高。收入同比增长37%。

管理层指出了对先进车载计算、ADAS及信息娱乐应用方面的持续需求。管理层还表示，主流汽车封装需求正在复苏，客户库存水平已得到改善。

通讯与消费电子

通讯业务收入环比下降8%。该业务受到了系统级封装（SiP）生产向越南迁移、存储器供应受限、生产构建模式变化以及高端智能手机和物联网可穿戴设备零部件短缺的影响。

受物联网和家电需求的支撑，消费电子业务收入环比增长10%，但也受到了影响高端智能手机的零部件短缺约束。

产能扩张

安靠计划在其亚利桑那州先进封装和测试基地的两期工程中建设超过9万平方米的无尘室空间，预计投资额达120亿美元。一期工程仍按计划将于2027年底前竣工，而二期工程预计将于2027年底破土动工。达到最大规模后，该基地预计将雇用超过3500名员工。

在韩国，安靠已开始在其光州基地建造两座新建筑，以支持包括英伟达（NVIDIA）在内的数据中心客户的HDFO产能需求。松岛的一座新组装与测试大楼仍计划于今年年底前竣工。随着计划持续至2028年的扩建，公司预计其在韩国的业务规模将比2025年扩大40%。

越南正被打造为安靠的SiP卓越中心。将SiP生产从韩国转移到越南，正在释放韩国的无尘室产能，用于先进封装项目。

管理层指引

管理层预计第四季度汽车与工业业务收入将实现低单位数的环比增长。预计通讯业务收入将出现高单位数百分比的下降，而由于零部件短缺持续，消费电子业务收入预计将下滑10%中段百分比。

安靠将其2026年预期资本支出收窄至约25亿美元，主要反映了亚利桑那州建设付款的时间安排。管理层预计2027年的支出将进一步增加，包括亚利桑那州计划的120亿美元投资中的至多15%、4亿至4.5亿美元的韩国建设支出，以及约5000万美元的越南设施支出。

客户预付款预计将为这些投资提供很大一部分资金。自2025年以来，安靠已与12家客户达成了预付款安排，主要用于韩国和亚利桑那州的先进封装产能。

风险与关注领域

• 零部件短缺正在影响高端智能手机、物联网可穿戴设备和消费电子产品，管理层预计这一压力将在第四季度持续。
• 存储器价格和供应情况正对智能手机和PC形成拖累。管理层表明，与高端设备相比，低端安卓设备在吸收更高成本方面可能面临更大困难。
• 不利的汇率变动以及7月份安靠熊本工厂发生的地震，合计使第三季度毛利率环比减少了约60个基点。该日本工厂已在季度内恢复全面运营。
• 资本支出预计将保持在高位。管理层表示，由于二期建设与一期设备安装重叠，亚利桑那州的支出将在2028年和2029年达到顶峰。
• HDFO生产涉及300多个工艺步骤。管理层表示，第三季度的产能爬坡耗时长于计划，是因为在整条生产线上装载在制品需要时间，而非供应链限制所致。

分析师问答环节要点

基于韩国新增产能和数据中心项目的量产爬坡，管理层预计2027年计算业务的增长将类似于或有可能高于2026年预期的30%以上的增速。扇出型桥接（fan-out bridge）商机的目标时间仍定于2027年底至2028年。

安靠表示，先进封装产能正成为客户规划2027年和2028年的主要限制因素。这促成了更长期的承诺和预付款协议。管理层将多年期的定价环境形容为有利，因为客户专注于锁定产能，并认同大型资本投资所需的合理回报。

尽管预计亚利桑那州将承担比韩国更高的建造、折旧和劳动力成本，但安靠计划通过高利用率、更低的产品变异性和更高的自动化程度来抵消这些成本。管理层预计这两个地点的长期利润率不会有实质性差异。

公司还表示，用于高密度扇出（HDFO）、2.5D和晶圆凸块（wafer-bumping）项目的设备在不同技术和客户之间通常具有通用性，不过要替代大型人工智能（AI）客户项目的规模将很困难。

管理层认为，直至2027年资产负债表都将保持稳健。管理层表示，现在判断2028年或更晚是否需要新增债务还为时过早。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Good day, ladies and gentlemen, and welcome to the Amkor Technology Third Quarter 2026 Earnings Conference Call. My name is Diego, and I will be your conference facilitator today. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

Jennifer Jue

Good afternoon, and welcome to Amkor's Third Quarter 2026 Earnings Conference Call. Joining me today are CEO, Kevin Engel; and CFO, Megan Faust. Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call.

During this presentation, we will use non-GAAP financial measures, and you can find reconciliation to the comparable GAAP financial measures in the slides. We will make forward-looking statements today based on our current beliefs, assumptions and expectations. Please refer to our press release for a disclaimer on forward-looking statements and our SEC filings for a discussion on the risk factors and uncertainties that may affect our future results.

I will now turn the call over to Kevin.

Kevin Engel

Thank you, Jennifer. Good afternoon, everyone, and thanks for joining. Amkor delivered a strong third quarter, with revenue of approximately $2 billion. For the second consecutive quarter, we achieved record revenue in both computing and automotive and industrial end markets. Gross margins expanded to over 18% and operating margins increased to over 11%. These results reflect continued execution against our strategy and demonstrate the improving earnings power of our business.

On a year-on-year basis, revenue in the third quarter continued to accelerate in Computing and Automotive and industrial with both end markets growing 37%. In Computing, demand remained robust. At our flagship HDFO CPU program ramped throughout the quarter. Automotive and Industrial continue to benefit from strong demand for advanced in-car computing, applications, such as ADAS and infotainment.

Now let me share an update on our 3 strategic pillars. First, enhancing strategic partnerships in key markets. Customers are engaging earlier, aligning technology road maps and making longer-term commitments as advanced packaging becomes increasingly critical to AI and high-performance computing. We continue to see a shift in how customers support capacity expansions. Customers are not only planning further ahead, but are also making long-term commitments and providing advance payments tied to future capacity requirements. This gives us confidence as we accelerate our capital spending above historical norms.

We believe this reflects a broader change in our industry. These commitments reflect our customers' confidence in their long-term advanced packaging requirements and in Amkor's ability to support their product road maps. For Amkor, these agreements improve visibility, strength and alignment with our customers, and support disciplined investment in advanced packaging capacity as our global footprint increases, including Arizona and our Asian facilities.

The second pillar is elevating technology leadership. Customer engagements remain strong across our advanced packaging platforms and our pipeline continues to broaden. The progress we are making across our HDFO and 2.5D programs continues to reinforce positive outlook for the long-term growth opportunities in Computing. Our flagship HDFO CPU program is scaling, and additional HDFO CPU program for a hyperscaler began ramping in Q3. And 2 new 2.5D programs in networking and data center are expected to come online in Q4.

Customer engagement is particularly strong in next-generation AI infrastructure. With additional advanced packaging opportunities developing across traditional data center, PC applications and automotive. Advanced packaging is on the critical path of system performance. As customers push for greater performance, higher bandwidth and improved power efficiency, packaging technology is playing a larger role in enabling product road maps. As a result, customer discussions today are broader than they were just a few years ago. We are increasingly engaged in architectural design, technology road maps, and test strategy along with long-term capacity planning.

Our turnkey model allows us to integrate advanced packaging and test capabilities, providing customers with more complete solutions. This strengthens our competitive position, deepens customer relationships and creates additional opportunities to deliver value across the product life cycle. Taken together, the breadth of customer engagements we see today affirms our view that advanced packaging will remain a meaningful growth driver for Amkor over the coming years.

Our third pillar is expanding our geographic footprint. In September, we announced Phase 2 of our Arizona advanced packaging and test campus, which is expected to break ground in late 2027 as Phase 1 construction nears completion. Together, both phases are planned to be over 90,000 square meters of clean room space and represent an estimated investment of $12 billion. When fully ramped, the campus is expected to support a workforce of over 3,500 employees, strengthening the U.S. semiconductor ecosystem and support our customers' long-term needs.

In Korea, we recently broke ground on 2 new buildings on our Gwangju campus. This additional space is being built to support the continued ramp of HDFO for our data center customers, including the recent announcement with NVIDIA. On our Songdo campus, the new assembly and test building remains on schedule for completion by year-end. The incremental space is planned to expand test capacity for automotive and data center customers and strengthen our regional turnkey capabilities. Following completion of these expansions in 2028, our Korea footprint is expected to increase by 40% from 2025. This cements Korea as a center of excellence for high-value advanced packaging.

Our Vietnam buildout is also progressing as planned with increasing scale and a continued focus on automation. Automation allows for optimal space planning, higher equipment utilization and quality assurance. Our vision is for Vietnam to become our SiP center of excellence. It's been exciting to see this facility ramp from a piece of undeveloped land in 2021 to a high-tech manufacturing operation today. As we migrate SiP from Korea to Vietnam, we are opening up needed clean room space in Korea for additional advanced packaging growth. The released space in Korea is being redeployed and quickly consumed by advanced packaging customers.

In closing, our third quarter results demonstrate strong execution and continued momentum across the business. We delivered record revenue in Computing and Automotive and Industrial, expanded margins and advanced key programs. Customer commitments continue to grow, giving us greater visibility as we expand advanced packaging capacity. We are well positioned to capture long-term growth opportunities ahead.

I will now turn the call over to Megan to provide more detail on our third quarter performance and near-term outlook.

Megan Faust

Thank you, Kevin, and good afternoon, everyone. Amkor delivered third quarter revenue of $1.99 billion, an increase of 5% sequentially. Our Computing and Automotive and Industrial end markets each achieved record revenue. Revenue in the communications end market declined 8% sequentially. The factors we discussed last quarter largely developed as expected. These included the strategic migration of SiP technology to Vietnam, memory supply constraints, and changes in build patterns. Component shortages affecting premium tier smartphones and IoT wearable devices created an additional headwind during the quarter across both communications and consumer applications. We expect these conditions to continue in the fourth quarter and for communications revenue to decline high single digits sequentially.

Revenue in the Computing end market increased 25% sequentially to a new record. During the quarter, we continued to scale our flagship HDFO CPU program and saw growth in other data center programs. Looking ahead to the fourth quarter, we expect revenue to increase low double digits sequentially, driven by ongoing scaling and new program ramps. Q4 is estimated to result in over 50% growth year-on-year and provides strong momentum heading into 2027.

Revenue in the Automotive and Industrial end market reached a new record, increasing 7% sequentially. The growth was driven by both ADAS and industrial products across multiple customers. In the fourth quarter, we expect continued strength with revenue growing low single digits sequentially. Consumer revenue increased 10% sequentially, driven by demand for IoT and home electronic products. Revenue was impacted by the same component shortages affecting premium tier smartphones. We expect these shortages to continue in the fourth quarter with consumer revenue declining more than seasonal into the mid-teens percent sequentially.

Gross margin for the quarter was 18.3%, an increase of 150 basis points sequentially and 400 basis points year-on-year. Gross profit was $364 million. Gross margin expansion is primarily driven by a richer mix of high-value advanced packaging, reflecting strong growth in Computing and Automotive. During the quarter, gross margin was impacted by foreign currency headwinds and, to a lesser extent, the impact of the July earthquake on our Kumamoto Japan facility. Together, these factors had an unfavorable impact of approximately 60 basis points sequentially. Our Japan facility returned to full operations within the quarter.

Third quarter operating expenses were $139 million. Operating income was $225 million, resulting in operating income margin of 11.3%. Net income was $191 million, resulting in earnings per share of $0.76. The EBITDA was $435 million and EBITDA margin was 21.8%. Our balance sheet remains strong and provides significant flexibility as we continue to invest to support long-term growth. As of September 30, we held $2.4 billion in cash and short-term investments, and total liquidity was $3.4 billion. Total debt was $2.5 billion, and our debt-to-EBITDA ratio was 1.7x.

Now turning to our fourth quarter outlook. Q4 revenue is expected to be between $1.9 billion and $2 billion. Gross margin is expected to be between 18% and 19%. We expect operating expenses of approximately $140 million. Our full year effective tax rate is expected to be in a high teens percent due to year-to-date discrete tax benefits. Net income is forecasted to be between $160 million and $185 million, resulting in earnings per share between $0.65 and $0.75. We are narrowing our estimated 2026 CapEx spend to around $2.5 billion, primarily reflecting the timing of construction payments for our Arizona campus. Phase 1 construction remains on schedule for completion by the end of 2027.

Looking ahead, we expect a step-up in CapEx in 2027 and driven primarily by facility investment in Arizona, Korea and Vietnam as we expand capacity to support our long-term growth opportunities. We will provide specific 2027 CapEx guidance on our fourth quarter call in February. Customer advance payments are expected to provide significant funding support for these CapEx investments. Since 2025, Amkor has executed advanced payment arrangements with a dozen customers, primarily supporting advanced packaging capacity across both Korea and Arizona, and there are several more customer agreements under discussion.

In closing, our third quarter results demonstrate the earnings power of our business, a richer mix of advanced packaging revenue and strong execution drove meaningful margin expansion. We remain focused on disciplined investment as we position the business for profitable long-term growth.

This concludes our prepared remarks. Operator, we will now open for questions.

Operator

[Operator Instructions] And your first question comes from Ruplu Bhattacharya with Bank of America.

分析师问答

Ruplu Bhattacharya

First one for Megan. You're guiding to about 20 bps of sequential gross margin improvement for the fourth quarter. How should we think about the impact of the SiP migration to Vietnam as well as weakness in the Android smartphone market? And any other factors like FX or if there's any lingering issues in Japan? Can you just help us parse how you're thinking about that sequential improvement? And I have a follow-up.

Megan Faust

Sure. So correct, we are going to see some modest expansion in our gross margin in Q4. That's primarily due to favorable product mix as it relates to further growth in our compute and then I would say, lower SiP, as you had mentioned before. We are also anticipating continued unfavorable FX.

As it relates to the communications market, we've indicated in Q4 that would be down sequentially as it relates to the dynamics between I would say, the iOS and the Android. We do see Android being down in Q4 compared to Q3. And we also see iOS down. So we see both ecosystems down? And did you have a follow-up?

Ruplu Bhattacharya

Yes. I had a follow-up for Kevin. So with this new announced agreement with NVIDIA, it looks like total prepayments are now about $3 billion. Kevin, how should we think about the division of programs between South Korea and Arizona? And will the margin and capital return profiles differ materially between these 2 locations? And from a risk management standpoint, if any major AI program changes, how fungible is this advanced packaging equipment? So a couple of different parts, but if you can just talk about Korea versus Arizona, the margin and capital return profiles and how you're thinking about risk management.

Kevin Engel

Yes. Thanks, Ruplu. So a few components there. So when we think about the mix between Korea versus Arizona, obviously, for Korea, we're ramping today. That's obviously very important for us to continue to accelerate that ramp. There's a lot going on there. I mean, I have a little bit of color because we talked about the expansions in these locations as well.

So in Korea, obviously, as we migrate the SiP from the creative facility over to Vietnam, that opens up space in the Korea facility, and that we're quickly filling with assets that we already have on order to continue that ramp profile, I would say, short term. Then when we get to midterm, we have the new building on the Songdo campus that will be opening at the end of this year that will start to ramp to continue that acceleration. And then that announcement is also contemplating these K4 or that's our Gwangju location, where we have 2 new buildings where we recently broke ground and those will drive the acceleration into late '27 into '28. Those buildings will be completed construction in late '27.

To give you an idea of scale there from a spend perspective, the construction in Korea will basically for 2027, be in the $400 million to $450 million range. And then we talked about, obviously, this expansion in Vietnam where the SiP is going in. And that expansion facility-wise for 2027 is in the $50 million range. Obviously, for Arizona, that ramp is later. Again, the facility will be completed late this year. We'll start moving assets in. So for that customer, that will be more of a 2020 -- late 2028 type ramp profile. And then when we think about gross margins for both facilities, what we -- obviously, when we think about Arizona, we do expect the overall cost to be higher related to billing depreciation, labor.

We're managing that through multiple ways. Number one is keeping the factory very heavily utilized. So it will be lower product mix, higher utilization. And the customers we have planned for that facility understand that we want to reduce the seasonality preferentially load in Arizona and then obviously offload into Asia. So that allows us to really keep that factory running at a high level. And obviously, it will be our most advanced related to automation. So that will help us from a labor perspective. So long term, while there may be some slight deltas in the margin profile, we wouldn't expect a big delta between the 2.

So I think that's a positive outlook. When we think about risk, the cap agreements really help us from a risk profile. There's obviously multiple terms in those agreements to build confidence for us in getting that profile built. The asset fungibility, we think about any high-density fan-out program, 2.5D, even wafer bumping type things. These assets are fungible up and down that stack. Obviously, the scale that we're working with this customer is hard to offset. But are they -- regardless, the technology is very fungible to different customers.

Operator

And your next question comes from Joe Moore with Morgan Stanley.

Joseph Moore

You had good results in Compute, up 25%. I think you had talked about up to 30% when you reported last quarter. So can you just talk about -- I assume that's sort of more constraints on the supply side, but can you give us some indication of that trajectory and any nuance there?

Kevin Engel

Yes. I wouldn't necessarily say supply side actually, Joe. It's more related to -- you have to kind of imagine this process flow for these HDFO parts. This is over 300 steps in the process. So to build out that pipeline, get the product in the right locations, I think that we talk a lot about WIP loading to get that built in that whole chain with multiple steps takes time. So I'd say we were -- it took a little bit longer to really load the line to the level we wanted to. I wouldn't say anything related to supply constraints.

Joseph Moore

Okay. That's helpful. And then also on the market mix, it looked like you had some strength in Automotive. Any sense of what you're seeing in that part of the market?

Kevin Engel

Yes. Thanks for that question. I wasn't sure that was going to come up today. But I'd say Automotive and Industrial are actually very positive on that. There's a few things. For Automotive, the advanced products, again, think in car computing, ADAS, all those applications are continuing to grow for us, and that's a really exciting area. If you think about how the automotive industry has changed over the few years, it used to take years to develop a product, get it into a car. That's really accelerating. And so the advancement of new technologies in cars is going much more aggressively than we have seen in the past, which benefits these advanced packages.

Think about Arizona, in general, where we have a lot of autonomous cars. The amount of semiconductor content in these vehicles is really increasing as that continues to proliferate down into passenger cars. We obviously will continue to see semiconductor content per car growing. And then in addition to that, the mainstream legacy-type packages going into cars are also rebounding. I'd say our customers, it's nice to hear them talk about their positive outlooks, inventory being under control, where that's taken years to get to that level. So that's all boding well. And then I don't want to leave that industrial. Industrial, we also see pretty significant growth there. So all 3 of those areas, we've seen positive momentum.

Operator

Your next question comes from Ben Reitzes with Melius Research.

Jack Adair

This is Jack Adair on for Ben. I wanted to dive deeper into the computing segment. You had guided computing to be up over 50% year-over-year in 4Q. Could you talk more about the momentum in 2027 with more capacity coming online in Korea and more data center engagements ramping? And if that pace can continue in 2027?

Kevin Engel

Yes. Thanks for the question. Yes, I mean, so basically, with our guide, we're expecting over 30% growth in computing from 2025 to 2026. Again, keep in mind that encompasses PC as well as data center. PC is relatively soft, but new data center has offset that, and that's really what's driving this over 30% growth. We would expect a similar growth rate to even higher growth rate into 2027, again, based on that space profile that I outlined already.

Jack Adair

That's helpful. And if I could ask one more about your communications business. And with the launch cadence -- at Apple. Just if you could help us with more color on seasonality in '27 and if you expect content gains to be a factor there with new form factors in the mix?

Kevin Engel

Okay. Yes. So comms is interesting. I think, overall, it's a little early to tell what the full year profile will look like. But you're right, with the different launch profiles, which we tried to signal a bit going back last quarter, that -- we would expect that to change our typical seasonality. But I think it's, again, a little too early to see how that's going to completely play out.

And you can imagine there's lots of different dynamics going on there between supply constraints, memory pricing affecting overall demand, the build cycles like you talked about. So there's lots of components there. But in general, related to the form factors, I don't see that there's a lot of impact related to that. Obviously, it's more about unit sales, the better these -- the phones sell. Obviously, that bodes well to just increased demand overall.

Operator

Your next question comes from Randy Abrams with UBS.

Randy Abrams

My first question, I wanted to expand on your computing opportunities. You're having a nice ramp on the CPU program. Could you talk about your progress on the fan-out bridge that is progressing? And also, if you could talk about the scope. I think you mentioned a couple other new projects such as networking ramping up, how you see those incremental activities for [indiscernible]?

Kevin Engel

Okay. Yes. Thanks, Randy. So yes, a few things there. So when we think about the bridge opportunities, so I'd say that's progressing as expected. We talked about that being a late 2027 opportunity into '28. I think our time line still matches that. The discussions with the customer are ongoing. Obviously, there's a lot of interest again to kind of secure capacity overall. Again, we kind of paint a little bit of a picture around capacity constraints in general across the industry.

When we think about Computing, obviously, early on, there's a lot of discussion around silicon availability, memory availability. I'd say those seem to be -- I mean, they're still there, but at least customers understand better what is available and I'm going into 2027. I think that is highlighted even more that packaging is becoming one of the key bottlenecks. So customers are really working to make sure they secure capacity into '27 and even into 2028. So that's where you start to see a lot of these advance payment discussions.

And -- help me with the second question again, Randy?

Randy Abrams

Yes, the second part of that was the other projects. If you could talk a bit more about the scope, is compute concentrated with the core CPU where you're seeing good broadening out to these other projects if you expect them to be meaningful?

Kevin Engel

Yes. So I mean, meaningful. I think these core fundamental programs are scaling much, much faster. So I think I have to say that. But I think we have programs going on in NPU. Networking programs and things like switches, those are 2.5D type programs. And then again, we talked about the CPU program for hyperscaler. Again, all of those are on track, either ramping now or ramping in the next quarter or this quarter, late this quarter. But I think overall, the scale-wise, the big driver is the key programs we talked about.

Randy Abrams

Okay. Great. And my second question, I wanted to ask about the cost and also the pricing environment. We're seeing a lot of the substrate and material costs rise but also tight capacity. And I think your Taiwan peer has been raising price. How do you see both of those drivers? And if I could add just one offset. With the SiP business rebound stronger next year to offset if you indeed could see some pricing improvement? Do you see any offsets from SiP?

Kevin Engel

Okay. Yes. So yes, I mean, there's definitely cost pressure. I think we're managing that closely with our suppliers. And typically, we're passing those costs on to our customers.

I think the pricing environment in general is still attractive related to being able to pass costs along and think about long-term investment and how we're managing that margin profile to make sure the return is there. And again, you think about the number of players that to support these types of products or these types of packages is relatively limited. So that creates an environment where I think all of the players in this field are able to really driving attractive cost structure and price structure just because of the overall constraints in the capacity in general.

Then when it comes to SiP, we definitely see that -- again, we talked about the short-term kind of headwinds related to the transfer and how you always have a little bit of a gap as you're moving assets across the oceans. But we definitely see with working with the customers that the rebound is there. There's a lot of pipeline built up for SiP. Pricing, I'd kind of go back with that related to passing on cost increases that we're seeing. Maybe not so much related to really driving an overall margin acceleration related to that business part.

Operator

Your next question comes from Steven Fox with Fox Advisors.

Steven Fox

I had 2 as well. I guess, first of all, you gave a lot of great clues on how CapEx could look like for next year. Can you talk about how some of the capacity expansion could impact gross margins in the coming calendar year? And also, how much of a mix offset you could get roughly when we think about that? And then I have a follow-up.

Kevin Engel

Okay. Megan, can you take that one?

Megan Faust

Sure. So just to reiterate, Steve, we did want to signal without -- we're not yet ready to provide full 2027 CapEx guidance, but that -- we are proceeding with some programs that Kevin outlined but are going to step up CapEx specifically around facilities. So just to recap there, we have the Arizona facility. We gave a framework that '27 could be up to 15% of that $12 billion in '27. And then for Korea in the range of $400 million to $450 million and then Vietnam $50 million. So altogether, those are higher than $2 billion just around those programs.

So as it relates to margin impact, just as a reminder, the Arizona facility will not yet be completed until the end of '27. So that won't start being recognized in the income statement until that's completed. So we'll be capitalizing that over the course of the year. Similarly, with the other primary projects in Korea. As it relates to equipment, we do anticipate further expansion on the equipment side. We're going to see probably around a mid-teens percent increase in depreciation in '26. I do expect that, that will increase somewhat in '27. It's still too early to tell yet what that impact on margin will be.

However, as you just mentioned, we are executing on our strategic plan, which identified product mix as one of the primary areas for margin expansion and with our plan around compute to grow similarly 30% or more in '27, we would anticipate having a benefit related to that in '27.

Steven Fox

Great. That's super helpful. And then just as a follow-up, I know you just covered pricing, but maybe just asking it a little differently on some of these agreements. Obviously, you've taken some of the -- a lot of the risk out in terms of planning for capacity with some of these new compute agreements and networking, et cetera. How do we think about just how you're creating pricing power within that? Is there any other thing -- anything else we should think about besides you mentioned sort of the predictability of the production in a specific plant?

Kevin Engel

No. Again, I think if you look at all of the computing customers, the environment and the pricing environment, they understand that these are very significant capital investments and there needs to be earned on these capital investments. So I think the margin profile and the return is not a major issue. They are more focused on making sure they secure the capacity. So at this point, we feel very optimistic around the pricing environment related to these multiyear agreements.

Operator

[Operator Instructions] Your next question comes from Steve Barger with KeyBanc Capital Markets.

Steve Barger

Megan, you talked about the dozen customers with prepayments, and it sounds like there could be some more coming. As you think about CapEx timing versus these payments arrangements, can you manage this build out without incremental debt? Or is it too early to tell?

Megan Faust

Thanks, Steve. So with what we have outlined, we are -- obviously, there's going to be significant part in '27. So that even pushes through '28, where there may not even need to be incremental debt at that point. So I would say it's still too early to tell whether we would need incremental debt within '28 and beyond. But I would say the balance sheet positioning is solid through 2027.

Steve Barger

Got it. And if consumer electronics in comms and compute remains soft for multiple quarters into next year, does it change the margin trajectory or the earnings trajectory as you think about the CapEx investments that you've talked about relative to the unit volume potential losses from some of these consumer electronics programs? Or do you expect that the AI-related devices acceleration can mitigate that?

Kevin Engel

Yes. So let me just start again with the overall picture. I think we talked about this a good bit during the Investor Day. So when we think about what's our long-term vision. Compute is going to continue to accelerate. And obviously, that's a very attractive margin profile and become a larger portion of the business. We talked about the CAGRs we would expect there. Some of these opportunities that we've talked about in advance payments were already contemplated in those long-term targets.

But I think -- and then we look at communications, we would expect it to continue to grow, maybe not -- obviously, not at the kind of growth rates we're talking about for Computing. So in general, we feel the assets will have troughs and things like that. But the assets overall, we don't think that utilization levels will change over time. They'll continue to rise and be an attractive profile for the overall communications business.

And Megan, anything to add there?

Megan Faust

Yes. I just wanted to mention that we do see having a diversified portfolio as a benefit. And so in times like this where we are seeing weakness in communications and consumer, those changes in market dynamics, are being cushioned by the strength in compute. And we've seen this before when we had automotive significantly declining post COVID, and we had other markets such as communications and compute at the time. So I think having a diversified portfolio definitely helps move through dynamics such as what we're experiencing today.

Kevin Engel

Yes. And again, just thinking about build cycle changes, we're optimistic that the first half, second half peaks will be different moving forward. We'll see if that cycle continues longer term. But I think that will also be pretty significant related to the communications first half, second half dynamic.

Operator

And your next question comes from Denis Pyatchanin with Needham & Company.

Denis Pyatchanin

My first one is for Kevin. Given persistently high memory prices over the last year, what are you seeing in terms of impact on PC and smartphone-related product volume? Would you be able to quantify the current impact for each? And could you maybe provide an outlook for these markets for the next year?

Kevin Engel

Yes, that's a hard question. I'd say, obviously, memory pricing and then just availability in general has affected both markets. Definitely in communications, and I think we tried to signal some of this before. We saw that Android maybe had a little bit harder time adjusting than iOS. And that may be related to overall pricing dynamics, I think the low tier type phones had a harder time absorbing those cost changes than the premium tier. So I think that will continue.

And then when we think about the PC market, again, memory is a pretty sizable component to the overall PC costs. So we definitely saw impacts there. But I think the general trend that we've always highlighted about the migration to ARM from x86 is continuing, and that's helping to offset some of those challenges for us.

Denis Pyatchanin

And my second one is for Megan. So more recently, CapEx has come up to over 30% of sales, while historically, it has been in the low to mid-teens. Would you be able to provide a longer-term outlook for CapEx intensity? Any thoughts on whether it will ramp down more slowly or if there will be a more significant drop at some point, 2 or 3 years out?

Megan Faust

Sure. So we have indicated '27 will have a step-up in CapEx for -- specifically for the facility build-out. We've also, at least shared a framework that our Arizona build-out will peak in '28 and '29. That's because we will be constructing Phase 2 at the same time that we're bringing on equipment for Phase 1. So I think the CapEx is going to stay elevated through those periods. And then from that perspective, from what we've shared so far, it will probably taper back down. As far as a long-term kind of normalized, we have not provided that level of detail.

Operator

Thank you. At this time, I'm showing no further questions. I would like to turn the call back over to Kevin for closing remarks.

Kevin Engel

Okay. Thank you, everyone, for the questions. Let me close with 3 key messages. First, our financial performance continues to strengthen. Record Computing and Automotive and Industrial revenue and margin expansion demonstrates the improving earnings power of the business. Second, advanced packaging is driving significant growth opportunities. We continue to make progress across our HDFO and 2.5D programs with strong momentum in AI and high-performance computing. And third, customers are making longer-term commitments to Amkor. This gives us greater visibility as we accelerate our global capacity expansions. Thank you for joining the call today.

Operator

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

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