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Photronics (PLAB) investor relations material
Photronics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Dec, 2025
Executive summary
Achieved Q4 revenue of $216 million, up 3% sequentially, driven by record high-end IC sales and strong U.S. and Asia demand, with positive customer forecasts supporting ongoing U.S. investments.
Non-GAAP diluted EPS was $0.60, surpassing guidance; GAAP EPS was $1.07, aided by a $16.8 million U.S. tax valuation allowance reversal.
Strategic expansions in the U.S. (Allen, Texas) and Korea are underway to boost high-end and regionalized production and diversify geographic revenue.
High-end IC revenue reached a record, now 42% of total IC revenue, with robust demand validating expansion efforts.
Korea capability extension expected to increase exposure to advanced chip designs.
Financial highlights
Q4 revenue: $215.8 million, up 2.6% sequentially, down 3.1% year-over-year; full-year revenue: $849.3 million, down 2% year-over-year.
IC revenue: $157.4 million in Q4, down 4% year-over-year but up 7% sequentially; FPD revenue: $58.3 million, down 1% year-over-year.
Gross margin improved to 35.0% in Q4; operating margin reached 24.1%.
Operating cash flow was $87.8 million in Q4; full-year CapEx totaled $188.1 million.
Cash and short-term investments at Q4 end totaled $588.2 million, with $422.3 million from joint ventures.
Outlook and guidance
Q1 fiscal 2026 revenue expected between $217–$225 million; non-GAAP diluted EPS projected at $0.51–$0.59.
Q1 operating margin projected at 23–25%.
Fiscal 2026 CapEx planned at $330 million, focused on U.S. and Korea expansions and tool upgrades.
Continued node migration and cautious demand environment expected, with geopolitical factors influencing mainstream demand.
Capital allocation strategy shift rationale?
Timeline for Korea leading-edge exposure?
Nature of Q4 'Other income, net' gain?
Allen/Korea CapEx: Revenue/margin impact?
Mainstream IC: Margin impact from China competition?
Captive outsourcing: What is the margin profile?
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Next Photronics earnings date
Q1 202625 Feb, 2026
Next Photronics earnings date
Q1 202625 Feb, 2026
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Frequently asked questions
Photronics, Inc. manufactures and sells photomask products used to make semiconductor devices, flat panel displays, and light emitting diode (LED) products worldwide. The company offers photomasks for use in the production of semiconductor devices; and liquid crystal display photomasks that are used by flat panel display manufacturers to etch patterns onto glass panels.
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