Entegris (ENTG) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales were $823.9M, down 3% year-over-year but up 2% sequentially, with non-GAAP EPS at $0.70 and GAAP EPS at $0.32, both near or above guidance high-end.

• Adjusted EBITDA for Q4 2025 was $228.1M (27.7% margin), down 8.2% year-over-year but up 3.4% sequentially.

• 2025 growth was driven by strong demand in liquid filtration, selective etch, and CMP consumables, especially in advanced technologies.

• Strategic priorities include deepening customer relationships, ramping new facilities, improving free cash flow, and increasing local-for-local manufacturing, especially for China.

• Free cash flow improved in 2025, with expectations for further cash generation and de-leveraging in 2026.

Financial highlights

• Q4 2025 gross margin was 43.8% GAAP and 44% non-GAAP; adjusted operating margin was 21.2%.

• Q4 2025 net income was $49.4M; full-year net sales were $3,196.6M with net income of $235.6M.

• Free cash flow for Q4 2025 was $134M, with a full-year margin of 12.7%.

• CapEx for 2025 was $299M (9% of sales); year-end cash was $360.4M.

• Long-term debt at year-end was $3,697.6M; net leverage at 3.8x.

Outlook and guidance

• Q1 2026 sales expected between $785M–$825M; non-GAAP EPS $0.70–$0.78; adjusted EBITDA margin 26.5%–27.5%.

• Q1 2026 GAAP net income guidance: $65M–$77M; diluted EPS: $0.43–$0.51.

• Full-year 2026 CapEx expected at $250M; net leverage targeted below 3.5x by year-end.

• Industry MSI growth expected mid-single digits; company expects to outperform market if node transitions materialize.

• Q2 2026 sales expected to increase 1%–3% sequentially.