Realtek Semiconductor (2379) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was NT$26.28B, down 10.9% sequentially and 0.3% year-over-year, with net profit at NT$2.65B and EPS of NT$5.17, reflecting seasonal slowdown and inventory adjustments.

• 2025 full-year revenue reached NT$122.71B, up 8.2% year-over-year, setting a new record high, while net income was NT$14.75B, down 3.5% from 2024.

• Consolidated financials received an unqualified opinion from auditors, confirming fair presentation for 2025 and 2024.

• The group operates in a single segment focused on integrated circuits, with three major customers accounting for over 50% of 2025 sales.

Financial highlights

• Q4 gross margin was 48.1%, down 1.6pp sequentially; 2025 gross margin was 50%, slightly down from 2024.

• Q4 operating expenses were NT$10.33B (39.2% of revenue), and 2025 operating expenses were NT$47.01B (38.3% of revenue).

• Q4 non-op income was NT$651M, down 30.1% from Q3, due to lower subsidies and FX losses.

• Q4 inventory turnover days rose to 127 from 105 in Q3, reflecting lower volume and proactive inventory build-up.

• 2025 EPS was NT$28.77, down from NT$29.82 in 2024.

Outlook and guidance

• Cautiously optimistic for Q1 2026, supported by customer restocking and pre-stocking amid supply chain uncertainties.

• Robust first half 2026 projected, but vigilant on rising inventory costs and end demand.

• Gross margin expected to be maintained at current levels, with cost and performance optimization as focus.

• Board proposed a cash dividend of NT$25 per share for 2025, subject to approval.