Stratasys (SSYS) Q4 2025 earnings summary

Executive summary

• Delivered solid cash flow and protected margins in 2025 despite macro spending constraints, with 37.5% of revenues from manufacturing, up from 36% in 2024, and a strong balance sheet with $244.5 million in cash and no debt supporting organic and inorganic growth.

• Focused on high-value use cases in aerospace, defense, automotive tooling, dental, and medical, which grew year-over-year, supported by strategic partnerships with Airbus, Boeing, Subaru, Rivian, and others.

• Operational discipline and cost control drove improved profitability and positive operating cash flow in 2025.

• Expanded workflow and software solutions through partnerships with nTopology, PostProcess Technologies, Novineer, and Oak Ridge Systems.

• Established a new medical advisory board and continued investment in R&D and inorganic growth opportunities.

Financial highlights

• Q4 2025 revenue was $140 million, down 6.9% year-over-year; full-year revenue was $551.1 million, down from $572.5 million in 2024.

• Q4 adjusted EBITDA was $9.2 million (6.6% margin); full-year adjusted EBITDA was $28.5 million (5.2% margin), up from $26 million in 2024.

• Q4 non-GAAP net income was $6.2 million ($0.07/share); full-year non-GAAP net income was $12.7 million ($0.15/share), up from $4.2 million in 2024.

• Q4 GAAP net loss was $18.9 million; full-year GAAP net loss was $104.3 million, improved from $120.3 million in 2024.

• Generated $15.1 million in operating cash flow for 2025, up from $7.8 million in 2024; year-end cash and equivalents were $244.5 million with no debt.

Outlook and guidance

• 2026 revenue expected at $565–$575 million, with sequential quarterly growth and stronger H2.

• Consumables revenue projected to increase in 2026; Q1 expected to be the lowest for revenue and margins.

• Non-GAAP gross margin forecasted at 46.7%–47.1%; operating expenses expected at $260–$262 million, with $10 million adverse FX impact.

• 2026 non-GAAP net income expected at $8–$12.5 million; adjusted EBITDA at $25–$30 million (4.5%–5% margin); GAAP net loss expected between $83 million and $67 million.

• Capital expenditures for 2026 projected at $20–$25 million; positive operating cash flow expected.