ACM Research (ACMR) FY2025 results: revenue $901 million, up 15.2% on the year

ACM Research, Inc. (ACMR) reported revenue of $901 million for fiscal 2025, the year ended 31 December 2025, up 15.2% on the year before. Net income was $94 million, down 9.2%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue

$901 million

+15.2% on the year

FY2018FY2025

Operating margin

12.1%

19.3% a year earlier

FY2018FY2025

Net income

$94 million

-9.2% on the year

FY2018FY2025

Diluted EPS

$1.37

-10.5% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	901	782	558	+15.2%
Cost of revenue	501	391	282	+28.3%
Gross profit	400	392	276	+2.2%
Gross margin	44.4%	50.1%	49.5%
Research and development	145	105	92.7	+37.5%
Operating income	109	151	95.8	-27.5%
Operating margin	12.1%	19.3%	17.2%
Interest expense	7.0	4.2	2.7	+67.5%
Pre-tax income	135	166	116	-18.7%
Income tax	13.3	35.0	19.4	-62.0%
Effective tax rate	9.8%	21.1%	16.7%
Net income	94.1	104	77.3	-9.2%
Net margin	10.4%	13.2%	13.9%
Diluted EPS	$1.37	$1.53	$1.16	-10.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	-10.3	152	-75.3
Capital expenditure	56.3	82.5	61.9	-31.7%
Free cash flow	-66.6	70.0	-137
Free cash flow margin	-7.4%	8.9%	-24.6%
Cash from investing	-390	-12.0	-6.7
Cash from financing	742	92.5	18.5	+702.9%
Depreciation and amortisation	14.4	6.6	6.9	+119.2%
Share-based compensation	33.6	49.6	27.3	-32.3%
Diluted shares, weighted	67m	66m	65m	+1.6%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	1,464	905	767	+61.9%
Non-controlling interest	466	191	159	+143.7%
Debt	288	183	92.1	+57.6%
Operating lease liabilities	5.1	3.8	4.3	+32.0%
Other liabilities	649	573	468	+13.2%
Total liabilities and equity	2,872	1,856	1,491	+54.8%
Fixed assets	315	269	202	+16.9%
Intangible assets	2.8	3.5	2.5	-17.7%
Investments	102	56.4	49.2	+80.0%
Trading assets	35.5	19.4	n/a	+83.4%
Cash and equivalents	757	407	182	+85.9%
Receivables	504	387	283	+30.3%
Inventory	703	598	545	+17.5%
Other assets	453	115	227	+295.1%
Total assets	2,872	1,856	1,491	+54.8%

10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.