Ichor Holdings (ICHR) FY2025 results: revenue $948 million, up 11.6% on the year
Ichor Holdings, Ltd. (ICHR) reported revenue of $948 million for fiscal 2025, the year ended 26 December 2025, up 11.6% on the year before. Net income was -$53 million, and diluted earnings per share $-1.54. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$948 million
+11.6% on the year
FY2018FY2025
Operating margin
-4.1%
-0.9% a year earlier
FY2018FY2025
Net income
-$53 million
FY2018FY2025
Diluted EPS
-$1.54
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new, 1 kept.
Q4 revenue above guidance midpoint: Fourth-quarter revenue was $223.6 million, above the mid-point of the range management gave in November, and down from $239.3 million in the third quarter.
Full-year revenue rose 11.6%: Fiscal 2025 revenue was $947.7 million, against $849.0 million in fiscal 2024, an increase of 11.6%.
Demand environment strengthening into fiscal 2026: Management said its focus now shifts to a strengthening demand environment for fiscal 2026, after Q4 results aligned with its earlier expectations.
Q1 revenue range of $240M to $260M: Management's Q1 2026 revenue range runs from $240 million to $260 million, with a $250 million mid-point.
Q4 GAAP gross margin 9.4 percent: GAAP gross margin was 9.4% in Q4, against 4.6% in Q3 and 11.6% a year earlier. Non-GAAP gross margin was 11.7%, against 12.1% in Q3.
$ million except per share. Read moreFree 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
Last 8 years
Operating cash flow
29.9
27.9
57.6
+7.2%
Capital expenditure
36.2
17.6
15.5
+105.1%
Free cash flow
-6.3
10.2
42.1
Free cash flow margin
-0.7%
1.2%
5.2%
Cash from investing
-36.2
-17.6
-15.5
Cash from financing
-4.1
18.5
-48.7
Depreciation and amortisation
33.5
30.7
34.6
+9.0%
Share-based compensation
16.7
15.6
17.3
+7.4%
Diluted shares, weighted
34m
33m
29m
+4.5%
Shares outstanding at period end
34m
34m
29m
+1.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
664
698
565
-4.9%
Debt
124
129
249
-3.9%
Operating lease liabilities
25.4
34.2
28.2
-25.7%
Other liabilities
130
135
96.9
-3.3%
Total liabilities and equity
943
996
938
-5.3%
Fixed assets
104
94.9
92.8
+9.5%
Goodwill
335
335
335
0.0%
Intangible assets
40.4
48.7
57.3
-17.1%
Cash and equivalents
98.3
109
80.0
-9.6%
Receivables
70.5
86.6
66.7
-18.6%
Inventory
232
250
246
-7.3%
Other assets
62.6
71.2
60.5
-12.1%
Total assets
943
996
938
-5.3%
10-K for the year ended 26 December 2025, filed 20 February 2026: the filing.