greeksoup/ stock research
Stock research / United States / MKSI / FY2025

MKS (MKSI) FY2025 results: revenue $3.9 billion, up 9.6% on the year

MKS Inc. (MKSI) reported revenue of $3.9 billion for fiscal 2025, the year ended 31 December 2025, up 9.6% on the year before. Net income was $295 million, up 55.3%, and diluted earnings per share $4.37. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$3.9 billion
+9.6% on the year
FY2018FY2025
Operating margin
13.4%
13.9% a year earlier
FY2018FY2025
Net income
$295 million
+55.3% on the year
FY2018FY2025
Diluted EPS
$4.37
+55.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new.

  • Revenue rose to $1,033 million: Quarterly revenue was $1,033 million, against $988 million in the third quarter and $935 million a year earlier. Full-year revenue was $3,931 million, against $3,586 million in 2024.
  • Net income rose to $108 million: GAAP net income was $108 million, or $1.58 per diluted share, against $90 million, or $1.33 per diluted share, a year earlier. Full-year net income was $295 million, or $4.37 per diluted share.
  • Non-GAAP earnings per share $2.47: Non-GAAP net earnings per diluted share were $2.47, against $2.15 a year earlier. The full-year figure was $7.88, against $6.58 in 2024.
  • Semiconductor revenue reached $435 million: Semiconductor revenue was $435 million, against $415 million in the third quarter and $400 million a year earlier. Full-year revenue was $1,696 million, against $1,498 million.
  • Two end markets grew double digits: Management said its portfolio aimed at next-generation semiconductor manufacturing and advanced packaging drove double-digit growth in two key end markets in 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

MKS, formerly known as MKS Instruments, makes instruments, subsystems, systems, process control solutions and specialty chemicals used in semiconductor manufacturing, in the making of printed circuit boards and package substrates, and in specialty industrial applications. It was founded in 1961 as a Massachusetts corporation, and it acquired Atotech Limited in August 2022. It reports three segments, the Vacuum Solutions Division, the Photonics Solutions Division and the Materials Solutions Division, and runs a Global Service business across all three.

MKS Inc., the 10-K for 2025

MKS, formerly known as MKS Instruments, makes instruments, subsystems, systems, process control solutions and specialty chemicals used in semiconductor manufacturing, in the making of printed circuit boards and package substrates, and in specialty industrial applications. It was founded in 1961 as a Massachusetts corporation, and it acquired Atotech Limited in August 2022. It reports three segments, the Vacuum Solutions Division, the Photonics Solutions Division and the Materials Solutions Division, and runs a Global Service business across all three.

Markets

Its products are used in major semiconductor processing steps such as deposition, etching, cleaning, lithography, metrology and inspection, and it calls this offering Surround the Wafer. In electronics and packaging it sells photonics components, laser drilling systems, electronics chemistries and plating equipment for making printed circuit boards, package substrates and wafer level packaging, which it calls Optimize the Interconnect. In specialty industrial markets its products go into coatings and surface finishing for automobiles, vacuum solutions for synthetic diamond manufacturing, bioimaging, medical instrument sterilization, and research laboratories at governments and universities, as well as surveillance and infrastructure protection.

Vacuum Solutions

This division's products come from vacuum technologies such as pressure measurement and control, flow measurement and control, gas and vapor delivery, and power generation and delivery. They include pressure measurement products, flow and valve products, microwave and radio frequency power delivery systems that provide energy to etching, stripping and deposition processes, and remote plasma and ozone generators that create reactive gases for processing thin films.

Photonics Solutions

This division makes continuous wave, pulsed nanosecond and ultrafast lasers based on diode, diode-pumped solid-state and fiber laser technologies. It also makes precision motion control, optical tables and vibration isolation systems, optics, and laser power and energy meters, along with laser-based systems that drill blind micro-vias in printed circuit boards and package substrates.

Materials Solutions

This division sells chemical processes and production equipment for plating and surface modification in the manufacturing of printed circuit boards, package substrates and wafers used in smartphones, computers, servers and data centers, and automotive electronics. It also sells chemistry for decorative, corrosion-protective and wear-resistant coatings, and for paint pretreatment, stripping and overspray treatment, in markets such as automotive, construction, aviation and household appliances. It is supported by 15 global technology centers.

Customers and service

It sells to thousands of customers, including semiconductor capital equipment manufacturers, semiconductor device manufacturers and printed circuit board and package substrate manufacturers. It sells through its global direct sales organization, independent distributors and sales representatives, its websites and product catalogs. Global Service provides installation, training, on-site maintenance and repair, and repair and calibration at service depots worldwide.

People

As of December 31, 2025 it had a total workforce of approximately 10,300 individuals, excluding contracted employees, at sites in 37 countries. Of its employees, 33% were in the Asia-Pacific region, 34% in Europe, the Middle East and India, and 33% in the Americas.

From MKS' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

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

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,9313,5863,622+9.6%
Cost of revenue2,0941,8781,980+11.5%
Gross profit1,8371,7081,642+7.6%
Gross margin46.7%47.6%45.3%
Research and development299271288+10.3%
Selling, general and administrative724674675+7.4%
Operating income528498-1,554+6.0%
Operating margin13.4%13.9%-42.9%
Interest expense212284356-25.4%
Pre-tax income304180-1,928+68.9%
Income tax9.0-10.0-87.0
Effective tax rate3.0%-5.6%n/a
Net income295190-1,841+55.3%
Net margin7.5%5.3%-50.8%
Diluted EPS$4.37$2.81-$27.54+55.5%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow645528319+22.2%
Capital expenditure14811887.0+25.4%
Free cash flow497410232+21.2%
Free cash flow margin12.6%11.4%6.4%
Cash from investing-145-117-84.0
Cash from financing-562-549-259
Depreciation and amortisation344348397-1.1%
Share-based compensation55.048.054.0+14.6%
Buybacks45.00.00.0
Dividends paid59.059.059.00.0%
Dividend per share$0.88$0.88$0.880.0%
Diluted shares, weighted68m68m67m+0.1%
Shares outstanding at period end67m67m67m-0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,7192,3222,472+17.1%
Debt4,2014,5384,789-7.4%
Other liabilities1,8761,7301,857+8.4%
Total liabilities and equity8,7968,5909,118+2.4%
Fixed assets810771784+5.1%
Goodwill2,5742,4792,554+3.8%
Intangible assets2,1402,2722,619-5.8%
Investmentsn/an/a0.0
Cash and equivalents418420507-0.5%
Receivables651615603+5.9%
Inventory921893991+3.1%
Other assets1,2821,1401,060+12.5%
Total assets8,7968,5909,118+2.4%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.