Onto Innovation (ONTO) Q1 FY2023 earnings: revenue $229 million, up 14.9% on the year

Onto Innovation Inc. (ONTO) reported revenue of $229 million for Q1 FY2023, the quarter ended 30 March 2024, up 14.9% on the same quarter a year earlier. Net income was $47 million, up 61.2% on the year, and diluted earnings per share $0.94. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2025.

Revenue$229 millionup 14.9%

Net income$47 millionup 61.2%

Diluted EPS$0.94

QuarterQ1 FY2023ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2023	Q4 FY2022	A year earlier	Change on the year
Revenue	229	219	n/a	n/a
Cost of revenue	111	111	n/a	n/a
Gross profit	118	108	n/a	n/a
Gross margin	51.7%	49.3%	n/a
Research and development	26.6	24.0	n/a	n/a
Operating income	42.7	28.2	n/a	n/a
Operating margin	18.7%	12.9%	n/a
Pre-tax income	50.9	33.8	n/a	n/a
Income tax	4.0	3.5	n/a	n/a
Effective tax rate	7.9%	10.4%	n/a
Net income	46.9	30.3	n/a	n/a
Net margin	20.5%	13.8%	n/a
Diluted EPS	$0.94	$0.61	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q1 FY2023	Q4 FY2022	A year earlier	Change on the year
Operating cash flow	57.1	61.6	n/a	n/a
Capital expenditure	7.0	2.5	n/a	n/a
Free cash flow	50.2	59.1	n/a	n/a
Free cash flow margin	21.9%	27.0%	n/a
Cash from investing	-91.8	-37.1	n/a	n/a
Cash from financing	-5.1	-0.4	n/a	n/a
Depreciation and amortisation	16.5	16.7	n/a	n/a
Share-based compensation	6.5	5.6	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	50m	50m	n/a	n/a
Shares outstanding at period end	49m	49m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2023	Q4 FY2022	A year earlier	Change on the year
Shareholders' equity	1,782	1,737	n/a	n/a
Debt	n/a	0.0	n/a	n/a
Operating lease liabilities	12.8	14.0	n/a	n/a
Other liabilities	159	159	n/a	n/a
Total liabilities and equity	1,953	1,910	n/a	n/a
Fixed assets	107	104	n/a	n/a
Goodwill	316	316	n/a	n/a
Intangible assets	154	167	n/a	n/a
Investments	550	464	n/a	n/a
Cash and equivalents	191	234	n/a	n/a
Receivables	232	227	n/a	n/a
Inventory	330	328	n/a	n/a
Other assets	74.2	70.8	n/a	n/a
Total assets	1,953	1,910	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q1 FY2025	Q2 FY2025
Revenue	191	207	219	229	242	252	264	267	254	218	292	343
Cost of revenue	90.2	100	111	111	114	116	132	123	131	108	146	160
Gross profit	100	107	108	118	128	136	132	143	122	111	146	183
Gross margin	53%	52%	49%	52%	53%	54%	50%	54%	48%	51%	50%	53%
R&D	27.0	26.1	24.0	26.6	27.0	28.3	34.9	28.0	35.3	32.5	35.1	38.9
Operating income	24.8	34.0	28.2	42.7	48.8	53.1	42.5	63.1	32.2	23.7	33.5	63.5
Operating margin	13%	16%	13%	19%	20%	21%	16%	24%	13%	11%	11%	19%
Pre-tax income	27.9	38.7	33.8	50.9	57.3	61.0	51.3	71.7	39.7	32.0	38.1	68.5
Tax rate	7%	7%	10%	8%	8%	13%	5%	11%	15%	12%	11%	12%
Net income	25.9	35.9	30.3	46.9	52.9	53.1	48.8	64.1	33.9	28.2	33.8	60.1
Net margin	14%	17%	14%	20%	22%	21%	18%	24%	13%	13%	12%	18%
Diluted EPS	$0.53	$0.73	$0.61	$0.94	$1.07	$1.07	$0.98	$1.30	$0.69	$0.57	$0.67	$1.21
Operating cash flow	31.7	28.6	61.6	57.1	65.3	67.2	56.0	92.0	57.9	83.4	26.3	61.5
Capital expenditure	4.6	7.6	2.5	7.0	12.3	8.0	4.6	8.2	13.8	1.4	3.6	3.7
Free cash flow	27.1	21.0	59.1	50.2	53.0	59.2	51.4	83.7	44.2	82.0	22.7	57.9
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	25.1	75.0	0.0	0.0	0.0	205
Shares outstanding	49m	49m	49m	49m	49m	49m	49m	49m	49m	49m	50m	49m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 8 May 2025, accession 0000950170-25-066934: the filing on EDGAR. All of Onto Innovation Inc.'s filings: EDGAR company page.

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