Onto Innovation (ONTO) Q4 FY2024 earnings: revenue $267 million, up 1.1% on the year

Onto Innovation Inc. (ONTO) reported revenue of $267 million for Q4 FY2024, the quarter ended 3 January 2026, up 1.1% on the same quarter a year earlier. Net income was $11 million, down 78.4% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue$267 millionup 1.1%

Net income$11 milliondown 78.4%

Diluted EPS$0.21

QuarterQ4 FY2024ended 3 January 2026

What management said

Guidance figures: 9 new.

Record quarterly and annual revenue: Fourth-quarter revenue was $266.9 million, up 1.1% from $263.9 million. Full-year revenue was $1,005.3 million, up 1.8% from $987.3 million.
GAAP operating income declined: GAAP operating income was $13.9 million, or 5.2% of revenue, against $42.5 million, or 16.1%, a year earlier. Non-GAAP operating income was $67.2 million, or 25.2%, against $75.5 million.
GAAP gross margin declined: GAAP gross margin was 46.4% against 50.2% a year earlier. Full-year GAAP gross margin was 49.7% against 52.2%. The reconciliation adds back restructuring of $21.8 million in cost of revenue.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Revenue	267	218	264	+1.1%
Cost of revenue	143	108	132	+8.8%
Gross profit	124	111	132	-6.5%
Gross margin	46.4%	50.7%	50.2%
Research and development	n/a	32.5	34.9	n/a
Operating income	13.9	23.7	42.5	-67.4%
Operating margin	5.2%	10.9%	16.1%
Pre-tax income	19.5	32.0	51.3	-61.9%
Income tax	9.0	3.8	2.5	+266.6%
Effective tax rate	46.1%	11.7%	4.8%
Net income	10.5	28.2	48.8	-78.4%
Net margin	3.9%	12.9%	18.5%
Diluted EPS	$0.21	$0.57	$0.98	-78.6%

$ 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	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Operating cash flow	95.0	83.4	56.0	+69.6%
Capital expenditure	5.1	1.4	4.6	+10.9%
Free cash flow	89.9	82.0	51.4	+74.9%
Free cash flow margin	33.7%	37.6%	19.5%
Cash from investing	-353	297	-4.1	n/a
Cash from financing	2.7	5.4	-25.7	n/a
Depreciation and amortisation	19.9	13.4	12.2	+63.9%
Share-based compensation	7.2	6.9	6.8	+7.2%
Buybacks	0.0	0.0	25.1	n/a
Diluted shares, weighted	50m	49m	50m	-0.2%
Shares outstanding at period end	50m	49m	49m	+0.9%

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	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Shareholders' equity	2,101	2,002	1,926	+9.1%
Debt	0.0	0.0	0.0	n/a
Operating lease liabilities	11.3	8.4	9.7	+15.5%
Other liabilities	256	176	181	+41.0%
Total liabilities and equity	2,368	2,187	2,117	+11.8%
Fixed assets	127	129	124	+2.7%
Goodwill	644	330	330	+95.2%
Intangible assets	298	102	127	+133.9%
Investments	294	381	639	-54.1%
Cash and equivalents	346	603	213	+62.5%
Receivables	269	260	308	-12.7%
Inventory	298	259	287	+3.9%
Other assets	91.6	122	88.3	+3.7%
Total assets	2,368	2,187	2,117	+11.8%

Questions

What was Onto Innovation's revenue in Q4 FY2024?

Onto Innovation (ONTO) reported revenue of $267 million for Q4 FY2024, the quarter ended 3 January 2026, up 1.1% on the same quarter a year earlier.

How much did Onto Innovation earn in Q4 FY2024?

Net income for Q4 FY2024 was $11 million, down 78.4% on the year, and diluted earnings per share $0.21.

When did Onto Innovation report Q4 FY2024 results?

Onto Innovation filed its 10-K for the year that ended with the quarter on 24 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2020	Q4 FY2020 *	Q1 FY2021	Q2 FY2021	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025
Revenue	201	226	241	256	254	253	199	191	207	219	229	242	252	264	267	254	218	267	292	343
Cost of revenue	91.2	102	110	124	115	116	94.2	90.2	100	111	111	114	116	132	123	131	108	143	146	160
Gross profit	109	124	131	132	139	137	105	100	107	108	118	128	136	132	143	122	111	124	146	183
Gross margin	55%	55%	54%	52%	55%	54%	53%	53%	52%	49%	52%	53%	54%	50%	54%	48%	51%	46%	50%	53%
R&D	23.8	24.8	26.3	25.6	32.1	27.8	27.2	27.0	26.1	24.0	26.6	27.0	28.3	34.9	28.0	35.3	32.5	n/a	35.1	38.9
Operating income	43.1	49.9	58.7	57.5	59.3	61.2	29.0	24.8	34.0	28.2	42.7	48.8	53.1	42.5	63.1	32.2	23.7	13.9	33.5	63.5
Operating margin	21%	22%	24%	22%	23%	24%	15%	13%	16%	13%	19%	20%	21%	16%	24%	13%	11%	5%	11%	19%
Pre-tax income	43.1	50.1	58.9	57.3	59.9	65.6	32.2	27.9	38.7	33.8	50.9	57.3	61.0	51.3	71.7	39.7	32.0	19.5	38.1	68.5
Tax rate	15%	7%	9%	10%	13%	-1%	10%	7%	7%	10%	8%	8%	13%	5%	11%	15%	12%	46%	11%	12%
Net income	36.4	46.7	53.3	51.6	52.2	66.2	29.1	25.9	35.9	30.3	46.9	52.9	53.1	48.8	64.1	33.9	28.2	10.5	33.8	60.1
Net margin	18%	21%	22%	20%	21%	26%	15%	14%	17%	14%	20%	22%	21%	18%	24%	13%	13%	4%	12%	18%
Diluted EPS	$0.73	$0.93	$1.07	$1.03	$1.05	$1.34	$0.59	$0.53	$0.73	$0.61	$0.94	$1.07	$1.07	$0.98	$1.30	$0.69	$0.57	$0.21	$0.67	$1.21
Operating cash flow	49.9	49.0	45.5	9.9	31.8	49.5	50.1	31.7	28.6	61.6	57.1	65.3	67.2	56.0	92.0	57.9	83.4	95.0	26.3	61.5
Capital expenditure	1.6	0.9	2.5	4.4	2.9	8.6	7.9	4.6	7.6	2.5	7.0	12.3	8.0	4.6	8.2	13.8	1.4	5.1	3.6	3.7
Free cash flow	48.2	48.1	43.0	5.5	28.9	40.9	42.2	27.1	21.0	59.1	50.2	53.0	59.2	51.4	83.7	44.2	82.0	89.9	22.7	57.9
Buybacks	n/a	n/a	0.0	0.0	11.5	53.7	3.2	0.0	0.0	0.0	0.0	0.0	0.0	25.1	75.0	0.0	0.0	0.0	0.0	205
Shares outstanding	49m	49m	50m	50m	50m	49m	49m	49m	49m	49m	49m	49m	49m	49m	49m	49m	49m	50m	50m	49m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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-K for the period ended 3 January 2026, filed 24 February 2026, accession 0001193125-26-066937: the filing on EDGAR. All of Onto Innovation Inc.'s filings: EDGAR company page.