Onto Innovation (ONTO) FY2024 results: revenue $1.0 billion, up 1.8% on the year
Onto Innovation Inc. (ONTO) reported revenue of $1.0 billion for fiscal 2024, the year ended 3 January 2026, up 1.8% on the year before. Net income was $137 million, down 32.2%, and diluted earnings per share $2.78. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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.
- Year-end cash below third-quarter level: Cash, cash equivalents and short-term investments ended the quarter at $639.6 million. The third-quarter release reported $983.9 million at its end.
- HBM volume purchase agreement signed: A volume purchase agreement estimated at over $240 million was closed with a leading HBM manufacturer for Dragonfly 2D inspection and 3D bump metrology.
From this 10-K
Onto designs, develops, makes and supports metrology and inspection tools for the semiconductor industry, including optical metrology and inspection tools for patterned and unpatterned wafers, lithography systems for wafer and panel substrates, and process control analytical software. Its main customers are silicon wafer manufacturers, semiconductor integrated circuit fabricators and advanced packaging manufacturers, and its products are also used in markets such as LEDs, MEMS, CMOS image sensors, power devices, RF filters and data storage. Its fiscal year ended January 3, 2026.
The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024
Income statement (profit and loss)
| $ million | FY2024 | FY2023 | FY2022 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,005 | 987 | 816 | +1.8% | |
| Cost of revenue | 505 | 472 | 396 | +7.1% | |
| Gross profit | 500 | 515 | 420 | -3.0% | |
| Gross margin | 49.7% | 52.2% | 51.5% | ||
| Research and development | 132 | 114 | 104 | +15.9% | |
| Operating income | 133 | 187 | 116 | -29.0% | |
| Operating margin | 13.2% | 19.0% | 14.2% | ||
| Pre-tax income | 163 | 220 | 133 | -26.1% | |
| Income tax | 26.1 | 18.8 | 11.4 | +39.2% | |
| Effective tax rate | 16.0% | 8.5% | 8.6% | ||
| Net income | 137 | 202 | 121 | -32.2% | |
| Net margin | 13.6% | 20.4% | 14.9% | ||
| Diluted EPS | $2.78 | $4.06 | $2.46 | -31.5% |
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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 | FY2024 | FY2023 | FY2022 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 328 | 246 | 172 | +33.6% | |
| Capital expenditure | 28.5 | 31.9 | 22.6 | -10.6% | |
| Free cash flow | 300 | 214 | 149 | +40.2% | |
| Free cash flow margin | 29.8% | 21.7% | 18.3% | ||
| Cash from investing | -122 | -227 | -103 | ||
| Cash from financing | -75.2 | -35.7 | -9.5 | ||
| Depreciation and amortisation | 60.4 | 62.3 | 67.2 | -3.0% | |
| Share-based compensation | 27.6 | 28.6 | 25.5 | -3.4% | |
| Buybacks | 75.0 | 25.1 | 3.2 | +199.2% | |
| Diluted shares, weighted | 49m | 50m | 49m | -0.8% | |
| Shares outstanding at period end | 50m | 49m | 49m | +0.9% |
Balance sheet
| $ million | FY2024 | FY2023 | FY2022 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,101 | 1,926 | 1,737 | +9.1% | |
| Debt | 0.0 | 0.0 | 0.0 | ||
| Operating lease liabilities | 11.3 | 9.7 | 14.0 | +15.5% | |
| Other liabilities | 256 | 181 | 159 | +41.0% | |
| Total liabilities and equity | 2,368 | 2,117 | 1,910 | +11.8% | |
| Fixed assets | 127 | 124 | 104 | +2.7% | |
| Goodwill | 644 | 330 | 316 | +95.2% | |
| Intangible assets | 298 | 127 | 167 | +133.9% | |
| Investments | 294 | 639 | 464 | -54.1% | |
| Cash and equivalents | 346 | 213 | 234 | +62.5% | |
| Receivables | 269 | 308 | 227 | -12.7% | |
| Inventory | 298 | 287 | 328 | +3.9% | |
| Other assets | 91.6 | 88.3 | 70.8 | +3.7% | |
| Total assets | 2,368 | 2,117 | 1,910 | +11.8% |
10-K for the year ended 3 January 2026, filed 24 February 2026: the filing.