PDF Solutions (PDFS) FY2025 results: revenue $219 million, up 22.0% on the year
PDF Solutions Inc. (PDFS) reported revenue of $219 million for fiscal 2025, the year ended 31 December 2025, up 22.0% on the year before. Net income was -$640,000, and diluted earnings per share $-0.02. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$219 million
+22.0% on the year
FY2018FY2025
Operating margin
2.7%
0.5% a year earlier
FY2018FY2025
Net income
-$640,000
FY2018FY2025
Diluted EPS
-$0.02
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new.
Fourth-quarter revenue up 25%: Total revenues were $62.4 million, up from $57.1 million in the third quarter and $50.1 million a year earlier.
Non-GAAP EPS of $0.30: Non-GAAP net income was $12.0 million, or $0.30 per diluted share, against $9.8 million, or $0.25, in the third quarter.
Revenue reported as Platform and Volume-based: Platform was $52.5 million and Volume-based $9.9 million in the fourth quarter; full-year Platform was $181.0 million and Volume-based $38.0 million.
SG&A rose to $21.7 million: SG&A was $21.7 million in the fourth quarter against $19.9 million in the third quarter; full-year SG&A was $84.7 million against $69.9 million.
Legal-proceeding expenses rose: Legal-proceeding expenses were $2.6 million in the fourth quarter against $0.2 million in the third quarter, and $3.0 million for the full year.
$ 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
24.1
9.7
14.6
+147.9%
Capital expenditure
32.6
17.2
11.2
+90.2%
Free cash flow
-8.6
-7.5
3.4
Free cash flow margin
-3.9%
-4.2%
2.0%
Cash from investing
-137
-5.9
-29.0
Cash from financing
64.6
-11.2
-5.9
Depreciation and amortisation
4.1
3.6
5.0
+12.6%
Share-based compensation
25.9
25.0
21.5
+3.5%
Buybacks
0.2
6.9
0.7
-96.5%
Diluted shares, weighted
39m
39m
39m
+0.7%
Shares outstanding at period end
40m
39m
38m
+1.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
271
246
229
+10.2%
Debt
67.0
0.0
0.0
Operating lease liabilities
3.8
3.5
4.7
+9.5%
Other liabilities
76.8
65.7
56.5
+16.9%
Total liabilities and equity
419
315
290
+32.8%
Fixed assets
81.6
48.5
37.3
+68.4%
Goodwill
95.0
15.0
15.0
+535.4%
Intangible assets
52.2
12.3
15.6
+324.1%
Investments
0.0
24.3
36.5
Cash and equivalents
42.2
90.6
99.0
-53.4%
Receivables
82.9
73.6
44.9
+12.6%
Other assets
64.7
51.0
41.7
+26.8%
Total assets
419
315
290
+32.8%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.