Power Integrations (POWI) FY2025 results: revenue $444 million, up 5.9% on the year
Power Integrations Inc. (POWI) reported revenue of $444 million for fiscal 2025, the year ended 31 December 2025, up 5.9% on the year before. Net income was $22 million, down 31.5%, and diluted earnings per share $0.39. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.
Revenue
$444 million
+5.9% on the year
FY2018FY2025
Operating margin
2.3%
4.3% a year earlier
FY2018FY2025
Net income
$22 million
-31.5% on the year
FY2018FY2025
Diluted EPS
$0.39
-30.4% 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: 2 lowered, 4 new, 1 kept.
Full-year revenue grew six percent: Full-year net revenue was $443.5 million. Full-year GAAP net income was $22.1 million, or $0.39 per diluted share, against $0.56 a year earlier.
Fourth-quarter revenue declined sequentially: Fourth-quarter revenue was $103.2 million, down 13 percent from the third quarter and down two percent from the fourth quarter of 2024.
Industrial led the year's growth: Management said the industrial category led the return to revenue growth in 2025, growing 15 percent for the year.
Record high-power gate-driver sales: Management attributed industrial growth to record sales in the high-power gate-driver business, plus strength in metering, power tools, automotive and broad-based applications.
PowiGaN revenue up over 40 percent: Management said total revenue from PowiGaN products grew more than 40 percent 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
112
81.2
65.8
+37.4%
Capital expenditure
24.4
17.3
20.9
+41.1%
Free cash flow
87.1
63.9
44.9
+36.4%
Free cash flow margin
19.6%
15.3%
10.1%
Cash from investing
36.2
-25.9
-14.2
Cash from financing
-140
-68.2
-93.0
Depreciation and amortisation
28.0
34.6
37.4
-19.0%
Share-based compensation
39.7
35.1
28.5
+13.2%
Buybacks
98.1
27.9
55.3
+251.8%
Dividends paid
47.2
46.0
44.0
+2.5%
Diluted shares, weighted
56m
57m
58m
-1.4%
Shares outstanding at period end
55m
57m
57m
-2.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
673
750
752
-10.3%
Debt
0.0
0.0
0.0
Operating lease liabilities
15.9
12.6
7.4
+25.9%
Other liabilities
83.5
66.4
60.3
+25.7%
Total liabilities and equity
772
829
820
-6.8%
Fixed assets
147
150
164
-2.0%
Goodwill
95.3
95.3
91.8
0.0%
Intangible assets
7.2
8.1
4.4
-10.3%
Investments
191
249
248
-23.4%
Cash and equivalents
58.8
51.0
63.9
+15.3%
Receivables
18.3
27.2
14.7
-32.8%
Inventory
167
166
163
+0.8%
Other assets
88.5
83.1
70.0
+6.5%
Total assets
772
829
820
-6.8%
10-K for the year ended 31 December 2025, filed 6 February 2026: the filing.