Veeco Instruments (VECO) FY2025 results: revenue $664 million, down 7.4% on the year
Veeco Instruments Inc. (VECO) reported revenue of $664 million for fiscal 2025, the year ended 31 December 2025, down 7.4% on the year before. Net income was $35 million, down 52.0%, and diluted earnings per share $0.59. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$664 million
-7.4% on the year
FY2018FY2025
Operating margin
5.4%
9.3% a year earlier
FY2018FY2025
Net income
$35 million
-52.0% on the year
FY2018FY2025
Diluted EPS
$0.59
-52.0% 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: 10 new.
Q4 revenue declined year on year: Fourth-quarter revenue was $165.0 million, against $182.1 million a year earlier. Full-year revenue was $664.3 million, against $717.3 million in 2024.
Q4 GAAP net income fell: GAAP net income was $1.1 million, or $0.02 per diluted share, against $15.0 million, or $0.26, a year earlier. Full-year GAAP net income was $35.4 million, or $0.59 per diluted share.
Second-half bookings accelerated: Management said bookings accelerated in the second half of 2025 in the semiconductor, compound semiconductor and data storage markets.
AI and HPC cited as drivers: Management linked its expected 2026 growth to AI and High-Performance Computing demand.
Gross margin fell year on year: GAAP gross margin was 36.7% in Q4 2025 against 40.6%, and 40.0% for the year against 42.4%. Non-GAAP gross margin was 37.7% in Q4 against 41.5%, and 41.0% for the year against 43.3%.
$ 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
69.5
63.8
61.7
+8.9%
Capital expenditure
16.2
18.1
27.9
-10.6%
Free cash flow
53.3
45.7
33.7
+16.6%
Free cash flow margin
8.0%
6.4%
5.1%
Cash from investing
-41.5
-64.5
-53.3
Cash from financing
-10.5
-12.6
-4.7
Depreciation and amortisation
20.0
25.1
25.0
-20.4%
Share-based compensation
37.0
35.9
28.6
+3.3%
Diluted shares, weighted
61m
62m
54m
-1.6%
Shares outstanding at period end
60m
57m
56m
+6.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
886
771
672
+14.9%
Debt
226
276
275
-18.2%
Operating lease liabilities
31.8
34.3
31.5
-7.2%
Other liabilities
182
170
250
+7.1%
Total liabilities and equity
1,326
1,252
1,229
+5.9%
Fixed assets
109
114
118
-4.5%
Goodwill
215
215
215
0.0%
Intangible assets
5.7
8.8
43.9
-35.5%
Investments
227
199
147
+14.1%
Cash and equivalents
163
146
159
+12.3%
Receivables
111
96.8
103
+14.3%
Inventory
275
247
238
+11.6%
Other assets
220
226
206
-2.6%
Total assets
1,326
1,252
1,229
+5.9%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.