Photronics (NASDAQ:PLAB) Posts FY2025 Results with Higher GAAP Earnings Despite Lower Revenue

3 min read | December 10, 2025 09:42 PM PST | By Team Kalkine Media

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Photronics (NASDAQ:PLAB) Posts FY2025 Results with Higher GAAP Earnings Despite Lower Revenue — Image source: © 2025 Krish Capital Pty. Ltd.

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Highlights

Photronics generated FY2025 revenue of USD 849.3 million, a 0% decrease year over year.

GAAP net income attributable to shareholders for FY2025 was USD 136.4 million, supported in part by a USD 16.8 million deferred tax valuation allowance reduction.

Fourth-quarter FY2025 revenue reached USD 215.8 million, increasing 6% sequentially.

Photronics, Inc. (NASDAQ:PLAB), a global manufacturer of photomasks used in semiconductor and display production, has announced its financial results for the full year and fourth quarter of fiscal 2025, ended October 31, 2025. The company reported year-over-year changes across revenue, net income and segment performance, along with updated guidance for the first quarter of fiscal 2026.

Full-Year FY2025 Performance

Photronics recorded revenue of USD 849.3 million for fiscal year 2025, representing a decline of 2.0% compared with 2024. GAAP net income attributable to Photronics shareholders rose to USD 136.4 million, or USD 2.28 per diluted share, up from USD 130.7 million, or USD 2.09 per diluted share, in the prior year. Results for the year included a favorable USD 16.8 million impact from a reduction in the deferred tax valuation allowance.

On a non-GAAP basis, net income attributable to shareholders was USD 120.6 million, or USD 2.01 per diluted share, compared with USD 127.6 million, or USD 2.05 per diluted share, in 2024.

Segment performance for the year showed IC revenue of USD 615.1 million, down 4% year over year, while FPD revenue reached USD 234.2 million, an increase of 2% over 2024.

Operating activities generated USD 247.8 million in cash during the year. Capital expenditures for organic growth totaled USD 188.1 million.

Fourth Quarter FY2025 Results

Fourth-quarter revenue was USD 215.8 million, down 3.1% from the same period last year but up 2.6% sequentially. GAAP net income attributable to Photronics shareholders totaled USD 61.8 million, or USD 1.07 per diluted share, compared with USD 33.9 million, or USD 0.54 per diluted share, in the fourth quarter of 2024, and USD 22.9 million, or USD 0.39 per diluted share, in the third quarter of 2025. The quarter’s results also incorporated the favorable USD 16.8 million deferred tax valuation allowance reduction.

Non-GAAP net income attributable to shareholders was USD 34.6 million, or USD 0.60 per diluted share, compared with USD 37.1 million, or USD 0.59 per diluted share, in Q4 2024 and USD 29.4 million, or USD 0.51 per diluted share, in Q3 2025.

IC revenue for the quarter was USD 157.4 million, down 4% year over year but up 7% sequentially, while FPD revenue reached USD 58.3 million, down 1% year over year and 7% sequentially.

At quarter-end, cash, cash equivalents and short-term investments totaled USD 588.2 million, with USD 422.3 million associated with joint ventures in which Photronics holds a 50.01% interest. Cash generated from operating activities was USD 87.8 million, and capital expenditures totaled USD 67.5 million.

Guidance for First Quarter Fiscal 2026

For the first quarter of fiscal 2026, Photronics expects revenue in the range of USD 217 million to USD 225 million. Non-GAAP net income attributable to shareholders is projected to be USD 0.51 to USD 0.59 per diluted share.

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