Short answer
COHU INC (COHU) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $453M (+12.7% year over year) and net income of −$74M.
- Top risk flagged: Regulatory/legal risk: Compliance with EU AI Act since Aug 1, 2024, and US federal/state AI laws including Trump’s Dec 2025 executive order creating the AI Litigation Task Force
FY2025 key financial metrics · XBRL
- Revenue
- $453M
- +12.7% YoY
- Net income
- −$74M
- −6.4% YoY
- Operating margin
- -15.4%
- +2.4 pp YoY
- EPS (diluted)
- −$1.59
- −6.7% YoY
- ROE
- -9.5%
- −1.3 pp YoY
- Operating cash flow
- $32M
- +1040.8% YoY
Source: XBRL data from the COHU INC (COHU) FY2025 10-K on SEC EDGAR. USD.
COHU INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Provider of semiconductor test equipment and services under one operating segment, Semiconductor Test & Inspection
- Introduced strategic investment with $34.8M purchase of Tignis expanding technology portfolio in 2025
- Significant increase in goodwill to $283M, up $48M YoY, with IS reporting unit’s goodwill representing 39% and limited impairment headroom
- Revenue up 12.7% to $453M but net loss widened to $74.3M from $69.8M in prior year
- Notable rise in short-term investments to $257M from $56M in prior year reflecting liquidity management shift
Management Discussion & Analysis
- Cash, cash equivalents and short-term investments $484M, up $222M (84.7%) YoY; working capital $641M, up $192M (42.7%)
- Operating cash flow $31.7M vs $2.8M prior year; investing cash flow used $257M vs providing $21.9M prior year
- Financing cash flow provided $246.3M primarily from $287.5M convertible notes issuance; repurchased $8.6M shares in 2025
- Capital expenditures $21.0M in 2025 vs $10.6M in 2024 supporting operations and development
- Issued $287.5M 1.50% convertible senior notes due 2031; effective interest rate 2.2%; net proceeds $278.9M for general corporate use
- Management expects existing working capital sufficient for next 12 months; no forward revenue or profit guidance disclosed
Risk Factors
- Regulatory/legal risk: Compliance with EU AI Act since Aug 1, 2024, and US federal/state AI laws including Trump’s Dec 2025 executive order creating the AI Litigation Task Force
- Geopolitical/macro risk: 90% of revenues from international sales, with major exposure to Asia where geopolitical tensions threaten semiconductor supply chains
- Operational/supply chain risk: Dependence on Jabil in Malaysia for semiconductor test system manufacturing with risk of disruption or delivery delays
- Competitive risk: Ten largest customers accounted for 60% of revenue in 2025, loss or erosion of key customers’ business due to competitor innovations could harm results
- Financial risk: Significant R&D spend of $92.2 million in fiscal 2025 with risk of investments in new platforms failing to generate expected returns
Generated from the filing text; verify against the original. How to read a 10-K
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