Short answer
ICHOR HOLDINGS, LTD. (ICHR) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $948M (+11.6% year over year) and net income of −$53M.
- Top risk flagged: Cybersecurity risk overseen by Audit Committee with quarterly reports on mitigation and incident response
FY2025 key financial metrics · XBRL
- Revenue
- $948M
- +11.6% YoY
- Net income
- −$53M
- −153.5% YoY
- Operating margin
- -4.1%
- −3.2 pp YoY
- Gross margin
- 9.3%
- −2.9 pp YoY
- EPS (diluted)
- −$1.54
- −140.6% YoY
- ROE
- -8.0%
- −5.0 pp YoY
- Operating cash flow
- $30M
- +7.2% YoY
Source: XBRL data from the ICHOR HOLDINGS, LTD. (ICHR) FY2025 10-K on SEC EDGAR. USD.
ICHOR HOLDINGS, LTD. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design and manufacture critical fluid delivery subsystems and components for semiconductor capital equipment and other industries
- No new products or segments explicitly introduced or emphasized in 2026 filing text
- Strategic focus on early customer engagement and leveraging expanded product portfolio for semiconductor OEMs' design and development processes
- Revenue grew to $947.7M in 2025 from $849.0M in 2024, with net GAAP loss widening to $(52.8)M in 2025
- Noteworthy: maintained strong relationships with top semiconductor OEMs Lam Research, Applied Materials, and ASML as largest 2025 customers
Management Discussion & Analysis
- Revenue $947.7M, up 11.6% YoY from $849.0M in 2024 driven by increased semiconductor capital equipment demand
- Operating margin (4.1%) in 2025 vs (0.9%) in 2024; GAAP gross margin 9.3% vs 12.2%, non-GAAP operating margin steady at 2.2%
- Best segment: Semiconductor capital equipment (over 90% of sales), with key customers Lam Research and Applied Materials accounting for 76% sales
- Restructuring and exit costs approx. $35M in 2025; net loss $52.8M vs $20.8M; non-GAAP net income $7.9M vs $5.9M; R&D flat at $23.1M
- Capital allocation and cash flow: paid down revolver in 2024; reduced interest expense 28.6% to $6.6M; no specific dividend or buyback info disclosed
- Outlook: Management cautious on global trade risks, tariffs, and export controls; optimistic on long-term semiconductor demand growth despite near-term uncertainties
Risk Factors
- Cybersecurity risk overseen by Audit Committee with quarterly reports on mitigation and incident response
- Cybersecurity governance led by CIO with 25+ years of IT and security experience
- IT Steering Committee manages ongoing cybersecurity strategy and risk management activities
Generated from the filing text; verify against the original. How to read a 10-K
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