Short answer
VEECO INSTRUMENTS INC (VECO) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $664M (−7.4% year over year) and net income of $35M.
- Top risk flagged: Regulatory risk: U.S. Export Administration Regulations restrict sales to China with export licenses now presumed denied, impacting revenue and shipments to key customers
FY2025 key financial metrics · XBRL
- Revenue
- $664M
- −7.4% YoY
- Net income
- $35M
- −52.0% YoY
- Operating margin
- 5.4%
- −4.0 pp YoY
- Gross margin
- 40.0%
- −2.4 pp YoY
- EPS (diluted)
- $0.59
- −52.0% YoY
- ROE
- 4.0%
- −5.6 pp YoY
- Operating cash flow
- $69M
- +8.9% YoY
Source: XBRL data from the VEECO INSTRUMENTS INC (VECO) FY2025 10-K on SEC EDGAR. USD.
VEECO INSTRUMENTS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Manufacturer of advanced semiconductor process equipment for AI chips, 5G, photonics, data storage, and advanced packaging markets
- New emphasis on Merger with Axcelis Technologies, Inc. announced Sept 2025, pending regulatory approval, expected to make Veeco a subsidiary
- Strategic focus increased on next-gen nanosecond laser annealing tech targeting advanced logic and memory devices at future nodes
- Backlog grew to $554.9M at Dec 31, 2025 from $409.6M prior year, indicating strong order book expansion
- Workforce headcount at 1,265 with 162 new hires in 2025; voluntary turnover 7.6%, average tenure over 8 years reflecting strong retention
Management Discussion & Analysis
- Revenue $664.3M, down 7% YoY from $717.3M; Semiconductor up 2% to $476.6M, Compound Semiconductor down 23%, Data Storage down 60%
- Operating margin 5.4% in 2025 vs 9.3% in 2024; Gross margin 40% down from 42%; Operating income $35.7M vs $67.0M prior year
- Best performing segment: Semiconductor $476.6M revenue, up 2%; Worst performing: Data Storage $39.2M, down 60%
- Operating cash flow $69.5M up from $63.8M; Capex $16.2M down from $18.1M; Financing cash used $10.5M; no buybacks or dividends disclosed
- Management expects 2026 growth from advanced node logic, memory, advanced packaging, and new platforms in Compound Semiconductor and Data Storage markets; risks include tariffs and market variability
Risk Factors
- Regulatory risk: U.S. Export Administration Regulations restrict sales to China with export licenses now presumed denied, impacting revenue and shipments to key customers
- Geopolitical risk: Russia-Ukraine conflict threatens supply of critical neon and palladium, requiring longer purchase commitments for semiconductor raw materials
- Operational risk: Quarterly results volatile due to dependence on a small number of high-priced system sales with last-minute order timing
- Competitive risk: Chinese government-backed competitors growing due to substantial state investments and potential exclusion of U.S. firms from China market
- Financial risk: Debt facilities include covenants potentially limiting ability to raise capital or repurchase Notes upon fundamental change
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.