Nova Reports Fourth Quarter and Record Full Year 2025 Results

Rhea-AI Summary

Nova (NASDAQ: NVMI) reported record full-year 2025 results and fourth-quarter 2025 financials. Total 2025 revenue was $880.6M, up 31% year-over-year, with GAAP net income of $259.2M ($7.96 per diluted share) and non-GAAP net income of $282.6M ($8.62 per diluted share).

Q4 2025 revenue was $222.6M (+14% YoY) with GAAP net income of $64.7M ($1.94 diluted). Management provided Q1 2026 guidance of $222M–$232M revenue and GAAP EPS of $1.90–$2.02.

Positive

• Record annual revenue of $880.6M (+31% YoY)
• Record GAAP net income $259.2M (+38% YoY)
• Record non-GAAP net income $282.6M (+29% YoY)
• Q4 revenue $222.6M (+14% YoY)
• Multiple strategic qualifications for GAA, DRAM, advanced packaging

Negative

• Operating expenses increased to $251.7M (+26% vs 2024)

News Market Reaction – NVMI

-6.78%

5 alerts

-6.78% News Effect

-2.2% Trough in 13 min

-$1.03B Valuation Impact

$14.11B Market Cap

0.0x Rel. Volume

On the day this news was published, NVMI declined 6.78%, reflecting a notable negative market reaction. Argus tracked a trough of -2.2% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1.03B from the company's valuation, bringing the market cap to $14.11B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $222.6M Q4 2025 GAAP EPS: $1.94 Q4 2025 non-GAAP EPS: $2.14 +5 more

8 metrics

Q4 2025 revenue $222.6M Quarterly revenue, up 14% YoY

Q4 2025 GAAP EPS $1.94 GAAP EPS for Q4 2025, up 23% YoY

Q4 2025 non-GAAP EPS $2.14 Non-GAAP EPS for Q4 2025, up 10% YoY

FY 2025 revenue $880.6M Record annual revenue, up 31% YoY

FY 2025 GAAP EPS $7.96 Record GAAP EPS for full year 2025, up 38% YoY

FY 2025 non-GAAP EPS $8.62 Record non-GAAP EPS for full year 2025, up 29% YoY

Q1 2026 revenue guide $222–232M Management outlook for Q1 2026 revenue

Q4 2025 gross margin 57.6% Gross margin for Q4 2025, above Q3 2025 and Q4 2024

Market Reality Check

Price: $413.23 Vol: Volume 525,052 is 1.16x t...

normal vol

$413.23 Last Close

Volume Volume 525,052 is 1.16x the 20-day average of 452,699, indicating elevated trading interest into earnings. normal

Technical Shares at $475.83 trade 6.2% below the 52-week high of $507.27 and remain well above the 200-day MA of $299.06.

Peers on Argus

NVMI gained 3.26% with mixed peer action: AMKR +3.46%, ONTO +1.1%, ACLS +0.2%, w...

NVMI gained 3.26% with mixed peer action: AMKR +3.46%, ONTO +1.1%, ACLS +0.2%, while CAMT -0.65% and IPGP -1.93%, suggesting a largely stock-specific reaction to earnings.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Positive	-8.2%	Record Q3 2025 revenue and earnings at high end of guidance.
Aug 07	Q2 2025 earnings	Positive	+1.9%	Record Q2 revenue and profits with 40% YoY growth and strong margins.
May 08	Q1 2025 earnings	Positive	-7.0%	Record Q1 2025 revenue and EPS driven by GAA and packaging demand.
Feb 13	FY 2024 earnings	Positive	+9.6%	Record Q4 and full-year 2024 revenue and income with strong growth.
Nov 07	Q3 2024 earnings	Positive	+7.9%	Record Q3 2024 results with robust revenue and profit expansion.

Pattern Detected

Earnings releases are generally positive, with three aligned price gains and two notable selloffs on strong results, indicating occasionally contrarian reactions to good news.

Recent Company History

Over the past five earnings cycles, Nova has consistently reported record or strongly growing results, with quarterly revenue rising from $179.0M in Q3 2024 to the low- to mid-$220M range through 2025. GAAP and non-GAAP EPS have trended higher alongside expanding metrology demand in logic, memory, and advanced packaging. Today’s Q4 and full-year 2025 report extends that record trajectory, confirming prior guidance ranges and reinforcing the company’s pattern of strong execution and growth.

Historical Comparison

+0.8% avg move · In the past five earnings releases, NVMI’s average move was 0.83%, with both rallies and selloffs on...

earnings

+0.8%

Average Historical Move earnings

In the past five earnings releases, NVMI’s average move was 0.83%, with both rallies and selloffs on strong results. Today’s solid Q4 and record 2025 report fits the pattern of consistently positive financial updates.

Earnings releases show a steady progression from record Q3 and Q4 2024 into higher record quarters throughout 2025, with sustained revenue and EPS growth across logic, memory and advanced packaging.

Market Pulse Summary

The stock moved -6.8% in the session following this news. A negative reaction despite record Q4 and ...

Analysis

The stock moved -6.8% in the session following this news. A negative reaction despite record Q4 and full-year 2025 results would fit prior instances where strong earnings still saw selling, such as Q1 and Q3 2025. With revenue at $880.6M and GAAP EPS at $7.96, any decline would likely reflect expectations resetting rather than operational weakness. Historically, moves around earnings averaged 0.83%, so a sharp drop would be an outlier.

Key Terms

gaap, non-gaap, gate‑all‑around (gaa), dram

4 terms

gaap financial

"GAAP net income of $64.7 million, or $1.94 per diluted share, a 23% increase"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial

"Non-GAAP net income of $72.2 million, or $2.14 per diluted share, a 10% increase"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

gate‑all‑around (gaa) technical

"support CMP applications across Gate‑All‑Around (GAA) processesFull Year 2025 Highlights"

Gate-all-around (GAA) is an advanced transistor design in which the switch that controls electrical flow wraps completely around the channel, similar to squeezing a hose from all sides to stop water flow more precisely. For investors, GAA matters because it enables chips to run faster and use less power at smaller sizes, which can improve performance and reduce costs for companies that successfully manufacture it at scale.

dram technical

"Record Sales for Gate-All-Around, DRAM and Advanced Packaging processes, driven by demand"

A dram is a small, traditional unit used to measure either mass or liquid volume in manufacturing and pharmaceuticals — roughly 1.77 grams for a weight dram or about 3.7 milliliters for a fluid dram, similar to a small teaspoon or a couple of drops. Investors care because dram-based measurements affect drug dosing, packaging sizes, labeling compliance and raw-material usage, which in turn influence production costs, inventory counts and regulatory risk.

AI-generated analysis. Not financial advice.

REHOVOT, Israel, Feb. 12, 2026 /PRNewswire/ -- Nova (NASDAQ: NVMI) today announced financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights:

• Quarterly revenue of $222.6 million, a 14% increase YoY.
• GAAP net income of $64.7 million, or $1.94 per diluted share, a 23% increase YoY.
• Non-GAAP net income of $72.2 million, or $2.14 per diluted share, a 10% increase YoY.
• Nova Integrated Metrology portfolio selected by a global leading logic customer to support CMP applications across Gate‑All‑Around (GAA) processes

Full Year 2025 Highlights:

• Record annual revenue of $880.6 million up 31% YoY
• Record GAAP net income of $259.2 million, or $7.96 per diluted share up 38% YoY
• Record Non-GAAP net income of $282.6 million, or $8.62 per diluted share up 29% YoY
• Record sales of Optical, Materials and Chemical Metrology portfolio driven by demand for unique solutions for critical applications and market share gains
• Record Sales for Gate-All-Around, DRAM and Advanced Packaging processes, driven by demand for AI

GAAP Results (K)
	Q4 2025	Q3 2025	Q4 2024	FY 2025	FY 2024
Revenues	$222,624	$224,608	$194,766	$880,577	$672,396
Net Income	$64,888	$61,421	$50,481	$259,223	$183,762
Earnings per Diluted Share	$1.94	$1.90	$1.58	$7.96	$5.75

 

Non-GAAP Results (K)
	Q4 2025	Q3 2025	Q4 2024	FY 2025	FY 2024
Net Income	$72,239	$69,991	$62,302	$282,588	$214,926
Earnings per Diluted Share	$2.14	$2.16	$1.94	$8.62	$6.69

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section.

 

Management Comments

"2025 was an exceptional year for Nova, as we delivered record revenue and profitability while supporting our customers' manufacturing challenges across advanced and mature nodes." said Gaby Waisman, President and CEO. "Our broad-based momentum, expanding metrology portfolio, and multiple strategic qualifications of Nova's advanced metrology solutions, underscore the strength of our strategy and technology. As we enter 2026, we believe Nova is well positioned to capitalize on the upward investment cycle."

2026 First Quarter Financial Outlook

Management provided an outlook for the first quarter, the period ending March 31, 2026. Based on current estimates, management expects:

• $222 million to $232 million in revenue
• $1.90 to $2.02 in diluted GAAP EPS
• $2.13 to $2.25 in diluted non-GAAP EPS

2025 Fourth Quarter Results

Total revenues for the fourth quarter of 2025 were $222.6 million, a decrease of 1% compared with the third quarter of 2025 and an increase of 14% compared with the fourth quarter of 2024.

Gross margin in the fourth quarter of 2025 was 57.6%, compared with 56.7%, in the third quarter of 2025 and 56.4% in the fourth quarter of 2024.

Operating expenses in the fourth quarter of 2025 were $67.5 million, compared with $63.6 million in the third quarter of 2025 and $54.5 million in the fourth quarter of 2024.

On a GAAP basis, the Company reported net income of $64.7 million, or $1.94 per diluted share, in the fourth quarter of 2025. This is compared with net income of $61.4 million, or $1.90 per diluted share, in the third quarter of 2025, and $50.5 million, or 1.58 per diluted share, in the fourth quarter of 2024.

On a non-GAAP basis, the Company reported net income of $ 72.2 million, or $2.14 per diluted share, in the fourth quarter of 2025. This is compared with net income of $ 70.0 million, or $2.16 per diluted share, in the third quarter of 2025, and $62.3 million, or $1.94 per diluted share, in the fourth quarter of 2024.

2025 Full Year Results

Total revenues for 2025 were $880.6 million, an increase of 31% compared to total revenues of $672.4 million for 2024.

Gross margin in 2025 was 57.4%, compared with 57.6% in 2024.

Operating expenses in 2025 were $251.7 million, compared with operating expenses of $199.5 million in 2024.

On a GAAP basis, the Company reported net income of $259.2 million, or $7.96 per diluted share, in 2025. This is compared with a net income of $183.7 million, or $5.75 per diluted share, in 2024.

On a non-GAAP basis, the Company reported net income of $282.6 million, or $8.62 per diluted share, in 2025. This is compared with net income of $214.9 million, or $6.69 per diluted share, in 2024.

Conference Call Information

Nova will host a conference call today, February 12, 2026, at 8:30 a.m. Eastern Time, to discuss the Company's fourth quarter and full year 2025 financial results and outlook. To attend the conference call, please dial one of the following teleconference numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

U.S. TOLL-FREE Dial-in Number: 1-833-816-1427
ISRAEL TOLL-FREE Dial-in Number: 1-809-213-284
INTERNATIONAL Dial-in Number: 1-412-317-0519

At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time

The conference call will also be webcast live from a Link on Nova's website at https://www.novami.com/investors/events/. 

A replay of the conference call will be available from February 12, 2026, at 11:30 a.m. Eastern Time until August 15, 2026, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:

Replay Dial-in U.S. TOLL-FREE: 1-855-669-9658
Replay Dial-in INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 7285579
A replay will also be available for 90 days on Nova's website link at https://www.novami.com/investors/events/. 

About Nova

Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova's website link, https://www.novami.com.

Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.

Use of Non-GAAP Adjusted Financial Measures

This press release provides financial measures that exclude amortization of acquired intangible assets, inventory step-up, stock-based compensation expenses, acquisition related expenses, revaluation of operating lease liabilities and remeasurement of intercompany loans, amortization of debt issuance costs, discrete tax reserve release, net and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure, including risks related to artificial intelligence; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; risks related to conditions in Israel, including related to the war against Hamas and other terrorist organizations; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.

 

(Tables to Follow)

 

 

NOVA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) - (Unaudited)
	As of December 31,
ASSETS	2025		2024
Current assets
Cash and cash equivalents	214,462		157,779
Short-term interest-bearing bank deposits	512,250		211,877
Marketable securities	321,798		216,910
Trade accounts receivable, net	151,929		139,318
Inventories	183,671		156,599
Other current assets	26,692		19,466
Total current assets	1,410,802		901,949
Non-current assets
Marketable securities	584,731		225,818
Interest-bearing bank deposits and restricted deposits	12,508		7,847
Deferred tax assets	38,819		31,639
Operating lease right-of-use assets	57,731		51,193
Property plant and equipment, net	102,625		81,746
Intangible assets, net	45,819		31,458
Goodwill	90,807		48,317
Other long-term assets	16,704		10,455
Total non-current assets	949,744		488,473
Total assets	2,360,546		1,390,422
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Convertible senior notes, net	-		180,564
Trade accounts payable	46,982		59,578
Deferred revenues	67,163		72,886
Operating lease current liabilities	8,204		7,169
Other current liabilities	102,186		68,033
Total current liabilities	224,535		388,230
Non-current liabilities
Convertible senior notes, net	731,680		-
Operating lease long-term liabilities	59,271		48,363
Long-term deferred tax liability	10,221		8,495
Other long-term liabilities	16,591		17,539
Total non-current liabilities	817,763		74,397
Shareholders' equity	1,318,248		927,795
Total liabilities and shareholders' equity	2,360,546		1,390,422

 

 

NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data) - (Unaudited)
	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Revenues:
Products	174,954		158,546		705,598		538,350
Services	47,670		36,220		174,979		134,046
Total revenues	222,624		194,766		880,577		672,396
Total cost of revenues	94,391		84,835		375,377		285,310
Gross profit	128,233		109,931		505,200		387,086
Operating expenses:
Research and development, net	37,972		30,909		143,392		110,257
Sales and marketing	22,316		15,980		82,208		65,090
General and administrative	7,212		7,571		26,132		24,199
Total operating expenses	67,500		54,460		251,732		199,546
Operating income	60,733		55,471		253,468		187,540
Financing income, net	12,164		3,756		49,818		28,747
Income before taxes on income	72,897		59,227		303,286		216,287
Income tax expenses	8,209		8,746		44,063		32,525
Net income for the period	64,688		50,481		259,223		183,762
Earnings per share:
Basic	2.09		1.72		8.61		6.31
Diluted	1.94		1.58		7.96		5.75
Shares used in calculation of earnings per share  (in thousands):
Basic	31,025		29,304		30,108		29,113
Diluted	33,830		32,062		32,800		32,138

 

 

NOVA LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands) - (Unaudited)
	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Cash flows from operating activities:
Net income	64,688		50,481		259,223		183,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	3,767		3,029		13,469		11,736
Amortization of intangible assets	2,544		1,267		8,897		5,643
Amortization of premium and accretion of discount on marketable securities, net	(1,550)		(1,820)		(5,743)		(7,178)
Amortization of debt issuance costs	980		310		1,996		1,280
Share-based compensation	6,977		6,349		26,291		25,209
Net effect of exchange rate fluctuation	(1,262)		4,109		(18,647)		3,025
Changes in assets and liabilities:
Trade accounts receivable, net	(7,004)		(26,196)		(7,022)		(29,051)
Inventories	(911)		876		(19,004)		(23,897)
Other current and long-term assets	(2,924)		(4,097)		(17,457)		(9,671)
Deferred tax, net	(4,160)		(4,849)		(13,787)		(9,722)
Operating lease right-of-use assets	1,419		559		3,660		3,668
Trade accounts payable	(4,189)		6,309		(8,788)		17,506
Deferred revenues	(3,481)		19,494		(7,894)		34,553
Operating lease liabilities	585		97		1,745		(3,938)
Other current and long-term liabilities	4,608		12,686		28,213		32,299
Accrued severance pay, net	41		(82)		461		42
Net cash provided by operating activities	60,128		68,522		245,613		235,266
Cash flows from investment activities:
Acquisition of subsidiary, net of acquired cash	-		-		(56,355)		-
Change in short-term and long-term interest-bearing bank deposits	(332,602)		(4,339)		(303,674)			(93,595)
Investment in marketable securities	(88,512)		(60,175)		(754,833)			(271,987)
Proceeds from maturity of marketable securities	82,704		57,421		305,390		246,397
Proceed from sales of marketable securities	-		-		-		-
Purchase of property and equipment	(11,770)		(8,121)		(27,698)		(17,215)
Net cash used in investing activities	(350,180)		(15,214)		(837,170)		(136,400)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	-		-		750,000		-
Issuance costs of convertible senior notes	(1,813)		-		(19,551)		-
Purchase of capped calls	-		-		(51,826)		-
Issuance costs of capped calls	(1,407)		-		(1,407)		-
Purchases of treasury shares	(15,001)		(30,000)		(35,003)		(30,000)
Conversion of convertible senior notes	(7)		(18,506)		(7)		(18,506)
Proceeds from exercise of options	-		90		-		160
Net cash provided by financing activities	(18,228)		(48,416)		642,206		(48,346)
Effect of exchange rate fluctuations on cash and cash equivalents	1,109		(1,076)		6,352		(315)
Changes in cash and cash equivalents and restricted cash	(307,171)		3,816		57,001		50,205
Cash and cash equivalents and restricted cash - beginning of period	521,951		153,963		157,779		107,574
Cash and cash equivalents and restricted cash - end of period	214,780		157,779		214,780		157,779

 

 

NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)
	Three months ended
	December 31, 2025		September 30, 2025		December 31, 2024
GAAP gross profit	128,233		127,418		109,931
Stock-based compensation*	1,990		1,901		1,805
Amortization of acquired intangible assets	2,342		2,113		1,182
Non-GAAP gross profit	132,565		131,432		112,918
GAAP gross margin as a percentage of revenues	58 %		57 %		56 %
Non-GAAP gross margin as a percentage of revenues	60 %		59 %		58 %
GAAP operating income	60,733		63,860		55,471
Stock-based compensation*	6,977		6,681		6,349
Acquisition related expenses	-		-		917
Amortization of acquired intangible assets	2,544		2,309		1,267
Discrete tax reserve release, net	203		-		-
Non-GAAP operating income	70,457		72,850		64,004
GAAP operating margin as a percentage of revenues	27 %		28 %		28 %
Non-GAAP operating margin as a percentage of revenues	32 %		32 %		33 %
GAAP net income	64,688		61,421		50,481
Stock-based compensation*	6,977		6,681		6,349
Acquisition related expenses	-		-		917
Amortization of acquired intangible assets	2,544		2,309		1,267
Amortization of debt issuance costs	980		448		310
Revaluation of operating lease and intercompany loans	1,642		762		4,706
Discrete tax reserve release, net	(4,229)		-		-
Tax effect of non-GAAP adjustments	(363)		(1,630)		(1,728)
Non-GAAP net income	72,239		69,991		62,302
GAAP basic earnings per share	2.09		2.05		1.72
Non-GAAP basic earnings per share	2.33		2.34		2.13
GAAP diluted earnings per share	1.94		1.90		1.58
Non-GAAP diluted earnings per share	2.14		2.16		1.94
Shares used for calculation of earnings per share (in thousands):
Basic	31,025		29,936		29,304
Diluted	33,830		32,470		32,062
* Stock-based compensation for the three months ended December 31, 2025 included in - Cost of revenues - 1,990; Research and development, net - 2,851; Sales and marketing - 1,479; General and administrative - 657.

 

 

NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)
	Year ended December 31,
	2025		2024
GAAP gross profit	505,200		387,086
Stock-based compensation*	7,507		7,013
Amortization of acquired intangible assets	8,164		5,284
Acquisition related inventory step-up	2,258		-
Non-GAAP gross profit	523,129		399,383
GAAP gross margin as a percentage of revenues	57 %		58 %
Non-GAAP gross margin as a percentage of revenues	59 %		59 %
GAAP operating income	253,468		187,540
Stock-based compensation*	26,291		25,209
Acquisition-related inventory step-up	2,258		-
Acquisition related expenses	859		917
Amortization of acquired intangible assets	8,897		5,643
Discrete tax reserve release, net	203		-
Non-GAAP operating income	291,976		219,309
GAAP operating margin as a percentage of revenues	29 %		28 %
Non-GAAP operating margin as a percentage of revenues	33 %		33 %
GAAP net income	259,223		183,762
Stock-based compensation*	26,291		25,209
Acquisition-related inventory step-up	2,258		-
Acquisition related expenses	859		917
Amortization of acquired intangible assets	8,897		5,643
Amortization of debt issuance costs	1,996		1,280
Revaluation of operating lease liabilities	(9,347)		3,221
Discrete tax reserve release, net	(4,229)		-
Tax effect of non-GAAP adjustments	(3,360)		(5,106)
Non-GAAP net income	282,588		214,926
GAAP basic earnings per share	8.61		6.31
Non-GAAP basic earnings per share	9.39		7.38
GAAP diluted earnings per share	7.96		5.75
Non-GAAP diluted earnings per share	8.62		6.69
Shares used for calculation of earnings per share (in thousands):
Basic	30,108		29,113
Diluted	32,800		32,138
* Stock-based compensation for the year ended December 31, 2025, included in - Cost of revenues – 7,507;
Research and development, net – 11,129; Sales and marketing – 5,280; General and administrative - 2,375.

 

 

NOVA LTD.
SUPPLEMENTAL INFORMATION - RECONCILIATION OF FIRST QUARTER 2026 GAAP TO NON-GAAP GUIDANCE
(U.S. dollars) (Unaudited)
	Low		High
Estimated GAAP net income per diluted share	1.90		2.02
Estimated non-GAAP items:
Stock-based compensation	0.18		0.18
Amortization of acquired intangible assets	0.06		0.06
Amortization of debt issuance costs	0.03		0.03
Tax effect of non-GAAP adjustments	(0.04)		(0.04)
Estimated non-GAAP net income per diluted share	2.13		2.25

 

Company Contact:
Guy Kizner
Chief Financial Officer
Tel: +972-73-229-5760
E-mail: investors@novami.com
Nova website link: https://www.novami.com

Investor Relations Contact:
Miri Segal MS-IR LLC
Tel: +917-607-8654
E-mail: msegal@ms-ir.com

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SOURCE Nova

FAQ

What were Nova (NVMI) full-year 2025 results and key metrics?

Nova reported $880.6M revenue for 2025, a 31% increase year-over-year. According to the company, GAAP net income was $259.2M ($7.96 per diluted share) and non-GAAP net income was $282.6M ($8.62 per diluted share).

How did Nova (NVMI) perform in Q4 2025 compared with a year earlier?

Q4 2025 revenue was $222.6M, up 14% year-over-year. According to the company, GAAP net income was $64.7M ($1.94 per diluted share) and non-GAAP net income was $72.2M ($2.14 per diluted share).

What guidance did Nova (NVMI) give for Q1 2026 revenue and EPS?

Management guided Q1 2026 revenue of $222M–$232M and GAAP EPS of $1.90–$2.02. According to the company, non-GAAP diluted EPS is expected at $2.13–$2.25.

Which product areas drove Nova (NVMI) 2025 growth and record sales?

Growth was driven by Optical, Materials, and Chemical Metrology solutions and process demand. According to the company, record sales came from GAA, DRAM, and advanced packaging applications tied to AI investment.

Did Nova (NVMI) report margin changes or expense trends in 2025?

Gross margin was essentially stable at 57.4% for 2025 versus 57.6% in 2024, while operating expenses rose to $251.7M. According to the company, higher operating expenses reflect expanded investments during 2025.

When and how can investors access Nova's (NVMI) 2025 results call replay?

The company held a conference call on February 12, 2026, and a replay is available through August 15, 2026. According to the company, the webcast and a 90-day online replay are on the investor events webpage.