Photronics Reports Full Year and Fourth Quarter Fiscal 2025 Results

Rhea-AI Summary

Photronics (NASDAQ:PLAB) reported full-year fiscal 2025 results for the year ended October 31, 2025. Revenue was $849.3 million, down 2.0% year-over-year. GAAP net income was $136.4 million, or $2.28 per diluted share, driven in part by a $16.8 million deferred tax valuation allowance reduction. Non-GAAP net income was $120.6 million, or $2.01 per diluted share.

IC revenue was $615.1 million (down 4% YoY) and FPD revenue was $234.2 million (up 2% YoY). Cash from operations was $247.8 million and fiscal 2025 capital expenditures were $188.1 million. Q4 revenue was $215.8 million. Photronics provided Q1 fiscal 2026 guidance: Revenue $217M–$225M and Non-GAAP EPS $0.51–$0.59. A webcast is scheduled for December 10, 2025 at 8:30 a.m. ET.

Positive

• Q4 GAAP net income of $61.8M (GAAP EPS $1.07) increased sharply year-over-year
• One-time deferred tax valuation allowance reduction of $16.8M improved GAAP results
• Fiscal 2025 cash from operations of $247.8M
• Fiscal 2025 capital expenditures of $188.1M for organic growth
• Q1 FY2026 guidance: Revenue $217M–$225M and Non-GAAP EPS $0.51–$0.59

Negative

• Full-year revenue declined to $849.3M, down 2.0% YoY
• IC revenue declined to $615.1M, down 4% YoY
• Q4 revenue declined 3.1% YoY to $215.8M

Key Figures

FY2025 Revenue $849.3M Full year fiscal 2025, down 2.0% year-over-year

FY2025 GAAP EPS $2.28 per diluted share GAAP net income attributable to shareholders, vs $2.09 in 2024

FY2025 non-GAAP EPS $2.01 per diluted share Non-GAAP net income attributable to shareholders, vs $2.05 in 2024

FY2025 IC revenue $615.1M Integrated circuit revenue, down 4% year-over-year

FY2025 FPD revenue $234.2M Flat panel display revenue, up 2% year-over-year

FY2025 Operating Cash Flow $247.8M Cash generated from operating activities in fiscal 2025

Q4 FY2025 Revenue $215.8M Fourth quarter revenue, down 3.1% YoY and up 2.6% sequentially

Q4 FY2025 non-GAAP EPS $0.60 per diluted share Non-GAAP net income, vs $0.59 in Q4 2024 and $0.51 in Q3 2025

Market Reality Check

$25.69 Last Close

Volume Volume 1,509,448 is 2.06x the 20-day average of 733,903, indicating elevated pre-news positioning. high

Technical Trading above the 200-day moving average of 20.94, reflecting a sustained upward trend into the report.

Peers on Argus

PLAB was up 1.74% into earnings while key semiconductor equipment peers also showed gains: UCTT +2.91%, ACMR +2.07%, VECO +1.57%, DQ +1.48%, COHU +0.76%. Broader peer strength supports sentiment, but momentum scans did not flag a coordinated sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 20	Earnings date notice	Neutral	-1.4%	Announcement of Q4 FY2025 earnings release date and conference call details.
Nov 11	Investor conferences	Neutral	-2.2%	Planned participation in two late-2025 investor conferences to engage institutions.
Sep 17	Investor summit	Neutral	+2.2%	Participation in the 17th Annual CEO Investor Summit during Semicon West.
Aug 27	Earnings results	Positive	+7.6%	Q3 FY2025 results with solid cash position and increased buyback authorization.
Aug 13	Earnings date notice	Neutral	-1.8%	Scheduling of Q3 FY2025 results release and accompanying conference call.

Pattern Detected

Actual earnings releases have drawn stronger positive reactions than scheduling or conference announcements, which saw modest, mixed moves.

Recent Company History

Over the last six months, PLAB’s news flow has centered on earnings and investor engagement. The Q3 FY2025 results on Aug 27 showed revenue of $210.4M and drove a 7.63% gain, highlighting sensitivity to concrete financial updates. In contrast, conference participation and earnings-date notices in August–November saw small positive and negative moves. Today’s full-year and Q4 FY2025 report, with mixed IC/FPD trends and detailed guidance for Q1 FY2026, extends this pattern of earnings-focused catalysts.

Market Pulse Summary

The stock is surging +16.4% following this news. A strong positive reaction aligns with PLAB’s history of responding well to concrete earnings updates, as seen with the Q3 FY2025 results that followed a 7.63% move. The full-year figures show mixed trends between IC and FPD revenue but solid cash generation and detailed Q1 FY2026 guidance. Elevated volume of 1,509,448 shares against a 20-day average of 733,903 could reflect strong positioning, though recent insider net selling may temper durability.

Key Terms

non-GAAP financial

"Non-GAAP net income attributable to Photronics, Inc. shareholders was $120.6 million..."

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.

deferred tax valuation allowance financial

"Favorable impact associated with the deferred tax valuation allowance reduction of $16.8 million."

A deferred tax valuation allowance is an accounting reserve companies set up when they doubt they will be able to use tax benefits recorded on their books, such as loss carryforwards or tax credits. Think of it as setting aside a coupon you’re not confident you’ll be able to redeem; if the allowance is increased, it reduces reported assets and can raise future tax expenses, signaling to investors concerns about the company’s ability to generate taxable profits.

capital expenditures financial

"cash invested in organic growth through capital expenditures was $188.1 million."

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

AI-generated analysis. Not financial advice.

BROOKFIELD, Conn., Dec. 10, 2025 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its full year and fourth quarter of fiscal year 2025 ended October 31, 2025.

Commenting on the fourth-quarter performance, Chairman and CEO George Macricostas said, "Photronics delivered very good results in our fiscal fourth quarter achieving record high end revenue with particular strength in the United States. We continue to see positive forecasts from our customers in the U.S. validating our U.S. investment plans, while our Korea capability extension is also anticipated to help diversify our geographic revenue mix and increase our exposure to leading-edge chip designs in the future.”

Full Year Fiscal 2025 Results

• Revenue was $849.3 million, down 2.0% year-over-year.
• GAAP net income attributable to Photronics, Inc. shareholders was $136.4 million, or $2.28 per diluted share, compared with $130.7 million, or $2.09 per diluted share in 2024.
• Favorable impact associated with the deferred tax valuation allowance reduction of $16.8 million.
• Non-GAAP net income attributable to Photronics, Inc. shareholders was $120.6 million, or $2.01 per diluted share, compared with $127.6 million, or $2.05 per diluted share in 2024.
• IC revenue was $615.1 million, down 4% year-over-year.
• FPD revenue was $234.2 million, up 2% year-over-year.
• Cash generated from operating activities was $247.8 million, and cash invested in organic growth through capital expenditures was $188.1 million.
  

Fourth Quarter Fiscal 2025 Results

• Revenue was $215.8 million, down 3.1% year-over-year and up 2.6% sequentially.
• GAAP Net income attributable to Photronics, Inc. shareholders was $61.8 million, or $1.07 per diluted share, compared with $33.9 million, or $0.54 per diluted share, in the fourth quarter of 2024 and $22.9 million, or $0.39 per diluted share, in the third quarter of 2025.
• Favorable impact associated with the deferred tax valuation allowance reduction of $16.8 million.
• Non-GAAP Net income attributable to Photronics, Inc. shareholders was $34.6 million, or $0.60 per diluted share, compared with $37.1 million, or $0.59 per diluted share in the fourth quarter of 2024 and $29.4 million, or $0.51 per diluted share, in the third quarter of 2025.
• IC revenue was $157.4 million, down 4% year-over-year and up 7% sequentially.
• FPD revenue was $58.3 million, down 1% from the same quarter last year and down 7% sequentially.
• Cash, cash equivalents and short-term investments at the end of the quarter were $588.2 million, of which $422.3 million was associated with our Joint Ventures, of which we own 50.01%.
• Cash generated from operating activities was $87.8 million, cash invested in organic growth through capital expenditures was $67.5 million.

First Quarter Fiscal 2026 Guidance

For the first quarter of fiscal 2026, Photronics expects Revenue to be between $217 million and $225 million and non-GAAP Net income attributable to Photronics, Inc. shareholders to be between $0.51 and $0.59 per diluted share.

Webcast

A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on December 10, 2025. The call will be broadcast live and on-demand on the Events and Presentations link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click here. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.

About Photronics

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 56 years. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.

Non-GAAP Financial Measures

Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.

Totals presented may not sum due to rounding.

PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
				Three Months Ended												Year Ended
				October 31,				August 3,				October 31,				October 31,				October 31,
					2025				2025				2024				2025				2024
Revenue				$	215,770			$	210,394			$	222,628			$	849,294			$	866,946
Cost of goods sold					140,236				139,539				140,326				549,464				551,000
Gross Profit					75,534				70,855				82,302				299,830				315,946
Gross margin %					35.0	%			33.7	%			37.0	%			35.3	%			36.4	%
Operating Expenses:
Selling, general and administrative					20,001				18,423				21,008				75,625				77,760
Research and development					3,185				4,271				5,285				15,804				16,576
Total Operating Expenses					23,186				22,694				26,293				91,429				94,336
Other operating expense					(241	)			-				(182	)			(240	)			(92	)
Operating Income					52,107				48,161				55,827				208,161				221,518
Operating Margin					24.1	%			22.9	%			25.1	%			24.5	%			25.6	%
Other income (loss) , net					23,855				(9,428	)			(1,034	)			13,623				25,897
Income Before Income Tax Provision					75,962				38,733				54,793				221,784				247,415
Income tax (benefit) provision					(2,659	)			9,594				14,568				31,550				63,567
Net Income					78,621				29,139				40,225				190,234				183,848
Net income attributable to noncontrolling interests					16,820				6,248				6,356				53,829				53,160
Net income attributable to Photronics, Inc. shareholders				$	61,801			$	22,891			$	33,869			$	136,405			$	130,688
Earnings per share attributed to Photronics, Inc. shareholders:
Basic				$	1.07			$	0.40			$	0.55			$	2.29			$	2.12
Diluted				$	1.07			$	0.39			$	0.54			$	2.28			$	2.09
Weighted-average number of common shares outstanding:
Basic					57,600				57,937				61,863				59,606				61,726
Diluted					57,977				58,068				62,456				59,920				62,391

PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
				October 31,			October 31,
				2025			2024
Assets
Current assets:
Cash and cash equivalents				$	492,256		$	598,485
Short-term investments					95,909			42,184
Accounts receivable					195,921			200,830
Inventories					61,767			56,527
Other current assets					44,199			33,036
Total current assets					890,052			931,062
Property, plant and equipment, net					854,436			745,257
Other assets					60,046			35,740
Total assets				$	1,804,534		$	1,712,059
Liabilities and Equity
Current liabilities:
Current portion of long-term debt				$	11		$	17,972
Accounts payable and accrued liabilities					165,862			165,839
Total current liabilities					165,873			183,811
Long-term debt					13			25
Other liabilities					41,341			47,464
Equity:
Photronics, Inc. shareholders' equity					1,173,589			1,120,864
Noncontrolling interests					423,718			359,895
Total equity					1,597,307			1,480,759
Total liabilities and equity				$	1,804,534		$	1,712,059

PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
					Year Ended
					October 31,				October 31,
						2025				2024
Cash flows from operating activities:
Net income					$	190,234			$	183,848
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization						77,605				82,805
Share-based compensation						13,388				13,890
Changes in operating assets, liabilities and other						(33,429	)			(19,099	)
Net cash provided by operating activities						247,798				261,444
Cash flows from investing activities:
Purchases of property, plant and equipment						(188,137	)			(130,942	)
Purchases of short-term investments						(129,649	)			(100,558	)
Proceeds from maturities of short-term investments						76,823				72,836
Government incentives						2,158				2,229
Other						(94	)			(30	)
Net cash used in investing activities						(238,899	)			(156,465	)
Cash flows from financing activities:
Repayments of debt						(17,972	)			(6,621	)
Common stock repurchases						(97,422	)			-
Proceeds from share-based arrangements						2,231				1,916
Net settlements of restricted stock awards						(2,094	)			(3,025	)
Net cash used in financing activities						(115,257	)			(7,730	)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash						228				2,127
Net (decrease) increase in cash, cash equivalents, and restricted cash						(106,130	)			99,376
Cash, cash equivalents, and restricted cash, beginning of period						601,243				501,867
Cash, cash equivalents, and restricted cash, end of period					$	495,113			$	601,243

PHOTRONICS, INC.
Reconciliation of U.S. GAAP net income and diluted earnings per share attributable to Photronics, Inc. shareholders to non-GAAP net income and diluted earnings per share attributable to Photronics, Inc. shareholders
(in thousands, except per share amounts)
(Unaudited)
	Three Months ended												Year Ended
	October 31,				August 3,				October 31,				October 31,				October 31,
		2025				2025				2024				2025				2024
U.S. GAAP net income attributable to Photronics, Inc. shareholders	$	61,801			$	22,891			$	33,869			$	136,405			$	130,688
FX (gain) loss		(18,615	)			14,258				7,758				8,310				(2,168	)
Estimated tax effects of FX (gain) loss		4,781				(3,663	)			(1,936	)			(2,066	)			477
Estimated noncontrolling interest effects of above		3,341				(4,130	)			(2,637	)			(5,342	)			(1,407	)
Reversal of deferred tax valuation allowance		(16,751	)			-				-				(16,751	)			-
Non-GAAP net income attributable to Photronics, Inc. shareholders	$	34,557			$	29,356			$	37,054			$	120,556			$	127,590
Weighted-average number of common shares outstanding - Diluted		57,977				58,068				62,456				59,920				62,391
U.S. GAAP diluted earnings per share attributable to Photronics, Inc. shareholders	$	1.07			$	0.39			$	0.54			$	2.28			$	2.09
Effects of non-GAAP adjustments above		(0.47	)			0.12				0.05				(0.27	)			(0.04	)
Non-GAAP diluted earnings per share attributable to Photronics, Inc. shareholders	$	0.60			$	0.51			$	0.59			$	2.01			$	2.05

For Further Information:
Ted Moreau
VP, Investor Relations
469.395.8175
tmoreau@photronics.com

FAQ

What were Photronics (PLAB) full-year fiscal 2025 revenues and EPS on December 10, 2025?

Photronics reported full-year revenue of $849.3M and GAAP EPS of $2.28 for fiscal 2025.

Why did Photronics (PLAB) GAAP earnings rise in Q4 FY2025 to $1.07 per share?

Q4 GAAP EPS benefited from a $16.8M deferred tax valuation allowance reduction, contributing to GAAP EPS of $1.07.

What guidance did Photronics (PLAB) give for Q1 fiscal 2026 on December 10, 2025?

Photronics guided Q1 FY2026 revenue of $217M–$225M and non-GAAP EPS of $0.51–$0.59.

How much cash and capital expenditure did Photronics (PLAB) report for fiscal 2025?

Photronics reported $247.8M cash from operations and $188.1M in fiscal 2025 capital expenditures.

What were Photronics (PLAB) IC and FPD revenue totals in fiscal 2025?

IC revenue was $615.1M (down 4% YoY) and FPD revenue was $234.2M (up 2% YoY).