Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2025

Rhea-AI Summary

Vicor (NASDAQ: VICR) reported Q4 2025 product revenue of $92.7M (up 15.3% YoY) and total Q4 revenue of $107.3M. Q4 net income was $46.5M ($1.01 diluted). Full-year 2025 net income was $118.6M ($2.61), helped by a $45M patent litigation settlement. Cash and equivalents were $402.8M and backlog rose to $176.9M. Management expects record product and licensing revenue in 2026 and plans capacity expansion including a second fab.

Positive

• Product revenue +15.3% YoY to $92.7M (Q4)
• Full-year net income $118.6M; EPS $2.61 (2025)
• $45M patent settlement raised total 2025 revenues to $452.7M
• Cash $402.8M (11.2% sequential increase)

Negative

• Royalty revenue down 7.8% YoY to $14.5M (Q4)
• Royalty revenue 33.1% sequential decline from Q3 due to Q3 catch-up
• Operating expenses increased to $43.7M (Q4)
• Cash flow from operations fell sequentially to $15.7M (Q4 vs $38.5M in Q3)

Market Reaction

-9.71% $138.00

15m delay 4 alerts

-9.71% Since News

$138.00 Last Price

$132.20 $159.87 Day Range

-$734M Valuation Impact

$6.82B Market Cap

0.1x Rel. Volume

Following this news, VICR has declined 9.71%, reflecting a notable negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $138.00. This price movement has removed approximately $734M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 product revenue: $92.7M Q4 2025 royalty revenue: $14.5M Q4 2025 gross margin: 55.4% +5 more

8 metrics

Q4 2025 product revenue $92.7M Up 15.3% YoY and 4.5% sequentially for quarter ended Dec 31, 2025

Q4 2025 royalty revenue $14.5M Down 7.8% YoY and 33.1% sequentially due to Q3 catch-up

Q4 2025 gross margin 55.4% Gross margin percentage vs 52.4% in Q4 2024 and 57.5% in Q3 2025

Q4 2025 net income $46.5M $1.01 diluted EPS; includes $27.3M tax benefit from deferred tax assets

2025 total revenues & settlement $452.7M Product, royalty, and $45M patent litigation settlement, up 26.1% vs 2024

2025 net income $118.6M 2.61 diluted EPS; 26.2% of net revenues and settlement vs $6.1M in 2024

2025 operating cash flow $139.5M Cash flow from operations, up 174.5% from $50.8M in 2024

Q4 2025 backlog $176.9M Backlog up 13.8% YoY and 15.8% sequentially at Dec 31, 2025

Market Reality Check

Price: $152.84 Vol: Volume 202,692 is below t...

low vol

$152.84 Last Close

Volume Volume 202,692 is below the 20-day average of 536,813, indicating muted trading interest pre-release. low

Technical Shares at $155.61 are trading above the 200-day MA of $76.53 and 12.1% below the 52-week high of $177.

Peers on Argus

VICR traded -0.4% with light volume while only one momentum peer (OLED) also mov...

1 Down

VICR traded -0.4% with light volume while only one momentum peer (OLED) also moved down. Other close peers like OSIS, TTMI, SANM and LFUS showed small gains, suggesting today’s setup was more stock-specific than sector-driven.

Previous Earnings Reports

5 past events · Latest: Oct 21 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 21	Q3 2025 earnings	Positive	+13.4%	Strong YoY revenue growth, higher gross margin, solid net income and cash.
Jul 22	Q2 2025 earnings	Positive	+16.6%	Revenue up 64.3% YoY, big margin expansion and strong cash generation.
Apr 29	Q1 2025 earnings	Negative	-23.1%	Mixed quarter with margin decline and modest revenue growth versus prior year.
Feb 20	Q4 2024 earnings	Positive	+22.8%	Q4 growth and margin improvement despite weaker full-year 2024 results.
Oct 22	Q3 2024 earnings	Negative	+13.7%	Revenue and margin declines but shares reacted positively post-report.

Pattern Detected

Earnings releases have typically driven sizable moves, with most strong quarters leading to double-digit gains and only one notable divergence when the stock rose despite softer fundamentals.

Recent Company History

Over the past five quarters, Vicor’s earnings history shows a transition from mixed and sometimes weaker results in 2024 to stronger growth and profitability through 2025. Q3 and Q2 2025 highlighted robust revenue, margin expansion, and growing cash balances, while earlier quarters showed margin pressure and lower growth. The current Q4 and full-year 2025 report, with higher revenues, elevated margins, and strong IP/licensing contributions, extends this improving trajectory and reinforces themes seen in recent quarters.

Historical Comparison

+8.7% avg move · Over the last five earnings reports, VICR’s average move was 8.65%, often reacting strongly to reven...

earnings

+8.7%

Average Historical Move earnings

Over the last five earnings reports, VICR’s average move was 8.65%, often reacting strongly to revenue and margin shifts. Today’s Q4 and full-year 2025 release continues the pattern of improving profitability and cash generation seen in recent 2025 quarters.

Earnings since late 2024 show Vicor moving from margin pressure and modest growth to stronger 2025 results, with expanding gross margins, rising net income, and growing cash, supported by product demand and IP-related revenues.

Market Pulse Summary

The stock is down -9.7% following this news. A negative reaction despite solid headline numbers woul...

Analysis

The stock is down -9.7% following this news. A negative reaction despite solid headline numbers would fit past instances where investors focused on mix or sustainability concerns, such as royalty volatility or one-time items. While 2025 showcased strong net income of $118.6M, tax benefits and a $45M settlement influenced results. Any sharp decline could also reflect profit-taking after a large run from the $38.93 52-week low to above $150, or skepticism about forward licensing trends.

Key Terms

non-isolated bus converters, rule 10b5-1 trading plan, schedule 13g, form 4, +2 more

6 terms

non-isolated bus converters technical

"illegal importation of power modules and computing systems infringing Vicor’s IP to Non-isolated Bus Converters (“NBMs”)."

Non-isolated bus converters are electrical circuits that change a system’s voltage level while keeping the same electrical ground, meaning there’s no physical safety barrier between input and output. Think of them like an adapter that changes plug shape but doesn’t add a surge protector: they’re smaller, cheaper and more efficient than isolated alternatives but can pose safety and interference limits. Investors watch them because choice of converter affects product cost, reliability, certification needs and competitiveness in electronics markets.

rule 10b5-1 trading plan regulatory

"The sale was effected under a Rule 10b5-1 trading plan that the reporting person adopted"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

schedule 13g regulatory

"has filed an amended Schedule 13G reporting a significant passive ownership stake"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

form 4 regulatory

"title": "[Form 4] VICOR CORP Insider Trading Activity""

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

form 144 regulatory

"title": "[144] VICOR CORP SEC Filing""

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

non-qualified stock option financial

"he exercised a non-qualified stock option for 200 shares of Vicor common stock"

A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.

AI-generated analysis. Not financial advice.

ANDOVER, Mass., Feb. 19, 2026 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2025. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

Product revenue for the fourth quarter ended December 31, 2025 totaled $92.7 million, a 15.3% increase from $80.4 million for the corresponding period a year ago, and a 4.5% sequential increase from $88.7 million in the third quarter of 2025.

Royalty revenue for the fourth quarter ended December 31, 2025 totaled $14.5 million, a 7.8% decrease from $15.8 million for the corresponding period a year ago, and a 33.1% sequential decrease from $21.7 million in the third quarter of 2025. The sequential decrease in Royalty revenue was the result of a catch up amount included in the Q3 result.

Gross margin increased to $59.4 million for the fourth quarter of 2025, compared to $50.4 million for the corresponding period a year ago, and decreased sequentially from $63.5 million for the third quarter of 2025. Gross margin, as a percentage of revenue, increased to 55.4% for the fourth quarter of 2025, compared to 52.4% for the corresponding period a year ago, and decreased from 57.5% for the third quarter of 2025. The sequential decrease in gross margin percentage was the result of a reduction in royalty revenue due to the Q3 catch up amount. Operating expenses increased to $43.7 million for the fourth quarter of 2025, compared to $41.2 million for the corresponding period a year ago, and increased sequentially from $42.6 million for the third quarter of 2025.

Net income for the fourth quarter was $46.5 million, or $1.01 per diluted share, compared to net income of $10.2 million or $0.23 per diluted share, for the corresponding period a year ago and net income of $28.3 million, or $0.63 per diluted share, for the third quarter of 2025. Net income in the fourth quarter included $27.3 million of tax benefit due to the partial recognition of certain deferred tax assets in the period.  

Cash flow from operations totaled $15.7 million for the fourth quarter, compared to cash flow from operations of $10.1 million for the corresponding period a year ago, and cash flow from operations of $38.5 million in the third quarter of 2025. Capital expenditures for the fourth quarter totaled $5.5 million, compared to $1.7 million for the corresponding period a year ago and $4.0 million for the third quarter of 2025. Stock repurchases for the fourth quarter totaled $2.2 million, compared with $15.4 million for the third quarter of 2025. Cash and cash equivalents as of December 31, 2025 increased 11.2% sequentially to approximately $402.8 million compared to approximately $362.4 million as of September 30, 2025.

Backlog for the fourth quarter ended December 31, 2025 totaled $176.9 million, a 13.8% increase from $155.5 million for the corresponding period a year ago, and a 15.8% sequential increase from $152.8 million at the end of the third quarter of 2025.

Product revenue for the year ended December 31, 2025 totaled $350.3 million, a 12.1% increase from $312.5 million for the year ended December 31, 2024. Royalty revenue for the year ended December 31, 2025 totaled $57.4 million, a 23.2% increase from $46.6 million for the year ended December 31, 2024. Total product revenue, royalty revenue, and a $45 million patent litigation settlement increased 26.1% to $452.7 million for the year ended December 31, 2025 from total product and royalty revenue of $359.1 million for the prior year. Gross margin, as a percentage of net revenues and patent litigation settlement, increased to 57.3% for the year ended December 31, 2025, compared to 51.2% for the prior year. Net income for 2025 was $118.6 million, or $2.61 per diluted share and 26.2% of net revenues and patent litigation settlement, compared to $6.1 million, or $0.14 per diluted share and 1.7% of revenue in the prior year. Net income for 2025 included $24.0 million of tax benefit due to the partial recognition of certain deferred tax assets in the period.   Cash flows from operations totaled $139.5 million for the year ended December 31, 2025, a 174.5% increase from cash flows from operations of $50.8 million for the prior year.

Commenting on the outlook for 2026, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Rising demand across high-performance compute, automatic test equipment, and industrial, aerospace and defense applications, should lead to a record year for Vicor’s product revenues.

The U.S. International Trade Commission has recently instituted a second investigation into illegal importation of power modules and computing systems infringing Vicor’s IP to Non-isolated Bus Converters (“NBMs”). Suppliers of infringing systems will, once again, be subject to an exclusion order affecting some of their customers, specifically unlicensed OEMs and Hyper-scalers. Vicor’s IP licensing practice is set to achieve record revenues in 2026.

As Vicor’s first ChiP fab approaches high utilization, we are planning a second fab. We are also exploring opportunities to expand total capacity by enabling an alternate source of high current density 2^nd Gen VPD modules to give licensed OEMs and Hyper-scalers access to best-in-class power system technology from more than one source.”

For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Thursday, February 19, 2026 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on February 19, 2026. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor's website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor's website.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2024, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.

For further information contact:

James F. Schmidt, Chief Financial Officer
Office: (978) 470-2900
Email: invrel@vicorpower.com

VICOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)
	QUARTER ENDED								YEAR ENDED
	(Unaudited)								(Unaudited)
	DEC 31,				DEC 31,				DEC 31,				DEC 31,
	2025				2024				2025				2024
Product revenue	$	92,720			$	80,392			$	350,317			$	312,463
Royalty revenue		14,544				15,774				57,384				46,595
Patent litigation settlement		-				-				45,000				-
Total product revenue, royalty revenue and patent litigation settlement		107,264				96,166				452,701				359,058
Cost of product revenues		47,841				45,806				193,272				175,060
Gross margin		59,423				50,360				259,429				183,998
Operating expenses:
Selling, general and administrative		23,195				24,171				99,031				96,886
Research and development		20,543				16,984				78,570				68,922
Litigation-contingency expense		-				-				-				19,500
Total operating expenses		43,738				41,155				177,601				185,308
Income (loss) from operations		15,685				9,205				81,828				(1,310	)
Other income (expense), net		3,545				2,553				12,743				11,797
Income before income taxes		19,230				11,758				94,571				10,487
Less: (Benefit) provision for income taxes		(27,303	)			1,516				(24,025	)			4,348
Consolidated net income		46,533				10,242				118,596				6,139
Less: Net income (loss) attributable to   noncontrolling interest		-				(4	)			40				10
Net income attributable to Vicor Corporation	$	46,533			$	10,246			$	118,556			$	6,129
Net income per share attributable to Vicor Corporation:
Basic	$	1.03			$	0.23			$	2.63			$	0.14
Diluted	$	1.01			$	0.23			$	2.61			$	0.14
Shares outstanding:
Basic		45,203				45,161				45,040				44,912
Diluted		46,297				45,296				45,450				45,168

VICOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)
	DEC 31,				DEC 31,
	2025				2024
	(Unaudited)				(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	402,805			$	277,273
Accounts receivable, net		60,716				52,948
Inventories		91,340				106,032
Other current assets		32,502				26,781
Total current assets		587,363				463,034
Long-term deferred tax assets		27,463				261
Long-term investment, net		2,462				2,641
Property, plant and equipment, net		147,690				152,705
Other assets		20,853				22,477
Total assets	$	785,831			$	641,118
Liabilities and Equity
Current liabilities:
Accounts payable	$	12,290			$	8,737
Accrued compensation and benefits		12,031				10,852
Accrued expenses		3,691				6,589
Accrued litigation		28,275				26,888
Sales allowances		3,136				1,667
Short-term lease liabilities		1,568				1,716
Income taxes payable		904				59
Short-term deferred revenue and customer prepayments		3,426				5,312
Total current liabilities		65,321				61,820
Long-term income taxes payable		3,086				3,387
Long-term lease liabilities		5,608				5,620
Total liabilities		74,015				70,827
Equity:
Vicor Corporation stockholders' equity:
Capital stock		462,805				408,187
Retained earnings		421,359				302,803
Accumulated other comprehensive loss		(1,672	)			(1,495	)
Treasury stock		(170,935	)			(139,424	)
Total Vicor Corporation stockholders' equity		711,557				570,071
Noncontrolling interest		259				220
Total equity		711,816				570,291
Total liabilities and equity	$	785,831			$	641,118

FAQ

What were Vicor (VICR) Q4 2025 revenue and net income figures?

Vicor reported Q4 2025 total revenue of $107.3M and net income of $46.5M. According to the company, product revenue was $92.7M and royalty revenue was $14.5M, with gross margin at 55.4% for the quarter.

How did Vicor (VICR) perform for full-year 2025 and what drove results?

Vicor posted full-year 2025 net income of $118.6M and EPS $2.61. According to the company, results reflected product and royalty revenue growth plus a $45M patent litigation settlement that boosted total 2025 revenues.

What did Vicor (VICR) report about cash, backlog and balance sheet strength?

Vicor ended 2025 with $402.8M cash and backlog of $176.9M. According to the company, cash rose sequentially and backlog increased 13.8% year-over-year, supporting near-term demand and planned capacity expansion.

Why did Vicor (VICR) royalty revenue fall sequentially in Q4 2025?

Royalty revenue fell sequentially due to a prior quarter catch-up; Q4 royalties were $14.5M. According to the company, Q3 included a catch-up amount, causing the Q4 sequential decline of 33.1%.

What guidance did Vicor (VICR) management give for 2026 and capacity plans?

Management said it expects record 2026 product and licensing revenue and is planning a second fab. According to the company, rising demand and near-term ChiP fab utilization motivate additional capacity and alternate sourcing exploration.