ICHOR HOLDINGS, LTD. (ICHR) Earnings History

ICHOR HOLDINGS, LTD. - Q4 FY2025 Earnings

Filed at: Feb 9, 2026, 4:05 PM EST|Read from source

EXECUTIVE SUMMARY

Ichor Holdings reported a mixed fourth quarter with revenue slightly above guidance, but a GAAP net loss and declining non-GAAP EPS. The company anticipates a strengthening demand environment in fiscal 2026, with expectations for improved gross margins and earnings leverage.

POSITIVE HIGHLIGHTS

  • •

    Fourth quarter revenue of $223.6 million was above the mid-point of guidance.

    positive
  • •

    Fiscal year 2025 revenue increased 11.6% year-over-year to $947.7 million.

    positive
  • •

    Non-GAAP net income for fiscal year 2025 was $7.9 million, an increase from $5.9 million in fiscal year 2024.

    positive
  • •

    Positive outlook for Q1 2026 with expected revenue between $240 million and $260 million, indicating upward momentum.

    positive

CONCERNS & RISKS

  • •

    GAAP net loss of $(15.961) million in Q4 FY2025, compared to a net loss of $(3.943) million in Q4 FY2024.

    negative
  • •

    GAAP diluted EPS was $(0.46) in Q4 FY2025, a significant decline from $(0.12) in Q4 FY2024.

    negative
  • •

    Non-GAAP diluted EPS decreased to $0.01 in Q4 FY2025 from $0.08 in Q4 FY2024.

    negative
  • •

    GAAP gross margin declined to 9.4% in Q4 FY2025 from 11.6% in Q4 FY2024.

    attention
  • •

    Significant inventory levels of $231.8 million at the end of Q4 FY2025, although down from $250.1 million in Q4 FY2024.

    attention
  • •

    Capital expenditures of $36.2 million in FY2025 significantly exceeded operating cash flow of $29.9 million, resulting in negative free cash flow of $(6.3) million for the year.

    negative

FINANCIAL METRICS

Revenue
Quarterly
$223.61M
-3.7%
Prior year: $233.29M
Annual (YTD)
$947.65M
N/A
Prior year: $849.04M
Net Income
Quarterly
$-15.96M
N/A
Prior year: $-3.94M
Annual (YTD)
$-52.78M
N/A
Prior year: $-20.82M
EPS (Diluted)
Quarterly
$-0.46
N/A
Prior year: $-0.12
Operating Income
Quarterly
$-13.84M
N/A
Prior year: $-1.25M
Annual (YTD)
$-39.27M
N/A
Prior year: $-7.64M
EPS (Basic)
Quarterly
$-0.46
N/A
Prior year: $-0.12

MARGIN ANALYSIS

Gross Margin
Current Quarter
9.4%
Prior Year
11.6%
YoY Change
-220 bps
Operating Margin
Current Quarter
-6.2%
Prior Year
-0.5%
YoY Change
-570 bps
Net Margin
Current Quarter
-7.1%
Prior Year
-1.7%
YoY Change
N/A

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

Q1 2026

revenue
$240000.0B—$260000.0B
Mid-point: $250000.0B
"Expects solidly upward momentum from Q4's trough levels."
eps
$0.08—$0.16
Mid-point: $0.12
"Non-GAAP diluted EPS outlook, excludes amortization of intangible assets and share-based compensation."

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q4 2025
Restructuring plan costs (inventory impairment)
Included in non-GAAP adjustments.
+$3.1M
Q4 2025
Facility shutdown costs (severance and inventory write-off)
Included in non-GAAP adjustments.
+$0.5M
FY 2025
Restructuring plan costs (inventory impairment)
Included in non-GAAP adjustments.
+$19.8M
FY 2025
Facility shutdown costs (severance and inventory write-off)
Included in non-GAAP adjustments.
+$6.7M
Total Impact
+$30.1M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

With Q4 results favorably aligned with our earlier expectations, our focus now shifts to the strengthening demand environment ahead for fiscal 2026.

— ICHOR HOLDINGS, LTD., Q4 FY2025 2025 Earnings Call

Early indications of customer demand entering the year provide us with a first-quarter revenue outlook reflecting solidly upward momentum from Q4’s trough levels.

— ICHOR HOLDINGS, LTD., Q4 FY2025 2025 Earnings Call

While our gross margin improvement strategies are just beginning to take shape, we believe we will demonstrate meaningfully improved gross margin performance in fiscal 2026, compared to fiscal 2025.

— ICHOR HOLDINGS, LTD., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.