Filing Flows › ACM Research (ACMR) › Q4 2025
ACM Research (ACMR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
ACM Research (ACMR) reported revenue of $244M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -9% from the quarter before. Operating margin was 9.4%, net earnings $8.0M (3.3% of revenue).
ACM Research, Q4 2025: revenue $244M (+9% year over year), operating margin 9.4%, net earnings $8.0M, operating cash flow $33.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $244M | -9% | +9% |
| Gross profit | $99.9M | -12% | -10% |
| Operating profit | $23.0M | -20% | -48% |
| Net earnings | $8.0M | -78% | -74% |
| Operating cash flow | $33.9M | — | -62% |
| Free cash flow | $20.1M | — | -74% |
What changed
Revenue was $244.4M in Q4 2025, up 9% year over year and down 9% from the previous quarter. Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment was the largest line at 65% of revenue.
Gross margin was 40.9%, down 8.7 points from a year earlier. Operating profit was $23.0M, a 9.4% margin (down 10.3 points year over year). Operating profit fell $21.0M even though revenue rose $21.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 15% against revenue growth of 9%. The fastest-growing cost line was Research & development (+59%). Net earnings were $8.0M, down 74% year over year. The effective tax rate was 31.6%.
Operating cash flow was $33.9M (down 62% year over year), 239% of net income including minority interests. Non-cash charges added back $6.0M of depreciation and amortization and $6.4M of share-based compensation. Working capital and other items added $7.2M. Capital expenditures of $13.8M left free cash flow of $20.1M.
Questions
What was ACM Research's revenue in the fourth quarter 2025?
ACM Research (ACMR) reported revenue of $244M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -9% from the quarter before.
Was ACM Research profitable in the fourth quarter 2025?
Operating profit was $23.0M (9.4% of revenue) and net earnings $8.0M.
Source: ACM Research 10-K on SEC EDGAR.