Filing Flows › Ichor Holdings (ICHR) › Q4 2025
Ichor Holdings (ICHR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Ichor Holdings (ICHR) reported revenue of $224M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -7% from the quarter before. Operating margin was -6.2%, net loss $16.0M (7.1% of revenue).
Ichor Holdings, Q4 2025: revenue $224M (-4% year over year), operating margin -6.2%, net loss $16.0M, operating cash flow $9.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $224M | -7% | -4% |
| Operating profit | −$13.8M | — | — |
| Net earnings | −$16.0M | — | — |
| Operating cash flow | $9.2M | -0.8% | — |
| Free cash flow | $5.9M | — | — |
What changed
Revenue was $223.6M in Q4 2025, down 4% year over year and down 7% from the previous quarter.
Gross margin was 9.4%, down 2.2 points from a year earlier. Operating costs exceeded revenue by $13.8M, an operating margin of -6.2%. Operating expenses grew 23% against a revenue fall of 4%. The fastest-growing cost line was SG&A (+35%). The quarter ended with a net loss of $16.0M, narrower than the previous quarter's $22.9M loss.
Operating cash flow was $9.2M. Non-cash charges added back $10.0M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items added $10.9M. After capital expenditures ($3.2M), free cash flow as the company reports it was $5.9M.
Questions
What was Ichor Holdings' revenue in the fourth quarter 2025?
Ichor Holdings (ICHR) reported revenue of $224M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -7% from the quarter before.
Was Ichor Holdings profitable in the fourth quarter 2025?
Operating loss was $13.8M (-6.2% of revenue) and net loss $16.0M.
Source: Ichor Holdings 10-K on SEC EDGAR.