Filing Flows › IPG Photonics (IPGP) › Q4 2025
IPG Photonics (IPGP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
IPG Photonics (IPGP) reported revenue of $274M for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +9% from the quarter before. Operating margin was 1.2%, net earnings $13.3M (4.8% of revenue).
IPG Photonics, Q4 2025: revenue $274M (+17% year over year), operating margin 1.2%, net earnings $13.3M, operating cash flow $28.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $274M | +9% | +17% |
| Gross profit | $99.1M | +0.1% | +10% |
| Operating profit | $3.3M | -58% | -76% |
| Net earnings | $13.3M | +78% | +70% |
| Operating cash flow | $28.8M | -18% | -61% |
| Free cash flow | $10.9M | -25% | -78% |
What changed
Revenue was $274.5M in Q4 2025, up 17% year over year and up 9% from the previous quarter. Materials processing was the largest line at 85% of revenue.
Gross margin was 36.1%, down 2.5 points from a year earlier. Operating profit was $3.3M, a 1.2% margin (down 4.7 points year over year). Operating profit fell $10.6M even though revenue rose $40.1M versus a year earlier, so costs grew faster than sales. Operating expenses grew 25% against revenue growth of 17%. The fastest-growing cost line was General & admin (+40%). Net earnings were $13.3M, up 70% year over year. The effective tax rate was -25.7%. Non-operating items added $7.2M, 69% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $28.8M (down 61% year over year), 217% of net earnings. Non-cash charges added back $20.1M of depreciation and amortization and $10.2M of share-based compensation. Working capital and other items used $14.7M. Capital expenditures of $17.9M left free cash flow of $10.9M.
Questions
What was IPG Photonics' revenue in the fourth quarter 2025?
IPG Photonics (IPGP) reported revenue of $274M for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +9% from the quarter before.
Was IPG Photonics profitable in the fourth quarter 2025?
Operating profit was $3.3M (1.2% of revenue) and net earnings $13.3M.
Source: IPG Photonics 10-K on SEC EDGAR.