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Veeco Instruments (VECO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Veeco Instruments (VECO) Q3 2026 earnings results →
Q3 2026 Revenue up 26% year over year to $209M · 7¢ of every $1 of revenue kept as net profit · operating margin 6.7%
Veeco Instruments made $209M in Q3 2026 (+26% Y/Y): Semiconductor $135M, Compound Semiconductor $40.2M, Data Storage $20.0M. Operating margin 6.7%, net earnings $13.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $209.4M in Q3 2026, up 26% year over year and up 8% from the previous quarter. Semiconductor was the largest line at 65% of revenue. Compound Semiconductor added $29.3M year over year (up 268%), 67% of the total change. Scientific & Other declined 48%.
Gross margin was 38.4%, down 2.4 points from Q3 2025. Operating profit was $14.1M, a 6.7% margin (up 0.4 points year over year). Of the extra revenue versus Q3 2025, 8% reached operating profit, above the 6% margin then. Operating expenses grew 16% against revenue growth of 26%. The fastest-growing cost line was Research & development (+21%). Net earnings were $13.6M, up 29% year over year. The effective tax rate was 14.2%.
Operating cash flow was $57.9M (up 273% year over year), 425% of net earnings. Non-cash charges added back $4.9M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items added $31.0M. Capital expenditures of $4.3M left free cash flow of $53.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $209M | +26% | 6.7% | $13.6M | $57.9M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $193M | +16% | 6.1% | $11.9M | $51.4M |
| Q1 2026 | 10-Q | May 5, 2026 | $158M | -5% | -1.7% | −$324K | $7.9M |
| Q4 2025 | 10-K | Feb 25, 2026 | $165M | -9% | -0.8% | $1.1M | $24.9M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $166M | -10% | 6.4% | $10.6M | $15.5M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $166M | -6% | 7.4% | $11.7M | $9.0M |
| Q1 2025 | 10-Q | May 7, 2025 | $167M | -4% | 8.5% | $11.9M | $20.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
- Highlands REIT, Inc. — 9% of the supplier’s revenue · Stated in 10-K (sentence) · source
About Veeco Instruments
Headquartered in Plainview, New York, we were organized as a Delaware corporation in 1989. We are a manufacturer of advanced semiconductor process equipment that solves an array of challenging materials engineering problems for our customers. Our comprehensive collection of ion beam, laser annealing, metal organic chemical vapor deposition (“MOCVD”), chemical vapor deposition (“CVD”), advanced packaging lithography, single wafer wet processing, molecular beam epitaxy (“MBE”), and atomic layer deposition (“ALD”) technologies play an integral role in the fabrication of key devices that are enabling the 4th industrial revolution of all things connected.
In its own words, from its 10-K, filed Feb 25, 2026.
Veeco Instruments against its Special Industry Machinery, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +26%. Operating margin: 6.7% against the peers' median 9.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VECO Veeco Instruments | Q3 2026 | $209M | +26% | 6.7% |
| LRCX LAM Research | Q1 FY27 | $8.2B | +54% | 40.0% |
| ACMR ACM Research | Q3 2026 | $368M | +37% | 15.1% |
| ACLS Axcelis Technologies | Q3 2026 | $238M | +11% | 11.5% |
| CRCT Cricut | Q3 2026 | $189M | +11% | 18.0% |
| AZTA Azenta | Q3 FY26 | $161M | +12% | -2.6% |
| ASYS Amtech Systems | Q3 FY26 | $22.4M | +14% | 9.9% |
| VELO Velo3D | Q2 2026 | $20.7M | +52% | -53.5% |
| TRT Trio-Tech International | Q4 FY26 | $14.9M | +40% | -1.8% |
Source: Veeco Instruments 10-Q on SEC EDGAR · CIK 103145 · Special Industry Machinery, NEC
Guidance and outlook
13F: who owns VECO and who is buying
More on VECO
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- Veeco Instruments stock forecast, price target and fair value
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- Veeco Instruments guidance and outlook
- Is Veeco Instruments a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Veeco Instruments guidance history: guided vs reported
- Veeco Instruments gross margin by quarter
- Veeco Instruments operating margin by quarter
- Veeco Instruments net income by quarter
- Veeco Instruments free cash flow by quarter
- Veeco Instruments R&D spending by quarter
- Veeco Instruments capital expenditures by quarter
- Veeco Instruments Semiconductor revenue by quarter
- Veeco Instruments Compound Semiconductor revenue by quarter
- Veeco Instruments Data Storage revenue by quarter