Filing Flows › Veeco Instruments (VECO) › Q4 2025
Veeco Instruments (VECO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Veeco Instruments (VECO) reported revenue of $165M for the fourth quarter 2025 (Q4 2025), -9% from a year earlier and -0.5% from the quarter before. Operating margin was -0.8%, net earnings $1.1M (0.7% of revenue).
Veeco Instruments, Q4 2025: revenue $165M (-9% year over year), operating margin -0.8%, net earnings $1.1M, operating cash flow $24.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $165M | -0.5% | -9% |
| Operating profit | −$1.4M | -113% | — |
| Net earnings | $1.1M | -89% | — |
| Operating cash flow | $24.9M | +60% | -12% |
| Free cash flow | $21.7M | +67% | -7% |
What changed
Revenue was $165.0M in Q4 2025, down 9% year over year and down 1% from the previous quarter. Semiconductor was the largest line at 67% of revenue.
Gross margin was 36.7%, down 4.0 points from a year earlier. Operating costs exceeded revenue by $1.4M, an operating margin of -0.8%. Operating expenses fell 12% while revenue fell 9%. Net earnings were $1.1M, down 93% year over year. Non-operating items added $1.3M, -1352% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $24.9M (down 12% year over year), 2238% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $9.0M of share-based compensation. Working capital and other items added $9.8M. Capital expenditures of $3.3M left free cash flow of $21.7M.
Questions
What was Veeco Instruments' revenue in the fourth quarter 2025?
Veeco Instruments (VECO) reported revenue of $165M for the fourth quarter 2025 (Q4 2025), -9% from a year earlier and -0.5% from the quarter before.
Was Veeco Instruments profitable in the fourth quarter 2025?
Operating loss was $1.4M (-0.8% of revenue) and net earnings $1.1M.
Source: Veeco Instruments 10-K on SEC EDGAR.