Filing Flows › Vicor (VICR) › Q2 2025
Vicor (VICR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
Vicor (VICR) reported revenue of $141M for the second quarter 2025 (Q2 2025), +64% from a year earlier and +50% from the quarter before. Operating margin was 32.2%, net earnings $41.2M (29.2% of revenue).
Vicor, Q2 2025: revenue $141M (+64% year over year), operating margin 32.2%, net earnings $41.2M, operating cash flow $65.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $141M | +50% | +64% |
| Gross profit | $92.1M | +108% | +115% |
| Operating profit | $45.4M | — | 212× |
| Net earnings | $41.2M | 16× | — |
| Operating cash flow | $65.2M | +224% | +319% |
| Free cash flow | $59.0M | +279% | +526% |
What changed
Revenue was $141.0M in Q2 2025, up 64% year over year and up 50% from the previous quarter. Direct Customers Contract Manufacturers and Non Stocking Distributors was the largest line at 42% of revenue. Direct Customers Contract Manufacturers and Non Stocking Distributors added $11.8M year over year (up 25%), 21% of the total change. Stocking Distributors Net of Sales Allowances declined 14%.
Gross margin was 65.3%, up 15.5 points from a year earlier. Operating profit was $45.4M, a 32.2% margin (up 31.9 points year over year). Of the extra revenue versus a year earlier, 82% reached operating profit, above the 0% margin then. Operating expenses grew 10% against revenue growth of 64%. The fastest-growing cost line was SG&A (+20%). Net earnings were $41.2M. The effective tax rate was 16.0%.
Operating cash flow was $65.2M (up 319% year over year), 158% of net earnings. Non-cash charges added back $5.2M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items added $15.1M. Capital expenditures of $6.2M left free cash flow of $59.0M.
Questions
What was Vicor's revenue in the second quarter 2025?
Vicor (VICR) reported revenue of $141M for the second quarter 2025 (Q2 2025), +64% from a year earlier and +50% from the quarter before.
Was Vicor profitable in the second quarter 2025?
Operating profit was $45.4M (32.2% of revenue) and net earnings $41.2M.
Source: Vicor 10-Q on SEC EDGAR.