Filing Flows › Vicor (VICR) › Q3 2025
Vicor (VICR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Vicor (VICR) reported revenue of $110M for the third quarter 2025 (Q3 2025), +19% from a year earlier and -22% from the quarter before. Operating margin was 18.9%, net earnings $28.3M (25.6% of revenue).
Vicor, Q3 2025: revenue $110M (+18% year over year), operating margin 18.9%, net earnings $28.3M, operating cash flow $38.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $110M | -22% | +19% |
| Gross profit | $63.5M | -31% | +39% |
| Operating profit | $20.9M | -54% | +288% |
| Net earnings | $28.3M | -31% | +145% |
| Operating cash flow | $38.5M | -41% | +70% |
| Free cash flow | $34.5M | -42% | +144% |
What changed
Revenue was $110.4M in Q3 2025, up 19% year over year and down 22% from the previous quarter. Direct Customers Contract Manufacturers and Non Stocking Distributors was the largest line at 48% of revenue. Stocking Distributors Net of Sales Allowances added $11.1M year over year (up 46%), 64% of the total change. Product and Service Other declined 17%.
Gross margin was 57.5%, up 8.4 points from a year earlier. Operating profit was $20.9M, a 18.9% margin (up 13.2 points year over year). Of the extra revenue versus a year earlier, 90% reached operating profit, above the 6% margin then. Operating expenses grew 6% against revenue growth of 19%. The fastest-growing cost line was Research & development (+17%). Net earnings were $28.3M, up 145% year over year. The effective tax rate was -21.4%.
Operating cash flow was $38.5M (up 70% year over year), 136% of net earnings. Non-cash charges added back $5.2M of depreciation and amortization and $4.4M of share-based compensation. Capital expenditures of $4.0M left free cash flow of $34.5M.
Questions
What was Vicor's revenue in the third quarter 2025?
Vicor (VICR) reported revenue of $110M for the third quarter 2025 (Q3 2025), +19% from a year earlier and -22% from the quarter before.
Was Vicor profitable in the third quarter 2025?
Operating profit was $20.9M (18.9% of revenue) and net earnings $28.3M.
Source: Vicor 10-Q on SEC EDGAR.