Companies /Technology

Ichor Holdings Ltd

NASDAQ: ICHR Semiconductor Equipment & Materials
$59.09
â–² $1.47 (+2.55%) today
Markets closed · 11:38pm ET

Q4 2025 Earnings

Reported Feb 9, 2026, 4:05pm ET · SEC source
$0.01
Beat +117.51%
EPS · est. $-0.06
$223.6M
Beat +1.25%
Revenue · est. $220.8M
−4.2%
Trailing market
ICHR vs S&P since report
3 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+20%Feb 9Feb 10report 4:05pm ETearnings−0.1%+20.3%
0+20%Feb 9Feb 10earnings−0.1%+20.3%
ICHR +20.3%S&P 500 −0.1%
0+20%Feb 9Feb 10report 4:05pm ETearnings−0.3%+20.3%
0+20%Feb 9Feb 10earnings−0.3%+20.3%
ICHR +20.3%NASDAQ −0.3%
−20%0+20%Feb 9Feb 17report 4:05pm ETearnings−1.6%+17.9%
−20%0+20%Feb 9Feb 17earnings−1.6%+17.9%
ICHR +17.9%S&P 500 −1.6%
−20%0+20%Feb 9Feb 17report 4:05pm ETearnings−2.2%+17.9%
−20%0+20%Feb 9Feb 17earnings−2.2%+17.9%
ICHR +17.9%NASDAQ −2.2%
+32.72%
Day of report
+5.12%
Next session
+5.68%
One week
−8.48%
30 days

S&P 500 over the same 30 days: −4.31%.

Did ICHR Beat Earnings? Q4 2025 Results

Ichor Holdings closed out Q4 2025 with a better-than-expected performance, delivering non-GAAP EPS of $0.01 against a consensus estimate of negative $0.06, a beat of 116.67%, while revenue of $223.61 million edged past the $220.83 million consensus by 1.26%, even as the top line fell 4.2% year over year amid a broader cyclical trough. The quarter's most material dynamic was the company's ongoing Consolidation Restructuring Plan, which drove a wide gap between GAAP and non-GAAP results; $3.10 million in inventory impairment charges, $2.60 million in fixed asset write-downs, and costs tied to exiting Scotland and Korea operations contributed to a GAAP net loss of $15.96 million, masking the underlying operational improvement CEO Phil Barros described as a demand inflection point. The stock rose roughly 7.7% following the print, with investors responding to Q1 2026 guidance calling for revenue of $240 million to $260 million and non-GAAP EPS of $0.08 to $0.16, as management signaled meaningfully improved gross margins and strong earnings leverage ahead in fiscal 2026.

Key Takeaways
  • Q4 revenue above midpoint of guidance range despite being a trough quarter
  • Full-year 2025 revenue up 11.6% year-over-year to $947.7 million
  • Consolidation Restructuring Plan and Scotland/Korea facility exits drove significant non-GAAP adjustments
  • Q4 non-GAAP gross margin of 11.7%, down from 12.1% in Q3
  • Inventory impairment of $19.8 million for full year 2025 as part of restructuring
  • Working capital improvements with accounts receivable decrease of $13.9 million in Q4

“With Q4 results favorably aligned with our earlier expectations, our focus now shifts to the strengthening demand environment ahead for fiscal 2026. Early indications of customer demand entering the year provide us with a first-quarter revenue outlook reflecting solidly upward momentum from Q4's trough levels. At this time, we expect this upward trend to continue into the second half of the year.”

Ichor Holdings CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, Ichor expects revenue of $240 million to $260 million (midpoint $250 million), GAAP diluted EPS of $(0.10) to $0.02 (midpoint $(0.04)), and non-GAAP diluted EPS of $0.08 to $0.16 (midpoint $0.12). Management expects the upward revenue trend to continue into the second half of 2026 and anticipates meaningfully improved gross margin performance in fiscal 2026 compared to fiscal 2025, with strong earnings leverage in the quarters ahead. Non-GAAP EPS outlook excludes approximately $2.1 million in intangible asset amortization and approximately $4.0 million in share-based compensation expense.

ICHR YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$70.0M$140.0M$210.0M$233.3M$223.6MRevenue$27.0M$21.0MGross Profit
$0$70.0M$140.0M$210.0MRevenueGross Profit

Figures from SEC filings and company reports. Not investment advice.