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Dec 27, 2025
Formfactor Q4 2025 Earnings Report
The company reported higher revenue, margins, and earnings in the fourth quarter.
Key Takeaways
FormFactor delivered strong fourth-quarter results with double-digit year-over-year revenue growth, improved gross margins, and higher profitability driven by demand in advanced packaging and high-performance computing.
Q4 revenue increased year over year and exceeded the high end of guidance
Gross margin expanded significantly compared to both prior quarter and prior year
Net income and diluted EPS rose sharply year over year
Operating cash flow strengthened during the quarter
Forward Guidance
Management expects continued revenue growth and further gross margin expansion in the first quarter of 2026.
Positive Outlook
- Strong demand in advanced packaging and HBM markets
- Continued improvement in non-GAAP gross margin
- Capacity expansion within existing facilities
- Growing test complexity driving higher content
- Positive momentum entering 2026
Challenges Ahead
- Exposure to macroeconomic and geopolitical risks
- Customer demand variability
- Trade restrictions and tariffs
- Execution risk related to capacity expansion
- Industry cyclicality
Historical Earnings Impact
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Avg. Return Before/After Earnings
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