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Dec 31, 2025
Vicor Q4 2025 Earnings Report
Vicor Corporation reported its financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Vicor Corporation reported a strong fourth quarter with product revenue increasing by 15.3% year-over-year to $92.7 million and net income reaching $46.5 million, significantly up from $10.2 million in the prior year, partly due to a tax benefit. Full-year results also showed substantial growth in revenue and net income.
Product revenue for Q4 2025 increased 15.3% year-over-year to $92.7 million.
Net income for Q4 2025 was $46.5 million, or $1.01 per diluted share, including a $27.3 million tax benefit.
Gross margin for Q4 2025 was $59.4 million, representing 55.4% of revenue.
Backlog at the end of Q4 2025 increased 13.8% year-over-year to $176.9 million.
Revenue by Segment
Forward Guidance
Vicor's CEO anticipates a record year for product revenues in 2026 driven by strong demand across various high-performance sectors. The company is also planning for a second ChiP fab and exploring options to expand total capacity for VPD modules.
Positive Outlook
- Rising demand across high-performance compute, automatic test equipment, industrial, aerospace, and defense applications.
- Anticipated record year for Vicor's product revenues in 2026.
- Second investigation by the U.S. International Trade Commission into illegal importation of power modules and computing systems infringing Vicor's IP.
- Vicor's IP licensing practice is set to achieve record revenues in 2026.
- Planning for a second ChiP fab as the first approaches high utilization.
Challenges Ahead
- Suppliers of infringing systems will be subject to an exclusion order affecting some customers.
- The need to enable an alternate source of high current density 2nd Gen VPD modules suggests potential competition or capacity constraints.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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