Revenue growth has contracted significantly, with EPS falling from $2.15 in 2023Q4 to $0.30 in 2026Q1 as operating margins compressed to 4.0%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 845.44M | 839.05M | 1.02B | 1.13B | 920M | 662.43M | 474.56M | 342.96M | 442.57M | 410.56M | 266.98M | 301.5M | 203.05M | 195.63M | 203.38M | 319.42M | 275.21M | 133.02M | 250.21M | 404.8M | 461.72M | 372.54M | 507.98M | 321.97M | 309.7M | 365.26M | 680.4M | 397.27M |
| Revenue Growth % | -11.75% | -17.57% | -9.97% | 22.89% | 38.88% | 39.59% | 38.37% | -22.51% | 7.8% | 53.78% | -11.45% | 48.48% | 3.79% | -3.81% | -36.33% | 16.06% | 106.89% | -46.84% | -38.19% | -12.33% | 23.94% | -26.66% | 57.77% | 3.96% | -15.21% | -46.32% | 71.27% | - |
| Cost of Goods Sold | 476.78M | 462.2M | 563.21M | 639.3M | 518.21M | 375.98M | 275.98M | 198.81M | 262.94M | 260.31M | 167.38M | 199.79M | 132.89M | 127.7M | 145.21M | 204.68M | 189.37M | 104.96M | 187.6M | 251.94M | 270.2M | 218.11M | 296.45M | 217.62M | 205.74M | 234.24M | 372.56M | 230.38M |
| COGS % of Revenue | - | 55.09% | 55.33% | 56.55% | 56.33% | 56.76% | 58.15% | 57.97% | 59.41% | 63.4% | 62.69% | 66.27% | 65.45% | 65.27% | 71.4% | 64.08% | 68.81% | 78.9% | 74.98% | 62.24% | 58.52% | 58.55% | 58.36% | 67.59% | 66.43% | 64.13% | 54.76% | 57.99% |
| Gross Profit | 368.66M | 376.85M | 454.65M | 491.3M | 401.79M | 286.44M | 198.58M | 144.15M | 179.64M | 150.25M | 99.6M | 101.71M | 70.16M | 67.94M | 58.17M | 114.74M | 85.84M | 28.06M | 62.62M | 152.86M | 191.51M | 154.43M | 211.53M | 104.35M | 103.97M | 131.03M | 307.84M | 166.88M |
| Gross Margin % | 43.61% | 44.91% | 44.67% | 43.45% | 43.67% | 43.24% | 41.85% | 42.03% | 40.59% | 36.6% | 37.31% | 33.73% | 34.55% | 34.73% | 28.6% | 35.92% | 31.19% | 21.1% | 25.02% | 37.76% | 41.48% | 41.45% | 41.64% | 32.41% | 33.57% | 35.87% | 45.24% | 42.01% |
| Gross Profit Growth % | - | -17.11% | -7.46% | 22.28% | 40.27% | 44.24% | 37.76% | -19.75% | 19.56% | 50.85% | -2.07% | 44.95% | 3.28% | 16.79% | -49.3% | 33.67% | 205.87% | -55.18% | -59.04% | -20.18% | 24.01% | -26.99% | 102.71% | 0.37% | -20.65% | -57.44% | 84.46% | - |
| Operating Expenses | 270.56M | 257.53M | 243.86M | 225.51M | 189.43M | 159.12M | 140.54M | 119.95M | 119.68M | 102.41M | 82.69M | 80.97M | 78.2M | 81.39M | 92.84M | 107.61M | 99.2M | 91.96M | 153.51M | 171.02M | 167.09M | 163.81M | -330.6M | 152.5M | 162.28M | 193.27M | 203.21M | 154.55M |
| OpEx % of Revenue | - | 30.69% | 23.96% | 19.95% | 20.59% | 24.02% | 29.62% | 34.97% | 27.04% | 24.94% | 30.97% | 26.86% | 38.51% | 41.6% | 45.65% | 33.69% | 36.05% | 69.13% | 61.35% | 42.25% | 36.19% | 43.97% | -65.08% | 47.36% | 52.4% | 52.91% | 29.87% | 38.9% |
| Selling, General & Admin | 160.21M | 148.57M | 138.36M | 128.6M | 111.07M | 93.69M | 78.71M | 66.02M | 67.8M | 59.33M | 48.29M | 48.38M | 44.67M | 46.63M | 52.44M | 60.43M | 59.68M | 59.3M | 87.63M | 91.69M | 92.16M | 90.46M | 93.74M | 87.26M | 88.75M | 107.45M | 116.63M | 83.87M |
| SG&A % of Revenue | - | 17.71% | 13.59% | 11.37% | 12.07% | 14.14% | 16.59% | 19.25% | 15.32% | 14.45% | 18.09% | 16.05% | 22% | 23.84% | 25.79% | 18.92% | 21.69% | 44.58% | 35.02% | 22.65% | 19.96% | 24.28% | 18.45% | 27.1% | 28.66% | 29.42% | 17.14% | 21.11% |
| Research & Development | 110.35M | 108.96M | 105.5M | 96.91M | 78.36M | 65.43M | 61.83M | 53.93M | 51.88M | 43.07M | 34.4M | 32.59M | 33.53M | 34.76M | 40.4M | 47.18M | 39.52M | 32.66M | 63.26M | 72.04M | 72.38M | 70.91M | 63.21M | 63.28M | 72.07M | 76.54M | 68.77M | 51.6M |
| R&D % of Revenue | - | 12.99% | 10.36% | 8.57% | 8.52% | 9.88% | 13.03% | 15.73% | 11.72% | 10.49% | 12.89% | 10.81% | 16.51% | 17.77% | 19.86% | 14.77% | 14.36% | 24.55% | 25.28% | 17.8% | 15.68% | 19.03% | 12.44% | 19.66% | 23.27% | 20.95% | 10.11% | 12.99% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 396K | -764K | -601K | 0 | 0 | 0 | 0 | 0 | 0 | 2.62M | 7.28M | 2.55M | 2.45M | -487.55M | 1.96M | 1.46M | 9.28M | 17.81M | 19.08M |
| Operating Income | 98.11M | 119.31M | 210.79M | 265.8M | 212.36M | 127.33M | 58.04M | 24.2M | 59.96M | 47.84M | 16.62M | 20.72M | -10.66M | -14.62M | -30.94M | 7.13M | -13.37M | -69.43M | -186.84M | -20.66M | 23.74M | -15.88M | 541.13M | -53.05M | -58.32M | -62.24M | 104.64M | 12.33M |
| Operating Margin % | 11.6% | 14.22% | 20.71% | 23.51% | 23.08% | 19.22% | 12.23% | 7.06% | 13.55% | 11.65% | 6.23% | 6.87% | -5.25% | -7.47% | -15.21% | 2.23% | -4.86% | -52.2% | -74.67% | -5.1% | 5.14% | -4.26% | 106.53% | -16.48% | -18.83% | -17.04% | 15.38% | 3.1% |
| Operating Income Growth % | - | -43.4% | -20.69% | 25.16% | 66.79% | 119.37% | 139.79% | -59.63% | 25.33% | 187.81% | -19.77% | 294.33% | 27.07% | 52.75% | -533.79% | 153.36% | 80.75% | 62.84% | -804.21% | -187.04% | 249.51% | -102.93% | 1119.97% | 9.03% | 6.31% | -159.49% | 748.43% | - |
| EBITDA | 115.85M | 136.93M | 226.6M | 278.86M | 223.97M | 138.14M | 67.98M | 32.09M | 65.73M | 52.84M | 20.88M | 25.59M | -6.08M | -9.54M | -24.06M | 15.63M | -6.32M | -62M | -163.27M | 1.25M | 43.88M | 7.85M | 564.12M | -39.49M | -46.56M | -41.03M | 122.45M | 31.41M |
| EBITDA Margin % | 13.7% | 16.32% | 22.26% | 24.66% | 24.34% | 20.85% | 14.32% | 9.36% | 14.85% | 12.87% | 7.82% | 8.49% | -2.99% | -4.88% | -11.83% | 4.89% | -2.3% | -46.61% | -65.25% | 0.31% | 9.5% | 2.11% | 111.05% | -12.27% | -15.03% | -11.23% | 18% | 7.91% |
| EBITDA Growth % | -42.01% | -39.57% | -18.74% | 24.51% | 62.13% | 103.21% | 111.87% | -51.19% | 24.39% | 153.07% | -18.39% | 521.19% | 36.34% | 60.34% | -253.95% | 347.22% | 89.8% | 62.03% | -13182.21% | -97.16% | 458.74% | -98.61% | 1528.47% | 15.18% | -13.48% | -133.51% | 289.79% | - |
| D&A (Non-Cash Add-back) | 17.74M | 17.61M | 15.81M | 13.07M | 11.61M | 10.82M | 9.94M | 7.88M | 5.77M | 5M | 4.26M | 4.87M | 4.59M | 5.08M | 6.88M | 8.5M | 7.04M | 7.44M | 23.57M | 21.91M | 20.14M | 23.73M | 22.98M | 13.56M | 11.76M | 21.21M | 17.81M | 19.08M |
| EBIT | 115.81M | 143.61M | 235.74M | 283.95M | 210.46M | 125.26M | 61.1M | 26.08M | 59.96M | 47.84M | 16.1M | 20.74M | -9.1M | -15.65M | -32.39M | 7.47M | -13.37M | -74.93M | -189.06M | -18.16M | 24.42M | -9.38M | 542.13M | -12.13M | -58.32M | -62.24M | 104.64M | 12.33M |
| Net Interest Income | 15.06M | 16.12M | 18.94M | 12.85M | -1.02M | -4.63M | -4.47M | -2.2M | -2.78M | -4.41M | -4.83M | -4.91M | -1.04M | -413K | 45K | 42K | 96K | -1.5M | -5.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 19.04M | 21.48M | 24.4M | 18.2M | 4.55M | 209K | 738K | 2.96M | 2.33M | 714K | 238K | 64K | 32K | 44K | 45K | 42K | 96K | 181K | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 5.4M | 0 | 0 |
| Interest Expense | 3.98M | 5.36M | 5.46M | 5.35M | 5.58M | 4.83M | 5.21M | 5.16M | 5.11M | 5.12M | 5.07M | 4.98M | 1.07M | 457K | 0 | 0 | 0 | 1.68M | 6.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 17.68M | 18.93M | 19.48M | 12.8M | -7.48M | -6.9M | -2.15M | -3.28M | -5.25M | -4.01M | -5.6M | -5.51M | 494K | -1.49M | -1.45M | 339K | -3.89M | -7.17M | -8.97M | 8.86M | 19.04M | 13.9M | -466M | -27.3M | 8.57M | 21.84M | 39.63M | 7.22M |
| Pretax Income | 115.79M | 138.25M | 230.27M | 278.6M | 204.88M | 120.43M | 55.89M | 20.92M | 54.7M | 43.83M | 11.02M | 15.21M | -10.17M | -16.1M | -32.39M | 7.47M | -17.26M | -76.6M | -195.8M | -11.81M | 42.78M | -1.98M | 75.14M | -44.34M | -49.74M | -40.4M | 144.27M | 19.55M |
| Pretax Margin % | 13.7% | 16.48% | 22.62% | 24.64% | 22.27% | 18.18% | 11.78% | 6.1% | 12.36% | 10.68% | 4.13% | 5.04% | -5.01% | -8.23% | -15.92% | 2.34% | -6.27% | -57.59% | -78.25% | -2.92% | 9.27% | -0.53% | 14.79% | -13.77% | -16.06% | -11.06% | 21.2% | 4.92% |
| Income Tax | 14.92M | 18.01M | 29.28M | 32.34M | 21.81M | 21.78M | 5.9M | 3.89M | 8.82M | -83.13M | 23K | 527K | 1.1M | 1.04M | 1.65M | 2.39M | 312K | 865K | 861K | -410K | 2.01M | 1.87M | 964K | 69.53M | -23.59M | -20.24M | 45.16M | 5.13M |
| Effective Tax Rate % | 12.88% | 13.03% | 12.72% | 11.61% | 10.64% | 18.08% | 10.56% | 18.58% | 16.12% | -189.66% | 0.21% | 3.47% | -10.81% | -6.46% | -5.08% | 32.04% | -1.81% | -1.13% | -0.44% | 3.47% | 4.71% | -94.5% | 1.28% | -156.82% | 47.43% | 50.09% | 31.3% | 26.21% |
| Net Income | 100.87M | 120.24M | 200.99M | 246.26M | 183.08M | 98.65M | 49.98M | 17.03M | 45.88M | 126.96M | 11M | 14.68M | -11.27M | -17.14M | -34.03M | 5.08M | -17.57M | -77.47M | -196.66M | -11.4M | 40.77M | -3.85M | 74.17M | -113.88M | -26.15M | -20.16M | 99.11M | 14.43M |
| Net Margin % | 11.93% | 14.33% | 19.75% | 21.78% | 19.9% | 14.89% | 10.53% | 4.97% | 10.37% | 30.92% | 4.12% | 4.87% | -5.55% | -8.76% | -16.73% | 1.59% | -6.39% | -58.24% | -78.6% | -2.82% | 8.83% | -1.03% | 14.6% | -35.37% | -8.44% | -5.52% | 14.57% | 3.63% |
| Net Income Growth % | -43.32% | -40.18% | -18.38% | 34.51% | 85.58% | 97.37% | 193.42% | -62.88% | -63.86% | 1054.07% | -25.05% | 230.29% | 34.29% | 49.63% | -770.36% | 128.89% | 77.32% | 60.61% | -1625.43% | -127.96% | 1157.59% | -105.2% | 165.14% | -335.47% | -29.69% | -120.34% | 586.96% | - |
| Net Income (Continuing) | 100.87M | 120.24M | 200.99M | 246.26M | 183.08M | 98.65M | 49.98M | 17.03M | 45.88M | 126.96M | 11M | 14.68M | -11.27M | -17.14M | -34.03M | 5.08M | -17.57M | -77.47M | -196.66M | -11.4M | 40.77M | -3.85M | 74.17M | -113.88M | -26.15M | -20.16M | 99.11M | 14.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.26 | 3.80 | 6.15 | 7.43 | 5.46 | 2.88 | 1.46 | 0.50 | 1.35 | 3.80 | 0.36 | 0.48 | -0.40 | -0.63 | -1.26 | 0.20 | -0.67 | -2.99 | -7.66 | -0.45 | 1.60 | -0.15 | 2.92 | -4.62 | -1.07 | -0.83 | 4.52 | 0.60 |
| EPS Growth % | -41.21% | -38.21% | -17.23% | 36.08% | 89.58% | 97.26% | 192% | -62.96% | -64.47% | 955.56% | -25% | 220% | 36.51% | 50% | -730% | 129.85% | 77.59% | 60.97% | -1602.22% | -128.13% | 1166.67% | -105.14% | 163.2% | -331.78% | -28.92% | -118.36% | 653.33% | - |
| EPS (Basic) | - | 3.81 | 6.17 | 7.52 | 5.54 | 2.94 | 1.50 | 0.52 | 1.35 | 4.11 | 0.38 | 0.52 | -0.40 | -0.64 | -1.28 | 0.20 | -0.67 | -2.99 | -7.66 | -0.45 | 1.60 | -0.15 | 3.00 | -4.62 | -1.07 | -0.83 | 4.52 | 0.60 |
| Diluted Shares Outstanding | 30.98M | 31.67M | 32.7M | 33.16M | 33.54M | 34.27M | 34.13M | 33.83M | 34M | 33.44M | 30.95M | 30.23M | 27.86M | 27.22M | 26.9M | 27.27M | 26.13M | 25.9M | 25.68M | 25.47M | 25.34M | 25.08M | 25.3M | 24.63M | 24.48M | 24.3M | 22.02M | 23.66M |
| Basic Shares Outstanding | 30.72M | 31.57M | 32.55M | 32.76M | 33.04M | 33.55M | 33.26M | 32.56M | 33.99M | 30.87M | 29.2M | 28.59M | 27.86M | 26.79M | 26.59M | 26.56M | 26.13M | 25.9M | 25.68M | 25.47M | 25.26M | 25.08M | 24.88M | 24.63M | 24.48M | 24.3M | 22.02M | 23.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical export control exposure
As reported in recent financial statements, Axcelis Technologies has experienced a persistent revenue contraction, with the most recent quarterly figures showing a 3.3% growth rate that masks a broader trend of declining top-line performance compared to the peak levels observed in the 2023 fiscal year.
The transition from double-digit growth to low single-digit expansion suggests that the company is currently navigating a significant digestion period within its primary semiconductor equipment markets. Investors should monitor whether this deceleration reflects a structural shift in demand for high-energy ion implantation or merely a temporary pause in customer capital expenditure cycles.
Based on the provided income statement data, operating margins have compressed sharply from 25.5% in 2023Q4 to just 4.0% in 2026Q1, indicating that the company's fixed-cost structure is struggling to absorb the impact of lower revenue volumes during this current industry downturn.
The erosion of operating margins suggests that the company's high-fixed-cost manufacturing and R&D base is becoming a liability during periods of revenue volatility. This trend warrants further investigation into whether management can successfully implement cost-rationalization measures to protect profitability if top-line weakness persists through the remainder of the fiscal year.
According to the quarterly income statement filings, Axcelis has maintained relatively stable R&D expenditures despite the significant revenue decline, with spending hovering near $28.5M in 2026Q1, which highlights a commitment to long-term technical differentiation at the expense of near-term bottom-line performance.
Maintaining R&D intensity during a cyclical trough appears to be a strategic choice to preserve the Purion platform's competitive moat. However, this discipline creates a direct tension with net income, as the lack of expense flexibility exacerbates the impact of revenue fluctuations on the company's overall earnings quality.
Based on the reported figures, EPS has experienced a dramatic decline from $2.15 in 2023Q4 to $0.30 in 2026Q1, a trend that appears primarily driven by operational deleveraging rather than non-operating items or significant tax anomalies, suggesting a high degree of sensitivity to core business performance.
The sharp drop in EPS underscores the company's vulnerability to cyclical swings in the semiconductor equipment market. Investors should note that the consistent presence of stock-based compensation, averaging approximately $5M per quarter, continues to act as a persistent drag on net income during this period of reduced operational efficiency.
Quick answers to the most common questions about buying ACLS stock.
For fiscal year 2025, Axcelis Technologies, Inc. (ACLS) reported total revenue of $839.0M. This represents a 111.2% increase compared to $397.3M in 1999.
Axcelis Technologies, Inc. (ACLS) is profitable, generating $120.2M in net income for the fiscal year ending 2025 with a net profit margin of 14.3%.
Axcelis Technologies, Inc. (ACLS) reported an operating income of $119.3M, resulting in an operating profit margin of 14.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Axcelis Technologies, Inc. (ACLS) generated $376.8M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.