Revenue has declined for six straight quarters to $215.2M in 2026Q2 (-10.6% YoY), with gross margin compressing to 42.4% and operating margin falling to 9.4% from 22.4% in 2024Q1.
Axcelis Technologies, Inc. (ACLS) annual income statement — 27-year revenue, gross profit & net income history
| 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 | 866.07M | 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 % | -3.35% | -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 | 493.56M | 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 | 372.51M | 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 % | 43.01% | 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 | 283.08M | 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 | 170.83M | 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 | 112.26M | 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 | 89.42M | 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 % | 10.33% | 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 | 107.09M | 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 % | 12.36% | 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 % | -39.35% | -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) | 17.66M | 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 | 110.03M | 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 | 14.24M | 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 | 19.44M | 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 | 5.2M | 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 | 16.72M | 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 | 106.14M | 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 % | 12.26% | 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 | 13.35M | 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 % | 12.58% | 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 | 92.79M | 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 % | 10.71% | 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 % | -41.45% | -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) | 92.79M | 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) | 2.98 | 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 % | -39.06% | -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 | 31.13M | 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 | 30.8M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue decline and margin compression
Metrics are mathematically derived from official filings.
Revenue Slide Continues
Axcelis' revenue has contracted for six consecutive quarters, with 2026Q2 revenue of $215.2M down 10.6% year-over-year, according to the latest income statement data.
The sequential uptick from 2026Q1's $199.0M to $215.2M is modest, but the year-over-year decline persists, indicating a prolonged demand downturn. The negative growth rates across all quarters in 2025 and 2026Q2 suggest a structural slowdown rather than a temporary blip, possibly tied to semiconductor capital equipment cycle weakness.
Gross Margin Erosion
Gross margin fell to 42.4% in 2026Q2 from 46.1% in 2025Q1, as reported in financial statements, reflecting pricing pressure or unfavorable product mix.
The decline from the mid-40s to low-40s range indicates reduced pricing power or a shift toward lower-margin products. This compression is more pronounced than peers like ONTO (49.7%) and CAMT (50.5%), suggesting Axcelis may be losing competitive advantage. Investors should monitor whether this is cyclical or structural.
Operating Leverage Reverses
Operating income dropped to $20.3M in 2026Q2 from $56.5M in 2024Q1, with operating margin halving to 9.4%, based on reported figures.
The sharp decline in operating margin from 22.4% to 9.4% over five quarters indicates that fixed costs are not scaling down with revenue. SG&A and R&D expenses have remained relatively stable, around $70M combined, while revenue fell by 15%, causing operating leverage to work negatively. This suggests management has not aggressively cut costs, which may be a strategic choice to preserve capacity.
EPS Decline Outpaces Revenue
Diluted EPS fell to $0.75 in 2026Q2, a 23.5% year-over-year decline, while net income margin compressed to 10.8%, as per the income statement.
The EPS decline is steeper than revenue decline, indicating margin erosion and possibly higher effective tax rates or non-operating charges. Stock-based compensation of $11.3M in 2026Q2 is elevated relative to prior quarters, which may be inflating expense and reducing reported earnings quality. Investors should adjust for SBC to assess true cash earnings.
Cost Discipline Questioned
SG&A expenses rose to $41.9M in 2026Q2 from $33.8M in 2024Q2, a 24% increase despite revenue falling, as disclosed in quarterly reports.
The increase in SG&A while revenue declines suggests a lack of cost discipline or investments in sales infrastructure that have not yet yielded returns. R&D spending has also remained elevated, which may be necessary for long-term competitiveness but pressures near-term margins. This cost structure may be unsustainable if revenue continues to decline.
What Could Invalidate the Base Case
The most bearish scenario is that Axcelis' revenue decline is not cyclical but secular, with gross margins compressing to 42.4% and operating margins at 9.4% in 2026Q2.
Short-sellers would argue that the company's reliance on a few customers in the semiconductor industry makes it vulnerable to technology shifts. The persistent year-over-year revenue declines and margin compression suggest that Axcelis may be losing market share to competitors like CAMT, which has higher margins and growth. If the current trajectory continues, the company could face breakeven or losses, making the current valuation unjustified.