Revenue accelerated 36% YoY to $292.9M in 2026Q2 with gross margin at 46.0% and operating margin expanding to 17.0%, though net margin of 30.4% was inflated by a likely tax benefit and lower SBC.
ACM Research, Inc. (ACMR) annual income statement — 11-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 |
|---|
| Sales/Revenue | 1.04B | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M | 156.62M | 107.52M | 74.64M | 36.51M | 27.37M | 31.21M |
| Revenue Growth % | 27.31% | 15.24% | 40.23% | 43.44% | 49.69% | 65.84% | 45.66% | 44.05% | 104.47% | 33.37% | -12.29% | - |
| Cost of Goods Sold | 582.86M | 501.24M | 390.56M | 281.51M | 205.22M | 144.9M | 87.03M | 56.87M | 40.19M | 19.28M | 14.04M | 17.09M |
| COGS % of Revenue | - | 55.61% | 49.94% | 50.47% | 52.78% | 55.78% | 55.56% | 52.89% | 53.85% | 52.82% | 51.3% | 54.75% |
| Gross Profit | 454.91M | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M | 69.6M | 50.65M | 34.45M | 17.23M | 13.33M | 14.12M |
| Gross Margin % | 43.84% | 44.39% | 50.06% | 49.53% | 47.22% | 44.22% | 44.44% | 47.11% | 46.15% | 47.18% | 48.7% | 45.25% |
| Gross Profit Growth % | - | 2.17% | 41.76% | 50.43% | 59.87% | 65.03% | 37.4% | 47.04% | 99.99% | 29.23% | -5.61% | - |
| Operating Expenses | 317.03M | 290.64M | 240.56M | 180.38M | 124.58M | 76.15M | 48.11M | 32.86M | 27.98M | 16.52M | 9.84M | 9.26M |
| OpEx % of Revenue | - | 32.25% | 30.76% | 32.34% | 32.04% | 29.32% | 30.71% | 30.56% | 37.48% | 45.27% | 35.95% | 29.67% |
| Selling, General & Admin | 154.56M | 145.65M | 135.08M | 87.67M | 62.35M | 41.95M | 28.99M | 19.96M | 17.6M | 11.39M | 6.58M | 6.32M |
| SG&A % of Revenue | - | 16.16% | 17.27% | 15.72% | 16.04% | 16.15% | 18.51% | 18.57% | 23.58% | 31.19% | 24.04% | 20.24% |
| Research & Development | 162.47M | 144.99M | 105.47M | 92.71M | 62.23M | 34.21M | 19.12M | 12.9M | 10.38M | 5.14M | 3.26M | 2.94M |
| R&D % of Revenue | - | 16.09% | 13.49% | 16.62% | 16% | 13.17% | 12.21% | 12% | 13.91% | 14.07% | 11.91% | 9.43% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 137.88M | 109.43M | 151M | 95.84M | 59.03M | 38.7M | 21.49M | 17.79M | 6.47M | 700K | 3.49M | 4.86M |
| Operating Margin % | 13.29% | 12.14% | 19.31% | 17.18% | 15.18% | 14.9% | 13.72% | 16.55% | 8.67% | 1.92% | 12.75% | 15.58% |
| Operating Income Growth % | - | -27.53% | 57.55% | 62.34% | 52.54% | 80.08% | 20.8% | 174.93% | 824.43% | -79.94% | -28.23% | - |
| EBITDA | 165.08M | 125.76M | 160.97M | 103.93M | 64.4M | 41.05M | 22.55M | 18.58M | 6.89M | 971K | 3.68M | 5.02M |
| EBITDA Margin % | 15.91% | 13.95% | 20.58% | 18.63% | 16.56% | 15.81% | 14.4% | 17.28% | 9.23% | 2.66% | 13.43% | 16.1% |
| EBITDA Growth % | 4.96% | -21.87% | 54.88% | 61.38% | 56.87% | 82.09% | 21.36% | 169.73% | 609.37% | -73.59% | -26.8% | - |
| D&A (Non-Cash Add-back) | 27.2M | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M | 1.05M | 788K | 417K | 271K | 187K | 160K |
| EBIT | 243.22M | 142.15M | 170.45M | 118.9M | 69.02M | 43.82M | 20.28M | 17.79M | 6.47M | 700K | 3.49M | 4.86M |
| Net Interest Income | 11.52M | 7.68M | 5.78M | 5.67M | 7.08M | -260K | -85K | -412K | -469K | -268K | -165K | -105K |
| Interest Income | 19.15M | 14.64M | 9.94M | 8.35M | 8.74M | 505K | 897K | 333K | 29K | 9K | 16K | 17K |
| Interest Expense | 7.63M | 6.96M | 4.15M | 2.68M | 1.66M | 765K | 982K | 745K | 498K | 277K | 181K | 122K |
| Other Income/Expense | 97.72M | 25.76M | 15.3M | 20.38M | 8.33M | 4.35M | -2.2M | 1.15M | 909K | -1.02M | -508K | 527K |
| Pretax Income | 235.59M | 135.19M | 166.3M | 116.22M | 67.36M | 43.05M | 19.3M | 18.94M | 7.38M | -323K | 2.98M | 5.39M |
| Pretax Margin % | 22.7% | 15% | 21.26% | 20.84% | 17.32% | 16.58% | 12.32% | 17.61% | 9.89% | -0.88% | 10.89% | 17.27% |
| Income Tax | 26.5M | 13.3M | 35.03M | 19.36M | 16.8M | 134K | -2.38M | -518K | 806K | 547K | 595K | -2.52M |
| Effective Tax Rate % | 11.25% | 9.84% | 21.06% | 16.66% | 24.94% | 0.31% | -12.35% | -2.73% | 10.92% | -169.35% | 19.95% | -46.85% |
| Net Income | 150.23M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M | 18.78M | 18.89M | 6.57M | -316K | 1.03M | 5.38M |
| Net Margin % | 14.48% | 10.44% | 13.25% | 13.87% | 10.1% | 14.54% | 11.99% | 17.57% | 8.81% | -0.87% | 3.77% | 17.24% |
| Net Income Growth % | 33.98% | -9.21% | 33.97% | 97% | 3.99% | 101.05% | -0.6% | 187.4% | 2180.38% | -130.65% | -80.84% | - |
| Net Income (Continuing) | 209.09M | 121.89M | 131.27M | 96.85M | 50.56M | 42.92M | 21.68M | 19.46M | 6.57M | -872K | 2.39M | 7.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 544.97M | 466.15M | 191.28M | 158.77M | 137.31M | 135.46M | 67.02M | 0 | 0 | 0 | 4.92M | 3.76M |
| EPS (Diluted) | 2.09 | 1.37 | 1.53 | 1.16 | 0.59 | 0.58 | 0.30 | 0.33 | 0.12 | -0.01 | 0.04 | 0.68 |
| EPS Growth % | 27.27% | -10.46% | 31.9% | 96.61% | 1.72% | 93.33% | -9.09% | 175% | - | -116.05% | -93.59% | - |
| EPS (Basic) | - | 1.47 | 1.67 | 1.29 | 0.66 | 0.65 | 0.34 | 0.37 | 0.12 | -0.02 | 0.04 | 0.35 |
| Diluted Shares Outstanding | 71.84M | 67.31M | 66.24M | 64.87M | 65.34M | 65.36M | 63.55M | 57.41M | 53.74M | 45.14M | 23.67M | 7.93M |
| Basic Shares Outstanding | 67.89M | 64.18M | 62.21M | 60.16M | 59.24M | 57.65M | 54.7M | 50.4M | 53.32M | 20.6M | 23.67M | 15.41M |
| Dividend Payout Ratio | - | 8.05% | 6.66% | 5.11% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ACMR stock.
For fiscal year 2025, ACM Research, Inc. (ACMR) reported total revenue of $901.3M. This represents a 2788.3% increase compared to $31.2M in 2015.
ACM Research, Inc. (ACMR) is profitable, generating $94.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
ACM Research, Inc. (ACMR) reported an operating income of $109.4M, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
ACM Research, Inc. (ACMR) generated $400.1M in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
China concentration and trade policy
Metrics are mathematically derived from official filings.
Accelerating Growth on Diversification
Revenue surged 36% YoY in 2026Q2 to $292.9M, with ECP and advanced packaging growing 168% and 153%, respectively, signaling a broadening platform beyond core cleaning tools.
The 36% YoY growth in 2026Q2 marks a clear acceleration from the mid-single-digit growth seen in 2025Q2, driven by strong demand in ECP and advanced packaging categories. This diversification reduces reliance on the cyclical cleaning segment and suggests the multi-product strategy is gaining traction. However, the sustainability of this pace hinges on continued Chinese fab expansion and the ability to maintain market share against local competitors.
Gross Margin Resilience Amid Mix Shift
Gross margin dipped to 46.0% in 2026Q2 from 48.5% a year earlier, reflecting a mix shift toward lower-margin ECP and furnace tools, yet still above the 44% historical average.
The 250bps YoY decline in gross margin to 46.0% appears tied to the rapid growth of ECP and advanced packaging, which likely carry lower initial margins as they scale. Despite this, ACMR's gross margin remains well above peers like ICHR (9.3%) and UCTT (15.7%), indicating a premium product position. Investors should monitor whether margin erosion is temporary as new product lines mature or signals intensifying price competition in China.
Operating Leverage Inflection Point
Operating margin expanded to 17.0% in 2026Q2 from 14.7% in 2025Q2, as revenue growth outpaced SG&A and R&D increases, indicating strong operating leverage.
The 230bps YoY improvement in operating margin to 17.0% in 2026Q2 suggests that the company is scaling efficiently, with SG&A and R&D growing slower than revenue. This is a notable inflection from the compressed margins seen in 2025Q4 (9.4%), implying that the recent revenue surge is translating into disproportionate profit growth. However, the sustainability of this leverage depends on maintaining revenue momentum while controlling fixed costs.
Earnings Quality Boosted by Tax and SBC
Net margin jumped to 30.4% in 2026Q2, far above the 13.8% in 2025Q2, likely aided by a tax benefit and lower stock-based compensation, warranting scrutiny of recurring earnings power.
The net margin of 30.4% in 2026Q2 is unusually high relative to the 17.0% operating margin, implying a significant non-operating gain, possibly from tax incentives or one-time items. SBC dropped to $6.6M from $9.8M a year ago, which flatters EPS growth of 179.5%. Investors should adjust for these factors to assess underlying profitability, as the reported EPS of $1.23 may not be sustainable without similar tax benefits.
R&D and SG&A Discipline Under Pressure
R&D and SG&A combined rose 22% YoY in 2026Q2 to $84.9M, but as a percentage of revenue they fell to 29.0% from 33.8%, reflecting cost discipline amid rapid growth.
While absolute R&D and SG&A spending increased to support new product development and sales expansion, the ratio to revenue improved significantly, indicating that the company is leveraging its cost base. The R&D intensity of 14.4% of revenue in 2026Q2 remains high, necessary to maintain technological edge in cleaning and plating. However, if growth decelerates, these fixed costs could pressure margins, as seen in 2025Q4 when operating margin fell to 9.4%.
China Concentration and Margin Sustainability
With over 90% of revenue from China, any tightening of US export controls on legacy nodes could severely impact ACMR's primary revenue engine, despite its fortress balance sheet.
The company's extreme geographic concentration in China is a double-edged sword: it has fueled rapid growth but exposes ACMR to geopolitical risk. The recent Q2 beat and raised guidance may be unsustainable if trade restrictions expand to 28nm and above, which likely constitute a large portion of sales. Additionally, the gross margin decline and reliance on tax benefits for net income suggest that the quality of earnings may be lower than headline numbers imply. Short-sellers could argue that the market is overestimating the durability of growth and underestimating the impact of potential policy shifts.