Operating income has scaled significantly to $68.3 million in 2026Q1, reflecting improved operational leverage as gross margins expanded to 39.3% from 34.5% in 2024Q1.
| 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 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.91B | 1.8B | 1.48B | 1.66B | 1.85B | 1.46B | 1.42B | 788.95M | 718.89M | 671.01M | 483.7M | 414.81M | 583.1M | 547M | 451.93M | 516.8M | 459.41M | 186.4M | 328.92M | 384.7M | 410.74M | 325.48M | 395.31M | 262.4M | 238.9M | 193.6M | 359.78M | 183.96M | 124.7M | 141.92M | 98.85M |
| Revenue Growth % | 22.2% | 21.37% | -10.49% | -10.27% | 26.75% | 2.83% | 79.46% | 9.74% | 7.14% | 38.72% | 16.61% | -28.86% | 6.6% | 21.04% | -12.55% | 12.49% | 146.47% | -43.33% | -14.5% | -6.34% | 26.2% | -17.66% | 50.65% | 9.84% | 23.4% | -46.19% | 95.58% | 47.52% | -12.14% | 43.57% | 4.38% |
| Cost of Goods Sold | 1.17B | 1.13B | 952.7M | 1.06B | 1.17B | 923.63M | 873.96M | 473.3M | 353.29M | 314.63M | 230.56M | 197.94M | 389.07M | 336.87M | 284.19M | 311.64M | 260.21M | 132.03M | 204.14M | 221.89M | 235.52M | 208.4M | 275.63M | 174.46M | 170.14M | 136.17M | 183.33M | 102.1M | 87.98M | 87.54M | 62.04M |
| COGS % of Revenue | - | 62.75% | 64.28% | 64.22% | 63.4% | 63.44% | 61.73% | 59.99% | 49.14% | 46.89% | 47.66% | 47.72% | 66.72% | 61.58% | 62.88% | 60.3% | 56.64% | 70.83% | 62.06% | 57.68% | 57.34% | 64.03% | 69.72% | 66.48% | 71.22% | 70.33% | 50.96% | 55.5% | 70.56% | 61.68% | 62.76% |
| Gross Profit | 737.2M | 670M | 529.34M | 592.4M | 675.51M | 532.32M | 541.87M | 315.65M | 365.61M | 356.38M | 253.15M | 216.87M | 194.03M | 210.14M | 167.75M | 205.16M | 199.2M | 54.37M | 124.78M | 162.81M | 175.22M | 117.08M | 119.68M | 87.95M | 68.76M | 57.43M | 176.45M | 81.86M | 36.71M | 54.38M | 36.81M |
| Gross Margin % | 38.69% | 37.25% | 35.72% | 35.78% | 36.6% | 36.56% | 38.27% | 40.01% | 50.86% | 53.11% | 52.34% | 52.28% | 33.28% | 38.42% | 37.12% | 39.7% | 43.36% | 29.17% | 37.94% | 42.32% | 42.66% | 35.97% | 30.28% | 33.52% | 28.78% | 29.67% | 49.04% | 44.5% | 29.44% | 38.32% | 37.24% |
| Gross Profit Growth % | - | 26.57% | -10.64% | -12.3% | 26.9% | -1.76% | 71.67% | -13.66% | 2.59% | 40.78% | 16.73% | 11.77% | -7.66% | 25.27% | -18.24% | 2.99% | 266.4% | -56.43% | -23.36% | -7.08% | 49.66% | -2.17% | 36.08% | 27.9% | 19.72% | -67.45% | 115.56% | 122.96% | -32.49% | 47.73% | -21.67% |
| Operating Expenses | 524M | 474.8M | 492.74M | 478.7M | 442.41M | 380.64M | 365.85M | 261.26M | 189.81M | 155.61M | 126.29M | 110.02M | 151.25M | 149.12M | 132.9M | 148.56M | 134.01M | 85.36M | 108.17M | 113.58M | 107.72M | 95.4M | 117.31M | 106.77M | 121.69M | 101.25M | 85.67M | 56.52M | 45.75M | 34.3M | 28.6M |
| OpEx % of Revenue | - | 26.4% | 33.25% | 28.91% | 23.97% | 26.14% | 25.84% | 33.12% | 26.4% | 23.19% | 26.11% | 26.52% | 25.94% | 27.26% | 29.41% | 28.75% | 29.17% | 45.79% | 32.89% | 29.52% | 26.23% | 29.31% | 29.68% | 40.69% | 50.94% | 52.3% | 23.81% | 30.72% | 36.69% | 24.17% | 28.94% |
| Selling, General & Admin | 245.8M | 242.4M | 224.54M | 221.03M | 218.46M | 192M | 188.59M | 142.56M | 108.03M | 93.26M | 77.68M | 66.1M | 83.85M | 84.66M | 69.13M | 79.72M | 74.54M | 41.48M | 52.27M | 63.19M | 62.87M | 55.68M | 65.77M | 53.95M | 65.47M | 45.31M | 48.67M | 30M | 23.01M | 16.85M | 14.84M |
| SG&A % of Revenue | - | 13.48% | 15.15% | 13.35% | 11.84% | 13.19% | 13.32% | 18.07% | 15.03% | 13.9% | 16.06% | 15.93% | 14.38% | 15.48% | 15.3% | 15.43% | 16.23% | 22.26% | 15.89% | 16.43% | 15.31% | 17.11% | 16.64% | 20.56% | 27.41% | 23.4% | 13.53% | 16.31% | 18.46% | 11.87% | 15.02% |
| Research & Development | 240.6M | 232.4M | 211.83M | 202.44M | 191.02M | 161.83M | 143.96M | 101.5M | 76.01M | 58M | 44.45M | 39.55M | 59.03M | 58.31M | 58.08M | 64.98M | 56.6M | 43.26M | 54.95M | 50.39M | 44.85M | 39.72M | 51.54M | 51.65M | 48.99M | 45.15M | 37M | 26.52M | 23.85M | 14.75M | 13.76M |
| R&D % of Revenue | - | 12.92% | 14.29% | 12.23% | 10.35% | 11.12% | 10.17% | 12.87% | 10.57% | 8.64% | 9.19% | 9.53% | 10.12% | 10.66% | 12.85% | 12.57% | 12.32% | 23.21% | 16.71% | 13.1% | 10.92% | 12.2% | 13.04% | 19.68% | 20.51% | 23.32% | 10.28% | 14.41% | 19.13% | 10.39% | 13.92% |
| Other Operating Expenses | 4M | 0 | 56.36M | 55.23M | 32.93M | 26.81M | 33.3M | 17.21M | 823K | -2.58M | 1.22M | -1.21M | -745K | -339K | 2.43M | 3.85M | 2.86M | 613K | 946K | 0 | 0 | 1.8K | 0 | 1.18M | 7.22M | 10.79M | 0 | 0 | -1.12M | 2.7M | 0 |
| Operating Income | 213.2M | 195.2M | 36.61M | 113.69M | 233.09M | 151.68M | 176.02M | 54.39M | 171.55M | 200.77M | 126.86M | 106.66M | 40.42M | 14.62M | 27.37M | 49.25M | 65.19M | -98.63M | 13.12M | 45.94M | 67.39M | 15.97M | -1.54M | -23.13M | -61.98M | -46.89M | 85.2M | 25.34M | -12.78M | 17M | 8.21M |
| Operating Margin % | 11.19% | 10.85% | 2.47% | 6.87% | 12.63% | 10.42% | 12.43% | 6.89% | 23.86% | 29.92% | 26.23% | 25.71% | 6.93% | 2.67% | 6.06% | 9.53% | 14.19% | -52.91% | 3.99% | 11.94% | 16.41% | 4.91% | -0.39% | -8.82% | -25.95% | -24.22% | 23.68% | 13.78% | -10.24% | 11.98% | 8.31% |
| Operating Income Growth % | - | 433.23% | -67.8% | -51.22% | 53.67% | -13.83% | 223.64% | -68.3% | -14.55% | 58.26% | 18.94% | 163.85% | 176.43% | -46.58% | -44.42% | -24.45% | 166.09% | -851.51% | -71.43% | -31.83% | 321.87% | 1134.59% | 93.33% | 62.68% | -32.2% | -155.03% | 236.21% | 298.36% | -175.13% | 107.1% | -61.81% |
| EBITDA | 243.9M | 257.2M | 105.06M | 180.23M | 293.39M | 204.57M | 223.79M | 80.53M | 185.15M | 210.19M | 134.67M | 111.02M | 48.79M | 20.77M | 33.07M | 53.1M | 68.05M | -98.02M | 14.07M | 58.16M | 83.84M | 34.35M | 19.57M | -1.3M | -38.7M | -29.6M | 96.78M | 33.1M | -6.2M | 20.76M | 10.87M |
| EBITDA Margin % | 12.8% | 14.3% | 7.09% | 10.88% | 15.9% | 14.05% | 15.81% | 10.21% | 25.75% | 31.32% | 27.84% | 26.77% | 8.37% | 3.8% | 7.32% | 10.28% | 14.81% | -52.58% | 4.28% | 15.12% | 20.41% | 10.55% | 4.95% | -0.5% | -16.2% | -15.29% | 26.9% | 18% | -4.97% | 14.63% | 10.99% |
| EBITDA Growth % | 81.99% | 144.81% | -41.71% | -38.57% | 43.42% | -8.59% | 177.88% | -56.5% | -11.92% | 56.08% | 21.3% | 127.56% | 134.96% | -37.21% | -37.72% | -21.97% | 169.43% | -796.62% | -75.81% | -30.63% | 144.07% | 75.48% | 1602.3% | 96.63% | -30.73% | -130.58% | 192.35% | 634.21% | -129.85% | 91.05% | -52.95% |
| D&A (Non-Cash Add-back) | 30.7M | 62M | 68.45M | 66.53M | 60.3M | 52.89M | 47.77M | 26.15M | 13.59M | 9.42M | 7.81M | 4.37M | 8.37M | 6.14M | 5.7M | 3.85M | 2.86M | 613K | 946K | 12.22M | 16.45M | 18.38M | 21.12M | 21.83M | 23.29M | 17.29M | 11.58M | 7.76M | 6.58M | 3.76M | 2.66M |
| EBIT | 149.1M | 195.2M | 77.48M | 139.03M | 249.07M | 152.29M | 189.19M | 59.43M | 175.79M | 200.77M | 128.08M | 106.85M | 87.6M | 52.03M | 34.85M | 56.6M | 65.19M | -29.5M | 16.61M | 49.23M | 67.5M | 18.68M | 445K | -18.83M | -52.92M | -43.82M | 90.78M | 25.4M | -10.2M | 25.6M | 10.3M |
| Net Interest Income | 8M | 9.9M | 17.75M | 10.53M | -3.18M | -3.12M | 0 | 0 | 0 | 0 | 0 | -880K | -230K | 398K | 607K | 169K | 539K | 1.37M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 25.5M | 26.6M | 42.86M | 27.09M | 4.15M | 454K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 398K | 607K | 169K | 539K | 1.37M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.6M | 16.7M | 25.11M | 16.57M | 7.33M | 3.58M | 0 | 0 | 0 | 0 | 0 | 880K | 230K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.4M | -26.5M | 15.77M | 8.77M | 8.65M | -2.97M | -17.88M | 12.81M | 823K | -2.58M | 1.22M | -1.21M | -86K | -33.56M | 2.43M | 1.22M | 2.22M | 1.91M | -604K | 4.81M | 4.68M | -13.19M | -7.26M | -21.11M | -5.93M | -2.08M | 7.49M | 1.66M | -2.2M | -6M | 2.19M |
| Pretax Income | 208.8M | 168.7M | 52.38M | 122.46M | 241.74M | 148.71M | 158.15M | 67.19M | 172.38M | 198.19M | 128.08M | 105.44M | 39.68M | 14.28M | 29.81M | 50.47M | 67.41M | -96.72M | 16.01M | 50.75M | 72.07M | 8.49M | -8.8M | -44.24M | -67.92M | -48.97M | 92.69M | 27.08M | -12.42M | 17.03M | 8.3M |
| Pretax Margin % | 10.96% | 9.38% | 3.53% | 7.4% | 13.1% | 10.21% | 11.17% | 8.52% | 23.98% | 29.54% | 26.48% | 25.42% | 6.8% | 2.61% | 6.6% | 9.77% | 14.67% | -51.89% | 4.87% | 13.19% | 17.55% | 2.61% | -2.23% | -16.86% | -28.43% | -25.29% | 25.76% | 14.72% | -9.96% | 12% | 8.4% |
| Income Tax | 17.1M | 19.4M | -3.93M | -8.29M | 39.85M | 14M | 23M | 10.7M | 25.23M | 62.09M | 11.13M | 21.96M | -7.3M | -17.8M | 9.63M | 13.61M | 13.82M | 5.99M | 17.79M | 16.39M | -15.12M | 4.87M | 3.95M | 0 | -23.88M | -17.44M | 32.24M | 10.18M | -2.9M | 6.67M | 3.16M |
| Effective Tax Rate % | 8.19% | 11.5% | -7.5% | -6.77% | 16.48% | 9.42% | 14.54% | 15.92% | 14.63% | 31.33% | 8.69% | 20.83% | -18.41% | -124.63% | 32.31% | 26.98% | 20.5% | -6.19% | 111.11% | 32.29% | -20.98% | 57.36% | -44.85% | 0% | 35.16% | 35.62% | 34.79% | 37.58% | 23.36% | 39.16% | 38.05% |
| Net Income | 190.5M | 148.4M | 54.21M | 128.28M | 199.66M | 134.74M | 134.68M | 64.94M | 147.03M | 137.86M | 127.45M | -158.49M | 46.98M | 32.09M | 20.58M | 36.31M | 71.19M | -102.7M | -1.78M | 34.36M | 88.32M | 12.82M | -12.75M | -44.24M | -41.4M | -31.38M | 68.03M | 16.84M | -9.52M | 10.36M | 5.14M |
| Net Margin % | 10% | 8.25% | 3.66% | 7.75% | 10.82% | 9.25% | 9.51% | 8.23% | 20.45% | 20.55% | 26.35% | -38.21% | 8.06% | 5.87% | 4.55% | 7.03% | 15.5% | -55.1% | -0.54% | 8.93% | 21.5% | 3.94% | -3.22% | -16.86% | -17.33% | -16.21% | 18.91% | 9.15% | -7.63% | 7.3% | 5.2% |
| Net Income Growth % | 159.29% | 173.73% | -57.74% | -35.75% | 48.19% | 0.05% | 107.38% | -55.83% | 6.65% | 8.17% | 180.42% | -437.33% | 46.43% | 55.9% | -43.32% | -48.99% | 169.32% | -5673.19% | -105.18% | -61.1% | 589.1% | 200.55% | 71.19% | -6.86% | -31.93% | -146.12% | 304.05% | 276.93% | -191.85% | 101.44% | -61.32% |
| Net Income (Continuing) | 191.2M | 149.3M | 56.31M | 130.75M | 201.89M | 134.71M | 135.15M | 56.49M | 147.15M | 136.1M | 116.95M | 83.48M | 69.5M | 59.71M | 20.18M | 36.85M | 53.59M | -101.81M | -1.78M | 34.36M | 87.18M | 3.62M | -14.67M | -44.24M | -44.04M | -31.38M | 60.42M | 16.8M | -9.5M | 12.1M | 6.4M |
| Discontinued Operations | -700K | -900K | -2.09M | -2.46M | -2.21M | 73K | -421K | 8.48M | 0 | 1.76M | 10.51M | 0 | 0 | 0 | 405K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 645K | 601K | 546K | 512K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 145K | 128K | 0 | 0 | 0 |
| EPS (Diluted) | 4.51 | 3.84 | 1.43 | 0.86 | 5.29 | 3.51 | 3.50 | 1.69 | 3.74 | 3.43 | 3.18 | -3.86 | 1.14 | 0.79 | 0.52 | 0.83 | 1.64 | -2.45 | -0.04 | 0.75 | 1.95 | 0.34 | -0.39 | -1.37 | -1.29 | -0.99 | 2.10 | 0.62 | -0.33 | 0.46 | 0.25 |
| EPS Growth % | 146.11% | 168.53% | 66.28% | -83.74% | 50.71% | 0.29% | 107.1% | -54.81% | 9.04% | 7.86% | 182.38% | -438.6% | 44.3% | 51.92% | -37.35% | -49.39% | 166.94% | -5761.24% | -105.57% | -61.54% | 473.53% | 187.18% | 71.53% | -6.2% | -30.3% | -147.14% | 238.71% | 287.88% | -171.74% | 84% | -63.77% |
| EPS (Basic) | - | 3.95 | 1.45 | 0.87 | 5.33 | 3.53 | 3.52 | 1.70 | 3.76 | 3.47 | 3.21 | -3.89 | 1.16 | 0.81 | 0.53 | 0.84 | 1.66 | -2.45 | -0.04 | 0.76 | 1.98 | 0.35 | -0.39 | -1.37 | -1.29 | -0.99 | 2.17 | 0.64 | -0.42 | 0.47 | 0.25 |
| Diluted Shares Outstanding | 42.2M | 38.6M | 37.84M | 37.85M | 37.72M | 38.35M | 38.54M | 38.49M | 39.35M | 40.18M | 40.03M | 41.08M | 41.03M | 40.67M | 39.45M | 43.95M | 43.42M | 41.97M | 42.54M | 45.7M | 45.27M | 37.43M | 32.65M | 32.27M | 32.03M | 31.71M | 32.42M | 30.93M | 29.01M | 26.3M | 25.6M |
| Basic Shares Outstanding | 37.7M | 37.6M | 37.48M | 37.58M | 37.46M | 38.14M | 38.31M | 38.28M | 39.08M | 39.75M | 39.72M | 40.75M | 40.42M | 39.6M | 38.88M | 43.47M | 42.86M | 41.97M | 42.54M | 45.16M | 44.72M | 37.08M | 32.65M | 32.27M | 31.99M | 31.71M | 31.34M | 29.71M | 22.54M | 25.74M | 25.6M |
| Dividend Payout Ratio | - | 10.51% | 28.35% | 11.87% | 7.61% | 11.42% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical Semiconductor Exposure
According to recent quarterly filings, AEIS achieved a robust 26.3% year-over-year revenue growth in 2026Q1, signaling a strong recovery from the contractionary environment observed in early 2024, when top-line figures plummeted by as much as 22.9% during the industry-wide semiconductor equipment downturn.
The recent acceleration suggests that the company is successfully capturing increased demand within its core semiconductor equipment segment. Investors should monitor whether this growth trajectory remains sustainable as the broader wafer fab equipment cycle matures and inventory levels at major OEMs normalize.
As reported in financial statements, AEIS has seen gross margins expand from 34.5% in 2024Q1 to 39.3% by 2026Q1, reflecting improved operational efficiency, though the company continues to face a structural ceiling imposed by its lower-margin embedded power and data center product mix.
While the expansion is encouraging, the inability to consistently breach the 40% threshold suggests that the product mix remains heavily weighted toward segments with less pricing power than the specialized RF power solutions. This margin profile warrants further investigation into whether future product launches can shift the mix toward higher-margin, proprietary industrial applications.
Based on AEIS's reported figures, operating income has scaled significantly from a near-breakeven $0.9 million in 2024Q1 to $68.3 million in 2026Q1, demonstrating that the company is finally beginning to realize meaningful operating leverage as revenue growth outpaces fixed cost expansion.
The improvement in operating margins to 13.4% indicates that management has successfully managed its R&D and SG&A overhead during the recent revenue surge. However, analysts should remain cautious, as the historical volatility in operating income suggests that any future revenue deceleration could lead to rapid margin compression.
Data from recent income statements indicates that AEIS has successfully eliminated stock-based compensation charges that previously weighed on net income, with zero reported SBC in 2026Q1 compared to the $13.6 million impact observed in 2025Q2, thereby enhancing the quality of reported earnings.
The absence of these non-cash charges suggests a cleaner path to profitability, though investors should monitor if this is a permanent shift in compensation strategy or merely a temporary accounting anomaly. The current earnings quality appears more robust than in previous periods, providing a clearer view of the underlying operational performance.
Quick answers to the most common questions about buying AEIS stock.
For fiscal year 2025, Advanced Energy Industries, Inc. (AEIS) reported total revenue of $1.80B. This represents a 1719.7% increase compared to $98.9M in 1996.
Advanced Energy Industries, Inc. (AEIS) is profitable, generating $148.4M in net income for the fiscal year ending 2025 with a net profit margin of 8.2%.
Advanced Energy Industries, Inc. (AEIS) reported an operating income of $195.2M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Advanced Energy Industries, Inc. (AEIS) generated $670.0M in gross profit for the year, representing a gross profit margin of 37.2%. This demonstrates the company's core pricing power and production efficiency.