Revenue rose to $280.5M in 2026Q3 and operating margin expanded from 3.5% in 2025Q1 to 29.1%, though net margin of 9.0% in 2026Q1 lagged operating performance and warrants further investigation.
FormFactor, Inc. (FORM) annual income statement — 24-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 |
|---|
| Sales/Revenue | 980.1M | 784.99M | 763.6M | 663.1M | 747.94M | 769.67M | 693.62M | 589.46M | 529.67M | 548.44M | 383.88M | 282.36M | 268.53M | 231.53M | 178.53M | 169.32M | 188.56M | 135.34M | 210.19M | 462.19M | 369.21M | 237.5M | 177.76M | 98.3M | 78.68M |
| Revenue Growth % | 29.08% | 2.8% | 15.16% | -11.34% | -2.82% | 10.97% | 17.67% | 11.29% | -3.42% | 42.87% | 35.96% | 5.15% | 15.98% | 29.68% | 5.44% | -10.2% | 39.33% | -35.61% | -54.52% | 25.18% | 55.46% | 33.6% | 80.83% | 24.93% | - |
| Cost of Goods Sold | 495.37M | 477.78M | 455.68M | 404.52M | 451.93M | 446.91M | 405.7M | 351.97M | 319.34M | 332.84M | 281.2M | 196.62M | 191.09M | 189.25M | 153.2M | 148.37M | 190.84M | 134.52M | 173.93M | 215.48M | 184.09M | 130.1M | 90.16M | 49.93M | 39.46M |
| COGS % of Revenue | - | 60.86% | 59.67% | 61% | 60.42% | 58.06% | 58.49% | 59.71% | 60.29% | 60.69% | 73.25% | 69.64% | 71.16% | 81.74% | 85.81% | 87.62% | 101.2% | 99.39% | 82.75% | 46.62% | 49.86% | 54.78% | 50.72% | 50.79% | 50.14% |
| Gross Profit | 484.73M | 307.21M | 307.92M | 258.58M | 296.01M | 322.77M | 287.92M | 237.5M | 210.34M | 215.6M | 102.68M | 85.74M | 77.44M | 42.28M | 25.33M | 20.96M | -2.27M | 819K | 36.26M | 246.71M | 185.13M | 107.39M | 87.6M | 48.37M | 39.23M |
| Gross Margin % | 49.46% | 39.14% | 40.33% | 39% | 39.58% | 41.94% | 41.51% | 40.29% | 39.71% | 39.31% | 26.75% | 30.36% | 28.84% | 18.26% | 14.19% | 12.38% | -1.2% | 0.61% | 17.25% | 53.38% | 50.14% | 45.22% | 49.28% | 49.21% | 49.86% |
| Gross Profit Growth % | - | -0.23% | 19.08% | -12.64% | -8.29% | 12.1% | 21.23% | 12.91% | -2.44% | 109.97% | 19.76% | 10.72% | 83.14% | 66.93% | 20.87% | 1022.45% | -377.41% | -97.74% | -85.3% | 33.26% | 72.38% | 22.59% | 81.1% | 23.31% | - |
| Operating Expenses | 269.98M | 242.99M | 243.14M | 175.82M | 241.1M | 224.73M | 204.13M | 187.83M | 174.23M | 169.3M | 150.59M | 89.84M | 98M | 101.08M | 89.45M | 91.32M | 194.91M | 146M | 174.27M | 153.5M | 118.15M | 72.09M | 51.49M | 36.1M | 32.64M |
| OpEx % of Revenue | - | 30.95% | 31.84% | 26.52% | 32.23% | 29.2% | 29.43% | 31.87% | 32.89% | 30.87% | 39.23% | 31.82% | 36.49% | 43.65% | 50.1% | 53.93% | 103.36% | 107.88% | 82.91% | 33.21% | 32% | 30.36% | 28.97% | 36.72% | 41.48% |
| Selling, General & Admin | 136.96M | 127.07M | 141.79M | 133.01M | 131.88M | 123.79M | 115.1M | 106.33M | 99.25M | 95.49M | 73.44M | 45.09M | 51.38M | 53.22M | 49.23M | 46.7M | 67.21M | 78.43M | 95.21M | 92.55M | 71.54M | 43.74M | 31.68M | 20.53M | 18.04M |
| SG&A % of Revenue | - | 16.19% | 18.57% | 20.06% | 17.63% | 16.08% | 16.59% | 18.04% | 18.74% | 17.41% | 19.13% | 15.97% | 19.14% | 22.98% | 27.57% | 27.58% | 35.64% | 57.95% | 45.3% | 20.02% | 19.38% | 18.42% | 17.82% | 20.88% | 22.93% |
| Research & Development | 121.79M | 115.92M | 121.94M | 115.77M | 109.22M | 100.94M | 89.03M | 81.5M | 74.98M | 73.81M | 57.45M | 44.18M | 42.73M | 42.14M | 40.13M | 43.54M | 55.39M | 57.51M | 65.51M | 60.95M | 46.61M | 28.35M | 19.81M | 15.57M | 14.59M |
| R&D % of Revenue | - | 14.77% | 15.97% | 17.46% | 14.6% | 13.11% | 12.84% | 13.83% | 14.16% | 13.46% | 14.97% | 15.65% | 15.91% | 18.2% | 22.48% | 25.72% | 29.37% | 42.49% | 31.17% | 13.19% | 12.62% | 11.94% | 11.15% | 15.84% | 18.55% |
| Other Operating Expenses | 2M | 0 | -20.58M | -72.95M | 0 | 0 | 0 | 0 | 0 | 0 | 19.69M | 567K | 3.89M | 5.72M | 88K | 1.07M | 72.31M | 10.07M | 13.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 214.75M | 64.22M | 64.78M | 82.76M | 54.91M | 98.04M | 83.79M | 49.66M | 36.11M | 46.3M | -47.91M | -4.1M | -20.56M | -58.79M | -64.12M | -70.36M | -197.18M | -145.19M | -138.01M | 93.2M | 66.98M | 35.3M | 36.11M | 12.28M | 6.59M |
| Operating Margin % | 21.91% | 8.18% | 8.48% | 12.48% | 7.34% | 12.74% | 12.08% | 8.42% | 6.82% | 8.44% | -12.48% | -1.45% | -7.66% | -25.39% | -35.91% | -41.55% | -104.57% | -107.28% | -65.66% | 20.17% | 18.14% | 14.86% | 20.32% | 12.49% | 8.38% |
| Operating Income Growth % | - | -0.86% | -21.72% | 50.71% | -43.99% | 17.01% | 68.72% | 37.53% | -22.01% | 196.65% | -1067.61% | 80.04% | 65.03% | 8.31% | 8.87% | 64.32% | -35.81% | -5.2% | -248.07% | 39.16% | 89.73% | -2.25% | 194.18% | 86.23% | - |
| EBITDA | 252.93M | 111.15M | 97.68M | 120.21M | 92.95M | 142.56M | 132.47M | 94.52M | 79.8M | 90.87M | -1.11M | 19.67M | 9.93M | -29.88M | -47.22M | -59.52M | -169.02M | -112.48M | -105.83M | 120.01M | 89.07M | 51.81M | 43.1M | 17.42M | 11.98M |
| EBITDA Margin % | 25.81% | 14.16% | 12.79% | 18.13% | 12.43% | 18.52% | 19.1% | 16.03% | 15.07% | 16.57% | -0.29% | 6.97% | 3.7% | -12.91% | -26.45% | -35.15% | -89.64% | -83.11% | -50.35% | 25.96% | 24.12% | 21.82% | 24.25% | 17.72% | 15.23% |
| EBITDA Growth % | 189.91% | 13.79% | -18.74% | 29.33% | -34.8% | 7.61% | 40.15% | 18.45% | -12.18% | 8293.6% | -105.64% | 98.01% | 133.24% | 36.71% | 20.68% | 64.78% | -50.27% | -6.28% | -188.19% | 34.73% | 71.91% | 20.22% | 147.37% | 45.39% | - |
| D&A (Non-Cash Add-back) | 38.18M | 46.93M | 32.9M | 37.45M | 38.04M | 44.52M | 48.69M | 44.86M | 43.69M | 44.57M | 46.8M | 23.77M | 30.49M | 28.91M | 16.9M | 10.84M | 28.16M | 32.71M | 32.18M | 26.8M | 22.09M | 16.51M | 6.99M | 5.15M | 5.39M |
| EBIT | 193.28M | 67.89M | 79.83M | 89.69M | 58.45M | 99.1M | 86.04M | 52.98M | 37.24M | 46.7M | -47.8M | -3.54M | -16.67M | -53.07M | -64.03M | -69.29M | -124.87M | -135.12M | -124.45M | 93.2M | 66.98M | 35.3M | 36.74M | 12.28M | 6.59M |
| Net Interest Income | 10.38M | 10.12M | 13.69M | 6.8M | 1.64M | -33K | 637K | 799K | -1.96M | -3.94M | -2.06M | 283K | 302K | 386K | 691K | 1.4M | 2.55M | 3.28M | 12.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.56M | 10.64M | 14.11M | 7.22M | 2.22M | 569K | 1.5M | 2.71M | 1.36M | 548K | 327K | 283K | 302K | 386K | 691K | 1.4M | 2.55M | 3.28M | 12.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 180K | 521K | 418K | 421K | 579K | 602K | 864K | 1.92M | 3.31M | 4.49M | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -21.65M | 3.15M | 14.63M | 6.51M | 2.96M | 462K | 1.39M | 1.4M | -2.18M | -4.09M | -2.29M | 2.83M | 463K | 1.01M | 2.15M | 2.48M | 6.97M | 2.75M | 13.1M | 23.04M | 15.39M | 3.19M | 2.95M | 1.57M | 642K |
| Pretax Income | 193.1M | 67.36M | 79.41M | 89.27M | 57.87M | 98.5M | 85.17M | 51.06M | 33.93M | 42.21M | -50.2M | -1.27M | -20.09M | -57.78M | -61.97M | -67.88M | -190.21M | -142.44M | -124.91M | 116.24M | 82.36M | 38.49M | 39.06M | 13.84M | 7.23M |
| Pretax Margin % | 19.7% | 8.58% | 10.4% | 13.46% | 7.74% | 12.8% | 12.28% | 8.66% | 6.41% | 7.7% | -13.08% | -0.45% | -7.48% | -24.96% | -34.71% | -40.09% | -100.87% | -105.25% | -59.43% | 25.15% | 22.31% | 16.21% | 21.97% | 14.08% | 9.19% |
| Income Tax | 23.86M | 13M | 9.8M | 6.88M | 7.13M | 14.58M | 6.65M | 11.72M | -70.11M | 1.29M | -43.64M | 252K | -910K | -99K | -26.42M | -1.9M | -1.92M | 13.21M | -44.29M | 43.35M | 25.15M | 8.31M | 13.88M | 5.28M | -3.13M |
| Effective Tax Rate % | 12.36% | 19.3% | 12.34% | 7.71% | 12.32% | 14.8% | 7.81% | 22.95% | -206.65% | 3.06% | 86.94% | -19.83% | 4.53% | 0.17% | 42.64% | 2.8% | 1.01% | -9.28% | 35.46% | 37.29% | 30.53% | 21.59% | 35.55% | 38.17% | -43.2% |
| Net Income | 173.63M | 54.36M | 69.61M | 82.39M | 50.74M | 83.92M | 78.52M | 39.35M | 104.04M | 40.91M | -6.56M | -1.52M | -19.18M | -57.68M | -35.54M | -65.98M | -188.29M | -155.65M | -80.62M | 72.89M | 60.79M | 30.18M | 25.18M | 8.56M | 10.36M |
| Net Margin % | 17.72% | 6.93% | 9.12% | 12.42% | 6.78% | 10.9% | 11.32% | 6.67% | 19.64% | 7.46% | -1.71% | -0.54% | -7.14% | -24.91% | -19.91% | -38.97% | -99.85% | -115.01% | -38.36% | 15.77% | 16.46% | 12.71% | 14.16% | 8.71% | 13.17% |
| Net Income Growth % | 325.06% | -21.91% | -15.5% | 62.38% | -39.54% | 6.88% | 99.57% | -62.18% | 154.29% | 723.96% | -330.53% | 92.06% | 66.74% | -62.29% | 46.13% | 64.96% | -20.97% | -93.07% | -210.61% | 19.91% | 101.4% | 19.87% | 194.17% | -17.38% | - |
| Net Income (Continuing) | 169.24M | 54.36M | 69.61M | 82.39M | 50.74M | 83.92M | 78.52M | 39.35M | 104.04M | 40.91M | -6.56M | -1.52M | -19.18M | -57.68M | -35.55M | -65.98M | -188.29M | -155.65M | -80.62M | 72.89M | 57.22M | 30.18M | 25.18M | 8.56M | 10.36M |
| 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 |
| 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 |
| EPS (Diluted) | 2.19 | 0.69 | 0.89 | 1.05 | 0.65 | 1.06 | 0.99 | 0.51 | 1.38 | 0.55 | -0.10 | -0.03 | -0.34 | -1.06 | -0.70 | -1.31 | -3.75 | -3.15 | -1.65 | 1.47 | 1.21 | 0.73 | 0.63 | 0.19 | 0.10 |
| EPS Growth % | 317.46% | -22.47% | -15.24% | 61.54% | -38.68% | 7.07% | 94.12% | -63.04% | 150.91% | 650% | -280.23% | 92.26% | 67.92% | -51.43% | 46.56% | 65.07% | -19.05% | -90.91% | -212.24% | 21.49% | 65.75% | 15.87% | 231.58% | 90% | - |
| EPS (Basic) | - | 0.70 | 0.90 | 1.06 | 0.65 | 1.08 | 1.02 | 0.52 | 1.42 | 0.57 | -0.10 | -0.03 | -0.34 | -1.06 | -0.70 | -1.31 | -3.75 | -3.15 | -1.65 | 1.52 | 1.27 | 0.76 | 0.67 | 0.25 | 0.14 |
| Diluted Shares Outstanding | 79.45M | 78.31M | 78.44M | 78.16M | 78.2M | 79.13M | 79M | 77.29M | 75.18M | 74.24M | 64.94M | 57.85M | 55.91M | 54.2M | 50.55M | 50.52M | 50.25M | 49.48M | 48.91M | 49.56M | 47.19M | 41.59M | 40.05M | 29.28M | 5.91M |
| Basic Shares Outstanding | 78.29M | 77.35M | 77.34M | 77.37M | 77.58M | 77.79M | 76.68M | 74.99M | 73.48M | 72.29M | 64.94M | 57.85M | 55.91M | 54.2M | 50.55M | 50.52M | 50.25M | 49.48M | 48.91M | 48.04M | 45.17M | 39.55M | 37.65M | 21.01M | 4.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FORM stock.
For fiscal year 2025, FormFactor, Inc. (FORM) reported total revenue of $785.0M. This represents a 897.7% increase compared to $78.7M in 2002.
FormFactor, Inc. (FORM) is profitable, generating $54.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
FormFactor, Inc. (FORM) reported an operating income of $64.2M, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
FormFactor, Inc. (FORM) generated $307.2M in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical semiconductor demand exposure
Metrics are mathematically derived from official filings.
Revenue Rebound Gains Momentum Through 2026
As reported in the quarterly income statements, FormFactor's revenue rose from $171.4M in 2025Q1 to $280.5M in 2026Q3, a sequential and year-over-year recovery that appears to reflect renewed semiconductor test demand.
The quarterly series shows a trough in early 2025 followed by sustained sequential gains, with year-over-year growth reaching 38.4% in the latest quarter. The durability of this trajectory cannot be established from income statement data alone, since the mix between volume and pricing is not disclosed. Investors should monitor whether order strength persists beyond the current cycle upswing.
Gross Margin Recovery Tracks Volume Leverage
Based on FormFactor's reported figures, gross margin expanded from 37.2% in 2025Q2 to 54.7% in 2026Q3, a move that may indicate improved fixed-cost absorption as volumes rose.
Gross margin improvement of roughly 17 percentage points over five quarters is large relative to the revenue increase, suggesting operating leverage in manufacturing overhead rather than solely pricing. Compared with peers such as CAMT at 50.5% and ONTO at 49.7%, FormFactor now sits at or above the upper end of the group. Sustainability depends on whether volumes hold, as a cyclical downturn would likely compress this margin.
Operating Income Outpaces Gross Profit Growth
According to reported statements, operating income climbed from $5.9M in 2025Q1 to $81.6M in 2026Q3, roughly fourteen times the earlier base while gross profit rose about 2.3 times.
Operating income scaling far faster than gross profit indicates that SG&A and R&D, which remained relatively flat near $30M to $36M per quarter, are being spread over a larger revenue base. This points to meaningful operating leverage in the cost structure. The result is a 29.1% operating margin in the latest quarter, though the low starting base exaggerates the percentage improvement.
Net Income Lags Operating Gains Recently
Reported figures show 2026Q1 net income of $20.4M against operating income of $47.1M, a net margin of 9.0% that appears well below the operating margin of 20.8% in the same quarter.
The gap between operating and net income in early 2026 suggests material non-operating charges or tax effects, though the specific drivers are not disclosed in the supplied data and warrant further investigation. Net margin subsequently recovered to 26.3% in 2026Q3, so the gap appears to be partly timing-related. Stock-based compensation of roughly $8M to $10M per quarter is modest relative to operating income.
Cyclical Peak Risk to Margin Narrative
Based on reported figures, FormFactor's latest gross margin of 54.7% exceeds every peer shown, which may reflect cyclical peak conditions rather than durable structural advantage.
Margins that rise this quickly in semiconductor test equipment have historically been vulnerable to demand reversals, and the 2024 to 2025 history shows gross margin falling from 44.0% to 37.2% within a few quarters. Short-sellers would likely argue that the 2026 expansion is a cyclical high rather than a new baseline. Investors should monitor order trends and whether gross margin holds above 45% through a softer period.