Revenue stabilized with a 5.9% YoY rebound in Q2 2026 to $227.4M, while gross margin improved to 33.1%, though TTM revenue remains down 8.2% and operating margin volatility persists (10.8% in Q2 2026 vs -0.3% in Q3 2025).
Himax Technologies, Inc. (HIMX) 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 | 826.18M | 832.17M | 906.8M | 945.43M | 1.2B | 1.55B | 887.28M | 671.84M | 723.61M | 685.17M | 802.92M | 691.79M | 840.54M | 770.74M | 737.25M | 633.02M | 642.69M | 692.38M | 832.8M | 918.21M | 744.52M | 540.2M | 300.27M | 0 | 56.48M |
| Revenue Growth % | -7.13% | -8.23% | -4.09% | -21.3% | -22.35% | 74.36% | 32.07% | -7.15% | 5.61% | -14.67% | 16.06% | -17.7% | 9.06% | 4.54% | 16.47% | -1.5% | -7.18% | -16.86% | -9.3% | 23.33% | 37.82% | 79.9% | - | -100% | - |
| Cost of Goods Sold | 569.43M | 577.81M | 630.6M | 681.93M | 714.23M | 798.52M | 666.5M | 533.92M | 554.69M | 518.14M | 608.61M | 528.65M | 634.66M | 578.89M | 566.7M | 507.45M | 507.65M | 550.56M | 628.69M | 716.16M | 601.57M | 419.38M | 235.97M | 100.1M | 45.31M |
| COGS % of Revenue | - | 69.43% | 69.54% | 72.13% | 59.45% | 51.61% | 75.12% | 79.47% | 76.66% | 75.62% | 75.8% | 76.42% | 75.51% | 75.11% | 76.87% | 80.16% | 78.99% | 79.52% | 75.49% | 78% | 80.8% | 77.63% | 78.59% | - | 80.23% |
| Gross Profit | 256.75M | 254.36M | 276.2M | 263.5M | 487.11M | 748.58M | 220.78M | 137.92M | 168.91M | 167.03M | 194.31M | 163.14M | 205.88M | 191.85M | 170.56M | 125.57M | 135.04M | 141.82M | 204.11M | 202.05M | 142.95M | 120.82M | 64.3M | -100.1M | 11.16M |
| Gross Margin % | 31.08% | 30.57% | 30.46% | 27.87% | 40.55% | 48.39% | 24.88% | 20.53% | 23.34% | 24.38% | 24.2% | 23.58% | 24.49% | 24.89% | 23.13% | 19.84% | 21.01% | 20.48% | 24.51% | 22% | 19.2% | 22.37% | 21.41% | - | 19.77% |
| Gross Profit Growth % | - | -7.91% | 4.82% | -45.91% | -34.93% | 239.06% | 60.08% | -18.35% | 1.13% | -14.04% | 19.11% | -20.76% | 7.31% | 12.49% | 35.82% | -7.01% | -4.78% | -30.51% | 1.02% | 41.34% | 18.32% | 87.91% | 164.23% | -996.57% | - |
| Operating Expenses | 215.8M | 210.24M | 207.98M | 220.28M | 229.52M | 203.56M | 162.85M | 156.23M | 165.53M | 158.88M | 135.08M | 132.47M | 133.16M | 117.51M | 103.5M | 108.96M | 99.69M | 98.29M | 143.92M | 98.14M | 77.39M | 52.82M | 31.42M | 28.36M | 10.17M |
| OpEx % of Revenue | - | 25.26% | 22.94% | 23.3% | 19.11% | 13.16% | 18.35% | 23.25% | 22.88% | 23.19% | 16.82% | 19.15% | 15.84% | 15.25% | 14.04% | 17.21% | 15.51% | 14.2% | 17.28% | 10.69% | 10.39% | 9.78% | 10.46% | - | 18.01% |
| Selling, General & Admin | 51.68M | 49.11M | 47.65M | 48.89M | 53.96M | 52.36M | 40.59M | 41.3M | 42.49M | 41.12M | 39.26M | 38.04M | 41.32M | 37.14M | 32.58M | 29.92M | 23.26M | 26.71M | 31.05M | 24.24M | 16.73M | 11.55M | 7.4M | 7.28M | 2.37M |
| SG&A % of Revenue | - | 5.9% | 5.25% | 5.17% | 4.49% | 3.38% | 4.57% | 6.15% | 5.87% | 6% | 4.89% | 5.5% | 4.92% | 4.82% | 4.42% | 4.73% | 3.62% | 3.86% | 3.73% | 2.64% | 2.25% | 2.14% | 2.46% | - | 4.2% |
| Research & Development | 164.12M | 161.13M | 160.33M | 171.39M | 175.56M | 151.39M | 122.27M | 114.86M | 123.04M | 117.76M | 95.82M | 94.42M | 91.84M | 80.37M | 70.91M | 79.04M | 76.43M | 71.36M | 87.57M | 73.91M | 60.66M | 41.28M | 24.02M | 21.08M | 7.8M |
| R&D % of Revenue | - | 19.36% | 17.68% | 18.13% | 14.61% | 9.79% | 13.78% | 17.1% | 17% | 17.19% | 11.93% | 13.65% | 10.93% | 10.43% | 9.62% | 12.49% | 11.89% | 10.31% | 10.52% | 8.05% | 8.15% | 7.64% | 8% | - | 13.81% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -190K | 0 | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 218K | 25.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 40.94M | 44.13M | 68.22M | 43.21M | 257.59M | 545.02M | 57.93M | -18.31M | 3.38M | 8.36M | 59.23M | 30.67M | 72.72M | 74.34M | 67.06M | 16.61M | 35.36M | 43.54M | 60.18M | 103.91M | 65.57M | 68M | 32.88M | 3.38M | 992K |
| Operating Margin % | 4.96% | 5.3% | 7.52% | 4.57% | 21.44% | 35.23% | 6.53% | -2.72% | 0.47% | 1.22% | 7.38% | 4.43% | 8.65% | 9.65% | 9.1% | 2.62% | 5.5% | 6.29% | 7.23% | 11.32% | 8.81% | 12.59% | 10.95% | - | 1.76% |
| Operating Income Growth % | - | -35.32% | 57.88% | -83.22% | -52.74% | 840.89% | 416.41% | -640.83% | -59.5% | -85.89% | 93.12% | -57.82% | -2.18% | 10.86% | 303.78% | -53.03% | -18.79% | -27.66% | -42.08% | 58.47% | -3.58% | 106.79% | 872.58% | 240.83% | - |
| EBITDA | 64.9M | 66.67M | 90.58M | 63.53M | 278.93M | 566.36M | 81.52M | 6.09M | 23.71M | 25.04M | 72.99M | 44.84M | 87.32M | 88.65M | 80.36M | 29.4M | 48.98M | 57.33M | 72.5M | 114.17M | 70.79M | 71.61M | 35.64M | -128.46M | 992K |
| EBITDA Margin % | 7.86% | 8.01% | 9.99% | 6.72% | 23.22% | 36.61% | 9.19% | 0.91% | 3.28% | 3.65% | 9.09% | 6.48% | 10.39% | 11.5% | 10.9% | 4.64% | 7.62% | 8.28% | 8.71% | 12.43% | 9.51% | 13.26% | 11.87% | - | 1.76% |
| EBITDA Growth % | -26.65% | -26.39% | 42.56% | -77.22% | -50.75% | 594.74% | 1238.18% | -74.31% | -5.3% | -65.7% | 62.8% | -48.65% | -1.51% | 10.32% | 173.3% | -39.97% | -14.56% | -20.92% | -36.5% | 61.28% | -1.15% | 100.91% | 127.75% | -13049.8% | - |
| D&A (Non-Cash Add-back) | 23.96M | 22.55M | 22.35M | 20.32M | 21.34M | 21.34M | 23.6M | 24.4M | 20.33M | 16.68M | 13.76M | 14.16M | 14.59M | 14.31M | 13.3M | 12.79M | 13.63M | 13.79M | 12.32M | 10.26M | 5.22M | 3.61M | 2.76M | -131.84M | 0 |
| EBIT | 47.65M | 58.36M | 81.35M | 50.47M | 279.35M | 545.67M | 59.33M | -13.44M | 9.35M | 32.17M | 61.43M | 33.38M | 86.01M | 75.8M | 66.24M | 17.26M | 35.48M | 43.73M | 64.03M | 103.91M | 65.57M | 68M | 32.88M | 3.38M | 992K |
| Net Interest Income | 5.64M | 6.35M | 5.89M | 2.67M | 2.03M | -198K | -738K | -312K | 1.2M | 1.35M | 588K | 196K | 210K | 126K | -35K | 101K | 425K | 763K | 3.31M | 5.43M | 5.55M | 455.15K | 65.72K | 0 | 0 |
| Interest Income | 8.96M | 9.85M | 9.91M | 8.75M | 4.81M | 876K | 967K | 2.01M | 2.43M | 2.23M | 1.22M | 710K | 728K | 527K | 317K | 556K | 607K | 766K | 3.31M | 5.43M | 5.86M | 580.19K | 70.4K | 0 | 0 |
| Interest Expense | 3.33M | 3.49M | 4.01M | 6.08M | 2.78M | 1.07M | 1.71M | 2.33M | 1.23M | 878K | 633K | 514K | 518K | 401K | 352K | 455K | 182K | 3K | 0 | 0 | 311K | 125.04K | 4.68K | 0 | 0 |
| Other Income/Expense | 3.38M | 10.74M | 9.11M | 1.18M | 18.98M | -429K | -1.05M | 2.54M | 3.63M | 21.73M | 183K | 2.19M | 12.77M | 1.06M | -1.17M | 200K | -64K | 188K | 3.85M | 5.69M | 3.94M | 2.26M | 1.32M | 0 | -992K |
| Pretax Income | 44.32M | 54.87M | 77.33M | 44.39M | 276.56M | 544.59M | 56.87M | -15.77M | 7.02M | 30.09M | 59.42M | 32.87M | 85.49M | 75.4M | 65.89M | 16.81M | 35.46M | 43.73M | 64.03M | 109.59M | 69.51M | 70.26M | 34.2M | 0 | 0 |
| Pretax Margin % | 5.36% | 6.59% | 8.53% | 4.7% | 23.02% | 35.2% | 6.41% | -2.35% | 0.97% | 4.39% | 7.4% | 4.75% | 10.17% | 9.78% | 8.94% | 2.66% | 5.52% | 6.32% | 7.69% | 11.94% | 9.34% | 13.01% | 11.39% | - | - |
| Income Tax | 7.46M | 9.59M | -2.44M | -5.03M | 41.1M | 110.66M | 11.71M | 416K | 994K | 4.55M | 10.67M | 11.4M | 21.59M | 19.48M | 15.75M | 7.3M | 6.39M | 7.92M | -8.69M | -1.86M | -5.45M | 8.92M | -1.77M | 3.96M | -513K |
| Effective Tax Rate % | 16.84% | 17.48% | -3.15% | -11.33% | 14.86% | 20.32% | 20.59% | -2.64% | 14.16% | 15.13% | 17.96% | 34.7% | 25.25% | 25.83% | 23.9% | 43.44% | 18.02% | 18.1% | -13.57% | -1.7% | -7.84% | 12.7% | -5.18% | - | - |
| Net Income | 35.26M | 43.94M | 79.75M | 50.62M | 236.98M | 436.9M | 47.13M | -13.61M | 8.57M | 27.68M | 50.91M | 25.2M | 66.6M | 61.48M | 51.6M | 10.71M | 33.21M | 39.65M | 76.38M | 112.6M | 75.19M | 61.56M | 36M | -581K | 513K |
| Net Margin % | 4.27% | 5.28% | 8.8% | 5.35% | 19.73% | 28.24% | 5.31% | -2.03% | 1.18% | 4.04% | 6.34% | 3.64% | 7.92% | 7.98% | 7% | 1.69% | 5.17% | 5.73% | 9.17% | 12.26% | 10.1% | 11.4% | 11.99% | - | 0.91% |
| Net Income Growth % | -52.45% | -44.91% | 57.57% | -78.64% | -45.76% | 826.92% | 446.22% | -258.88% | -69.04% | -45.63% | 102.07% | -62.17% | 8.33% | 19.15% | 381.94% | -67.76% | -16.25% | -48.09% | -32.16% | 49.75% | 22.14% | 70.99% | 6296.21% | -213.26% | - |
| Net Income (Continuing) | 36.86M | 45.27M | 79.77M | 49.42M | 235.47M | 433.94M | 45.16M | -16.18M | 6.03M | 25.54M | 48.75M | 21.46M | 63.9M | 55.92M | 50.14M | 9.51M | 29.07M | 35.81M | 72.72M | 112.6M | 75.19M | 61.35M | 35.97M | -581K | 513K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 203.25K | 0 | 0 | 0 |
| Minority Interest | 9.94M | 8.75M | 6.27M | 6.93M | 1.25M | 2.26M | 5.02M | -1.74M | -4.26M | -1.74M | 418K | 2.64M | -4.33M | -1.26M | 884K | 1.62M | 1.1M | 4.62M | 6.83M | 11.09M | 1.4M | 624K | 664K | 0 | 0 |
| EPS (Diluted) | 0.20 | 0.26 | 0.46 | 0.28 | 2.72 | 5.00 | 0.28 | -0.08 | 0.04 | 0.16 | 0.30 | 0.14 | 0.38 | 0.36 | 0.30 | 0.06 | 0.19 | 0.22 | 0.40 | 0.56 | 0.40 | 0.34 | 0.22 | -0.00 | 0.00 |
| EPS Growth % | -52.72% | -43.48% | 64.29% | -89.71% | -45.6% | 1685.71% | 450% | -300% | -75% | -46.67% | 114.29% | -63.16% | 5.56% | 20% | 400% | -68.42% | -13.64% | -45% | -28.57% | 40% | 17.65% | 54.55% | - | - | - |
| EPS (Basic) | - | 0.26 | 0.46 | 0.28 | 2.72 | 5.00 | 0.28 | -0.08 | 0.04 | 0.16 | 0.30 | 0.15 | 0.40 | 0.36 | 0.30 | 0.06 | 0.19 | 0.22 | 0.40 | 0.56 | 0.40 | 0.36 | 0.22 | -0.00 | 0.00 |
| Diluted Shares Outstanding | 174.43M | 174.59M | 175.01M | 174.78M | 174.82M | 174.87M | 173.38M | 172.55M | 172.53M | 172.45M | 172.36M | 172.07M | 172M | 171.81M | 170.76M | 176.91M | 177.84M | 185.11M | 191.88M | 197.54M | 192.79M | 181.05M | 171.43M | 181.09M | 181.09M |
| Basic Shares Outstanding | 174.43M | 174.52M | 174.8M | 174.78M | 174.72M | 174.76M | 172.85M | 170.18M | 172.53M | 172.45M | 172.33M | 179.96M | 175.26M | 170.77M | 171.99M | 176.89M | 177.52M | 184.83M | 191.61M | 197.54M | 192.79M | 175.88M | 171.43M | 177.4M | 177.4M |
| Dividend Payout Ratio | - | 147.79% | 63.82% | 165.69% | 91.94% | 10.85% | 0.01% | - | 200.84% | 149.14% | 43.9% | 203.87% | 69.13% | 68.96% | 20.7% | 198.24% | 132.76% | 140.39% | 87.53% | 35.28% | - | 22.03% | - | - | - |
Quick answers to the most common questions about buying HIMX stock.
For fiscal year 2025, Himax Technologies, Inc. (HIMX) reported total revenue of $832.2M. This represents a 1373.4% increase compared to $56.5M in 2002.
Himax Technologies, Inc. (HIMX) is profitable, generating $43.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
Himax Technologies, Inc. (HIMX) reported an operating income of $44.1M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Himax Technologies, Inc. (HIMX) generated $254.4M in gross profit for the year, representing a gross profit margin of 30.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
China self-sufficiency and OLED shift
Revenue Contraction Persists Amid Mixed Signals
HIMX's TTM revenue declined 8.2% year-over-year, with Q2 2026 showing a 5.9% rebound, suggesting a tentative stabilization but not a durable recovery.
The sequential uptick in Q2 2026 to $227.4M from $199.0M in Q1 2026 is encouraging, yet the year-over-year decline of 8.2% on a TTM basis indicates the core display driver market remains under pressure. The growth in Q2 was likely driven by automotive TDDI and non-driver products, but the overall trajectory is still negative, reflecting the structural shift from LCD to OLED and competitive pressures in China.
Gross Margin Stability Masks Mix Shift
Gross margin held near 30-33% over the past year, with Q2 2026 at 33.1%, suggesting a favorable product mix, but sustainability depends on non-driver revenue growth.
The gross margin improvement to 33.1% in Q2 2026 from 30.4% in Q1 2026 indicates a richer mix, likely from automotive and non-driver products. However, the company's gross margin remains below peers like Silicon Motion (48.3%) and Cirrus Logic (52.8%), reflecting its exposure to commodity display drivers. The ability to sustain this margin hinges on continued growth in higher-value segments, which is not yet proven.
Operating Leverage Recovering but Fragile
Operating margin swung from -0.3% in Q3 2025 to 10.8% in Q2 2026, driven by revenue growth and disciplined R&D, but the volatility underscores cyclicality.
The operating margin expansion to 10.8% in Q2 2026 from a loss in Q3 2025 demonstrates significant operating leverage when revenue rises. However, the company's R&D spending has been volatile, with Q3 2025 R&D at $46.4M versus $37.9M in Q2 2026, indicating that cost control is not consistent. The modest 5.3% TTM operating margin suggests that overhead remains a drag, and any revenue dip could quickly erode profitability.
Earnings Quality Supported by Low SBC
Net income in Q2 2026 of $19.9M was aided by minimal stock-based compensation, but tax rate and non-operating items warrant scrutiny.
Stock-based compensation was negligible in most quarters, which boosts reported earnings quality. However, the net margin of 8.7% in Q2 2026 is higher than the operating margin of 10.8% due to non-operating income, likely from interest on the large cash pile. Investors should monitor the sustainability of such income and the effective tax rate, which can fluctuate and distort EPS.
R&D Volatility Drives Margin Swings
R&D expenses ranged from $35.0M to $46.4M over the past year, with Q3 2025's spike to $46.4M coinciding with an operating loss, highlighting cost discipline challenges.
The company's R&D spending is a significant cost line, consuming over 60% of gross profit in some quarters. The spike in Q3 2025 to $46.4M, which contributed to an operating loss, suggests that investment in new technologies like AI sensing and LCoS is lumpy. Management appears to be balancing R&D for future growth against near-term profitability, but the inconsistency makes forecasting difficult.
Q3 2025 Marked a Cyclical Trough
Q3 2025 saw an operating loss of -$610K and a net margin of just 0.5%, representing the trough of the recent downturn, with subsequent quarters showing recovery.
The operating loss in Q3 2025 was driven by a combination of weak revenue ($196.7M) and elevated R&D ($46.4M), likely reflecting a strategic investment phase. The subsequent recovery to a 10.8% operating margin in Q2 2026 suggests that the company has regained some pricing power and cost control. This inflection point underscores the cyclicality of the semiconductor industry and the potential for sharp rebounds when demand stabilizes.
China Self-Sufficiency and OLED Transition Risks
The rise of domestic Chinese competitors and the industry shift from LCD to OLED could erode HIMX's market share and pricing power, pressuring margins and growth.
Despite the recent margin recovery, the structural threats from Chinese competitors like ESWIN and Chipone, which benefit from state subsidies, could intensify price competition in large-panel drivers. Additionally, the transition to OLED in mobile displays may reduce demand for HIMX's traditional TDDI products unless it captures OLED driver or TCON market share. These factors could limit the durability of the current recovery and keep revenue growth subdued.