Revenue climbed to $328.7M in 2026Q3 and operating margin moved to 6.9% from a -8.1% trough in 2025Q3, though gross margin of 15.8% and net margin of 6.4% remain thin and early-recovery in nature.
Ichor Holdings, Ltd. (ICHR) annual income statement — 13-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 |
|---|
| Sales/Revenue | 1.1B | 947.65M | 849.04M | 811.12M | 1.28B | 1.1B | 914.24M | 620.84M | 823.61M | 655.89M | 405.75M | 290.64M | 249.09M | 277.64M |
| Revenue Growth % | 15.23% | 11.61% | 4.67% | -36.63% | 16.7% | 19.98% | 47.26% | -24.62% | 25.57% | 61.65% | 39.6% | 16.68% | -10.28% | - |
| Cost of Goods Sold | 959.36M | 859.88M | 745.71M | 707.72M | 1.07B | 919.44M | 789.34M | 534.47M | 687.47M | 553.5M | 340.35M | 242.09M | 212.75M | 239.65M |
| COGS % of Revenue | - | 90.74% | 87.83% | 87.25% | 83.45% | 83.82% | 86.34% | 86.09% | 83.47% | 84.39% | 83.88% | 83.29% | 85.41% | 86.32% |
| Gross Profit | 143.79M | 87.78M | 103.33M | 103.4M | 211.86M | 177.48M | 124.89M | 86.36M | 136.14M | 102.4M | 65.39M | 48.55M | 36.34M | 37.99M |
| Gross Margin % | 13.03% | 9.26% | 12.17% | 12.75% | 16.55% | 16.18% | 13.66% | 13.91% | 16.53% | 15.61% | 16.12% | 16.71% | 14.59% | 13.68% |
| Gross Profit Growth % | - | -15.06% | -0.06% | -51.2% | 19.37% | 42.11% | 44.61% | -36.56% | 32.95% | 56.58% | 34.69% | 33.61% | -4.34% | - |
| Operating Expenses | 124.88M | 127.05M | 110.97M | 114.29M | 126.04M | 96.47M | 83.34M | 71.39M | 72.17M | 54.24M | 41.52M | 35.95M | 32.79M | 34.43M |
| OpEx % of Revenue | - | 13.41% | 13.07% | 14.09% | 9.85% | 8.79% | 9.12% | 11.5% | 8.76% | 8.27% | 10.23% | 12.37% | 13.16% | 12.4% |
| Selling, General & Admin | 94.28M | 95.65M | 79.38M | 79.33M | 88.57M | 65.86M | 56.61M | 47.27M | 47.45M | 37.8M | 28.13M | 24.73M | 22.46M | 22.35M |
| SG&A % of Revenue | - | 10.09% | 9.35% | 9.78% | 6.92% | 6% | 6.19% | 7.61% | 5.76% | 5.76% | 6.93% | 8.51% | 9.02% | 8.05% |
| Research & Development | 24.73M | 23.09M | 23.02M | 20.22M | 19.56M | 15.69M | 13.36M | 11.1M | 9.36M | 7.9M | 6.38M | 4.81M | 3.92M | 4.21M |
| R&D % of Revenue | - | 2.44% | 2.71% | 2.49% | 1.53% | 1.43% | 1.46% | 1.79% | 1.14% | 1.2% | 1.57% | 1.66% | 1.57% | 1.52% |
| Other Operating Expenses | 3M | 8.31M | 8.57M | 14.73M | 17.91M | 14.92M | 13.37M | 13.02M | 241K | 126K | 629K | 46K | -253K | 0 |
| Operating Income | 18.92M | -39.27M | -7.64M | -10.89M | 85.82M | 81.01M | 41.55M | 14.98M | 63.97M | 48.16M | 23.87M | 12.6M | 3.55M | 4.54M |
| Operating Margin % | 1.71% | -4.14% | -0.9% | -1.34% | 6.7% | 7.39% | 4.54% | 2.41% | 7.77% | 7.34% | 5.88% | 4.34% | 1.42% | 1.64% |
| Operating Income Growth % | - | -414.03% | 29.88% | -112.69% | 5.94% | 94.97% | 177.44% | -76.59% | 32.82% | 101.75% | 89.44% | 255.06% | -21.85% | - |
| EBITDA | 51.32M | -5.77M | 23.1M | 23.68M | 120.92M | 107.01M | 65.8M | 36.85M | 87.03M | 60.64M | 33.37M | 22.54M | 13.18M | 13.75M |
| EBITDA Margin % | 4.65% | -0.61% | 2.72% | 2.92% | 9.45% | 9.76% | 7.2% | 5.93% | 10.57% | 9.25% | 8.22% | 7.75% | 5.29% | 4.95% |
| EBITDA Growth % | 980.79% | -124.96% | -2.44% | -80.42% | 13.01% | 62.63% | 78.58% | -57.66% | 43.52% | 81.73% | 48.06% | 71.03% | -4.15% | - |
| D&A (Non-Cash Add-back) | 32.4M | 33.51M | 30.74M | 34.58M | 35.1M | 25.99M | 24.25M | 21.87M | 23.06M | 12.48M | 9.5M | 9.94M | 9.63M | 9.21M |
| EBIT | 17.19M | -40.95M | -8.79M | -11.7M | 86.39M | 80.21M | 41.02M | 14.92M | 64.21M | 46.31M | 24.5M | 12.18M | 3.3M | 3.56M |
| Net Interest Income | -5.26M | -6.62M | -9.27M | -19.38M | -11.06M | -6.45M | -8.73M | -10.65M | -9.99M | -3.28M | -4.37M | -3.83M | -3.12M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.35M |
| Interest Expense | 5.26M | 6.62M | 9.27M | 19.38M | 11.06M | 6.45M | 8.73M | 10.65M | 9.99M | 3.28M | 4.37M | 3.83M | 3.12M | 0 |
| Other Income/Expense | -6.98M | -8.29M | -10.41M | -20.18M | -10.49M | -7.26M | -9.26M | -10.7M | -9.75M | -3.15M | -3.74M | -3.79M | -3.37M | -4.33M |
| Pretax Income | 11.94M | -47.57M | -18.05M | -31.08M | 75.33M | 73.76M | 32.29M | 4.28M | 54.22M | 45.01M | 20.13M | 8.82M | 178K | 209K |
| Pretax Margin % | 1.08% | -5.02% | -2.13% | -3.83% | 5.88% | 6.72% | 3.53% | 0.69% | 6.58% | 6.86% | 4.96% | 3.03% | 0.07% | 0.08% |
| Income Tax | 8.42M | 5.21M | 2.77M | 11.91M | 2.53M | 2.86M | -988K | -6.45M | -3.66M | -7.11M | -649K | -3.99M | -5.6M | -2.55M |
| Effective Tax Rate % | 70.55% | -10.96% | -15.32% | -38.31% | 3.35% | 3.87% | -3.06% | -150.97% | -6.76% | -15.79% | -3.22% | -45.27% | -3148.31% | -1218.66% |
| Net Income | 3.52M | -52.78M | -20.82M | -42.98M | 72.8M | 70.9M | 33.28M | 10.73M | 57.88M | 51.39M | 16.66M | 12.81M | 6.17M | 2.76M |
| Net Margin % | 0.32% | -5.57% | -2.45% | -5.3% | 5.69% | 6.46% | 3.64% | 1.73% | 7.03% | 7.83% | 4.11% | 4.41% | 2.48% | 0.99% |
| Net Income Growth % | 108.62% | -153.51% | 51.56% | -159.04% | 2.69% | 113.04% | 210.18% | -81.46% | 12.64% | 208.4% | 30.1% | 107.64% | 123.8% | - |
| Net Income (Continuing) | 3.52M | -52.78M | -20.82M | -42.98M | 72.8M | 70.9M | 33.28M | 10.73M | 57.88M | 56.91M | 20.78M | 12.81M | 5.78M | 2.76M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.09 | -1.54 | -0.64 | -1.47 | 2.51 | 2.45 | 1.42 | 0.47 | 2.30 | 1.96 | -3.11 | -0.74 | 0.00 | 0.12 |
| EPS Growth % | 104.06% | -140.63% | 56.46% | -158.57% | 2.45% | 72.54% | 202.13% | -79.57% | 17.35% | 163.02% | -320.27% | - | -99.92% | - |
| EPS (Basic) | - | -1.54 | -0.64 | -1.47 | 2.54 | 2.51 | 1.44 | 0.48 | 2.34 | 2.05 | -3.11 | -0.74 | 0.00 | 0.12 |
| Diluted Shares Outstanding | 38.16M | 34.23M | 32.76M | 29.2M | 28.96M | 28.98M | 23.46M | 22.77M | 25.13M | 26.22M | 1.21M | 22.58M | 22.58M | 22.58M |
| Basic Shares Outstanding | 37.48M | 34.23M | 32.76M | 29.2M | 28.71M | 28.26M | 23.17M | 22.42M | 24.71M | 25.12M | 1.21M | 22.39M | 22.39M | 22.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 172.77% | - | - |
Quick answers to the most common questions about buying ICHR stock.
For fiscal year 2025, Ichor Holdings, Ltd. (ICHR) reported total revenue of $947.7M. This represents a 241.3% increase compared to $277.6M in 2013.
Ichor Holdings, Ltd. (ICHR) reported a net loss of $52.8M for the fiscal year ending 2025.
Ichor Holdings, Ltd. (ICHR) reported an operating income of $-39.3M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ichor Holdings, Ltd. (ICHR) generated $87.8M in gross profit for the year, representing a gross profit margin of 9.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins, cyclical demand exposure
Metrics are mathematically derived from official filings.
Revenue Rebounding Toward Prior Peak
Based on reported quarterly figures, ICHR revenue rose from $256.1M in 2026Q1 to $328.7M in 2026Q3, a 37.4% year-over-year gain that suggests a meaningful demand recovery in the wafer fab equipment cycle.
The sequential climb across the last two quarters points to order momentum rather than a one-off shipment timing effect, though the reported figures do not disclose the split between volume and pricing. Because much of the revenue appears tied to OEM build schedules, investors should monitor whether the growth rate holds once comparisons normalize against the stronger 2025 base.
Gross Margin Recovery Remains Structurally Thin
As reported in the income statement, ICHR gross margin expanded from 9.4% in 2025Q4 to 15.8% in 2026Q3, yet this remains well below the 40.4% reported by MKS Inc., indicating limited pricing power.
The improvement appears driven by better absorption of fixed manufacturing costs as volumes rose, which is consistent with a high pass-through, high variable cost model. The gap versus peers such as Camtek suggests ICHR is positioned as an engineering-intensive subsystem supplier rather than a high-margin technology owner, and the durability of this recovery depends on continued utilization.
Operating Leverage Turns Positive Late
Based on ICHR's reported figures, operating income swung from a $19.4M loss in 2025Q3 to $22.8M profit in 2026Q3, a move that outpaced revenue growth and suggests strong operating leverage on recovering volume.
SG&A held roughly flat near $21-24M across the period while gross profit rose from $11.1M to $52.0M, so the bulk of the operating improvement came from gross profit expansion rather than cost cuts. This pattern implies the cost base is largely fixed, which amplifies both the upside in recovery and the downside if volumes soften again.
Net Income Lags Operating Recovery Materially
According to reported filings, ICHR posted $22.8M operating income but only $20.9M net income in 2026Q3, with diluted EPS of $0.55 that still reflects a sharply higher share count than prior periods.
The gap between operating and net income is relatively narrow this quarter, which is a constructive sign, yet the trailing quarters remained loss-making at the net line. Investors should monitor whether the 2026Q3 EPS reflects sustainable earnings or a favorable one-quarter tax or non-operating item, since the supplied data does not isolate these effects.
Recovery May Prove Cyclical, Not Structural
The strongest bear view is that ICHR's profit recovery rests on a single quarter of positive operating income following consecutive losses, with trailing net margins still negative over the prior eight quarters.
Short-sellers would likely argue that the 2026Q3 profit reflects a cyclical upswing in WFE spending rather than a permanent improvement in economics, given the company's history of losses through 2025. The sub-10% gross margin profile in earlier periods means a modest demand reversal could quickly return the business to operating losses, and the low-margin pass-through revenue may inflate the top line without adding proportional profit.