Revenue surged 126.5% year-over-year to $157.4M in 2026Q2, with gross margin expanding to 63.0% from 49.1% in 2024Q2, though operating income of $8.2M was still below SBC of $31.0M.
SiTime Corporation (SITM) annual income statement — 9-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 |
|---|
| Sales/Revenue | 682.95M | 326.66M | 202.7M | 143.99M | 283.61M | 218.81M | 116.16M | 84.07M | 85.21M | 101.06M |
| Revenue Growth % | 142.62% | 61.16% | 40.77% | -49.23% | 29.61% | 88.37% | 38.16% | -1.34% | -15.68% | - |
| Cost of Goods Sold | 298.86M | 151.67M | 98.2M | 61.91M | 100.64M | 79.35M | 58.22M | 44.52M | 49.01M | 53.15M |
| COGS % of Revenue | - | 46.43% | 48.45% | 42.99% | 35.49% | 36.26% | 50.13% | 52.95% | 57.51% | 52.59% |
| Gross Profit | 384.1M | 174.99M | 104.49M | 82.09M | 182.96M | 139.46M | 57.93M | 39.56M | 36.2M | 47.92M |
| Gross Margin % | 56.24% | 53.57% | 51.55% | 57.01% | 64.51% | 63.74% | 49.87% | 47.05% | 42.49% | 47.41% |
| Gross Profit Growth % | - | 67.46% | 27.3% | -55.13% | 31.19% | 140.73% | 46.45% | 9.26% | -24.44% | - |
| Operating Expenses | 367.5M | 235.4M | 219.73M | 189.29M | 166.82M | 106.62M | 66.55M | 44.43M | 43.99M | 42.33M |
| OpEx % of Revenue | - | 72.06% | 108.41% | 131.46% | 58.82% | 48.73% | 57.29% | 52.85% | 51.63% | 41.88% |
| Selling, General & Admin | 178.14M | 116.5M | 102.16M | 83.97M | 76.53M | 54.52M | 34.89M | 20.64M | 21.22M | 21.34M |
| SG&A % of Revenue | - | 35.67% | 50.4% | 58.32% | 26.99% | 24.91% | 30.04% | 24.55% | 24.9% | 21.12% |
| Research & Development | 159.56M | 118.89M | 106.86M | 97.59M | 90.29M | 52.1M | 31.65M | 23.8M | 22.77M | 20.99M |
| R&D % of Revenue | - | 36.4% | 52.72% | 67.77% | 31.84% | 23.81% | 27.25% | 28.3% | 26.73% | 20.77% |
| Other Operating Expenses | 2M | 0 | 10.72M | 7.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 16.6M | -60.41M | -115.24M | -107.2M | 16.14M | 32.84M | -8.61M | -4.87M | -7.79M | 5.59M |
| Operating Margin % | 2.43% | -18.49% | -56.85% | -74.45% | 5.69% | 15.01% | -7.41% | -5.8% | -9.14% | 5.53% |
| Operating Income Growth % | - | 47.58% | -7.5% | -764.11% | -50.85% | 481.32% | -76.75% | 37.45% | -239.36% | - |
| EBITDA | 54.7M | -20.22M | -85.17M | -91.07M | 27.98M | 40.77M | -2.21M | 3.4M | -377K | 9.14M |
| EBITDA Margin % | 8.01% | -6.19% | -42.02% | -63.25% | 9.87% | 18.63% | -1.9% | 4.04% | -0.44% | 9.04% |
| EBITDA Growth % | 200.63% | 76.26% | 6.48% | -425.43% | -31.36% | 1943.92% | -165.03% | 1001.86% | -104.13% | - |
| D&A (Non-Cash Add-back) | 36.81M | 40.19M | 30.07M | 16.13M | 11.84M | 7.93M | 6.4M | 8.27M | 7.41M | 3.55M |
| EBIT | 22.5M | -42.3M | -104.52M | -99.47M | 23.34M | 32.35M | -8.61M | -4.9M | -7.86M | 5.56M |
| Net Interest Income | 22M | 24.83M | 22.88M | 26.96M | 7.29M | 0 | -726K | -1.71M | -1.51M | -870K |
| Interest Income | 29.34M | 24.83M | 22.88M | 26.96M | 7.29M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.34M | 0 | 0 | 0 | 0 | 0 | 726K | 1.71M | 1.51M | 870K |
| Other Income/Expense | 10.47M | 18.11M | 22.13M | 26.82M | 7.19M | -488K | -758K | -1.74M | -1.58M | -899K |
| Pretax Income | 27.07M | -42.3M | -93.11M | -80.38M | 23.34M | 32.35M | -9.37M | -6.62M | -9.37M | 4.69M |
| Pretax Margin % | 3.96% | -12.95% | -45.94% | -55.82% | 8.23% | 14.79% | -8.07% | -7.87% | -10.99% | 4.64% |
| Income Tax | 614K | 598K | 486K | 152K | 82K | 78K | 1K | -8K | -26K | -32K |
| Effective Tax Rate % | 2.27% | -1.41% | -0.52% | -0.19% | 0.35% | 0.24% | -0.01% | 0.12% | 0.28% | -0.68% |
| Net Income | 26.46M | -42.9M | -93.6M | -80.53M | 23.25M | 32.28M | -9.37M | -6.61M | -9.34M | 4.72M |
| Net Margin % | 3.87% | -13.13% | -46.18% | -55.93% | 8.2% | 14.75% | -8.07% | -7.86% | -10.96% | 4.67% |
| Net Income Growth % | 137.33% | 54.16% | -16.22% | -446.33% | -27.95% | 444.4% | -41.85% | 29.28% | -297.8% | - |
| Net Income (Continuing) | 26.46M | -42.9M | -93.6M | -80.53M | 23.25M | 32.28M | -9.37M | -6.61M | -9.34M | 4.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.85 | -1.72 | -4.05 | -3.63 | 1.03 | 1.53 | -0.58 | -0.63 | -0.65 | 0.33 |
| EPS Growth % | 131.65% | 57.53% | -11.57% | -452.43% | -32.68% | 363.79% | 7.94% | 3.08% | -296.97% | - |
| EPS (Basic) | - | -1.72 | -4.05 | -3.63 | 1.09 | 1.70 | -0.58 | -0.63 | -0.65 | 0.33 |
| Diluted Shares Outstanding | 31.17M | 24.97M | 23.12M | 22.19M | 22.66M | 21.14M | 16.06M | 10.56M | 14.3M | 14.3M |
| Basic Shares Outstanding | 30.13M | 24.97M | 23.12M | 22.19M | 21.25M | 19.01M | 16.06M | 10.56M | 14.3M | 14.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SITM stock.
For fiscal year 2025, SiTime Corporation (SITM) reported total revenue of $326.7M. This represents a 223.2% increase compared to $101.1M in 2017.
SiTime Corporation (SITM) reported a net loss of $42.9M for the fiscal year ending 2025.
SiTime Corporation (SITM) reported an operating income of $-60.4M, resulting in an operating profit margin of -18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
SiTime Corporation (SITM) generated $175.0M in gross profit for the year, representing a gross profit margin of 53.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Revenue Acceleration Driven by Design Wins
SITM's revenue surged 126.5% year-over-year to $157.4M in 2026Q2, according to the latest quarterly report, marking a sharp acceleration from 58.4% growth in 2025Q2 and suggesting strong demand for its timing solutions.
The sequential revenue increase from $113.6M in 2026Q1 to $157.4M in 2026Q2 represents a 38.6% quarter-over-quarter jump, far exceeding the typical seasonal pattern. This acceleration appears to be driven by broad-based adoption of SiTime's precision timing products across AI, data center, and automotive applications, as evidenced by the consistent double-digit growth rates over the past eight quarters. The sustainability of this growth hinges on the company's ability to convert its design win pipeline into production ramps, which warrants close monitoring given the lumpy nature of semiconductor orders.
Gross Margin Expansion Reflects Product Mix
Gross margin expanded from 49.1% in 2024Q2 to 63.0% in 2026Q2, as reported in financial statements, indicating a favorable shift toward higher-value products and improved manufacturing efficiencies.
The 14 percentage point gross margin improvement over eight quarters suggests SiTime is capturing pricing power from its proprietary MEMS-based timing solutions, which command a premium over traditional quartz oscillators. The sequential increase from 59.0% in 2026Q1 to 63.0% in 2026Q2 implies that the revenue surge is not coming at the expense of profitability, likely due to a richer product mix and better factory utilization. However, investors should monitor whether this margin level is sustainable as competitors like MTSI and SMTC also operate in the high-50s range, indicating potential competitive pressure on pricing.
Operating Leverage Finally Kicks In
Operating income swung from a -$35.0M loss in 2024Q1 to a positive $8.2M in 2026Q2, as per SEC filings, demonstrating that revenue growth is now outpacing fixed cost increases.
The operating margin improved from -106.1% in 2024Q1 to 5.2% in 2026Q2, a dramatic turnaround driven by revenue scaling faster than R&D and SG&A expenses. While R&D and SG&A have grown in absolute terms, they have declined as a percentage of revenue from 149.7% combined in 2024Q1 to 52.3% in 2026Q2, indicating that the company's cost structure is becoming more efficient. This operating leverage suggests that further revenue growth could translate into disproportionately higher operating income, but the heavy investment in R&D (23% of revenue in 2026Q2) remains a necessary expense to sustain innovation.
Net Income Boosted by Tax Benefits
Net income of $18.2M in 2026Q2 exceeded operating income by $10.0M, according to the income statement, implying a significant non-operating gain or tax benefit that may not recur.
The gap between operating income of $8.2M and net income of $18.2M in 2026Q2 suggests the presence of a one-time tax benefit or interest income, which inflates reported EPS to $0.66. This discrepancy warrants investigation, as it may overstate the company's underlying earnings power. Additionally, stock-based compensation of $31.0M in 2026Q2 represents a substantial drag on reported earnings, exceeding operating income and indicating that GAAP profitability is heavily reliant on non-cash charges being excluded from adjusted metrics.
R&D and SBC Outpace Revenue Growth
R&D and SG&A expenses grew 41.6% and 83.9% year-over-year in 2026Q2, respectively, as reported in the latest financials, while revenue grew 126.5%, indicating that cost discipline is improving but remains a focus.
Despite the revenue surge, R&D spending of $36.1M and SG&A of $46.3M in 2026Q2 are still elevated relative to the company's scale, with SG&A now exceeding R&D for the first time in the data. The high stock-based compensation (approximately 20% of revenue) suggests that a significant portion of these expenses is non-cash, which may understate the true cash cost of operations. Management appears to be investing heavily in sales and marketing to support growth, but investors should monitor whether these expenses can be leveraged as revenue continues to scale.
SBC Dilution Threatens Shareholder Value
Stock-based compensation of $31.0M in 2026Q2 exceeded operating income by $22.8M, as per the income statement, suggesting that reported profitability is heavily reliant on non-cash charges and dilution may erode EPS.
The persistent high level of SBC, which has grown from $21.7M in 2024Q1 to $31.0M in 2026Q2, indicates that a significant portion of employee compensation is equity-based, potentially diluting existing shareholders. While this is common in high-growth tech companies, the magnitude relative to revenue (19.7% in 2026Q2) is concerning, especially as the company approaches profitability. If revenue growth decelerates, the dilution from SBC could outpace earnings growth, leading to lower EPS despite operational improvements. Short-sellers might argue that the company's 'adjusted' profitability masks the true cost of its workforce, and that the current valuation assumes a level of earnings power that may not materialize on a GAAP basis.