Revenue climbed to $209.4M in 2026Q3 with a 26.2% year-over-year gain, yet gross margin of 38.4% and operating margin of 6.7% remain well below the 42.9% and 13.2% levels recorded in 2024Q3, indicating weak operating leverage.
Veeco Instruments Inc. (VECO) annual income statement — 30-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 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 682.72M | 664.29M | 717.3M | 666.43M | 646.14M | 583.28M | 454.16M | 419.35M | 542.08M | 484.76M | 332.45M | 477.04M | 392.87M | 331.75M | 516.02M | 979.13M | 933.23M | 380.15M | 442.81M | 402.48M | 441.03M | 410.19M | 390.44M | 279.32M | 298.88M | 449.25M | 386.67M | 246.6M | 206.8M | 165.4M | 96.8M |
| Revenue Growth % | -2.52% | -7.39% | 7.63% | 3.14% | 10.78% | 28.43% | 8.3% | -22.64% | 11.83% | 45.81% | -30.31% | 21.42% | 18.42% | -35.71% | -47.3% | 4.92% | 145.49% | -14.15% | 10.02% | -8.74% | 7.52% | 5.06% | 39.78% | -6.55% | -33.47% | 16.19% | 56.8% | 19.25% | 25.03% | 70.87% | 33.7% |
| Cost of Goods Sold | 424.55M | 398.88M | 413.3M | 381.38M | 382.99M | 341M | 259.86M | 261.15M | 348.36M | 300.44M | 199.59M | 299.8M | 257.99M | 228.61M | 300.89M | 504.8M | 489.41M | 228.59M | 266.21M | 244.96M | 246.91M | 236.09M | 238.69M | 152.31M | 183.04M | 260.15M | 216.02M | 119.9M | 107.1M | 86.9M | 53.5M |
| COGS % of Revenue | - | 60.05% | 57.62% | 57.23% | 59.27% | 58.46% | 57.22% | 62.28% | 64.26% | 61.98% | 60.04% | 62.85% | 65.67% | 68.91% | 58.31% | 51.56% | 52.44% | 60.13% | 60.12% | 60.86% | 55.98% | 57.56% | 61.13% | 54.53% | 61.24% | 57.91% | 55.87% | 48.62% | 51.79% | 52.54% | 55.27% |
| Gross Profit | 258.17M | 265.41M | 304M | 285.06M | 263.15M | 242.27M | 194.3M | 158.19M | 193.72M | 184.32M | 132.86M | 177.24M | 134.88M | 103.14M | 215.13M | 474.33M | 443.82M | 151.56M | 176.59M | 157.51M | 194.12M | 174.1M | 151.76M | 127.01M | 115.84M | 189.1M | 170.65M | 126.7M | 99.7M | 78.5M | 43.3M |
| Gross Margin % | 37.81% | 39.95% | 42.38% | 42.77% | 40.73% | 41.54% | 42.78% | 37.72% | 35.74% | 38.02% | 39.96% | 37.15% | 34.33% | 31.09% | 41.69% | 48.44% | 47.56% | 39.87% | 39.88% | 39.14% | 44.02% | 42.44% | 38.87% | 45.47% | 38.76% | 42.09% | 44.13% | 51.38% | 48.21% | 47.46% | 44.73% |
| Gross Profit Growth % | - | -12.7% | 6.65% | 8.33% | 8.62% | 24.69% | 22.82% | -18.34% | 5.1% | 38.73% | -25.04% | 31.4% | 30.77% | -52.06% | -54.65% | 6.87% | 192.83% | -14.17% | 12.12% | -18.86% | 11.5% | 14.72% | 19.48% | 9.64% | -38.74% | 10.82% | 34.68% | 27.08% | 27.01% | 81.29% | 26.98% |
| Operating Expenses | 235.9M | 229.7M | 237.02M | 215.12M | 202.85M | 185.56M | 171.74M | 197.77M | 222.17M | 217.71M | 177.88M | 196.37M | 184.08M | 172.44M | 173.17M | 196.2M | 166.43M | 151.01M | 236.59M | 162.85M | 170.51M | 161.87M | 159.75M | 130.94M | 242.49M | 165.73M | 148.32M | 89.7M | 74.1M | 53.3M | 30.9M |
| OpEx % of Revenue | - | 34.58% | 33.04% | 32.28% | 31.39% | 31.81% | 37.81% | 47.16% | 40.98% | 44.91% | 53.5% | 41.16% | 46.85% | 51.98% | 33.56% | 20.04% | 17.83% | 39.72% | 53.43% | 40.46% | 38.66% | 39.46% | 40.92% | 46.88% | 81.13% | 36.89% | 38.36% | 36.37% | 35.83% | 32.22% | 31.92% |
| Selling, General & Admin | 73.97M | 98.91M | 99.66M | 92.76M | 88.95M | 84.54M | 76.25M | 79.75M | 92.06M | 100.25M | 77.64M | 90.19M | 89.76M | 85.49M | 73.11M | 95.13M | 91.78M | 85.45M | 92.84M | 90.97M | 93.11M | 84.67M | 82.51M | 67.99M | 75.9M | 90.63M | 78.86M | 52.4M | 42M | 33.3M | 19.5M |
| SG&A % of Revenue | - | 14.89% | 13.89% | 13.92% | 13.77% | 14.49% | 16.79% | 19.02% | 16.98% | 20.68% | 23.35% | 18.91% | 22.85% | 25.77% | 14.17% | 9.72% | 9.83% | 22.48% | 20.97% | 22.6% | 21.11% | 20.64% | 21.13% | 24.34% | 25.39% | 20.17% | 20.39% | 21.25% | 20.31% | 20.13% | 20.14% |
| Research & Development | 122.78M | 119.64M | 124.51M | 112.85M | 103.56M | 88.68M | 78.99M | 90.56M | 97.75M | 81.99M | 81.02M | 78.54M | 81.17M | 81.42M | 95.15M | 96.6M | 71.39M | 57.43M | 60.35M | 61.17M | 61.92M | 60.38M | 58.34M | 48.87M | 53.89M | 59.72M | 53.9M | 31.5M | 27.4M | 18.4M | 9.8M |
| R&D % of Revenue | - | 18.01% | 17.36% | 16.93% | 16.03% | 15.2% | 17.39% | 21.59% | 18.03% | 16.91% | 24.37% | 16.46% | 20.66% | 24.54% | 18.44% | 9.87% | 7.65% | 15.11% | 13.63% | 15.2% | 14.04% | 14.72% | 14.94% | 17.5% | 18.03% | 13.29% | 13.94% | 12.77% | 13.25% | 11.12% | 10.12% |
| Other Operating Expenses | 2M | 11.15M | 12.85M | 9.51M | 10.34M | 12.35M | 16.49M | 27.47M | -368K | 392K | -223K | 697K | 3.18M | 1.02M | 398K | 4.47M | 3.26M | 8.13M | 83.4M | 10.7M | 15.47M | 16.82M | 18.9M | 14.08M | 112.7M | 15.38M | 15.55M | 5.8M | 4.7M | 1.6M | 1.6M |
| Operating Income | 22.27M | 35.71M | 66.98M | 69.94M | 60.3M | 56.71M | 22.57M | -39.58M | -415.5M | -63.78M | -120.4M | -23.23M | -79.21M | -71.81M | 37.21M | 276.26M | 277.57M | -7.43M | -70.56M | -12.06M | 22.46M | 11.07M | -11.56M | -9.32M | -137.9M | 20.32M | 22.33M | 37M | 25.6M | 25.2M | 12.4M |
| Operating Margin % | 3.26% | 5.38% | 9.34% | 10.49% | 9.33% | 9.72% | 4.97% | -9.44% | -76.65% | -13.16% | -36.22% | -4.87% | -20.16% | -21.65% | 7.21% | 28.21% | 29.74% | -1.96% | -15.93% | -3% | 5.09% | 2.7% | -2.96% | -3.34% | -46.14% | 4.52% | 5.77% | 15% | 12.38% | 15.24% | 12.81% |
| Operating Income Growth % | - | -46.69% | -4.23% | 15.99% | 6.32% | 151.32% | 157.01% | 90.47% | -551.48% | 47.03% | -418.26% | 70.67% | -10.3% | -292.98% | -86.53% | -0.47% | 3833.36% | 89.46% | -485.01% | -153.71% | 102.93% | 195.74% | -23.95% | 93.24% | -778.45% | -8.97% | -39.65% | 44.53% | 1.59% | 103.23% | 37.78% |
| EBITDA | 47.19M | 38.84M | 92.12M | 94.91M | 85.94M | 82.77M | 53.26M | -5.18M | -365.5M | -13.68M | -87.75M | 4.4M | -66.06M | -66.28M | 53.4M | 280.99M | 282.45M | -97K | -45.47M | 12.93M | 52.54M | 40.88M | 19.71M | 15.53M | -109.97M | 42.98M | 37.88M | 42.8M | 30.3M | 26.8M | 14M |
| EBITDA Margin % | 6.91% | 5.85% | 12.84% | 14.24% | 13.3% | 14.19% | 11.73% | -1.23% | -67.43% | -2.82% | -26.4% | 0.92% | -16.82% | -19.98% | 10.35% | 28.7% | 30.27% | -0.03% | -10.27% | 3.21% | 11.91% | 9.97% | 5.05% | 5.56% | -36.79% | 9.57% | 9.8% | 17.36% | 14.65% | 16.2% | 14.46% |
| EBITDA Growth % | -38.72% | -57.84% | -2.93% | 10.43% | 3.83% | 55.4% | 1128.42% | 98.58% | -2571.23% | 84.41% | -2093.46% | 106.66% | 0.33% | -224.12% | -80.99% | -0.52% | 291286.6% | 99.79% | -451.66% | -75.39% | 28.52% | 107.43% | 26.87% | 114.13% | -355.86% | 13.46% | -11.5% | 41.25% | 13.06% | 91.43% | 37.25% |
| D&A (Non-Cash Add-back) | 24.92M | 3.14M | 25.14M | 24.97M | 25.64M | 26.06M | 30.7M | 34.4M | 50M | 50.09M | 32.65M | 27.63M | 13.15M | 5.53M | 16.19M | 4.73M | 4.88M | 7.34M | 25.09M | 24.99M | 30.08M | 29.81M | 31.26M | 24.86M | 27.93M | 22.65M | 15.55M | 5.8M | 4.7M | 1.6M | 1.6M |
| EBIT | 28.59M | 48.52M | 79.88M | -16.57M | 62.49M | 54.04M | 16.27M | -55.87M | -412.32M | -69.53M | -118.98M | -22.18M | -77.64M | -70.61M | 39.69M | 276.69M | 279.2M | -6.55M | -64.21M | -5.33M | 23.62M | 12.23M | -8M | -3.92M | -126.65M | 23.37M | 22.33M | 42.91M | 28.79M | 40.8M | 34.2M |
| Net Interest Income | 4.94M | 4.33M | 1.85M | -1.19M | -9.31M | -26.02M | -23.19M | -17.41M | -18.33M | -17.12M | 958K | 586K | 855K | 602K | 974K | -824K | -6.57M | -6.85M | -6.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13.54M | 13.47M | 12.9M | 10.58M | 2.2M | 2.34M | 1.55M | 4.68M | 3.19M | 2.33M | 1.18M | 1.05M | 1.57M | 1.2M | 2.48M | 3.78M | 0 | 0 | 2.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.6M | 9.14M | 11.04M | 11.77M | 11.51M | 28.36M | 24.74M | 22.09M | 21.52M | 19.46M | 222K | 464K | 715K | 598K | 1.5M | 4.6M | 6.57M | 6.85M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.05M | 3.68M | 1.85M | -98.28M | -9.31M | -31.03M | -31.03M | -38.38M | -18.33M | -17.12M | 958K | 586K | 855K | 602K | 974K | -4.17M | -32.25M | -9.55M | -2.97M | -2.27M | -3.94M | -7.57M | -8.47M | -7.81M | -6M | 577K | -17.55M | -7M | -9.14M | -6.4M | -400K |
| Pretax Income | 23.32M | 39.39M | 68.83M | -28.34M | 50.98M | 25.68M | -8.46M | -77.96M | -433.83M | -80.9M | -119.44M | -22.65M | -78.35M | -71.21M | 38.19M | 272.09M | 271M | -14.29M | -69.4M | -14.34M | 18.52M | 3.5M | -20.03M | -9.75M | -143.9M | 20.9M | 4.78M | 32.4M | 18.1M | 19.7M | 12.8M |
| Pretax Margin % | 3.42% | 5.93% | 9.6% | -4.25% | 7.89% | 4.4% | -1.86% | -18.59% | -80.03% | -16.69% | -35.93% | -4.75% | -19.94% | -21.46% | 7.4% | 27.79% | 29.04% | -3.76% | -15.67% | -3.56% | 4.2% | 0.85% | -5.13% | -3.49% | -48.14% | 4.65% | 1.24% | 13.14% | 8.75% | 11.91% | 13.22% |
| Income Tax | 79K | 4M | -4.88M | 2.03M | -115.96M | -358K | -73K | 777K | -26.75M | -36.11M | 2.77M | 9.33M | -11.41M | -28.95M | 11.66M | 81.58M | 10.47M | 1.35M | 1.89M | 3.65M | 4.96M | 4.39M | 42.53M | -7.39M | -20.51M | 6.02M | 4.28M | 12M | 5.4M | 7.4M | 4.8M |
| Effective Tax Rate % | 0.34% | 10.15% | -7.09% | -7.16% | -227.43% | -1.39% | 0.86% | -1% | 6.17% | 44.63% | -2.32% | -41.21% | 14.57% | 40.65% | 30.53% | 29.98% | 3.86% | -9.43% | -2.73% | -25.47% | 26.78% | 125.64% | -212.34% | 75.81% | 14.26% | 28.8% | 89.5% | 37.04% | 29.83% | 37.56% | 37.5% |
| Net Income | 23.24M | 35.39M | 73.71M | -30.37M | 166.94M | 26.04M | -8.39M | -78.73M | -407.09M | -44.79M | -122.21M | -31.98M | -66.94M | -42.26M | 30.93M | 127.99M | 361.76M | -15.57M | -71.06M | -17.36M | 14.92M | -897K | -62.55M | -9.75M | -123.73M | 10.31M | -17.88M | 20.4M | 12.7M | 12.3M | 8M |
| Net Margin % | 3.4% | 5.33% | 10.28% | -4.56% | 25.84% | 4.46% | -1.85% | -18.78% | -75.1% | -9.24% | -36.76% | -6.7% | -17.04% | -12.74% | 5.99% | 13.07% | 38.76% | -4.09% | -16.05% | -4.31% | 3.38% | -0.22% | -16.02% | -3.49% | -41.4% | 2.29% | -4.62% | 8.27% | 6.14% | 7.44% | 8.26% |
| Net Income Growth % | -61.64% | -51.99% | 342.74% | -118.19% | 541.15% | 410.31% | 89.34% | 80.66% | -808.82% | 63.35% | -282.17% | 52.23% | -58.39% | -236.65% | -75.83% | -64.62% | 2423.89% | 78.09% | -309.37% | -216.37% | 1762.99% | 98.57% | -541.79% | 92.12% | -1300.21% | 157.66% | -187.65% | 60.63% | 3.25% | 53.75% | 17.65% |
| Net Income (Continuing) | 23.24M | 35.39M | 73.71M | -30.37M | 166.94M | 26.04M | -8.39M | -78.73M | -407.09M | -51.4M | -122.21M | -31.98M | -66.94M | -42.26M | 26.53M | 190.5M | 260.53M | -14.23M | -71.29M | -17.36M | 14.92M | -897K | -62.55M | -9.75M | -123.38M | 14.88M | 502K | 21.98M | 13.64M | 26.6M | 26.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.4M | 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 | 784K | 1.01M | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.35 | 0.59 | 1.23 | -0.56 | 2.71 | 0.49 | -0.17 | -1.66 | -8.63 | -1.01 | -3.11 | -0.80 | -1.70 | -1.09 | 0.79 | 3.11 | 8.51 | -0.48 | -2.27 | -0.56 | 0.48 | -0.03 | -2.11 | -0.33 | -4.25 | 0.39 | -0.71 | 1.02 | 0.70 | 1.30 | 1.86 |
| EPS Growth % | -64.44% | -52.03% | 319.64% | -120.66% | 453.06% | 388.24% | 89.76% | 80.76% | -754.46% | 67.52% | -288.75% | 52.94% | -55.96% | -237.97% | -74.6% | -63.45% | 1872.92% | 78.85% | -305.36% | -216.67% | 1700% | 98.58% | -539.39% | 92.24% | -1189.74% | 154.93% | -169.61% | 45.71% | -46.15% | -30.11% | 70.64% |
| EPS (Basic) | - | 0.60 | 1.31 | -0.56 | 3.35 | 0.53 | -0.17 | -1.66 | -8.63 | -1.01 | -3.11 | -0.80 | -1.70 | -1.09 | 0.80 | 3.23 | 9.16 | -0.48 | -2.27 | -0.56 | 0.49 | -0.03 | -2.11 | -0.33 | -4.25 | 0.40 | -0.75 | 1.07 | 0.73 | 1.35 | 1.89 |
| Diluted Shares Outstanding | 66.78M | 60.59M | 61.6M | 53.77M | 65.61M | 53.64M | 48.36M | 47.48M | 47.15M | 44.17M | 39.34M | 39.74M | 39.35M | 38.81M | 39.05M | 41.16M | 42.51M | 32.63M | 31.35M | 31.02M | 31.06M | 29.92M | 29.65M | 29.26M | 29.1M | 26.36M | 25.13M | 21.46M | 19.44M | 9.31M | 6.63M |
| Basic Shares Outstanding | 61.06M | 59.3M | 56.43M | 53.77M | 49.91M | 49.07M | 48.36M | 47.48M | 47.15M | 44.17M | 39.34M | 39.74M | 39.35M | 38.77M | 38.48M | 39.66M | 39.5M | 32.63M | 31.35M | 31.02M | 30.49M | 29.92M | 29.65M | 29.26M | 29.1M | 25.94M | 23.8M | 20.6M | 18.77M | 8.72M | 6.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VECO stock.
For fiscal year 2025, Veeco Instruments Inc. (VECO) reported total revenue of $664.3M. This represents a 586.3% increase compared to $96.8M in 1996.
Veeco Instruments Inc. (VECO) is profitable, generating $35.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
Veeco Instruments Inc. (VECO) reported an operating income of $35.7M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Veeco Instruments Inc. (VECO) generated $265.4M in gross profit for the year, representing a gross profit margin of 40.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Export controls and HDD exposure
Metrics are mathematically derived from official filings.
Revenue Rebounding From Trough Levels
According to reported quarterly figures, VECO's revenue climbed 26.2% year over year to $209.4M in 2026Q3 after contracting through 2025, suggesting a cyclical recovery that has yet to prove durable across multiple periods.
The sequential build from $158.3M in 2026Q1 to $209.4M in 2026Q3 appears to reflect improving customer capital spending rather than a structural step change in the revenue base. Because the trailing series includes several quarters of year-over-year declines, the recent growth rate may partly reflect easy comparisons, and investors should monitor whether bookings support revenue above the $230M to $260M guided range. The mix between logic, storage, and compound semiconductor demand is not disclosed in the supplied data, which limits assessment of how much of the recovery is durable.
Gross Margin Compressed Below Prior Peak
As reported in the income statement, VECO's gross margin fell from roughly 42.9% in 2024Q3 to 38.4% in 2026Q3, indicating pricing or mix pressure that the recent revenue rebound has not yet reversed.
The gross margin trajectory suggests that revenue growth has not translated into proportionate gross profit expansion, which may point to a less favorable product mix or weaker pricing relative to the 2024 period. Compared with peers such as ACM Research at 44.4% and Onto Innovation at 49.7%, VECO's margin sits in the lower tier of the group, consistent with the market's apparent skepticism about its mix. Management's ability to restore margins above 40% will be a key test of whether the company's proprietary annealing and deposition franchises carry the pricing power the thesis requires.
Operating Leverage Remains Limited
Based on reported figures, VECO's operating margin of 6.7% in 2026Q3 remains well below the 13.2% recorded in 2024Q3 despite revenue approaching prior-year levels, indicating weak incremental operating leverage.
Gross profit has recovered more quickly than operating income, which suggests that R&D and SG&A costs are absorbing a larger share of incremental revenue than in prior periods. The R&D line of $35.1M in the latest quarter remains elevated relative to revenue, consistent with the company's need to keep pace with roadmap shifts. Without a sustained improvement in the spread between gross margin and operating expense growth, the operating line may remain sensitive to small revenue variations.
Net Income Swings Reflect Volatile Base
According to reported quarterly data, VECO's EPS moved from a loss of $0.01 in 2026Q1 to $0.21 in 2026Q3, but the period-to-period volatility makes the trend difficult to read with confidence.
The reported $0.21 EPS in the latest quarter fell well short of the $0.60 consensus, which suggests that either operating assumptions or one-time items differed materially from expectations. Stock-based compensation of $8.4M in 2026Q3 and $17.7M in 2026Q2 represents a meaningful share of quarterly operating income, and its timing may distort reported profitability. Tax effects and any R&D credit fluctuations are not separately disclosed in the supplied data, so the underlying earnings power remains uncertain.
Fixed R&D Burden Constrains Flexibility
As reported in the quarterly statements, VECO's R&D expense of $35.1M in 2026Q3 represented about 16.8% of revenue, a high fixed-cost intensity that limits flexibility during revenue downturns.
The elevated R&D base appears necessary to maintain competitiveness in advanced logic and storage technologies, but it also means the cost structure is less responsive when customer spending slows. SG&A of $28.5M in the latest quarter is comparatively contained, suggesting some discipline in overhead. Investors should weigh whether R&D intensity is generating the product differentiation needed to lift gross margins, since the current spending level has not yet translated into visible margin expansion.
Export Controls and Margin Risk
Based on reported figures, VECO's EPS miss against the $0.60 consensus and sub-40% gross margin could persist if U.S. export restrictions limit its China-linked tool demand, warranting close monitoring.
A bearish reading would emphasize that revenue recovery has not been accompanied by margin recovery, and that the $0.34 to $0.53 GAAP EPS guidance implies limited earnings momentum relative to the stock's valuation. Dependence on Asia-Pacific shipments and the tightening of export rules could truncate a major revenue channel, while the lower-margin legacy MOCVD business dilutes profitability. Management's optimistic order-activity language is not yet quantified in backlog or bookings data, so the forward thesis remains unverified.