NOVA LTD

Latest Results (14.05.2026):

NOVA LTD's fourth quarter of 2025 (Q4 2025) delivered solid results: revenue of $222.6 million (+14% YoY), GAAP net income of $64.7 million ($1.94 diluted) and non‑GAAP net income of $72.2 million ($2.14 diluted). The company also reported a record full year 2025 with $880.6 million in revenue (+31% YoY) and strong profitability gains, supported by product demand across Gate‑All‑Around (GAA), DRAM and advanced packaging applications.

Quarterly financials

Q4 2025 revenue $222.6M (down 1% sequential, +14% YoY). GAAP net income $64.7M ($1.94 diluted, +23% YoY); non‑GAAP net income $72.2M ($2.14 diluted, +10% YoY). Gross margin 57.6% GAAP (≈60% non‑GAAP).

Record full‑year performance

Full year 2025 revenue $880.6M (+31% YoY). GAAP net income $259.2M ($7.96 diluted, +38% YoY); non‑GAAP net income $282.6M ($8.62 diluted, +29% YoY). Non‑GAAP operating margin expanded to ~33%.

Profitability and expenses

Q4 operating expenses rose to $67.5M (from $54.5M a year earlier) reflecting R&D and sales/marketing investments. GAAP operating income Q4 $60.7M; non‑GAAP operating income Q4 $70.5M after excluding stock‑based comp, amortization and other adjustments.

Cash, liquidity and financing

Cash & cash equivalents ended Q4 2025 at $214.8M, plus large short‑term interest‑bearing deposits $512.3M and marketable securities (current + non‑current) totaling ~ $906.5M. The company issued $750M of convertible senior notes in 2025 (net proceeds reflected in FY financing), and purchased treasury shares (~$35.0M for the year).

Cash flow and investments

Operating cash flow for Q4 2025 was $60.1M and $245.6M for the year. Investing activities used significant cash in 2025 ($837.2M) driven by purchases of marketable securities, deposits and a $56.4M acquisition.

Operational highlights

NOVA LTD reported record sales across its Optical, Materials and Chemical Metrology portfolios and noted a strategic customer win: Nova Integrated Metrology was selected by a leading logic customer for CMP support in GAA processes. Company cited AI‑driven demand as a key growth driver for GAA, DRAM and advanced packaging.

Outlook for Q1 2026

Management guidance for Q1 2026: revenue $222M–$232M; GAAP diluted EPS $1.90–$2.02; non‑GAAP diluted EPS $2.13–$2.25. Estimated non‑GAAP adjustments include stock‑based comp (~$0.18/sh) and amortization (~$0.06/sh).

Non‑GAAP adjustments & disclosure

Non‑GAAP results exclude items such as stock‑based compensation, amortization of acquired intangibles, acquisition related expenses/inventory step‑up, revaluation of leases/intercompany loans, amortization of debt issuance costs and discrete tax items. A reconciliation to GAAP is provided in the release.