REHOVOT, Israel, Feb. 12, 2026 /PRNewswire/ -- Nova (NASDAQ: NVMI) today announced financial results for the fourth quarter and full year ended December 31, 2025.
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Fourth Quarter 2025 Highlights:
- Quarterly revenue of $222.6 million, a 14% increase YoY.
- GAAP net income of $64.7 million, or $1.94 per diluted share, a 23% increase YoY.
- Non-GAAP net income of $72.2 million, or $2.14 per diluted share, a 10% increase YoY.
- Nova Integrated Metrology portfolio selected by a global leading logic customer to support CMP applications across Gate?All?Around (GAA) processes
Full Year 2025 Highlights:
- Record annual revenue of $880.6 million up 31% YoY
- Record GAAP net income of $259.2 million, or $7.96 per diluted share up 38% YoY
- Record Non-GAAP net income of $282.6 million, or $8.62 per diluted share up 29% YoY
- Record sales of Optical, Materials and Chemical Metrology portfolio driven by demand for unique solutions for critical applications and market share gains
- Record Sales for Gate-All-Around, DRAM and Advanced Packaging processes, driven by demand for AI
GAAP Results (K)
Q4 202 Q
5 3 5
2025 Q4 2024 FY 202 FY 2024
Revenues $222,624 $224,608 $194,766 $880,577 $672,396
Net Income $64,888 $61,421 $50,481 $259,223 $183,762
Earnings per Diluted Share $1.94 $1.90 $1.58 $7.96 $5.75
Non-GAAP Results (K)
Q4 202 Q
3 5
5
2025 Q4 2024 FY 202 FY 2024
Net Income $72,239 $69,991 $62,302 $282,588 $214,926
Earnings per Diluted Share $2.14 $2.16 $1.94 $8.62 $6.69
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also "Use of Non-GAAP Adjusted Financial Measures" section.
Management Comments
"2025 was an exceptional year for Nova, as we delivered record revenue and profitability while supporting our customers' manufacturing challenges across advanced and mature nodes." said Gaby Waisman, President and CEO. "Our broad-based momentum, expanding metrology portfolio, and multiple strategic qualifications of Nova's advanced metrology solutions, underscore the strength of our strategy and technology. As we enter 2026, we believe Nova is well positioned to capitalize on the upward investment cycle."
2026FirstQuarter Financial Outlook
Management provided an outlook for the first quarter, the period ending March 31, 2026. Based on current estimates, management expects:
- $222 million to $232 million in revenue
- $1.90 to $2.02 in diluted GAAP EPS
- $2.13 to $2.25 in diluted non-GAAP EPS
2025 Fourth Quarter Results
Total revenues for the fourth quarter of 2025 were $222.6 million, a decrease of 1% compared with the third quarter of 2025 and an increase of 14% compared with the fourth quarter of 2024.
Gross margin in the fourth quarter of 2025 was 57.6%, compared with 56.7%, in the third quarter of 2025 and 56.4% in the fourth quarter of 2024.
Operating expenses in the fourth quarter of 2025 were $67.5 million, compared with $63.6 million in the third quarter of 2025 and $54.5 million in the fourth quarter of 2024.
On a GAAP basis, the Company reported net income of $64.7 million, or $1.94 per diluted share, in the fourth quarter of 2025. This is compared with net income of $61.4 million, or $1.90 per diluted share, in the third quarter of 2025, and $50.5 million, or 1.58 per diluted share, in the fourth quarter of 2024.
On a non-GAAP basis, the Company reported net income of $ 72.2 million, or $2.14 per diluted share, in the fourth quarter of 2025. This is compared with net income of $ 70.0 million, or $2.16 per diluted share, in the third quarter of 2025, and $62.3 million, or $1.94 per diluted share, in the fourth quarter of 2024.
2025 Full Year Results
Total revenues for 2025 were $880.6 million, an increase of 31% compared to total revenues of $672.4 million for 2024.
Gross margin in 2025 was 57.4%, compared with 57.6% in 2024.
Operating expenses in 2025 were $251.7 million, compared with operating expenses of $199.5 million in 2024.
On a GAAP basis, the Company reported net income of $259.2 million, or $7.96 per diluted share, in 2025. This is compared with a net income of $183.7 million, or $5.75 per diluted share, in 2024.
On a non-GAAP basis, the Company reported net income of $282.6 million, or $8.62 per diluted share, in 2025. This is compared with net income of $214.9 million, or $6.69 per diluted share, in 2024.
Conference Call Information
Nova will host a conference call today, February 12, 2026, at 8:30 a.m. Eastern Time, to discuss the Company's fourth quarter and full year 2025 financial results and outlook. To attend the conference call, please dial one of the following teleconference numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
U.S. TOLL-FREE Dial-in Number: 1-833-816-1427
ISRAEL TOLL-FREE Dial-in Number: 1-809-213-284
INTERNATIONAL Dial-in Number: 1-412-317-0519
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
The conference call will also be webcast live from a Link on Nova's website at https://www.novami.com/investors/events/.
A replay of the conference call will be available from February 12, 2026, at 11:30 a.m. Eastern Time until August 15, 2026, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in U.S. TOLL-FREE: 1-855-669-9658
Replay Dial-in INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 7285579
A replay will also be available for 90 days on Nova's website link at https://www.novami.com/investors/events/.
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova's website link, https://www.novami.com.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Use of Non-GAAP Adjusted Financial Measures
This press release provides financial measures that exclude amortization of acquired intangible assets, inventory step-up, stock-based compensation expenses, acquisition related expenses, revaluation of operating lease liabilities and remeasurement of intercompany loans, amortization of debt issuance costs, discrete tax reserve release, net and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia - Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events; inability to protect our intellectual property; open source technology exposure, including risks related to artificial intelligence; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; risks related to conditions in Israel, including related to the war against Hamas and other terrorist organizations; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
(Tables to Follow)
NOVA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) - (Unaudited)
As of December 31,
ASSETS 2025 2024
Current assets
Cash and cash equivalents 214,462 157,779
Short-term interest-bearing bank deposits 512,250 211,877
Marketable securities 321,798 216,910
Trade accounts receivable, net 151,929 139,318
Inventories 183,671 156,599
Other current assets 26,692 19,466
Total current assets 1,410,802 901,949
Non-current assets
Marketable securities 584,731 225,818
Interest-bearing bank deposits and restricted deposits 12,508 7,847
Deferred tax assets 38,819 31,639
Operating lease right-of-use assets 57,731 51,193
Property plant and equipment, net 102,625 81,746
Intangible assets, net 45,819 31,458
Goodwill 90,807 48,317
Other long-term assets 16,704 10,455
Total non-current assets 949,744 488,473
Total assets 2,360,546 1,390,422
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Convertible senior notes, net - 180,564
Trade accounts payable 46,982 59,578
Deferred revenues 67,163 72,886
Operating lease current liabilities 8,204 7,169
Other current liabilities 102,186 68,033
Total current liabilities 224,535 388,230
Non-current liabilities
Convertible senior notes, net 731,680
Operating lease long-term liabilities 59,271 48,363
Long-term deferred tax liability 10,221 8,495
Other long-term liabilities 16,591 17,539
Total non-current liabilities 817,763 74,397
Shareholders' equity 1,318,248 927,795
Total liabilities and shareholders' equity 2,360,546 1,390,422
NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data) - (Unaudited)
Three months ended Year ended
December 31, December 31,
2025 2024 2025 2024
Revenues:
Products 174,954 158,546 705,598 538,350
Services 47,670 36,220 174,979 134,046
Total revenues 222,624 194,766 880,577 672,396
Total cost of revenues 94,391 84,835 375,377 285,310
Gross profit 128,233 109,931 505,200 387,086
Operating expenses:
Research and development, net 37,972 30,909 143,392 110,257
Sales and marketing 22,316 15,980 82,208 65,090
General and administrative 7,212 7,571 26,132 24,199
Total operating expenses 67,500 54,460 251,732 199,546
Operating income 60,733 55,471 253,468 187,540
Financing income, net 12,164 3,756 49,818 28,747
Income before taxes on income 72,897 59,227 303,286 216,287
Income tax expenses 8,209 8,746 44,063 32,525
Net income for the period 64,688 50,481 259,223 183,762
Earnings per share:
Basic 2.09 1.72 8.61 6.31
Diluted 1.94 1.58 7.96 5.75
Shares used in calculation of earnings per share
(in thousands):
Basic 31,025 29,304 30,108 29,113
Diluted 33,830 32,062 32,800 32,138
NOVA LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands) - (Unaudited)
Three months ended Year ended
December 31, December 31,
2025 2024 2025 2024
Cash flows from operating activities:
Net income 64,688 50,481 259,223 183,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment 3,767 3,029 13,469 11,736
Amortization of intangible assets 2,544 1,267 8,897 5,643
Amortization of premium and accretion of discount on marketable securities, net (1,550) (1,820) (5,743) (7,178)
Amortization of debt issuance costs 980 310 1,996 1,280
Share-based compensation 6,977 6,349 26,291 25,209
Net effect of exchange rate fluctuation (1,262) 4,109 (18,647) 3,025
Changes in assets and liabilities:
Trade accounts receivable, net (7,004) (26,196) (7,022) (29,051)
Inventories (911) 876 (19,004) (23,897)
Other current and long-term assets (2,924) (4,097) (17,457) (9,671)
Deferred tax, net (4,160) (4,849) (13,787) (9,722)
Operating lease right-of-use assets 1,419 559 3,660 3,668
Trade accounts payable (4,189) 6,309 (8,788) 17,506
Deferred revenues (3,481) 19,494 (7,894) 34,553
Operating lease liabilities 585 97 1,745 (3,938)
Other current and long-term liabilities 4,608 12,686 28,213 32,299
Accrued severance pay, net 41 (82) 461 42
Net cash provided by operating activities 60,128 68,522 245,613 235,266
Cash flows from investment activities:
Acquisition of subsidiary, net of acquired cash - (56,355)
Change in short-term and long-term interest-bearing bank deposits (332,602) (4,339) (303,674) (93,595)
Investment in marketable securities (88,512) (60,175) (754,833) (271,987)
Proceeds from maturity of marketable securities 82,704 57,421 305,390 246,397
Proceed from sales of marketable securities -
Purchase of property and equipment (11,770) (8,121) (27,698) (17,215)
Net cash used in investing activities (350,180) (15,214) (837,170) (136,400)
Cash flows from
financing activities:
Proceeds from issuance of convertible senior notes - 750,000
Issuance costs of convertible senior notes (1,813) (19,551)
Purchase of capped calls - (51,826)
Issuance costs of capped calls (1,407) (1,407)
Purchases of treasury shares (15,001) (30,000) (35,003) (30,000)
Conversion of convertible senior notes (7) (18,506) (7) (18,506)
Proceeds from exercise of options - 90 160
Net cash provided by financing activities (18,228) (48,416) 642,206 (48,346)
Effect of exchange rate fluctuations on cash and cash equivalents 1,109 (1,076) 6,352 (315)
Changes in cash and cash equivalents
and restricted cash (307,171) 3,816 57,001 50,205
Cash and cash equivalents
and restricted cash
-beginning of period 521,951 153,963 157,779 107,574
Cash and cash equivalents and restricted cash - end of period 214,780 157,779 214,780 157,779
NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)
Three months ended
December 31, 2025 September 30, 2025 December 31, 2024
GAAP gross profit 128,233 127,418 109,931
Stock-based compensation* 1,990 1,901 1,805
Amortization of acquired intangible assets 2,342 2,113 1,182
Non-GAAP gross profit 132,565 131,432 112,918
GAAP gross margin as a percentage of revenues 58 % 57 % 56 %
Non-GAAP gross margin as a percentage of revenues 60 % 59 % 58 %
GAAP operating income 60,733 63,860 55,471
Stock-based compensation* 6,977 6,681 6,349
Acquisition related expenses - 917
Amortization of acquired intangible assets 2,544 2,309 1,267
Discrete tax reserve release, net 203
Non-GAAP operating income 70,457 72,850 64,004
GAAP operating margin as a percentage of revenues 27 % 28 % 28 %
Non-GAAP operating margin as a percentage of revenues 32 % 32 % 33 %
GAAP net income 64,688 61,421 50,481
Stock-based compensation* 6,977 6,681 6,349
Acquisition related expenses - 917
Amortization of acquired intangible assets 2,544 2,309 1,267
Amortization of debt issuance costs 980 448 310
Revaluation of operating lease and intercompany loans 1,642 762 4,706
Discrete tax reserve release, net (4,229)
Tax effect of non-GAAP adjustments (363) (1,630) (1,728)
Non-GAAP net income 72,239 69,991 62,302
GAAP basic earnings per share 2.09 2.05 1.72
Non-GAAP basic earnings per share 2.33 2.34 2.13
GAAP diluted earnings per share 1.94 1.90 1.58
Non-GAAP diluted earnings per share 2.14 2.16 1.94
Shares used for calculation of earnings per share
(in thousands):
Basic 31,025 29,936 29,304
Diluted 33,830 32,470 32,062
* Stock-based compensation for the three months ended December 31, 2025 included in - Cost of revenues - 1,990; Research and development, net - 2,851; Sales and marketing - 1,479; General and administrative - 657.
NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) - (Unaudited)
Year ended December 31,
2025 2024
GAAP gross profit 505,200 387,086
Stock-based compensation* 7,507 7,013
Amortization of acquired intangible assets 8,164 5,284
Acquisition related inventory step-up 2,258
Non-GAAP gross profit 523,129 399,383
GAAP gross margin as a percentage of revenues 57 % 58 %
Non-GAAP gross margin as a percentage of revenues 59 % 59 %
GAAP operating income 253,468 187,540
Stock-based compensation* 26,291 25,209
Acquisition-related inventory step-up 2,258
Acquisition related expenses 859 917
Amortization of acquired intangible assets 8,897 5,643
Discrete tax reserve release, net 203
Non-GAAP operating income 291,976 219,309
GAAP operating margin as a percentage of revenues 29 % 28 %
Non-GAAP operating margin as a percentage of revenues 33 % 33 %
GAAP net income 259,223 183,762
Stock-based compensation* 26,291 25,209
Acquisition-related inventory step-up 2,258
Acquisition related expenses 859 917
Amortization of acquired intangible assets 8,897 5,643
Amortization of debt issuance costs 1,996 1,280
Revaluation of operating lease liabilities (9,347) 3,221
Discrete tax reserve release, net (4,229)
Tax effect of non-GAAP adjustments (3,360) (5,106)
Non-GAAP net income 282,588 214,926
GAAP basic earnings per share 8.61 6.31
Non-GAAP basic earnings per share 9.39 7.38
GAAP diluted earnings per share 7.96 5.75
Non-GAAP diluted earnings per share 8.62 6.69
Shares used for calculation of earnings per share
(in thousands):
Basic 30,108 29,113
Diluted 32,800 32,138
* Stock-based compensation for the year ended December 31, 2025, included in - Cost of revenues - 7,507;
Research and development, net - 11,129; Sales and marketing - 5,280; General and administrative - 2,375.
NOVA LTD.
SUPPLEMENTAL INFORMATION - RECONCILIATION OF FIRST QUARTER 2026
GAAP TO NON-GAAP GUIDANCE
(U.S. dollars) (Unaudited)
Low High
Estimated GAAP net income per diluted share 1.90 2.02
Estimated non-GAAP items:
Stock-based compensation 0.18 0.18
Amortization of acquired intangible assets 0.06 0.06
Amortization of debt issuance costs 0.03 0.03
Tax effect of non-GAAP adjustments (0.04) (0.04)
Estimated non-GAAP net income per diluted share 2.13 2.25
Company Contact:
Guy Kizner
Chief Financial Officer
Tel: +972-73-229-5760
E-mail: investors@novami.com
Nova website link: https://www.novami.com
Investor Relations Contact:
Miri Segal MS-IR LLC
Tel: +917-607-8654
E-mail: msegal@ms-ir.com
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