IPG Photonics (IPGP) financial statements
IPG Photonics reported revenue of $1.0B in fiscal 2025, down 0.0% a year over 9 years.
Net income was $31M and the operating margin 1.3%, against 36.2% in 2016.
Free cash flow was -$3M, and the company returned $53M in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from IPG Photonics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.4B | $1.5B | $1.3B | $1.2B | $1.5B | $1.4B | $1.3B | $977M | $1.0B |
| Cost of revenue | $454M | $612M | $660M | $708M | $662M | $764M | $874M | $746M | $639M | $622M |
| Gross profit | $552M | $797M | $800M | $606M | $539M | $696M | $555M | $542M | $338M | $381M |
| Research and development | $79M | $101M | $123M | $130M | $127M | $140M | $116M | $99M | $110M | $117M |
| Selling, general and admin | $105M | $130M | $160M | $185M | $181M | $204M | $208M | $211M | $214M | $241M |
| Operating income | $364M | $551M | $523M | $234M | $199M | $368M | $170M | $232M | -$208M | $13M |
| Pre-tax income | $367M | $552M | $534M | $248M | $206M | $366M | $183M | $275M | -$162M | $45M |
| Income tax | $106M | $204M | $130M | $68M | $45M | $89M | $73M | $56M | $20M | $14M |
| Net income | $261M | $348M | $404M | $180M | $160M | $278M | $110M | $219M | -$182M | $31M |
| EPS (diluted) | $4.85 | $6.36 | $7.38 | $3.35 | $2.97 | $5.16 | $2.16 | $4.63 | -$4.09 | $0.73 |
| Diluted shares | 54M | 55M | 55M | 54M | 54M | 54M | 51M | 47M | 44M | 43M |
| Gross margin | 54.9% | 56.6% | 54.8% | 46.1% | 44.9% | 47.7% | 38.9% | 42.1% | 34.6% | 38.0% |
| Operating margin | 36.2% | 39.1% | 35.9% | 17.8% | 16.5% | 25.2% | 11.9% | 18.0% | -21.3% | 1.3% |
| Net margin | 25.9% | 24.7% | 27.7% | 13.7% | 13.3% | 19.1% | 7.7% | 17.0% | -18.6% | 3.1% |
Balance sheet
Fiscal years, from IPG Photonics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $831M | $1.1B | $1.0B | $1.2B | $1.4B | $1.5B | $1.2B | $1.2B | $930M | $839M |
| Receivables | $156M | $237M | $256M | $238M | $264M | $262M | $211M | $219M | $171M | $182M |
| Inventory | $239M | $308M | $404M | $381M | $365M | $461M | $509M | $454M | $285M | $313M |
| Total current assets | $1.3B | $1.8B | $1.8B | $1.9B | $2.1B | $2.3B | $2.0B | $1.9B | $1.4B | $1.4B |
| Property, plant and equipment | $379M | $460M | $543M | $601M | $598M | $635M | $581M | $602M | $588M | $638M |
| Goodwill | $20M | $56M | $101M | $82M | $41M | $39M | $38M | $39M | $67M | $72M |
| Total assets | $1.8B | $2.4B | $2.6B | $2.7B | $2.9B | $3.2B | $2.7B | $2.7B | $2.3B | $2.4B |
| Total current liabilities | $158M | $199M | $246M | $192M | $215M | $313M | $275M | $215M | $205M | $234M |
| Long-term debt | $38M | $45M | $42M | $38M | $34M | $16M | $0 | — | — | — |
| Total liabilities | $232M | $345M | $368M | $328M | $342M | $423M | $358M | $284M | $265M | $296M |
| Shareholders' equity | $1.6B | $2.0B | $2.2B | $2.4B | $2.6B | $2.7B | $2.4B | $2.4B | $2.0B | $2.1B |
| Net debt | -$583M | -$861M | -$499M | -$638M | -$838M | -$675M | -$682M | -$515M | -$620M | -$404M |
Cash flow
Fiscal years, from IPG Photonics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $298M | $405M | $393M | $324M | $285M | $390M | $213M | $296M | $248M | $75M |
| Capital spending | $127M | $127M | $160M | $134M | $88M | $123M | $110M | $110M | $99M | $79M |
| Free cash flow | $171M | $279M | $233M | $190M | $198M | $267M | $103M | $186M | $149M | -$3M |
| Stock-based compensation | $22M | $23M | $28M | $33M | $35M | $38M | $38M | $40M | $37M | $43M |
| Share buybacks (net) | -$9M | -$40M | -$176M | -$41M | -$38M | -$135M | -$500M | -$223M | -$344M | -$53M |
| Net borrowing | $21M | $8M | -$4M | -$4M | -$4M | -$4M | -$18M | -$16M | $0 | $0 |
| Free cash flow margin | 17.0% | 19.8% | 16.0% | 14.5% | 16.5% | 18.2% | 7.2% | 14.4% | 15.3% | -0.3% |
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Open IPGP in InvestinglyQuestions
What was IPG Photonics's revenue in 2025?
$1.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does IPG Photonics generate?
-$3M in fiscal 2025 (operating cash flow minus capital spending).
From IPG Photonics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.