Tower Semiconductor (TSEM) financial statements
Tower Semiconductor reported revenue of $1.6B in fiscal 2025, up 2.5% a year over 9 years.
Net income was $220M and the operating margin 12.4%, against 14.0% in 2016.
Free cash flow was -$49M.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tower Semiconductor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.3B | $1.2B | $1.3B | $1.5B | $1.7B | $1.4B | $1.4B | $1.6B |
| Cost of revenue | $947M | $1.0B | $1.0B | $1.0B | $1.0B | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B |
| Gross profit | $303M | $354M | $293M | $230M | $233M | $329M | $466M | $354M | $339M | $364M |
| Research and development | $63M | $68M | $73M | $76M | $78M | $85M | $84M | $80M | $79M | $86M |
| Selling, general and admin | $65M | $67M | $65M | $67M | $64M | $77M | $80M | $72M | $75M | $83M |
| Operating income | $175M | $220M | $155M | $87M | $91M | $167M | $312M | $547M | $191M | $194M |
| Interest expense | $13M | $13M | $11M | $7M | $7M | $7M | $6M | $4M | $4M | $4M |
| Pre-tax income | $211M | $202M | $139M | $91M | $89M | $155M | $292M | $585M | $217M | $240M |
| Income tax | $1M | -$100M | $6M | $3M | $5M | $1M | $26M | $65M | $10M | $22M |
| Net income | $204M | $298M | $136M | $90M | $82M | $150M | $265M | $518M | $208M | $220M |
| EPS (diluted) | $2.09 | $2.90 | $1.32 | $0.84 | $0.76 | $1.37 | $2.39 | $4.66 | $1.85 | $1.94 |
| Diluted shares | 101M | 106M | 103M | 107M | 108M | 110M | 111M | 111M | 112M | 114M |
| Gross margin | 24.3% | 25.5% | 22.5% | 18.6% | 18.4% | 21.8% | 27.8% | 24.8% | 23.6% | 23.2% |
| Operating margin | 14.0% | 15.8% | 11.9% | 7.0% | 7.2% | 11.0% | 18.6% | 38.5% | 13.3% | 12.4% |
| Net margin | 16.3% | 21.5% | 10.4% | 7.3% | 6.5% | 9.9% | 15.8% | 36.4% | 14.5% | 14.1% |
Balance sheet
Fiscal years, from Tower Semiconductor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $355M | $446M | $505M | $571M | $522M | $575M | $836M | $1.1B | $1.2B | $1.2B |
| Receivables | $141M | $150M | $153M | $127M | $162M | $142M | $153M | $154M | $212M | $223M |
| Inventory | $138M | $143M | $171M | $192M | $199M | $235M | $302M | $283M | $268M | $257M |
| Total current assets | $698M | $874M | $988M | $1.1B | $1.1B | $1.2B | $1.5B | $1.7B | $1.8B | $1.7B |
| Property, plant and equipment | $617M | $635M | $657M | $682M | $839M | $877M | $962M | $1.2B | $1.3B | $1.5B |
| Goodwill | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M | $7M |
| Total assets | $1.4B | $1.7B | $1.8B | $1.9B | $2.1B | $2.2B | $2.5B | $2.9B | $3.1B | $3.3B |
| Total current liabilities | $247M | $302M | $204M | $253M | $273M | $276M | $387M | $277M | $285M | $264M |
| Long-term debt | — | — | — | — | — | — | $210M | $173M | $132M | $133M |
| Total liabilities | $697M | $644M | $554M | $586M | $639M | $616M | $659M | $491M | $440M | $418M |
| Shareholders' equity | $683M | $1.0B | $1.2B | $1.4B | $1.5B | $1.6B | $1.9B | $2.4B | $2.7B | $2.9B |
| Net debt | -$355M | -$446M | -$374M | -$290M | -$105M | -$127M | -$68M | -$29M | -$91M | -$74M |
Cash flow
Fiscal years, from Tower Semiconductor's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $327M | $356M | $313M | $291M | $277M | $421M | $530M | $677M | $449M | $395M |
| Capital spending | $217M | $188M | $210M | $191M | $314M | $314M | $366M | $445M | $436M | $444M |
| Free cash flow | $110M | $168M | $103M | $100M | -$37M | $107M | $163M | $232M | $13M | -$49M |
| Stock-based compensation | $9M | $12M | $13M | $15M | $17M | $25M | $24M | $28M | $34M | $38M |
| Net borrowing | $56M | — | $99M | $0 | $0 | $96M | $0 | $24M | $82M | $14M |
| Free cash flow margin | 8.8% | 12.1% | 7.9% | 8.1% | -2.9% | 7.1% | 9.7% | 16.3% | 0.9% | -3.1% |
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Open TSEM in InvestinglyQuestions
What was Tower Semiconductor's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tower Semiconductor generate?
-$49M in fiscal 2025 (operating cash flow minus capital spending).
From Tower Semiconductor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.