Veeco Instruments (VECO) financial statements
Veeco Instruments reported revenue of $664M in fiscal 2025, up 8.0% a year over 9 years.
Net income was $35M and the operating margin 5.4%, against -36.2% in 2016.
Free cash flow was $53M.
The diluted share count rose 54% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Veeco Instruments's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $332M | $476M | $542M | $419M | $454M | $583M | $646M | $666M | $717M | $664M |
| Cost of revenue | $199M | $299M | $348M | $261M | $260M | $341M | $383M | $381M | $413M | $399M |
| Gross profit | $133M | $176M | $194M | $158M | $194M | $242M | $263M | $285M | $304M | $265M |
| Research and development | $81M | $82M | $98M | $91M | $79M | $89M | $104M | $113M | $125M | $120M |
| Selling, general and admin | $78M | $100M | $92M | $80M | $76M | $85M | $89M | $93M | $100M | $99M |
| Operating income | -$120M | -$72M | -$416M | -$40M | $23M | $57M | $60M | $70M | $67M | $36M |
| Interest expense | $222,000 | $19M | $22M | $22M | $25M | $28M | $12M | $12M | $11M | $9M |
| Pre-tax income | -$119M | -$89M | -$434M | -$78M | -$8M | $26M | $51M | -$28M | $69M | $39M |
| Income tax | $3M | -$38M | -$27M | $777,000 | -$73,000 | -$358,000 | -$116M | $2M | -$5M | $4M |
| Net income | -$122M | -$51M | -$407M | -$79M | -$8M | $26M | $167M | -$30M | $74M | $35M |
| EPS (diluted) | -$3.10 | -$1.16 | -$8.63 | -$1.66 | -$0.17 | $0.49 | $2.71 | -$0.56 | $1.23 | $0.59 |
| Diluted shares | 39M | 44M | 47M | 47M | 48M | 54M | 66M | 54M | 62M | 61M |
| Gross margin | 40.1% | 37.0% | 35.7% | 37.7% | 42.8% | 41.5% | 40.7% | 42.8% | 42.4% | 40.0% |
| Operating margin | -36.2% | -15.1% | -76.6% | -9.4% | 5.0% | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% |
| Net margin | -36.8% | -10.8% | -75.1% | -18.8% | -1.8% | 4.5% | 25.8% | -4.6% | 10.3% | 5.3% |
Balance sheet
Fiscal years, from Veeco Instruments's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $344M | $328M | $260M | $245M | $319M | $224M | $302M | $305M | $344M | $390M |
| Receivables | $58M | $99M | $67M | $46M | $80M | $110M | $124M | $103M | $97M | $111M |
| Inventory | $77M | $120M | $156M | $133M | $146M | $171M | $207M | $238M | $247M | $275M |
| Total current assets | $502M | $597M | $520M | $476M | $587M | $549M | $669M | $706M | $765M | $845M |
| Property, plant and equipment | $61M | $85M | $80M | $76M | $65M | $100M | $107M | $118M | $114M | $109M |
| Goodwill | $115M | $307M | $184M | $182M | $182M | $182M | $182M | $215M | $215M | $215M |
| Total assets | $759M | $1.4B | $901M | $818M | $898M | $899M | $1.1B | $1.2B | $1.3B | $1.3B |
| Total current liabilities | $144M | $224M | $160M | $118M | $147M | $189M | $258M | $218M | $192M | $178M |
| Long-term debt | $826,000 | $276M | $287M | $300M | $321M | $229M | $254M | $275M | $250M | $226M |
| Total liabilities | $164M | $547M | $463M | $444M | $490M | $461M | $550M | $557M | $481M | $440M |
| Shareholders' equity | $602M | $840M | $438M | $375M | $408M | $438M | $578M | $672M | $771M | $886M |
| Net debt | -$276M | -$4M | $75M | $171M | $191M | $110M | $120M | $116M | $131M | $63M |
Cash flow
Fiscal years, from Veeco Instruments's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$24M | $35M | -$38M | -$7M | $43M | $68M | $108M | $62M | $64M | $69M |
| Capital spending | $11M | $24M | $13M | $11M | $7M | $41M | $25M | $28M | $18M | $16M |
| Free cash flow | -$35M | $11M | -$50M | -$18M | $36M | $27M | $84M | $34M | $46M | $53M |
| Stock-based compensation | $16M | $24M | $16M | $15M | $13M | $15M | $23M | $29M | $36M | $37M |
| Share buybacks (net) | -$13M | -$3M | -$11M | — | — | — | — | — | — | — |
| Net borrowing | -$340,000 | $335M | — | — | — | — | — | — | — | — |
| Free cash flow margin | -10.6% | 2.3% | -9.3% | -4.4% | 8.0% | 4.6% | 13.0% | 5.1% | 6.4% | 8.0% |
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Open VECO in InvestinglyQuestions
What was Veeco Instruments's revenue in 2025?
$664M in fiscal 2025, from its 10-K filing.
How much free cash flow does Veeco Instruments generate?
$53M in fiscal 2025 (operating cash flow minus capital spending).
From Veeco Instruments's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.