Wolfspeed (WOLF) financial statements
Wolfspeed reported revenue of $758M in fiscal 2025, down 8.1% a year over 9 years.
Net income was -$1.6B and the operating margin -175.4%, against -0.6% in 2016.
Free cash flow was -$2.0B.
The diluted share count rose 39% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Wolfspeed's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $772M | $925M | $538M | $471M | $526M | $572M | $758M | $807M | $758M |
| Cost of revenue | $1.1B | $528M | $623M | $294M | $312M | $361M | $364M | $516M | $730M | $879M |
| Gross profit | $487M | $244M | $302M | $244M | $158M | $165M | $208M | $243M | $77M | -$122M |
| Research and development | $169M | $114M | $127M | $121M | $152M | $178M | $143M | $166M | $202M | $175M |
| Selling, general and admin | $283M | $146M | $170M | $169M | $182M | $182M | $183M | $214M | $246M | $190M |
| Operating income | -$10M | -$20M | -$28M | -$94M | -$224M | -$314M | -$203M | -$312M | -$445M | -$1.3B |
| Interest expense | — | — | $7M | $26M | $35M | $45M | $25M | $43M | $246M | $315M |
| Pre-tax income | -$24M | -$7M | -$18M | -$123M | -$206M | -$340M | -$242M | -$260M | -$572M | -$1.6B |
| Income tax | -$2M | $81M | -$1M | -$4M | -$8M | $1M | $8M | $700,000 | $1M | -$10M |
| Net income | -$22M | -$98M | -$280M | -$375M | -$192M | -$524M | -$201M | -$330M | -$864M | -$1.6B |
| EPS (diluted) | -$0.21 | -$1.00 | -$2.81 | -$3.62 | -$1.78 | -$4.66 | -$1.67 | -$2.65 | -$6.88 | -$11.39 |
| Diluted shares | 102M | 98M | 100M | 104M | 108M | 112M | 120M | 124M | 126M | 141M |
| Gross margin | 30.1% | 31.6% | 32.7% | 45.3% | 33.7% | 31.3% | 36.4% | 32.0% | 9.6% | -16.1% |
| Operating margin | -0.6% | -2.6% | -3.0% | -17.4% | -47.6% | -59.7% | -35.5% | -41.1% | -55.2% | -175.4% |
| Net margin | -1.3% | -12.7% | -30.3% | -69.7% | -40.7% | -99.7% | -35.1% | -43.5% | -107.1% | -212.4% |
Balance sheet
Fiscal years, from Wolfspeed's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $605M | $611M | $387M | $1.1B | $1.2B | $1.2B | $1.2B | $3.0B | $2.2B | $955M |
| Receivables | $166M | $148M | $86M | $129M | $72M | $96M | $150M | $155M | $147M | $179M |
| Inventory | $304M | $284M | $152M | $187M | $122M | $167M | $227M | $285M | $441M | $435M |
| Total current assets | $1.2B | $1.1B | $890M | $1.4B | $1.6B | $1.5B | $1.8B | $3.6B | $3.0B | $2.5B |
| Property, plant and equipment | $600M | $581M | $589M | $625M | $831M | $1.3B | $1.5B | $2.2B | $3.7B | $3.9B |
| Goodwill | $619M | $619M | $530M | $530M | $350M | $359M | $359M | $359M | $359M | $0 |
| Total assets | $2.8B | $2.6B | $2.6B | $2.8B | $3.2B | $3.4B | $3.9B | $6.6B | $8.0B | $6.9B |
| Total current liabilities | $223M | $212M | $249M | $268M | $291M | $449M | $388M | $628M | $665M | $7.1B |
| Long-term debt | — | — | $292M | $0 | — | — | — | — | — | — |
| Total liabilities | $398M | $427M | $566M | $776M | $1.1B | $1.3B | $1.5B | $5.0B | $7.1B | $7.3B |
| Shareholders' equity | $2.4B | $2.2B | $2.1B | $2.0B | $2.1B | $2.1B | $2.4B | $1.6B | $882M | -$447M |
| Net debt | -$166M | -$133M | $173M | -$500M | -$449M | -$379M | -$450M | -$1.8B | -$1.0B | $6.1B |
Cash flow
Fiscal years, from Wolfspeed's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $203M | $220M | $174M | $202M | -$29M | -$126M | -$154M | -$143M | -$726M | -$712M |
| Capital spending | $120M | $87M | $172M | $125M | $230M | $570M | $637M | $950M | $2.3B | $1.3B |
| Free cash flow | $83M | $134M | $1M | $78M | -$259M | -$696M | -$791M | -$1.1B | -$3.0B | -$2.0B |
| Stock-based compensation | $59M | $48M | $38M | $43M | $47M | $53M | $54M | $73M | $85M | $73M |
| Share buybacks (net) | -$150M | -$104M | $0 | $0 | — | — | — | — | — | — |
| Net borrowing | — | -$15M | $147M | -$292M | — | — | — | — | — | $0 |
| Free cash flow margin | 5.2% | 17.3% | 0.1% | 14.4% | -55.0% | -132.4% | -138.3% | -144.0% | -371.6% | -261.8% |
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Open WOLF in InvestinglyQuestions
What was Wolfspeed's revenue in 2025?
$758M in fiscal 2025, from its 10-K filing.
How much free cash flow does Wolfspeed generate?
-$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From Wolfspeed's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.