FormFactor (NASDAQ:FORM) Surpasses Estimates with 13.6% Q4 Revenue Growth, Shares Rise

FormFactor (NASDAQ:FORM) reported Q4 CY2025 revenue of $215.2 million, a 13.6% year-on-year increase and 2.3% above analyst expectations. Non-GAAP profit of $0.46 per share was 30.6% above consensus, and guidance for Q1 CY2026 of $225 million at the midpoint reflects a 31.3% year-on-year increase. CEO Mike Slessor highlighted record revenue on a quarterly and annual basis, with strong performance across foundry and fabless customers. The company’s DIO of 81 days is 14 days below its five-year average, indicating no inventory buildup and stable capital intensity. Supporting context: Sell-side analysts expect 10.4% revenue growth over the next 12 months, while FormFactor’s 2.5% annualized growth over the past five years was below average. However, its two-year annualized growth of 8.8% and Q4’s positive inflection suggest recent demand acceleration. The stock rose 8.9% to $77.91 in after-hours trading following the report.