MKS Inc. reported its financial results for the fourth quarter and full year of 2025.

MKS Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, today reported its financial results for the fourth quarter and full year of 2025.

"Our outstanding Q4 and full-year 2025 financial performance demonstrates that the investments we have made to enable today's advanced electronics are bearing fruit," said John T.C. Lee, President and Chief Executive Officer. "Our broad technology portfolio targeted to next-generation semiconductor manufacturing and advanced packaging drove double-digit growth in our two key end markets in 2025. MKS is in an excellent position to capitalize on current and future opportunities in a secular growth environment driven by AI transformation."

"The strong cash flow we generated in 2025 allowed us to proactively invest in our business to support growth and manage our balance sheet," said Ram Mayampurath, Executive Vice President and Chief Financial Officer. "Our debt prepayments, along with the recent refinancing of our term loans and the issuance of €1.0 billion senior notes, have diversified our capital structure, extended our maturities and meaningfully reduced our interest rates, strengthening our financial position."

Additional Financial Information

At December 31, 2025, the Company had $675 million in cash and cash equivalents, $2.9 billion of secured term loan principal outstanding, $1.4 billion of convertible senior notes outstanding and up to $675 million of additional borrowing capacity under a revolving credit facility, subject to certain leverage ratio requirements. During the fourth quarter of 2025, the Company paid a cash dividend of $15 million or $0.22 per diluted share and made a voluntary principal prepayment of $100 million on its USD term loan B.

On February 4, 2026, the Company completed a private offering of €1.0 billion aggregate principal amount of 4.25% senior notes due 2034. The Company used the net proceeds from the offering, together with the net proceeds from the partial refinancing of its then-existing USD term loan B and refinancing of its then-existing EUR term loan B, both of which were also completed on February 4, 2026, and cash on hand to prepay approximately $1.3 billion of, and refinance in full, its existing USD term loan B and refinance in full its existing EUR term loan B. In addition, the Company upsized its revolving credit facility from $675 million to $1 billion.

First Quarter 2026 Guidance(1)  

Revenue of $1,040 million, plus or minus $40 million

Gross margin of 46.0%, plus or minus 1.0%

Non-GAAP operating expenses of $270 million, plus or minus $5 million

Non-GAAP net earnings of $136 million, plus or minus $19 million

Non-GAAP net earnings per diluted share of $2.00, plus or minus $0.28

Adjusted EBITDA of $251 million, plus or minus $24 million

The guidance for the first quarter is based on the current business environment, including the impact of U.S. import tariffs and the imposition of retaliatory actions taken by other countries up through but not including the date of this release. The Company will continue to monitor and adapt to changes in the business environment as needed.

Conference Call Details

A conference call with management will be held on Wednesday, February 18, 2026 at 8:30 a.m. (Eastern Time). 

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