The earnings call presented a mix of positive and negative aspects. While revenue exceeded expectations and there were notable achievements in the flat panel display market and U.S. operations, challenges in the integrated circuits market and geopolitical factors presented headwinds.

Company Guidance

In the fiscal third quarter of 2025, Photronics reported strong financial results, with sales reaching $210 million, remaining flat both year-over-year and sequentially. The company recorded a non-GAAP diluted EPS of $0.51, surpassing previous guidance. Operating cash flow for fiscal 2025 to date was 25% of revenue, contributing to a robust balance sheet with $576 million in cash and short-term investments. Photronics also repurchased $21 million of stock during the quarter, totaling $97 million in buybacks year-to-date. The company is investing in geographic revenue diversification, including expanding its Texas facility to meet U.S. midrange node demand and enhancing its high-end production capabilities in Idaho. In the integrated circuits market, Photronics saw a 5% year-over-year decline in revenue to $148 million, while the flat panel display segment grew 14% year-over-year to $63 million, driven by strong demand in Korea and China. The company's fourth-quarter revenue is anticipated to range between $201 million and $209 million, with non-GAAP EPS expected to be between $0.42 and $0.48 per diluted share.

Revenue Exceeds Expectations

Photronics reported a third-quarter revenue of $210 million, which was ahead of expectations and flat year-over-year and sequentially.

Strong Cash Flow and Share Repurchase

Operating cash flow was 25% of revenue, and the company repurchased $21 million of stock in the quarter, totaling $97 million year-to-date.

Flat Panel Display Market Growth

Revenue in the flat panel display market increased by 14% year-over-year, driven by strong demand in Korea and China, particularly for higher-end applications with advanced AMOLED technologies.

Strengthened U.S. Operations

Photronics is expanding its capabilities in Texas and Idaho to service increased demand for U.S. midrange and high-end nodes.

High-End IC Revenue Increase

High-end IC revenue represented 36% of total IC revenue and increased 8% year-over-year, driven by strong order patterns in the United States.

Photronics (PLAB) Earnings, Revenues Date & History

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PLAB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 10, 2025	2025 (Q4)	0.45 / -	0.59	―	―	―
Aug 27, 2025	2025 (Q3)	0.38 / 0.51	0.51	0.00% (0.00)
May 28, 2025	2025 (Q2)	0.48 / 0.40	0.46	-13.04% (-0.06)
Feb 26, 2025	2025 (Q1)	0.47 / 0.52	0.48	8.33% (+0.04)
Dec 11, 2024	2024 (Q4)	0.52 / 0.59	0.6	-1.67% (-0.01)
Aug 29, 2024	2024 (Q3)	0.56 / 0.51	0.51	0.00% (0.00)
May 22, 2024	2024 (Q2)	0.55 / 0.46	0.54	-14.81% (-0.08)
Feb 21, 2024	2024 (Q1)	0.49 / 0.48	0.4	20.00% (+0.08)
Dec 13, 2023	2023 (Q4)	0.53 / 0.60	0.6	0.00% (0.00)
Sep 06, 2023	2023 (Q3)	0.52 / 0.51	0.51	0.00% (0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PLAB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 27, 2025	$22.27	$23.97	+7.63%
May 28, 2025	$20.06	$16.94	-15.55%
Feb 26, 2025	$20.70	$21.10	+1.93%
Dec 11, 2024	$25.32	$28.06	+10.82%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.