US Market News
2月前
Amkor Technology Prices $1,000 Million Convertible Senior Notes OfferingApril 30, 2026 11:09 PM
Business Wire
Amkor Technology, Inc. (Nasdaq: AMKR) today announced the pricing of its offering of $1,000,000,000 aggregate principal amount of 0.00% convertible senior notes due 2031 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by each subsidiary of Amkor that currently or in the future guarantees its 5.875% senior notes due 2033 (the “guarantors”). The issuance and sale of the notes are scheduled to settle on May 5, 2026, subject to customary closing conditions. Amkor also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $150,000,000 aggregate principal amount of notes.
The notes will be senior, unsecured obligations of Amkor. The notes will not bear regular interest, and the principal amount of notes will not accrete. The notes will mature on July 15, 2031, unless earlier repurchased, redeemed or converted. Before April 15, 2031, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after April 15, 2031, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Amkor will settle conversions in cash and, if applicable, shares of its common stock. The initial conversion rate is 9.4013 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $106.37 per share of common stock. The initial conversion price represents a premium of approximately 52.5% over the last reported sale price of $69.75 per share of Amkor’s common stock on April 30, 2026. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.
The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Amkor’s option at any time, and from time to time, on or after May 15, 2029 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Amkor’s common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date.
If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Amkor to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date.
Amkor estimates that the net proceeds from the offering will be approximately $981.7 million (or approximately $1,129.0 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and Amkor’s estimated offering expenses. Amkor intends to use $49.0 million of the net proceeds to fund the cost of entering into the capped call transactions described below. Amkor intends to use the remainder of the net proceeds from the offering for general corporate purposes, including capital expenditures. If the initial purchasers exercise their option to purchase additional notes, then Amkor intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below.
In connection with the pricing of the notes, Amkor entered into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or one or more other financial institutions (the “option counterparties”). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Amkor’s common stock underlying the notes. If the initial purchasers exercise their option to purchase additional notes, then Amkor expects to enter into additional capped call transactions with the option counterparties.
The cap price of the capped call transactions will initially be $139.50 per share, which represents a premium of 100.0% over the last reported sale price of Amkor’s common stock of $69.75 per share on April 30, 2026, and is subject to certain adjustments under the terms of the capped call transactions.
The capped call transactions are expected generally to reduce the potential dilution to Amkor’s common stock upon any conversion of the notes and/or offset any potential cash payments Amkor is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per share of Amkor’s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.
In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Amkor’s common stock and/or purchase shares of Amkor’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Amkor’s common stock or the notes at that time.
In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Amkor’s common stock and/or purchasing or selling Amkor’s common stock or other securities of Amkor in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) during any observation period related to a conversion of notes or following any repurchase of notes by Amkor in connection with any redemption or fundamental change, (y) following any repurchase of the notes by Amkor other than in connection with any redemption or fundamental change if Amkor elects to unwind a corresponding portion of the capped call transaction in connection with such repurchase and (z) if Amkor otherwise unwinds all or a portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Amkor’s common stock or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares, if any, and value of the consideration that noteholders will receive upon conversion of the notes.
The offer and sale of the notes, the guarantees and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.
About Amkor Technology, Inc.
Amkor Technology, Inc. (Nasdaq: AMKR) is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world’s leading semiconductor and electronics companies to bring advanced technologies to market. The company’s comprehensive portfolio includes advanced packaging, wafer-level processing, and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables.
Forward-Looking Statement Disclaimer
This press release includes forward-looking statements, including statements regarding the completion of the offering, the expected amount and intended use of the net proceeds and the effects of entering into the capped call transactions described above. Forward-looking statements represent Amkor’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Amkor’s business, including those described in periodic reports that Amkor files from time to time with the Securities and Exchange Commission. Amkor may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Amkor does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430630276/en/
Investor Relations
Jennifer Jue
Vice President, Investor Relations
480-786-7594
jennifer.jue@amkor.com
Original: Amkor Technology Prices $1,000 Million Convertible Senior Notes Offering
US Market News
2月前
Amkor Technology Reports Financial Results for the First Quarter 2026April 27, 2026 4:04 PM
Business Wire
Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights
Record first quarter net sales $1.68 billion, up 27% year-on-year
Gross profit $239 million, operating income $100 million
Net income $83 million, earnings per diluted share $0.33
EBITDA $285 million
“Amkor delivered a strong start to 2026 with record first quarter revenue driven by broad-based end market demand,” said Kevin Engel, Amkor’s president and chief executive officer. “During the quarter, we progressed key customer programs in Advanced packaging, improved utilization across our factory network, and made continued progress on our margin initiatives, demonstrating our ability to execute effectively in a dynamic industry environment.”
Quarterly Financial Results
($ in millions, except per share data)
Q1 2026
Q4 2025
Q1 2025
Net sales
$1,685
$1,888
$1,322
Gross margin
14.2%
16.7%
11.9%
Operating income
$100
$185
$32
Operating income margin
6.0%
9.8%
2.4%
Net income attributable to Amkor
$83
$172
$21
Earnings per diluted share
$0.33
$0.69
$0.09
EBITDA (1)
$285
$369
$197
(1) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under “Selected Operating Data.”
At March 31, 2026, total cash and short-term investments was $1.8 billion, and total debt was $1.4 billion.
The company paid a quarterly dividend of $0.08352 per share on March 31, 2026. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
On April 23, 2026, the Board of Directors authorized the repurchase of up to $300 million of the company’s common stock.
Business Outlook
The following information presents Amkor’s guidance for the second quarter 2026 (unless otherwise noted):
Net sales of $1.75 billion to $1.85 billion
Gross margin of 14.5% to 15.5%
Net income of $105 million to $130 million, or $0.42 to $0.52 per diluted share
Full year 2026 capital expenditures of approximately $2.5 billion to $3.0 billion
Conference Call Information
Amkor will conduct a conference call on Monday, April 27, 2026, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at ir.amkor.com. The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.
About Amkor Technology, Inc.
Amkor Technology, Inc. (Nasdaq: AMKR) is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world’s leading semiconductor and electronics companies to bring advanced technologies to market. The company’s comprehensive portfolio includes advanced packaging, wafer-level processing, and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables. For more information visit amkor.com.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
Q1 2026
Q4 2025
Q1 2025
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
1,372
$
1,580
$
1,064
Mainstream products (2)
313
308
258
Total net sales
$
1,685
$
1,888
$
1,322
Packaging services
89
%
89
%
88
%
Test services
11
%
11
%
12
%
Net sales from top ten customers
68
%
72
%
71
%
End Market Distribution Data:
Communications (smartphones, tablets)
44
%
49
%
40
%
Computing (data center, infrastructure, PC/laptop, storage)
21
%
19
%
22
%
Automotive, industrial and other (ADAS, electrification, infotainment, safety)
21
%
18
%
21
%
Consumer (AR & gaming, connected home, home electronics, wearables)
14
%
14
%
17
%
Total
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
53.5
%
56.5
%
52.4
%
Labor
10.7
%
9.5
%
12.0
%
Depreciation
9.3
%
8.0
%
10.6
%
Other manufacturing
12.3
%
9.3
%
13.1
%
Gross margin
14.2
%
16.7
%
11.9
%
(1) Advanced products include flip chip, memory and wafer-level processing and related test services.
(2) Mainstream products include all other wirebond packaging and related test services.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
In this press release, we refer to EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, and our ability to service debt, fund capital expenditures and pay dividends. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore, our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.
Non-GAAP Financial Measure Reconciliation:
(in millions)
Q1 2026
Q4 2025
Q1 2025
EBITDA Data:
Net income
$
84
$
173
$
22
Plus: Interest expense
18
21
17
Plus: Income tax expense
12
9
4
Plus: Depreciation & amortization
171
166
154
EBITDA
$
285
$
369
$
197
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended March 31,
2026
2025
Net sales
$
1,684,701
$
1,321,575
Cost of sales
1,445,669
1,163,992
Gross profit
239,032
157,583
Selling, general and administrative
96,987
80,408
Research and development
41,758
45,652
Total operating expenses
138,745
126,060
Operating income
100,287
31,523
Interest expense
17,710
16,809
Other (income) expense, net
(13,731
)
(11,075
)
Total other expense, net
3,979
5,734
Income before taxes
96,308
25,789
Income tax expense
12,342
3,936
Net income
83,966
21,853
Net income attributable to non-controlling interests
(615
)
(725
)
Net income attributable to Amkor
$
83,351
$
21,128
Net income attributable to Amkor per common share:
Basic
$
0.34
$
0.09
Diluted
$
0.33
$
0.09
Shares used in computing per common share amounts:
Basic
247,550
246,854
Diluted
249,570
247,845
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,121,183
$
1,378,347
Restricted cash
175
—
Short-term investments
727,317
613,038
Accounts receivable, net of allowances
1,287,879
1,354,825
Inventories
494,620
437,797
Other current assets
120,435
100,754
Total current assets
3,751,609
3,884,761
Property, plant and equipment, net
4,150,783
3,870,808
Operating lease right of use assets
90,278
93,449
Goodwill
17,775
18,003
Restricted cash
67,804
67,776
Other assets
220,385
201,512
Total assets
$
8,298,634
$
8,136,309
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
157,038
$
162,430
Trade accounts payable
832,101
912,766
Capital expenditures payable
488,731
243,543
Short-term operating lease liability
23,570
23,140
Accrued expenses
365,339
370,093
Total current liabilities
1,866,779
1,711,972
Long-term debt
1,257,156
1,282,816
Pension and severance obligations
67,947
69,218
Long-term operating lease liabilities
44,194
48,549
Other non-current liabilities
493,416
517,467
Total liabilities
3,729,492
3,630,022
Stockholders’ equity:
Preferred stock
—
—
Common stock
294
294
Additional paid-in capital
2,060,642
2,054,051
Retained earnings
2,689,683
2,627,038
Accumulated other comprehensive income (loss)
15,277
16,833
Treasury stock
(232,385
)
(227,110
)
Total Amkor stockholders’ equity
4,533,511
4,471,106
Non-controlling interests in subsidiaries
35,631
35,181
Total equity
4,569,142
4,506,287
Total liabilities and equity
$
8,298,634
$
8,136,309
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net income
$
83,966
$
21,853
Depreciation and amortization
170,903
153,821
Other operating activities and non-cash items
(5,871
)
5,967
Changes in assets and liabilities
(103,911
)
(157,492
)
Net cash provided by operating activities
145,087
24,149
Cash flows from investing activities:
Payments for property, plant and equipment
(224,605
)
(79,897
)
Proceeds from sale of property, plant and equipment
7,179
4,209
Proceeds from foreign exchange forward contracts
14,899
16,674
Payments for foreign exchange forward contracts
(16,684
)
(15,992
)
Payments for short-term investments
(258,469
)
(169,720
)
Proceeds from sale of short-term investments
14,607
32,345
Proceeds from maturities of short-term investments
127,318
147,825
Other investing activities
1,036
1,502
Net cash used in investing activities
(334,719
)
(63,054
)
Cash flows from financing activities:
Payments of long-term debt
(27,737
)
(25,493
)
Payments of finance lease obligations
(14,543
)
(15,659
)
Payments of dividends
(20,694
)
—
Other financing activities
(4,073
)
(1,099
)
Net cash used in financing activities
(67,047
)
(42,251
)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
(282
)
5,172
Net decrease in cash, cash equivalents and restricted cash
(256,961
)
(75,984
)
Cash, cash equivalents and restricted cash, beginning of period
1,446,123
1,134,312
Cash, cash equivalents and restricted cash, end of period
$
1,189,162
$
1,058,328
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or “intend,” by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as may be required by applicable law. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, including, but not limited to, the following:
dependence on the cyclical and volatile semiconductor industry and vulnerability to industry downturns and declines in global economic and financial conditions;
changes in costs, quality, availability and delivery times of raw materials, components and equipment;
fluctuations in operating results and cash flows;
competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and other competitors, including foundries and contract manufacturers;
our substantial investments in equipment and facilities to support the demand of our customers;
warranty claims, product return and liability risks, and the risk of negative publicity if our products fail, as well as the risk of litigation incident to our business;
difficulty achieving the relatively high-capacity utilization rates necessary to realize satisfactory gross margins given our high percentage of fixed costs;
our absence of backlog and the short-term nature of our customers’ commitments;
the historical downward pressure on the prices of our packaging and test services;
fluctuations in our manufacturing yields;
a downturn or lower sales to customers in the automotive industry;
dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive;
difficulty funding our liquidity needs;
challenges with integrating diverse operations;
dependence on international factories and operations, and risks relating to trade restrictions and regional conflict, including restrictive trade barriers, export controls, tariffs, customs and duties;
our ability to develop new proprietary technology, protect our proprietary technology, operate without infringing the proprietary rights of others and implement new technologies;
our continuing development and implementation of changes to, and maintenance and security of, our information technology systems;
restrictive covenants in the indentures and agreements governing our current and future indebtedness;
our substantial indebtedness;
the effect of interest rate increases on our variable rate indebtedness;
fluctuations in interest rates and changes in credit risk;
the ability of certain of our stockholders to effectively determine or substantially influence the outcome of matters requiring stockholder approval;
the possibility that we may decrease or suspend our quarterly dividend;
difficulty attracting, retaining or replacing qualified personnel;
maintaining an effective system of internal controls;
any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for conditional reduced tax rates, or any requirements to establish or adjust valuation allowances on deferred tax assets;
environmental, health and safety liabilities and expenditures;
conditions and obligations in connection with the receipt of government awards and incentives; and
natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions.
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“SEC”). You should carefully consider the trends, risks and uncertainties described in this press release, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260427274345/en/
Jennifer Jue
Vice President, Investor Relations
480-786-7594
jennifer.jue@amkor.com
Original: Amkor Technology Reports Financial Results for the First Quarter 2026
US Market News
5月前
Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2025February 9, 2026 4:04 PM
Business Wire
Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights:
Fourth quarter net sales $1.89 billion, up 16% year-on-year
Net income $172 million, earnings per diluted share $0.69
Full Year 2025 Highlights:
Net sales $6.71 billion, up 6% year-on-year
Gross profit $939 million, operating income $467 million
Net income $374 million, earnings per diluted share $1.50
EBITDA $1.16 billion
Net cash from operations $1.10 billion, free cash flow $308 million
“2025 was a pivotal year for Amkor. We delivered strong results with record Advanced packaging and Computing revenue, executed on our strategic initiatives, and strengthened our position in the fastest growing areas of the semiconductor industry,” said Kevin Engel, Amkor’s president and chief executive officer. “We enter 2026 with momentum and are accelerating strategic investments to support the next wave of advanced packaging growth.”
Financial Results
($ in millions, except per share data)
Q4 2025
Q3 2025
Q4 2024
2025
2024
Net sales
$1,888
$1,987
$1,629
$6,708
$6,318
Gross margin
16.7%
14.3%
15.1%
14.0%
14.8%
Operating income
$185
$159
$134
$467
$438
Operating income margin
9.8%
8.0%
8.3%
7.0%
6.9%
Net income attributable to Amkor
$172
$127
$106
$374
$354
Earnings per diluted share
$0.69
$0.51
$0.43
$1.50
$1.43
EBITDA (1)
$369
$340
$302
$1,162
$1,091
Net cash provided by operating activities
$1,096
$1,089
Annual free cash flow (1)
$308
$359
(1)
EBITDA and free cash flow are non-GAAP measures. The reconciliations to the comparable GAAP measures are included below under “Selected Operating Data”.
At December 31, 2025, total cash and short-term investments was $1.99 billion, and total debt was $1.45 billion.
On November 12, 2025, Amkor’s Board of Directors announced a 1% increase in the quarterly cash dividend on the company’s common stock, from $0.08269 per share to $0.08352 per share. The increased quarterly dividend was effective with dividend paid on December 23, 2025. The declaration and payment of future dividends, as well as any record and payment dates, are subject to the approval of the Board of Directors.
Business Outlook
The following information presents Amkor’s guidance for the first quarter 2026 (unless otherwise noted):
Net sales of $1.60 billion to $1.70 billion
Gross margin of 12.5% to 13.5%
Net income of $45 million to $70 million, or $0.18 to $0.28 per diluted share
Full year 2026 capital expenditures of approximately $2.5 billion to $3.0 billion
Conference Call Information
Amkor will conduct a conference call on Monday, February 9, 2026, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. To access the live audio webcast and the accompanying slide presentation, visit the Investor Relations section of Amkor’s website, located at ir.amkor.com. The live call can also be accessed by dialing 1-877-407-4019 or 1-201-689-8337.
About Amkor Technology, Inc.
Amkor Technology, Inc. (Nasdaq: AMKR) is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world’s leading semiconductor and electronics companies to bring advanced technologies to market. The company’s comprehensive portfolio includes advanced packaging, wafer-level processing, and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables. For more information visit amkor.com.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
Q4 2025
Q3 2025
Q4 2024
2025
2024
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$1,580
$1,684
$1,357
$5,556
$5,175
Mainstream products (2)
308
303
272
1,152
1,143
Total net sales
$1,888
$1,987
$1,629
$6,708
$6,318
Packaging services
89 %
89 %
88 %
89 %
89 %
Test services
11 %
11 %
12 %
11 %
11 %
Net sales from top ten customers
72 %
73 %
73 %
72 %
72 %
End Market Distribution Data:
Communications (smartphones, tablets)
49 %
51 %
44 %
46 %
48 %
Computing (data center, infrastructure, PC/laptop, storage)
19 %
19 %
21 %
20 %
19 %
Automotive, industrial and other (ADAS, electrification, infotainment, safety)
18 %
16 %
17 %
19 %
18 %
Consumer (AR & gaming, connected home, home electronics, wearables)
14 %
14 %
18 %
15 %
15 %
Total
100 %
100 %
100 %
100 %
100 %
Gross Margin Data:
Net sales
100.0 %
100.0 %
100.0 %
100.0 %
100.0 %
Cost of sales:
Materials
56.5 %
57.5 %
54.8 %
55.2 %
55.1 %
Labor
9.5 %
9.2 %
9.9 %
10.4 %
9.9 %
Depreciation
8.0 %
7.5 %
8.4 %
8.7 %
8.5 %
Other manufacturing
9.3 %
11.5 %
11.8 %
11.7 %
11.7 %
Gross margin
16.7 %
14.3 %
15.1 %
14.0 %
14.8 %
(1)
Advanced products include flip chip, memory and wafer-level processing and related test services.
(2)
Mainstream products include all other wirebond packaging and related test services.
In this press release, we refer to EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, and our ability to service debt, fund capital expenditures and pay dividends. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore, our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.
Non-GAAP Financial Measures Reconciliation:
(in millions)
Q4 2025
Q3 2025
Q4 2024
2025
2024
EBITDA Data:
Net income
$
173
$
127
$
106
$
376
$
356
Plus: Interest expense
21
21
17
75
65
Plus: Income tax expense
9
28
30
69
75
Plus: Depreciation & amortization
166
164
149
642
595
EBITDA
$
369
$
340
$
302
$
1,162
$
1,091
In this press release, we refer to free cash flow, which is not defined by U.S. GAAP. We define free cash flow as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of, insurance recovery for and grants for property, plant and equipment, if applicable. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt, our ability to fund capital expenditures and our ability to pay dividends and the amount of dividends to be paid. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of free cash flow to U.S. GAAP net cash provided by operating activities.
Non-GAAP Financial Measures Reconciliation:
(in millions)
2025
2024
Free Cash Flow Data:
Net cash provided by operating activities
$
1,096
$
1,089
Less: Payments for property, plant and equipment
(905
)
(744
)
Plus: Proceeds from sale of and grants for property, plant and equipment
117
14
Free cash flow
$
308
$
359
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
For the Three Months
Ended December 31,
For the Year Ended
December 31,
2025
2024
2025
2024
Net sales
$
1,888,046
$
1,629,118
$
6,707,981
$
6,317,692
Cost of sales
1,573,417
1,382,408
5,769,382
5,384,480
Gross profit
314,629
246,710
938,599
933,212
Selling, general and administrative
92,930
69,427
304,471
331,806
Research and development
36,731
42,848
166,743
162,951
Total operating expenses
129,661
112,275
471,214
494,757
Operating income
184,968
134,435
467,385
438,455
Interest expense
20,594
17,079
75,444
64,945
Other (income) expense, net
(16,845
)
(18,233
)
(52,678
)
(57,506
)
Total other (income) expense, net
3,749
(1,154
)
22,766
7,439
Income before taxes
181,219
135,589
444,619
431,016
Income tax expense
8,690
29,788
68,503
75,481
Net income
172,529
105,801
376,116
355,535
Net income attributable to noncontrolling interests
(768
)
(152
)
(2,221
)
(1,523
)
Net income attributable to Amkor
$
171,761
$
105,649
$
373,895
$
354,012
Net income attributable to Amkor per common share:
Basic
$
0.69
$
0.43
$
1.51
$
1.44
Diluted
$
0.69
$
0.43
$
1.50
$
1.43
Shares used in computing per common share amounts:
Basic
247,221
246,654
247,082
246,344
Diluted
249,076
247,864
248,454
247,818
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
1,378,347
$
1,133,553
Short-term investments
613,038
512,984
Accounts receivable, net of allowances
1,354,825
1,055,013
Inventories
437,797
310,910
Other current assets
100,754
61,012
Total current assets
3,884,761
3,073,472
Property, plant and equipment, net
3,870,808
3,576,148
Operating lease right of use assets
93,449
109,730
Goodwill
18,003
17,947
Restricted cash
67,776
759
Other assets
201,512
166,272
Total assets
$
8,136,309
$
6,944,328
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
162,430
$
236,029
Trade accounts payable
912,766
712,887
Capital expenditures payable
243,543
123,195
Short-term operating lease liability
23,140
26,827
Accrued expenses
370,093
356,337
Total current liabilities
1,711,972
1,455,275
Long-term debt
1,282,816
923,431
Pension and severance obligations
69,218
70,594
Long-term operating lease liabilities
48,549
57,983
Other non-current liabilities
517,467
253,880
Total liabilities
3,630,022
2,761,163
Amkor stockholders’ equity:
Preferred stock
—
—
Common stock
294
293
Additional paid-in capital
2,054,051
2,031,643
Retained earnings
2,627,038
2,335,132
Accumulated other comprehensive income
16,833
7,510
Treasury stock
(227,110
)
(225,033
)
Total Amkor stockholders’ equity
4,471,106
4,149,545
Noncontrolling interests in subsidiaries
35,181
33,620
Total equity
4,506,287
4,183,165
Total liabilities and equity
$
8,136,309
$
6,944,328
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Year Ended
December 31,
2025
2024
Cash flows from operating activities:
Net income
$
376,116
$
355,535
Depreciation and amortization
642,008
594,663
Other operating activities and non-cash items
(37,545
)
25,303
Changes in assets and liabilities
115,027
113,367
Net cash provided by operating activities
1,095,606
1,088,868
Cash flows from investing activities:
Payments for property, plant and equipment
(904,614
)
(743,796
)
Proceeds from sale of property, plant and equipment
110,279
3,981
Proceeds from foreign exchange forward contracts
58,629
47,045
Payments for foreign exchange forward contracts
(63,781
)
(88,623
)
Payments for short-term investments
(828,392
)
(568,711
)
Proceeds from sale of short-term investments
306,494
65,502
Proceeds from maturities of short-term investments
429,952
474,097
Other investing activities
6,389
10,181
Net cash used in investing activities
(885,044
)
(800,324
)
Cash flows from financing activities:
Proceeds from short-term debt
—
5,012
Payments of short-term debt
—
(9,731
)
Proceeds from long-term debt
1,096,067
172,651
Payments of long-term debt
(809,531
)
(177,214
)
Payments of finance lease obligations
(89,942
)
(72,255
)
Payments of dividends
(81,946
)
(178,605
)
Other financing activities
(15,948
)
(290
)
Net cash provided by (used in) financing activities
98,700
(260,432
)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
2,549
(14,417
)
Net increase in cash, cash equivalents and restricted cash
311,811
13,695
Cash, cash equivalents and restricted cash, beginning of period
1,134,312
1,120,617
Cash, cash equivalents and restricted cash, end of period
$
1,446,123
$
1,134,312
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or “intend,” by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates and assumptions. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as may be required by applicable law. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, including, but not limited to, the following:
dependence on the cyclical and volatile semiconductor industry and vulnerability to industry downturns and declines in global economic and financial conditions;
changes in costs, quality, availability and delivery times of raw materials, components and equipment;
fluctuations in operating results and cash flows;
competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers and other competitors, including foundries and contract manufacturers;
our substantial investments in equipment and facilities to support the demand of our customers;
warranty claims, product return and liability risks, and the risk of negative publicity if our products fail, as well as the risk of litigation incident to our business;
difficulty achieving the relatively high-capacity utilization rates necessary to realize satisfactory gross margins given our high percentage of fixed costs;
our absence of backlog and the short-term nature of our customers’ commitments;
the historical downward pressure on the prices of our packaging and test services;
fluctuations in our manufacturing yields;
a downturn or lower sales to customers in the automotive industry;
dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive;
difficulty funding our liquidity needs;
challenges with integrating diverse operations;
dependence on international factories and operations, and risks relating to trade restrictions and regional conflict, including restrictive trade barriers, export controls, tariffs, customs and duties;
our ability to develop new proprietary technology, protect our proprietary technology, operate without infringing the proprietary rights of others and implement new technologies;
our continuing development and implementation of changes to, and maintenance and security of, our information technology systems;
restrictive covenants in the indentures and agreements governing our current and future indebtedness;
our substantial indebtedness;
the effect of interest rate increases on our variable rate indebtedness;
fluctuations in interest rates and changes in credit risk;
the ability of certain of our stockholders to effectively determine or substantially influence the outcome of matters requiring stockholder approval;
the possibility that we may decrease or suspend our quarterly dividend;
difficulty attracting, retaining or replacing qualified personnel;
maintaining an effective system of internal controls;
any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for conditional reduced tax rates, or any requirements to establish or adjust valuation allowances on deferred tax assets;
environmental, health and safety liabilities and expenditures;
conditions and obligations in connection with the receipt of government awards and incentives; and
natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions.
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“SEC”). You should carefully consider the trends, risks and uncertainties described in this press release, the Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260209569058/en/
Jennifer Jue
Vice President, Investor Relations
480-786-7594
jennifer.jue@amkor.com
Original: Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2025
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