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Veeco Instruments Inc.
Veeco Reports First Quarter 2026 Financial Results
Published May 5 2026
15 min read

Veeco Reports First Quarter 2026 Financial Results

news images

First Quarter 2026 Highlights:

  • Revenue of $158.3 million, compared with $167.3 million in the same period last year

  • GAAP net loss of $(0.3) million, or $(0.01) loss per diluted share, compared with net income of $11.9 million, or $0.20 earnings per diluted share in the same period last year

  • Non-GAAP net income of $8.9 million, or $0.14 per diluted share, compared with $22.2 million, or $0.37 per diluted share in the same period last year

PLAINVIEW, N.Y., May 05, 2026 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its first quarter ended March 31, 2026. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

 

U.S. Dollars in millions, except per share data


 

 

 

 

 

 

 

GAAP Results

 

Q1 '26

 

Q1 '25

Revenue

 

$

158.3

 

 

$

167.3

Net income (loss)

 

$

(0.3

)

 

$

11.9

Diluted earnings (loss) per share

 

$

(0.01

)

 

$

0.20


 

 

 

 

 

 

 

Non-GAAP Results

 

Q1 '26

 

Q1 '25

Operating income

 

$

8.6

 

$

24.3

Net income

 

$

8.9

 

$

22.2

Diluted earnings per share

 

$

0.14

 

$

0.37


“Veeco executed well in the first quarter as the industry enters a transformational period driven by rapid expansion of AI data centers and high-performance computing,” said Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “This inflection is driving significant order activity across our portfolio, with particularly strong momentum in silicon photonics as customers scale optical connectivity and power-efficient technologies. Veeco’s differentiated process equipment is increasingly critical to this landscape, positioning us well for sustained, multi-year revenue growth.”

Guidance and Outlook

The following guidance is provided for Veeco’s second quarter 2026:

  • Revenue is expected in the range of $170 million to $190 million

  • GAAP diluted earnings per share are expected in the range of $0.02 to $0.15

  • Non-GAAP diluted earnings per share are expected in the range of $0.20 to $0.32

The following guidance for Veeco’s fiscal year 2026 was previously provided and remains unchanged:

  • Revenue is expected in the range of $740 million to $800 million

  • GAAP diluted earnings per share are expected in the range of $0.83 to $1.17

  • Non-GAAP diluted earnings per share are expected in the range of $1.50 to $1.85

Conference Call Information

A conference call reviewing these results has been scheduled for today, May 5, 2026 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to purchase or the solicitation of an offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-looking Statements

This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, including trends related to artificial intelligence and high-performance computing, industry outlooks and demand drivers, statements regarding the pending merger with Axcelis, the timing of shipments, deliveries and revenue recognition, statements regarding shipments currently being held by U.S. Customs, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results, the timing, completion and expected benefits of the proposed transaction and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the effects of foreign and domestic tariffs and the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; cybersecurity attacks and our ability to safeguard sensitive information and protect our intellectual property rights in key technologies; the effects of regional or global health epidemics; delays in or failure to complete the proposed transaction, whether due to an inability by either party to satisfy one or more conditions to closing, including an inability to obtain regulatory approval in China, the occurrence of events or changes in circumstances that give rise to the termination of the applicable merger agreement by either party, or otherwise; risks related to the pendency of the proposed transaction and its effect on our business, financial condition, results of operations, cash flows and stock price; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees, including as a result of the proposed transaction; diversion of management time and attention from ordinary course business operations to the proposed transaction and other potential disruptions to our business relating thereto; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

-financial tables attached-


Veeco Contacts:

 

 

Investor Relations: Alex Delacroix

(516) 528-1020

adelacroix@veeco.com

Media: Brenden Wright

(410) 984-2610

bwright@veeco.com

                                                 

 

 

 

 

 

 

 

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2026

 

 

2025

 

Net sales

 

$

158,341

 

 

$

167,292

 

Cost of sales

 

 

102,513

 

 

 

98,825

 

Gross profit

 

 

55,828

 

 

 

68,467

 

Operating expenses, net:

 

 

 

 

 

 

Research and development

 

 

29,875

 

 

 

28,514

 

Selling, general, and administrative

 

 

26,016

 

 

 

25,028

 

Amortization of intangible assets

 

 

705

 

 

 

821

 

Merger costs

 

 

2,012

 

 

 

 

Other operating expense (income), net

 

 

(122

)

 

 

(44

)

Total operating expenses, net

 

 

58,486

 

 

 

54,319

 

Operating income (loss)

 

 

(2,658

)

 

 

14,148

 

Interest income (expense), net

 

 

1,175

 

 

 

836

 

Income (loss) before income taxes

 

 

(1,483

)

 

 

14,984

 

Income tax expense (benefit)

 

 

(1,159

)

 

 

3,037

 

Net income (loss)

 

$

(324

)

 

$

11,947

 

 

 

 

 

 

 

 

Income per common share:

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.21

 

Diluted

 

$

(0.01

)

 

$

0.20

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

 

 

 

 

 

Basic

 

 

60,414

 

 

 

57,753

 

Diluted

 

 

60,414

 

 

 

60,234

 


 

 

 

 

 

 

 

Veeco Instruments Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2026

 

2025

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

179,535

 

$

163,466

Short-term investments

 

 

203,796

 

 

226,763

Accounts receivable, net

 

 

150,521

 

 

110,685

Contract assets

 

 

21,723

 

 

34,838

Inventories

 

 

282,231

 

 

275,298

Prepaid expenses and other current assets

 

 

35,613

 

 

34,286

Total current assets

 

 

873,419

 

 

845,336

Property, plant and equipment, net

 

 

107,817

 

 

108,646

Operating lease right-of-use assets

 

 

24,084

 

 

24,606

Intangible assets, net

 

 

4,991

 

 

5,696

Goodwill

 

 

214,964

 

 

214,964

Deferred income taxes

 

 

124,141

 

 

122,935

Other assets

 

 

3,553

 

 

3,612

Total assets

 

$

1,352,969

 

$

1,325,795

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

60,153

 

$

55,345

Accrued expenses and other current liabilities

 

 

52,038

 

 

45,503

Contract liabilities

 

 

92,731

 

 

74,161

Income taxes payable

 

 

1,763

 

 

3,048

Total current liabilities

 

 

206,685

 

 

178,057

Deferred income taxes

 

 

513

 

 

532

Long-term debt

 

 

226,253

 

 

226,009

Long-term operating lease liabilities

 

 

31,140

 

 

31,837

Other liabilities

 

 

4,716

 

 

3,852

Total liabilities

 

 

469,307

 

 

440,287

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

883,662

 

 

885,508

Total liabilities and stockholders’ equity

 

$

1,352,969

 

$

1,325,795


Note on Reconciliation Tables

The below tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with GAAP. These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2026)
(in thousands)
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments

 

 

 

 

 

 

 

 

 

Share-Based

 

 

 

 

 

 

 

 

Three months ended March 31, 2026

 

GAAP

 

Compensation

 

Amortization

 

Other

 

Non-GAAP

 

Net sales

 

$

158,341

 

 

 

 

 

 

 

 

$

158,341

 

Gross profit

 

 

55,828

 

 

1,511

 

 

 

 

 

 

 

57,339

 

Gross margin

 

 

35.3

 

%

 

 

 

 

 

 

 

36.2

%

Operating expenses

 

 

58,486

 

 

(7,000

)

 

(705

)

 

(2,012

)

 

 

48,769

 

Operating income (loss)

 

 

(2,658

)

 

8,511

 

 

705

 

 

2,012

 

^

 

8,570

 

Net income (loss)

 

 

(324

)

 

8,511

 

 

705

 

 

(16

)

^

 

8,876

 

_________________________
^   - See table below for additional details.

Other Non-GAAP Adjustments (Q1 2026)
(in thousands)
(unaudited)

 

 

 

Three months ended March 31, 2026

 

 

Merger related expenses

$

2,012

 

Subtotal

 

2,012

 

Non-cash interest expense

 

244

 

Non-GAAP tax adjustment *

 

(2,272

)

Total Other

$

(16

)

_________________________
*   - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

 

 

 

 

 

 

 

Net Income per Common Share (Q1 2026)
(in thousands, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2026

 

 

GAAP

 

Non-GAAP

Numerator:

 

 

 

 

 

 

Net income (loss) available to common shareholders

 

$

(324

)

 

$

8,876

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

60,414

 

 

 

60,414

Effect of potentially dilutive share-based awards

 

 

 

 

 

808

Dilutive effect of 2029 Convertible Senior Notes

 

 

 

 

 

642

Diluted weighted average shares outstanding

 

 

60,414

 

 

 

61,864

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.15

Diluted

 

$

(0.01

)

 

$

0.14

_________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2025)
(in thousands)
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments

 

 

 

 

 

 

 

 

 

Share-based

 

 

 

 

 

 

 

Three months ended March 31, 2025

 

 

GAAP

 

Compensation

 

Amortization

 

Other

 

Non-GAAP

 

Net sales

 

$

167,292

 

 

 

 

 

 

 

$

167,292

 

Gross profit

 

 

68,467

 

1,343

 

 

 

 

 

 

 

69,810

 

Gross margin

 

 

40.9

%

 

 

 

 

 

 

 

41.7

%

Operating expenses

 

 

54,319

 

(7,865

)

 

(821

)

 

(99

)

 

 

45,534

 

Operating income

 

 

14,148

 

9,208

 

 

821

 

 

99

 

^

 

24,276

 

Net income

 

 

11,947

 

9,208

 

 

821

 

 

231

 

^

 

22,207

 

_________________________
^   - See table below for additional details.

Other Non-GAAP Adjustments (Q1 2025)
(in thousands)
(unaudited)

 

 

 

Three months ended March 31, 2025

 

 

Other

$

99

 

Subtotal

 

99

 

Non-cash interest expense

 

257

 

Non-GAAP tax adjustment *

 

(125

)

Total Other

$

231

 

_________________________
*   - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

 

 

 

 

 

 

 

Net Income per Common Share (Q1 2025)
(in thousands, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2025

 

 

GAAP

 

Non-GAAP

Numerator:

 

 

 

 

 

 

Net income

 

$

11,947

 

$

22,207

Interest expense associated with 2025 and 2027 Convertible Senior Notes

 

 

253

 

 

273

Net income available to common shareholders

 

$

12,200

 

$

22,480

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

57,753

 

 

57,753

Effect of potentially dilutive share-based awards

 

 

693

 

 

693

Dilutive effect of 2025 Convertible Senior Notes

 

 

 

 

174

Dilutive effect of 2027 Convertible Senior Notes(1)

 

 

1,788

 

 

1,354

Diluted weighted average shares outstanding

 

 

60,234

 

 

59,974

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.21

 

$

0.38

Diluted

 

$

0.20

 

$

0.37

_________________________
(1)   - The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

 

 

 

 

 

 

 

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2026 and 2025)
(in thousands)
(unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

 

Three months ended

 

 

March 31, 2026

 

March 31, 2025

GAAP Net income (loss)

 

$

(324

)

 

$

11,947

 

Share-based compensation

 

 

8,511

 

 

 

9,208

 

Amortization

 

 

705

 

 

 

821

 

Merger related expenses

 

 

2,012

 

 

 

 

Interest (income) expense, net

 

 

(1,175

)

 

 

(836

)

Other

 

 

 

 

 

99

 

Income tax expense (benefit)

 

 

(1,159

)

 

 

3,037

 

Non-GAAP Operating income

 

$

8,570

 

 

$

24,276

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Data (Q2 2026)
(in millions, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments

 

 

 

 

 

 

 

 

 

Guidance for the three months ending

 

 

 

 

 

 

 

 

 

Share-based

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026

 

GAAP

 

Compensation

 

Amortization

 

Other

 

Non-GAAP

 

Net sales

 

$

170

 

 

-

 

$

190

 

 

 

 

 

 

 

 

$

170

 

 

-

 

$

190

 

 

Gross profit

 

 

63

 

 

-

 

 

74

 

 

2

 

 

 

 

 

 

 

65

 

 

-

 

 

76

 

 

Gross margin

 

 

37%

 

 

-

 

 

39%

 

 

 

 

 

 

 

 

 

38%

 

 

-

 

 

40%

 

 

Operating expenses

 

 

62

 

 

-

 

 

65

 

 

(7)

 

 

(1)

 

 

(2)

 

 

 

52

 

 

-

 

 

55

 

 

Operating income

 

 

1

 

 

-

 

 

10

 

 

9

 

 

1

 

 

2

 

 

 

13

 

 

-

 

 

22

 

 

Net income

 

$

2

 

 

-

 

$

10

 

 

9

 

 

1

 

 

1

 

 

$

12

 

 

-

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per diluted common share

 

$

0.02

 

 

-

 

$

0.15

 

 

 

 

 

 

 

 

$

0.20

 

 

-

 

$

0.32

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per Diluted Common Share (Q2 2026)
(in millions, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guidance for the three months ending June 30, 2026

 

GAAP

 

Non-GAAP

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

2

 

-

 

$

10

 

$

12

 

-

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

61

 

-

 

 

61

 

 

61

 

-

 

 

61

Effect of potentially dilutive share-based awards

 

 

1

 

-

 

 

1

 

 

1

 

-

 

 

1

Dilutive effect of 2029 Convertible Senior Notes

 

 

2

 

-

 

 

2

 

 

2

 

-

 

 

2

Diluted weighted average shares outstanding

 

 

64

 

-

 

 

64

 

 

64

 

-

 

 

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per diluted common share

 

$

0.02

 

-

 

$

0.15

 

$

0.20

 

-

 

$

0.32


 

 

 

 

 

 

 

 

 

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q2 2026)
(in millions)
(unaudited)

 

 

 

 

 

 

 

 

 

Guidance for the three months ending June 30, 2026

 

 

 

 

 

 

 

 

GAAP Net income

 

$

2

 

 

-

 

$

10

 

Share-based compensation

 

 

9

 

 

-

 

 

9

 

Amortization

 

 

1

 

 

-

 

 

1

 

Merger related expense

 

 

2

 

 

-

 

 

2

 

Interest expense (income)

 

 

(1

)

 

-

 

 

(1

)

Income tax expense

 

 

1

 

 

-

 

 

1

 

Non-GAAP Operating income

 

$

13

 

 

-

 

$

22

 

Note: Amounts may not calculate precisely due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to Non-GAAP Financial Data (FY 2026)
(in millions, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Adjustments

 

 

 

 

 

 

 

 

Guidance for the year ending

 

 

 

 

 

 

 

 

 

Share-based

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2026

 

GAAP

 

Compensation

 

Amortization

 

Other

 

Non-GAAP

Net sales

 

$

740

 

 

-

 

$

800

 

 

 

 

 

 

 

 

$

740

 

 

-

 

$

800

 

Gross profit

 

 

298

 

 

-

 

 

338

 

 

8

 

 

 

 

 

 

 

306

 

 

-

 

 

346

 

Gross margin

 

 

40%

 

 

-

 

 

42%

 

 

 

 

 

 

 

 

 

41%

 

 

-

 

 

43%

 

Operating expenses

 

 

244

 

 

-

 

 

259

 

 

(31)

 

 

(2)

 

 

(6)

 

 

 

205

 

 

-

 

 

220

 

Operating income

 

 

54

 

 

-

 

 

79

 

 

39

 

 

2

 

 

6

 

 

 

101

 

 

-

 

 

126

 

Net income

 

$

52

 

 

-

 

$

73

 

 

39

 

 

2

 

 

1

 

 

$

94

 

 

-

 

$

115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per diluted common share

 

$

0.83

 

 

-

 

$

1.17

 

 

 

 

 

 

 

 

$

1.50

 

 

-

 

$

1.85

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per Diluted Common Share (FY 2026)
(in millions, except per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guidance for the year ending December 31, 2026

 

GAAP

 

Non-GAAP

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

52

 

-

 

$

73

 

$

94

 

-

 

$

115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

61

 

-

 

 

61

 

 

61

 

-

 

 

61

Effect of potentially dilutive share-based awards

 

 

1

 

-

 

 

1

 

 

1

 

-

 

 

1

Dilutive effect of 2029 Convertible Senior Notes

 

 

1

 

-

 

 

1

 

 

1

 

-

 

 

1

Diluted weighted average shares outstanding

 

 

63

 

-

 

 

63

 

 

63

 

-

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per diluted common share

 

$

0.83

 

-

 

$

1.17

 

$

1.50

 

-

 

$

1.85


 

 

 

 

 

 

 

 

 

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (FY 2026)
(in millions)
(unaudited)

 

 

 

 

 

 

 

 

 

Guidance for the year ending December 31, 2026

 

 

 

 

 

 

 

 

GAAP Net income

 

$

52

 

 

-

 

$

73

 

Share-based compensation

 

 

39

 

 

-

 

 

39

 

Amortization

 

 

2

 

 

-

 

 

2

 

Merger related expense

 

 

6

 

 

-

 

 

6

 

Interest expense (income)

 

 

(4

)

 

-

 

 

(4

)

Income tax expense

 

 

7

 

 

-

 

 

10

 

Non-GAAP Operating income

 

$

101

 

 

-

 

$

126