Entegris supplies semiconductor manufacturers with process materials, filtration, purification, chemical-delivery systems and protective wafer-handling products. Its two reporting segments are Materials Solutions and Advanced Purity Solutions.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001101302-24-000009 | Feb 15, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001101302-25-000015 | Feb 12, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001101302-26-000012 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Entegris combines repeat-use semiconductor consumables with products exposed to customers’ factory investment cycles. Its 2025 results weakened as facility-related demand, manufacturing performance and higher depreciation outweighed growth in selected materials and filtration products. Cash generation nevertheless improved, supported by collection timing and lower capital spending, allowing further debt reduction. After the February 11, 2026 annual filing, first-half results showed stronger demand and a substantial Advanced Purity Solutions recovery. That recovery was not entirely operational: longer estimated asset lives reduced depreciation, while discrete tax benefits amplified first-quarter earnings. Debt remains substantial, and the enlarged revolver is conditional borrowing capacity rather than cash. Customer concentration, export restrictions and qualification-dependent growth remain important constraints. Historical cash-flow presentations differ by equal and opposite operating and financing line movements whose accounting cause is not established; both presentations are retained without unsupported cross-presentation growth. Conflicting equity-reserve disclosures also prevent a definitive aggregate reserve or dilution-capacity conclusion. These are explicit limits, not reconciled figures.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-03-28 · 10-Q · 2026-06-27 · EX-10.1 COMPLETE ORIGINAL REDLINE VIEW · 2026-04-29
Entegris sells inputs and protective systems used throughout semiconductor production, rather than manufacturing chips. Materials Solutions supplies deposition materials, polishing slurries and pads, implant gases, and etching and cleaning chemicals. Advanced Purity Solutions filters and purifies critical liquids and gases and protects chemicals and wafers during handling. Revenue is predominantly driven by manufacturing consumption, but supply agreements generally lack long-term purchase commitments. Qualification requirements and the risk of disrupting customer yields can encourage repeat purchasing without guaranteeing volumes or pricing power.
Management expects advanced logic, memory and AI-related manufacturing to require more processing steps and more Entegris content per wafer. Realization depends on customer adoption, qualifications and production, not semiconductor-market growth alone. Concentration also matters: the ten largest customers supplied 50% of 2025 sales, including approximately 16% from TSMC. International customers represented 82%, measured by shipment destination rather than ultimate chip consumption.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, revenue was $3,196.6 million, compared with $3,241.2 million in 2024. Management attributed most of the decline to the absence of PIM revenue following its disposal; a smaller component was mainly associated with weaker volume. Materials Solutions benefited from CMP consumables, selective etch and deposition products. Advanced Purity Solutions faced weaker fluid-handling and wafer-carrier demand associated with semiconductor facility investment, partly offset by filtration growth.
Gross margin declined to 44.4% from 45.9%, principally attributed to plant performance and higher depreciation. GAAP operating income fell to $455.9 million and net income to $235.6 million despite lower interest and tax expense. Restructuring charges of $29.7 million and a $10.9 million disposal loss contributed, but weakness was not confined to those items: adjusted operating income also declined, to $680.9 million. Diluted shares increased modestly, so the EPS decline to $1.55 primarily reflected lower earnings rather than a major denominator change.
Sources: 10-K · 2025-12-31
2025 operating cash flow increased to $695.4 million despite lower profit. Management identified better operating-asset and liability movements, particularly collection timing, as the main offset to weaker earnings after noncash adjustments. Inventory still consumed cash; it did not provide a cash release. Cash capital expenditure declined to $299.2 million. Entegris repaid $300.0 million of debt principal and paid $60.8 million in dividends while ending the year with $360.4 million of cash.
Borrowing principal remained $3,745.0 million at year-end, distinct from the $3,697.6 million carrying amount after financing discounts and costs. Maturities were concentrated in 2028–2030, and the interest-rate swap expired in December 2025. The undrawn revolver provided potential financing access, not cash. Credit restrictions and contractual excess-cash-flow repayment provisions continued to qualify capital-allocation flexibility.
The 2023 annual reported operating cash flow of $629.562 million for 2023 and $352.283 million for 2022; the 2024 annual reported $644.476 million and $363.129 million for those same periods. The 2025 annual retained the later 2023 presentation at $644.5 million. The complete tables provide a checkable bridge, in USD thousands: for 2023, the operating accounts-payable/accrual movement is -29,547 in the earlier annual versus -14,633 in the later annual, while employee-stock-plan financing proceeds are 50,792 versus 35,878. For 2022, those lines are 4,519 versus 15,365 and 16,168 versus 5,322. The operating increases of 14,914 and 10,846 are exactly offset in financing. Net financing cash flow consequently changes from -1,282,629 to -1,297,543 for 2023 and from 4,766,203 to 4,755,357 for 2022. Investing cash flow remains 553,071 for 2023 and -4,945,709 for 2022; total cash, cash-equivalent and restricted-cash movement remains -106,510 and 160,874, respectively, and ending balances remain 456,929 and 563,439. These differences do not represent additional cash.
The supplemental disclosures provide specific noncash ESPP evidence, not merely generic reclassification language. In the 2024 annual's Supplemental Cash Flow Information, all amounts are in USD thousands and the columns are the years ended December 31, 2024, 2023 and 2022, respectively. Under non-cash transactions, equity consideration on acquisition of CMC Materials, Inc. is —, — and 1,265,690; share issuance in exchange for extinguishment of Employee Stock Purchase Plan liability is 16,912, 14,914 and 10,846; deferred acquisition and divestiture payments, net are —, 5,474 and —; equipment purchases in accounts payable are 57,579, 20,573 and 28,295; and dividends payable are 822, 730 and 654. The schedule of interest and income taxes paid reports interest paid, net of capitalized interest of 199,198, 287,846 and 164,183, and income taxes paid, net of refunds received of 103,795, 138,875 and 113,666. The noncash ESPP amounts for 2023 and 2022 exactly match the respective operating increases and financing decreases.
The earlier 2023 annual's complete supplemental table does not separately list ESPP-liability extinguishment. In USD thousands, with columns for the years ended December 31, 2023, 2022 and 2021, its noncash rows report CMC equity consideration of —, 1,265,690 and —; deferred acquisition and divestiture payments, net of 5,474, — and 250; equipment purchases in accounts payable of 20,573, 28,295 and 29,042; and dividends payable of 730, 654 and 658. Its paid-interest row, labeled Interest paid, reports 287,846, 164,183 and 46,791; income taxes paid, net of refunds received are 138,875, 113,666 and 88,059. The absence of a separate ESPP row in that table does not establish that the underlying transactions did not occur.
The 2025 annual's supplemental table continues the noncash ESPP presentation. In USD millions, with columns for the years ended December 31, 2025, 2024 and 2023, share issuance in exchange for extinguishment of Employee Stock Purchase Plan liability is 21.5, 16.9 and 14.9; deferred acquisition and divestiture payments, net are —, — and 5.5; equipment purchases in accounts payable are 24.1, 57.6 and 20.6; and dividends payable are 1.0, 0.8 and 0.7. Interest paid, net of capitalized interest is 185.4, 199.2 and 287.8; income taxes paid, net of refunds received are 113.0, 103.8 and 138.9. The later tables establish the noncash classification and its numerical correspondence with the historical cash-flow differences, but do not explicitly explain the accounting change. The generic reclassification statements do not specifically identify these lines. Both reported cash-flow presentations remain visible, and no unsupported cross-presentation growth is calculated.
Sources: 10-K · 2025-12-31 · EX-10.01 COMPLETE ORIGINAL REDLINE VIEW · 2024-03-28 · 10-K · 2023-12-31 · 10-K · 2024-12-31
The August 4, 2026 filings reported first-half revenue of $1,695.1 million and GAAP net income of $185.6 million. Advanced Purity Solutions supplied most of the segment-profit improvement as filtration, wafer carriers and fluid management strengthened. Production and manufacturing performance improved, but longer asset lives also reduced first-half depreciation by $37.7 million and increased net income by approximately $23.3 million. First-quarter earnings additionally benefited from tax-law changes, IRS-guidance-related releases of uncertain tax positions and income mix; that quarter’s 1.1% effective tax rate was not sustained in the second quarter.
First-half operating cash flow reached $339.2 million, helped by payables and incentive-accrual timing while receivables and inventory absorbed cash. Gross cash capex was $80.8 million, and $250 million of term debt was repaid. June borrowing principal was $3,495.0 million; a further $25 million repayment occurred July 31. The April 29 amendment enlarged the revolver to $750 million, subject to borrowing conditions and potential early maturity. The October 14 declaration maintained a $0.10 quarterly dividend, scheduled for November 18—not yet paid at the October 24 cutoff.
Sources: 10-Q · 2026-06-27 · 10-Q · 2026-03-28 · 8-K · 2026-04-29 · EX-10.1 COMPLETE ORIGINAL REDLINE VIEW · 2026-04-29 · 8-K · 2026-10-14
Export controls have restricted sales opportunities in China and encouraged customers to develop local alternatives. Limited-source inputs and possible PFAS restrictions can require costly substitutions and customer requalification. Hazardous-material operations add safety and environmental exposure. Large goodwill balances depend on future business performance, while ordinary-course litigation outcomes and future incentive eligibility remain uncertain. These risks are not eliminated by reported covenant compliance or effective financial-reporting controls.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-27
USD 3.1966 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.1966 bn | -1.4% |
| 2024 | USD 3.2412 bn | -8.0% |
| 2023 | USD 3.5239 bn | — |
Consolidated net sales after intersegment eliminations; historical portfolio as reported, including pre-disposal sales, not pro forma.
Sources: 10-K · 2025-12-31
USD 235.6 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 235.6 m | -19.5% |
| 2024 | USD 292.8 m | 62.0% |
| 2023 | USD 180.7 m | — |
GAAP consolidated net income after income taxes and equity in affiliates' net losses; includes reported gains, impairments and tax benefits rather than excluding special items.
Sources: 10-K · 2025-12-31
USD 644.5 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · automatic growth comparison: hold · comparability status: unresolved_difference_from_original_2023_annual
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 644.5 m | — |
GAAP net cash provided by operating activities after noncash adjustments and operating asset/liability movements.
Sources: 10-K · 2025-12-31
USD 695.4 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 695.4 m | 10.1% |
| 2024 | USD 631.7 m | — |
GAAP net cash provided by operating activities after noncash adjustments and operating asset/liability movements.
Sources: 10-K · 2025-12-31
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