Veeco Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Fourth Quarter 2025 Highlights:

Revenue of $165.0 million, compared with $182.1 million in the same period last year
GAAP net income of $1.1 million, or $0.02 per diluted share, compared with $15.0 million, or $0.26 per diluted share in the same period last year
Non-GAAP net income of $14.7 million, or $0.24 per diluted share, compared with $24.2 million, or $0.41 per diluted share in the same period last year

Fiscal Year 2025 Highlights:

Revenue of $664.3 million, compared with $717.3 million in the same period last year
GAAP net income of $35.4 million, or $0.59 per diluted share, compared with $73.7 million, or $1.23 per diluted share in the same period last year
Non-GAAP net income of $80.2 million, or $1.33 per diluted share, compared with $104.3 million, or $1.74 per diluted share in the same period last year

PLAINVIEW, N.Y., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2025. 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

	4th Quarter				Full Year
GAAP Results	Q4 '25		Q4 '24		2025		2024
Revenue	$	165.0	$	182.1	$	664.3	$	717.3
Net income	$	1.1	$	15.0	$	35.4	$	73.7
Diluted earnings per share	$	0.02	$	0.26	$	0.59	$	1.23

	4th Quarter				Full Year
Non-GAAP Results	Q4 '25		Q4 '24		2025		2024
Operating income	$	13.8	$	27.4	$	84.3	$	116.1
Net income	$	14.7	$	24.2	$	80.2	$	104.3
Diluted earnings per share	$	0.24	$	0.41	$	1.33	$	1.74

“Veeco executed well in 2025, accelerating bookings in the second half for our semiconductor, compound semiconductor and data storage markets, positioning us for robust growth in 2026 driven by AI and High-Performance Computing,” said Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “With expanding backlog, growing customer adoption of our new technologies, and the planned merger with Axcelis, we believe we are well positioned to accelerate growth and create long-term strategic value for all stakeholders.”

Guidance and Outlook

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

Revenue is expected in the range of $150 million to $170 million
GAAP diluted earnings (loss) per share are expected in the range of ($0.03) to $0.07
Non-GAAP diluted earnings per share are expected in the range of $0.14 to $0.24

The following guidance is provided for Veeco’s fiscal year 2026:

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, February 25, 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, industry outlooks and demand drivers, statements regarding the pending merger with Axcelis, 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 certain regulatory approvals, 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
Media: Brenden Wright

(516) 528-1020
(410) 984-2610

adelacroix@veeco.com
bwright@veeco.com

Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)
	Three months ended December 31,						Year ended December 31,
	2025			2024			2025			2024
Net sales	$	165,017		$	182,131		$	664,294		$	717,301
Cost of sales		104,505			108,146			398,885			413,296
Gross profit		60,512			73,985			265,409			304,005
Operating expenses, net:
Research and development		30,579			30,953			119,641			124,507
Selling, general, and administrative		25,296			25,077			98,906			99,663
Amortization of intangible assets		723			1,580			3,136			6,983
Merger costs		6,300			—			8,908			—
Asset impairment		—			28,131			—			28,131
Other operating expense (income), net		(1,021	)		(15,635	)		(889	)		(22,260	)
Total operating expenses, net		61,877			70,106			229,702			237,024
Operating income (loss)		(1,365	)		3,879			35,707			66,981
Interest income (expense), net		1,271			476			4,333			1,853
Other income (expense), net		—			—			(653	)		—
Income before income taxes		(94	)		4,355			39,387			68,834
Income tax expense (benefit)		(1,208	)		(10,610	)		3,997			(4,880	)
Net income	$	1,114		$	14,965		$	35,390		$	73,714

Income per common share:
Basic	$	0.02		$	0.26		$	0.60		$	1.31
Diluted	$	0.02		$	0.26		$	0.59		$	1.23

Weighted average number of shares:
Basic		60,140			56,536			59,299			56,426
Diluted		61,515			60,499			60,594			61,596

Veeco Instruments Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands)
	December 31,		December 31,
	2025		2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	163,466	$	145,595
Restricted cash		—		224
Short-term investments		226,763		198,719
Accounts receivable, net		110,685		96,834
Contract assets		34,838		37,109
Inventories		275,298		246,735
Prepaid expenses and other current assets		34,286		39,316
Total current assets		845,336		764,532
Property, plant and equipment, net		108,646		113,789
Operating lease right-of-use assets		24,606		26,503
Intangible assets, net		5,696		8,832
Goodwill		214,964		214,964
Deferred income taxes		122,935		120,191
Other assets		3,612		2,766
Total assets	$	1,325,795	$	1,251,577

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	55,345	$	43,519
Accrued expenses and other current liabilities		45,503		55,195
Contract liabilities		74,161		64,986
Income taxes payable		3,048		2,086
Current portion of long-term debt		—		26,496
Total current liabilities		178,057		192,282
Deferred income taxes		532		689
Long-term debt		226,009		249,702
Long-term operating lease liabilities		31,837		34,318
Other liabilities		3,852		3,816
Total liabilities		440,287		480,807

Total stockholders’ equity		885,508		770,770
Total liabilities and stockholders’ equity	$	1,325,795	$	1,251,577

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 U.S. generally accepted accounting principles (“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 (Q4 2025) (in thousands) (unaudited)
				Non-GAAP Adjustments
Three months ended December 31, 2025	GAAP			Share-Based Compensation		Amortization		Other		Non-GAAP
Net sales	$	165,017								$	165,017
Gross profit		60,512		1,757							62,269
Gross margin		36.7	%								37.7	%
Operating expenses		61,877		(7,286	)	(723	)	(5,375	)		48,493
Operating income (loss)		(1,365	)	9,043		723		5,375	^		13,776
Net income		1,114		9,043		723		3,830	^		14,710
________________________________ ^{^ – See table below for additional details.}

Other Non-GAAP Adjustments (Q4 2025) (in thousands) (unaudited)
Three months ended December 31, 2025
Merger related expenses	$	6,300
Changes in contingent consideration		(925	)
Subtotal		5,375
Non-cash interest expense		285
Non-GAAP tax adjustment *		(1,830	)
Total Other	$	3,830
________________________________ ^{* – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.}

Net Income per Common Share (Q4 2025) (in thousands, except per share amounts) (unaudited)
	Three months ended December 31, 2025
	GAAP		Non-GAAP
Numerator:
Net income available to common shareholders	$	1,114	$	14,710

Denominator:
Basic weighted average shares outstanding		60,140		60,140
Effect of potentially dilutive share-based awards		1,254		1,254
Dilutive effect of 2029 Convertible Senior Notes		121		121
Diluted weighted average shares outstanding		61,515		61,515

Net income per common share:
Basic	$	0.02	$	0.24
Diluted	$	0.02	$	0.24

Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2024) (in thousands) (unaudited)
				Non-GAAP Adjustments
Three months ended December 31, 2024	GAAP			Share-based Compensation		Amortization		Other		Non-GAAP
Net sales	$	182,131								$	182,131
Gross profit		73,985		1,523							75,508
Gross margin		40.6	%								41.5	%
Operating expenses		70,106		(7,582	)	(1,580	)	(12,876	)		48,068
Operating income		3,879		9,105		1,580		12,876	^		27,440
Net income		14,965		9,105		1,580		(1,443	)^		24,207
________________________________ ^{^ – See table below for additional details.}

Other Non-GAAP Adjustments (Q4 2024) (in thousands) (unaudited)
Three months ended December 31, 2024
Asset impairment	$	28,131
Change in contingent consideration		(16,466	)
Other		1,211
Subtotal		12,876
Non-cash interest expense		322
Tax benefit associated with asset impairment		(12,239	)
Non-GAAP tax adjustment *		(2,402	)
Total Other	$	(1,443	)
________________________________ ^{* – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.}

Net Income per Common Share (Q4 2024) (in thousands, except per share amounts) (unaudited)
	Three months ended December 31, 2024
	GAAP		Non-GAAP
Numerator:
Net income	$	14,965	$	24,207
Interest expense associated with 2025 and 2027 Convertible Senior Notes		513		466
Net income available to common shareholders	$	15,478	$	24,673

Denominator:
Basic weighted average shares outstanding		56,536		56,536
Effect of potentially dilutive share-based awards		1,070		1,070
Dilutive effect of 2025 Convertible Senior Notes		1,104		1,104
Dilutive effect of 2027 Convertible Senior Notes⁽¹⁾		1,789		1,354
Diluted weighted average shares outstanding		60,499		60,064

Net income per common share:
Basic	$	0.26	$	0.43
Diluted	$	0.26	$	0.41
________________________________ ^{(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 (Q4 2025 and 2024) (in thousands) (unaudited)
	Three months ended			Three months ended
	December 31, 2025			December 31, 2024
GAAP Net income (loss)	$	1,114		$	14,965
Share-based compensation		9,043			9,105
Amortization		723			1,580
Asset impairment		—			28,131
Changes in contingent consideration		(925	)		(16,466	)
Merger related expenses		6,300			—
Interest (income) expense, net		(1,271	)		(476	)
Other		—			1,211
Income tax expense (benefit)		(1,208	)		(10,610	)
Non-GAAP Operating income	$	13,776		$	27,440

Reconciliation of GAAP to Non-GAAP Financial Data (FY 2025) (in thousands) (unaudited)
				Non-GAAP Adjustments
For the year ended December 31, 2025	GAAP			Share-based Compensation		Amortization		Other		Non-GAAP
Net sales	$	664,294								$	664,294
Gross profit		265,409		6,862							272,271
Gross margin		40.0	%								41.0	%
Operating expenses		229,702		(30,185	)	(3,136	)	(8,391	)		187,990
Operating income		35,707		37,047		3,136		8,391	^		84,281
Net income		35,390		37,047		3,136		4,652	^		80,225
________________________________ ^{^ - See table below for additional details.}

Other Non-GAAP Adjustments (FY 2025) (in thousands) (unaudited)
For the year ended December 31, 2025
Merger related expenses	$	8,908
Changes in contingent consideration		(925	)
Other		408
Subtotal		8,391
Non-cash interest expense		1,118
Other (income) expense, net		653
Non-GAAP tax adjustment *		(5,510	)
Total Other	$	4,652
________________________________ ^{* - The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.}

Net Income per Common Share (FY 2025) (in thousands, except per share amounts) (unaudited)
	Year ended December 31, 2025
	GAAP		Non-GAAP
Numerator:
Net income	$	35,390	$	80,225
Interest expense associated with convertible notes		378		386
Net income available to common shareholders	$	35,768	$	80,611

Denominator:
Basic weighted average shares outstanding		59,299		59,299
Effect of potentially dilutive share-based awards		634		634
Dilutive effect of 2025 Convertible Senior Notes		—		45
Dilutive effect of 2027 Convertible Senior Notes⁽¹⁾		661		501
Diluted weighted average shares outstanding		60,594		60,479

Net income per common share:
Basic	$	0.60	$	1.35
Diluted	$	0.59	$	1.33
________________________________ ^{(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 to Non-GAAP Financial Data (FY 2024) (in thousands) (unaudited)
				Non-GAAP Adjustments
For the year ended December 31, 2024	GAAP			Share-based Compensation		Amortization		Other		Non-GAAP
Net sales	$	717,301								$	717,301
Gross profit		304,005		6,263				162			310,430
Gross margin		42.4	%								43.3	%
Operating expenses		237,024		(29,616	)	(6,983	)	(6,067	)		194,358
Operating income		66,981		35,879		6,983		6,229	^		116,072
Net income (loss)		73,714		35,879		6,983		(12,233	)^		104,343
________________________________ ^{^ – See table below for additional details.}

Other Non-GAAP Adjustments (FY 2024) (in thousands) (unaudited)
For the year ended December 31, 2024
Asset Impairment	$	28,131
Changes in contingent consideration		(21,242	)
Sale of productive assets		(2,033	)
Other		1,373
Subtotal		6,229
Non-cash interest expense		1,257
Tax benefits associated with asset impairments		(12,239	)
Non-GAAP tax adjustment *		(7,480	)
Total Other	$	(12,233	)
________________________________ ^{* – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.}

Net Income per Common Share (FY 2024) (in thousands, except per share amounts) (unaudited)
	Year ended December 31, 2024
	GAAP		Non-GAAP
Numerator:
Net income	$	73,714	$	104,343
Interest expense associated with convertible notes		2,054		1,865
Net income available to common shareholders	$	75,768	$	106,208

Denominator:
Basic weighted average shares outstanding		56,426		56,426
Effect of potentially dilutive share-based awards		1,010		1,010
Dilutive effect of 2025 Convertible Senior Notes		1,104		1,104
Dilutive effect of 2027 Convertible Senior Notes⁽¹⁾		1,788		1,354
Dilutive effect of 2029 Convertible Senior Notes		1,268		1,268
Diluted weighted average shares outstanding		61,596		61,162

Net income per common share:
Basic	$	1.31	$	1.85
Diluted	$	1.23	$	1.74
________________________________ ^{(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 (FY 2025 and 2024) (in thousands) (unaudited)
	Year ended			Year ended
	December 31, 2025			December 31, 2024
GAAP Net income	$	35,390		$	73,714
Share-based compensation		37,047			35,879
Amortization		3,136			6,983
Asset impairment		—			8,908
Merger related expenses		8,908			—
Changes in contingent consideration		(925	)		(21,242	)
Sales of productive assets		—			(2,033	)
Interest (income) expense, net		(4,333	)		(1,853	)
Other		1,061			1,373
Income tax expense (benefit)		3,997			(4,880	)
Non-GAAP Operating income	$	84,281		$	96,849

Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2026) (in millions, except per share amounts) (unaudited)
								Non-GAAP Adjustments
Guidance for the three months ending								Share-based
March 31, 2026	GAAP							Compensation		Amortization		Other		Non-GAAP
Net sales	$	150		–	$	170								$	150		–	$	170
Gross profit		54		–		63		2		—		—			56		–		65
Gross margin		36	%	–		37	%								37	%	–		38	%
Operating expenses		58		–		60		(7	)	(1	)	(2	)		48		–		50
Operating income		(3	)	–		4		9		1		2			9		–		16
Net income	$	(2	)	–	$	4		9		1		1		$	9		–	$	15

Income per diluted common share	$	(0.03	)	–	$	0.07								$	0.14		–	$	0.24

Income per Diluted Common Share (Q1 2026) (in millions, except per share amounts) (unaudited)
Guidance for the three months ending March 31, 2026	GAAP						Non-GAAP
Numerator:
Net income (loss) available to common shareholders	$	(2	)	–	$	4	$	9	–	$	15

Denominator:
Basic weighted average shares outstanding		60		–		60		60	–		60
Effect of potentially dilutive share-based awards		—		–		1		1	–		1
Dilutive effect of 2029 Convertible Senior Notes		—		–		1		1	–		1
Diluted weighted average shares outstanding		60		–		62		62	–		62

Net income per common share:
Income (loss) per diluted common share	$	(0.03	)	–	$	0.07	$	0.14	–	$	0.24

Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2026) (in millions) (unaudited)
Guidance for the three months ending March 31, 2026
GAAP Net income	$	(2	)	–	$	4
Share-based compensation		9		–		9
Amortization		1		–		1
Merger related expense		2		–		2
Interest expense (income)		(1	)	–		(1	)
Income tax expense		—		–		1
Non-GAAP Operating income	$	9		–	$	16
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

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