Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended January 3, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-39110 ONTO INNOVATION INC. (Exact name of registrant as specified in its charter) | Delaware | 94-2276314 | | --- | --- ...

Onto Innovation Inc. (NYSE:ONTO) is among the 10 Unstoppable AI Stocks to Invest In Now. B. Riley Raises PT on Onto Innovation Inc. (ONTO) Stock Onto Innovation Inc. (NYSE:ONTO) is one of the Unstoppable AI Stocks to Invest In Now. On February 20, B. Riley lifted its price objective on the company’s stock to $275 from $240, while keeping a “Buy” rating, as reported by The Fly. The analyst opines that Onto Innovation Inc. (NYSE:ONTO)’s Q4 2025 results fell short of expectations. That being said, guidance ...

Core Insights - Onto Innovation Inc. (ONTO) reported fourth-quarter 2025 earnings per share of $1.26, missing the Zacks Consensus Estimate by 1.6% and down from $1.51 in the prior-year quarter [1] - Quarterly revenues of $267 million matched the Zacks Consensus Estimate, reflecting a 1.1% year-over-year increase and a 22% sequential growth, exceeding management's guidance [2] Revenue Performance - Full-year revenue reached $1.005 billion, marking the first time the company surpassed the billion-dollar threshold, driven by strong demand for inspection and metrology solutions, particularly in AI infrastructure applications [2] - A significant strategic win was a volume purchase agreement exceeding $240 million with a leading HBM manufacturer, covering Dragonfly 2D inspection and 3D bump metrology systems through 2027 [3] - Specialty devices and advanced packaging generated approximately $145 million, accounting for over half of total revenue, with a 25% sequential increase and 2.5D packaging sales doubling sequentially [5] Margin and Expenses - Non-GAAP gross margin was reported at 54.6%, slightly up from 54.5% in the previous year, while non-GAAP operating income decreased to $67.2 million from $75.5 million year-over-year [6] - Non-GAAP operating expenses rose by 14.6% year-over-year to $78.4 million, leading to a non-GAAP operating margin of 25%, down from 29% in the prior-year quarter [6] Liquidity and Cash Flow - As of January 3, 2026, the company had $639.6 million in cash and cash equivalents, with total current liabilities of $218.9 million, compared to $983.9 million and $162.9 million, respectively, as of September 27, 2025 [7] - Onto Innovation generated a record $95 million in cash from operations in the fourth quarter, representing a cash conversion of 150% of non-GAAP net income [7] Future Outlook - For Q1 2026, Onto Innovation projects revenue between $275 million and $285 million, with margins expected to improve sequentially [9] - The company anticipates gross margin to improve by about 50 basis points sequentially, driven by tariff mitigation efforts and increased shipment volumes [11] - Non-GAAP earnings per share are predicted to range from $1.26 to $1.36, while GAAP earnings per share are expected to be between 74 cents and 84 cents [12]

分组1 - Onto Innovation reported quarterly earnings of $1.26 per share, missing the Zacks Consensus Estimate of $1.28 per share, and down from $1.51 per share a year ago, representing an earnings surprise of -1.37% [1] - The company posted revenues of $266.87 million for the quarter, surpassing the Zacks Consensus Estimate by 0.10%, and up from $263.94 million year-over-year, having topped consensus revenue estimates three times over the last four quarters [2] - The stock has gained approximately 39.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.5% [3] 分组2 - The earnings outlook for Onto Innovation is crucial for investors, with current consensus EPS estimates at $1.29 for the coming quarter and $6.06 for the current fiscal year, alongside expected revenues of $271.09 million and $1.18 billion respectively [7] - The Zacks Industry Rank indicates that the Nanotechnology sector is currently in the top 3% of over 250 Zacks industries, suggesting a favorable environment for Onto Innovation's performance [8] - The company holds a Zacks Rank 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6]

Financial Data and Key Metrics Changes - The company reported record revenue of $267 million for Q4 2025, representing a 22% increase from Q3 [12] - Gross margin improved by about 50 basis points to 54.6% from Q3, while operating margins increased to 25.2%, up 410 basis points from the previous quarter [12] - For the full year, revenue reached $1,005 million, also a record for the company [12] Business Line Data and Key Metrics Changes - Advanced packaging and specialty devices generated approximately $145 million in Q4, accounting for slightly more than half of total revenue, with sales from the 2.5D packaging business doubling compared to Q3 [13] - Advanced nodes revenue more than doubled in 2025 to $308 million, driven by growth in both DRAM and logic, which together represent about 75% of the total [14] - Advanced packaging revenue is expected to grow over 30% in 2026, while advanced nodes are projected to grow in the range of 10%-20% [8][10] Market Data and Key Metrics Changes - The semiconductor capital equipment spending is projected to experience a powerful upcycle driven by AI investments, with NVIDIA forecasting a 40% CAGR for global AI infrastructure over the next five years [3] - Analysts project strong wafer fab equipment (WFE) growth in the range of 10%-20% in 2026, contingent on the availability of new clean room space [4] - The company has a backlog that has nearly doubled over the last three months, supporting strong growth expectations [10] Company Strategy and Development Direction - The company is focused on expanding its technology portfolio to meet the insatiable demand for AI, with a volume purchase agreement valued at over $240 million covering metrology demand through 2027 [4][5] - The company is ramping up extended factories to support a $2 billion run rate, indicating confidence in capacity to meet demand [24] - The integration of Semilab is expected to enhance operational discipline and improve scalability and profitability [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong momentum in advanced packaging and advanced nodes, with expectations for revenue in Q1 2026 to be in the range of $275 million-285 million [10][15] - The company anticipates continued margin expansion each quarter in 2026, with gross margin expected to improve by approximately 50 basis points from Q4 levels [16] - Management noted that customer discussions are increasingly constructive, with several extending forecasts into 2027 [4] Other Important Information - The company completed the acquisition of Semilab for $445 million in cash and stock, which is expected to contribute to revenue growth in 2026 [15] - The adoption of the One Big Beautiful Bill Tax Act resulted in cash tax savings of $19 million in 2025 and an estimated $14 million in 2026 [14] Q&A Session Summary Question: Market outlook for the year - Management expects advanced packaging to grow over 30% this year, with broad-based demand across various manufacturers [21] Question: Backlog and capacity for growth - The company is set up to serve a $2 billion run rate, with no significant capacity issues anticipated, though supply chain constraints are being managed [24][25] Question: Expectations for advanced packaging growth - Advanced packaging revenue is expected to be stable throughout the year, with potential upside from the adoption of G5 technology [30] Question: Visibility in advanced nodes growth - Advanced nodes are expected to grow in the range of 10%-20%, with ongoing discussions around volume purchase agreements providing better insight [33] Question: Contribution of Semilab to revenue - Semilab is expected to contribute low hundreds to $110 million in revenue for 2026, with challenges anticipated in the power semiconductor segment [59] Question: Growth rates for CoWoS and HBM inspection businesses - Growth rates for both segments are expected to be relatively similar, with demand for memory expanding [50]

Onto Innovation (NYSE:ONTO) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsBrian Roberts - CFOCraig Ellis - Director of ResearchMichael Plisinski - CEOSidney Ho - VP of Investor RelationsConference Call ParticipantsBlayne Curtis - Managing Director and Senior Equity AnalystBrian Chin - Senior Equity Research AnalystCharles Shi - Managing Director and Senior AnalystDavid Dooley - Senior Research AnalystEdward Yang - Equity Research AnalystVedvati Shrotre - Director and Equity Researc ...

Financial Data and Key Metrics Changes - The company reported record revenue of $267 million for Q4 2025, representing a 22% increase from Q3 2025 [12] - Gross margin improved by approximately 50 basis points to 54.6% from Q3, while operating margins increased to 25.2%, up 410 basis points from the previous quarter [12] - For the full year 2025, total revenue reached $1,005 million, also a record for the company [12] Business Line Data and Key Metrics Changes - Advanced packaging and specialty devices generated approximately $145 million in Q4, accounting for slightly more than half of total revenue, with sales from the 2.5D packaging business doubling compared to Q3 [13] - Advanced nodes revenue more than doubled in 2025 to $308 million, driven by growth in both DRAM and logic, which together represent about 75% of the total [14] - Advanced packaging revenue is expected to grow over 30% in 2026, while power semiconductor revenue is anticipated to decline around 10% due to weakening demand for EVs [9][14] Market Data and Key Metrics Changes - The semiconductor capital equipment spending is projected to experience a powerful upcycle driven by AI investments, with NVIDIA forecasting a 40% CAGR for global AI infrastructure over the next five years [3] - Analysts project strong wafer fab equipment (WFE) growth in the range of 10%-20% in 2026, contingent on the availability of new clean room space [4] - The company has secured a volume purchase agreement valued at over $240 million from a customer covering metrology demand through 2027 [4] Company Strategy and Development Direction - The company is focused on expanding its technology portfolio to meet the surging demand for AI, with a strong emphasis on advanced packaging and advanced nodes [4][18] - The integration of Semilab is expected to enhance operational efficiency and contribute to revenue growth, despite anticipated challenges in the power semiconductor market [14][61] - The company aims to improve gross and operating margins consistently throughout 2026, leveraging increased production from extended factories [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to outperform in 2026, citing a doubling of backlog over the last three months and strong customer demand [18] - The operational discipline and strategic investments are expected to create meaningful shareholder value, with a focus on managing supply chain challenges [18] - Management anticipates continued growth in advanced packaging and advanced nodes, with revenue expected to exceed $300 million in Q2 2026 [11][15] Other Important Information - The company adopted the One Big Beautiful Bill Tax Act, resulting in cash tax savings of $19 million in 2025 and an estimated $14 million in 2026 [14] - The company is transitioning to a calendar quarter and fiscal year-end of March 31, June 30, September 30, and December 31 [16] Q&A Session Summary Question: Market outlook for the year - Management expects advanced packaging to grow over 30% this year, with broad-based demand across various manufacturers [21] Question: Backlog and capacity for growth - The company is set up to serve a $2 billion run rate, with no significant capacity issues anticipated, although supply chain strains are being managed [24] Question: Expectations for advanced packaging growth - Advanced packaging revenue is expected to be stable throughout the year, with potential upside from the adoption of G5 technology [30] Question: Visibility in advanced nodes for the second half of the year - Advanced nodes are expected to grow in the mid-teens, with ongoing discussions around volume purchase agreements providing better insight into growth [33] Question: Contribution of Semilab to revenue - Semilab contributed approximately $9 million in Q4, with expectations for low hundreds to 110 million in revenue for 2026 [61] Question: Growth rates for CoWoS and HBM inspection businesses - Both segments are expected to grow at similar rates, with complexities in CoWoS potentially leading to higher capital intensity [51]

Exhibit 99.1 Onto Innovation Reports 2025 Fourth Quarter and Full Year Results Wilmington, Mass., February 19, 2026 – Onto Innovation Inc. (NYSE: ONTO) ("Onto Innovation," "Onto," or the "Company") today announced financial results for the fourth quarter and full year 2025. Fourth Quarter and Full Year Business and Financial Highlights: "2025 concluded on a strong note for Onto Innovation, highlighted by record revenue for both the fourth quarter and the full year, the successful acquisition of select produ ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock characte ...

Core Viewpoint - Onto Innovation (ONTO) has shown a recent stock price decline of -2.43%, underperforming the S&P 500 and other major indices, despite a significant appreciation of 31.97% over the past month [1][2]. Company Performance - The upcoming earnings report is highly anticipated, with projected earnings per share (EPS) of $1.27, indicating a 15.89% decrease year-over-year. Revenue is expected to be $266.11 million, reflecting a slight increase of 0.82% from the previous year [3]. - For the entire year, the Zacks Consensus Estimates forecast an EPS of $4.96 and revenue of $1 billion, showing a decrease of -7.12% in earnings and no change in revenue compared to the last year [4]. Analyst Estimates - Recent changes in analyst estimates suggest a positive outlook, with the Zacks Consensus EPS estimate increasing by 1.48% in the past month. Onto Innovation currently holds a Zacks Rank of 2 (Buy) [6]. Valuation Metrics - The company has a Forward P/E ratio of 35.14, which aligns with the industry average, indicating no significant deviation in valuation [7]. - The PEG ratio stands at 1.17, consistent with the average for the Nanotechnology industry, which is part of the Computer and Technology sector [8]. Industry Context - The Nanotechnology industry, where Onto Innovation operates, ranks within the top 3% of over 250 industries according to the Zacks Industry Rank, suggesting strong performance potential [8].