Veeco Instruments Inc 10-Q for FY2026 Q3

Veeco Instruments Inc (VECO)

10-Q 2026-11-04 For: 2026-09-30

Added on November 04, 2026

About this 10-Q

Veeco Instruments Inc filed this 10-Q on November 4, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $209.38M; up 26.2% from $165.88M a year earlier
Net income: $13.64M; up 28.7% from net income of $10.6M a year earlier
Diluted EPS: $0.21; up 23.5% from $0.17 a year earlier

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Delaware		11-2989601
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

Terminal Drive Plainview, New York		11803
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	VECO	The NASDAQ Global Select Market


Large accelerated filer ☒				Accelerated filer ☐
Non-accelerated filer ☐				Smaller reporting company ☐
				Emerging growth company ☐


Safe Harbor Statement	1

PART I—FINANCIAL INFORMATION	4

Item 1. Financial Statements	4

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3. Quantitative and Qualitative Disclosures about Market Risk	35

Item 4. Controls and Procedures	36

PART II—OTHER INFORMATION	36

Item 1. Legal Proceedings	36

Item 1A. Risk Factors	36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	36

Item 3. Defaults Upon Senior Securities	36

Item 4. Mine Safety Disclosures	36

Item 5. Other Information	36

Item 6. Exhibits	37

SIGNATURES	38


		September 30,			December 31,
		2026			2025
Assets		(unaudited)
Current assets:
Cash and cash equivalents		$	205,321		$	163,466
Short-term investments			277,184			226,763
Accounts receivable, net			154,064			110,685
Contract assets			26,884			34,838
Inventories			308,265			275,298
Prepaid expenses and other current assets			43,875			34,286
Total current assets			1,015,593			845,336
Property, plant, and equipment, net			116,163			108,646
Operating lease right-of-use assets			24,715			24,606
Intangible assets, net			3,973			5,696
Goodwill			214,964			214,964
Deferred income taxes			123,538			122,935
Other assets			6,714			3,612
Total assets		$	1,505,660		$	1,325,795

Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	68,474		$	55,344
Accrued expenses and other current liabilities			60,628			45,503
Contract liabilities			132,351			74,161
Income taxes payable			1,041			3,048
Total current liabilities			262,494			178,056
Deferred income taxes			458			532
Long-term debt			226,835			226,009
Long-term operating lease liabilities			31,480			31,837
Other liabilities			60,471			3,852
Total liabilities			581,738			440,286
Stockholders' equity:
Preferred stock, $0.01 par value; 500,000 shares authorized; no shares issued and outstanding.			—			—
Common stock, $0.01 par value; 120,000,000 shares authorized; 61,135,594 shares issued and outstanding at September 30, 2026 and 60,388,539 shares issued and outstanding at December 31, 2025			611			604
Additional paid-in capital			1,320,705			1,306,176
Accumulated deficit			(397,897)			(423,065)
Accumulated other comprehensive income			503			1,794
Total stockholders' equity			923,922			885,509
Total liabilities and stockholders' equity		$	1,505,660		$	1,325,795


		Three months ended September 30,						Nine months ended September 30,
		2026			2025			2026			2025
Net sales		$	209,384		$	165,881		$	561,206		$	499,277
Cost of sales			128,995			98,178			350,157			294,380
Gross profit			80,389			67,703			211,049			204,897
Operating expenses, net:
Research and development			35,059			28,988			98,277			89,062
Selling, general, and administrative			28,534			24,654			82,179			73,609
Amortization of intangible assets			411			771			1,723			2,413
Merger costs			2,260			2,609			5,736			2,609
Other operating expense (income), net			26			127			(160)			132
Total operating expenses, net			66,290			57,149			187,755			167,825
Operating income			14,099			10,554			23,294			37,072
Interest income			3,948			3,485			10,557			10,022
Interest expense			(2,163)			(2,164)			(6,426)			(6,960)
Other income (expense), net			—			—			—			(653)
Income before income taxes			15,884			11,875			27,425			39,481
Income tax expense (benefit)			2,249			1,279			2,257			5,205
Net income		$	13,635		$	10,596		$	25,168		$	34,276

Income per common share:
Basic		$	0.22		$	0.18		$	0.41		$	0.58
Diluted		$	0.21		$	0.17		$	0.39		$	0.57

Weighted average number of shares:
Basic			61,109			60,077			60,889			58,993
Diluted			66,154			60,950			65,207			60,436


		Level 1			Level 2			Level 3			Total

		(in thousands)
September 30, 2026
Cash equivalents
Certificate of deposits and time deposits		$	98,997		$	—		$	—		$	98,997
Money market cash			27,122			—			—			27,122
Total		$	126,119		$	—		$	—		$	126,119
Short-term investments
U.S. treasuries		$	86,796		$	—		$	—		$	86,796
Government agency securities			—			72,886			—			72,886
Corporate debt			—			61,062			—			61,062
Commercial paper			—			56,440			—			56,440
Total		$	86,796		$	190,388		$	—		$	277,184

December 31, 2025
Cash equivalents
Certificate of deposits and time deposits		$	63,893		$	—		$	—		$	63,893
Money market cash			15,327			—			—			15,327
Total		$	79,220		$	—		$	—		$	79,220
Short-term investments
U.S. treasuries		$	77,110		$	—		$	—		$	77,110
Government agency securities			—			53,488			—			53,488
Corporate debt			—			96,165			—			96,165
Total		$	77,110		$	149,653		$	—		$	226,763


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value

		(in thousands)
September 30, 2026
U.S. treasuries		$	87,399		$	—		$	(603)		$	86,796
Government agency securities			73,398			—			(512)			72,886
Corporate debt			61,548			—			(486)			61,062
Commercial paper			56,440			—			—			56,440
Total		$	278,785		$	—		$	(1,601)		$	277,184

December 31, 2025
U.S. treasuries		$	77,106		$	52		$	(48)		$	77,110
Government agency securities			53,473			50			(35)			53,488
Corporate debt			96,144			86			(65)			96,165
Total		$	226,723		$	188		$	(148)		$	226,763


		Continuous Loss Position
		for Less than 12 Months
					Gross
		Estimated			Unrealized
		Fair Value			Losses

			(in thousands)
September 30, 2026
U.S. treasuries		$	86,796		$	(603)
Government agency securities			71,315			(512)
Corporate debt			61,062			(486)
Total		$	219,173		$	(1,601)

December 31, 2025
U.S. treasuries		$	37,609		$	(48)
Government agency securities			24,028			(35)
Corporate debt			45,675			(65)
Total		$	107,312		$	(148)


		September 30, 2026									December 31, 2025
					Accumulated									Accumulated
		Gross			Amortization						Gross			Amortization
		Carrying			and			Net			Carrying			and			Net
		Amount			Impairment			Amount			Amount			Impairment			Amount

		(in thousands)
Technology		$	355,928		$	355,928		$	—		$	355,928		$	355,437		$	491
Customer relationships			146,925			142,952			3,973			146,925			141,720			5,205
Trademarks and tradenames			30,910			30,910			—			30,910			30,910			—
Other			3,746			3,746			—			3,746			3,746			—
Total		$	537,509		$	533,536		$	3,973		$	537,509		$	531,813		$	5,696


		September 30, 2026						December 31, 2025
		Principal Amount		Unamortized transaction costs		Net carrying value		Principal Amount		Unamortized transaction costs		Net carrying value

		(in thousands)
2029 Notes	$	230,000	$	(3,165)	$	226,835	$	230,000	$	(3,991)	$	226,009
Net carrying value	$	230,000	$	(3,165)	$	226,835	$	230,000	$	(3,991)	$	226,009


		Operating
		Leases
		(in thousands)
Payments due by period:
2026		$	896
2027			5,568
2028			5,122
2029			4,903
2030			4,389
Thereafter			26,897
Total future minimum lease payments			47,775
Less: Imputed interest			(12,091)
Total		$	35,684

Reported as of September 30, 2026
Accrued expenses and other current liabilities		$	4,204
Long-term operating lease liabilities			31,480
Total		$	35,684


					Unrealized
					Gains (Losses)
		Foreign			on Available-
		Currency			for-Sale
		Translation			Securities			Total

		(in thousands)
Balance - December 31, 2025		$	1,855		$	(61)		$	1,794
Other comprehensive income (loss)			(20)			(1,271)			(1,291)
Balance - September 30, 2026		$	1,835		$	(1,332)		$	503


		Weighted
		Average
	Number of	Grant Date
	Shares	Fair Value
	(in thousands)
Balance - December 31, 2025	2,551	$	28.89
Granted	1,262		32.84
Performance award adjustments	117		32.25
Vested	(1,126)		28.30
Forfeited	(121)		29.80
Balance - September 30, 2026	2,683	$	31.10


	Three Months Ended September 30,						Change
	2026			2025			Period to Period

	(dollars in thousands)
Net sales	$	209,384	100%	$	165,881	100%	$	43,503	26%
Cost of sales		128,995	62%		98,178	59%		30,817	31%
Gross profit		80,389	38%		67,703	41%		12,686	19%
Operating expenses, net:
Research and development		35,059	17%		28,988	17%		6,071	21%
Selling, general, and administrative		28,534	14%		24,654	15%		3,880	16%
Amortization of intangible assets		411	0%		771	0%		(360)	(47)%
Merger costs		2,260	1%		2,609	2%		(349)	(13)%
Other operating expense (income), net		26	0%		127	0%		(101)	(80)%
Total operating expenses, net		66,290	32%		57,149	34%		9,141	16%
Operating income		14,099	7%		10,554	6%		3,545	34%
Interest income, net		1,785	1%		1,321	1%		464	35%
Income before income taxes		15,884	8%		11,875	7%		4,009	34%
Income tax expense (benefit)		2,249	1%		1,279	1%		970	76%
Net income	$	13,635	7%	$	10,596	6%	$	3,039	29%


Exhibit				Incorporated by Reference						Filed or Furnished
Number		Exhibit Description		Form		Exhibit		Filing Date		Herewith

31.1		Certification of Chief Executive Officer pursuant to Rule 13a—14(a) or Rule 15d—14(a) of the Securities and Exchange Act of 1934.								*
31.2		Certification of Chief Financial Officer pursuant to Rule 13a—14(a) or Rule 15d—14(a) of the Securities and Exchange Act of 1934.								*
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002.								*
32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002.								*
101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.								**
101.XSD		XBRL Schema.								**
101.PRE		XBRL Presentation.								**
101.CAL		XBRL Calculation.								**
101.DEF		XBRL Definition.								**
101.LAB		XBRL Label.								**
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).								**


	Veeco Instruments Inc.

	By:	/s/ WILLIAM J. MILLER, Ph.D.
		William J. Miller, Ph.D.
		Chief Executive Officer

	By:	/s/ JOHN P. KIERNAN
		John P. Kiernan
		Senior Vice President and Chief Financial Officer

	By:	/s/ WILLIAM J. MILLER, Ph.D.
		William J. Miller, Ph.D.
		Chief Executive Officer
		Veeco Instruments Inc.
		November 4, 2026


	By:	/s/ JOHN P. KIERNAN
		John P. Kiernan
		Senior Vice President and Chief Financial Officer
		Veeco Instruments Inc.
		November 4, 2026


	By:	/s/ WILLIAM J. MILLER Ph.D.
		William J. Miller, Ph.D.
		Chief Executive Officer
		Veeco Instruments Inc.
		November 4, 2026