# AMKOR TECHNOLOGY, INC. (AMKR)

Informational only - not investment advice.

CIK: 0001047127
SIC: 3674 Semiconductors & Related Devices
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3674 Semiconductors & Related Devices](/industry/3674/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1047127
Filing source: https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001047127-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001047127.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,707,981,000 USD | 2025 | verified |
| Net income | 373,895,000 USD | 2025 | verified |
| Assets | 8,136,309,000 USD | 2025 | verified |
| Free cash flow | 190,992,000 USD | 2025 | computed |
| Net margin | 5.57% | 2025 | computed |
| Operating margin | 6.97% | 2025 | computed |
| Revenue YoY | +6.18% | 2025 | computed |
| ROE | 8.36% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AMKR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.6% | 4.9% | 53 | 59 |
| Operating margin | 7.0% | 3.7% | 54 | 58 |
| Revenue growth | 6.2% | 15.5% | 35 | 61 |
| FCF margin | 2.8% | 8.9% | 29 | 60 |
| ROE | 8.4% | 3.8% | 63 | 58 |
| ROA | 4.6% | 1.6% | 60 | 61 |
| Liabilities / equity | 0.81 | 0.51 | 69 | 59 |
| Current ratio | 2.27 | 2.70 | 32 | 61 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3674 Semiconductors & Related Devices, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6707981000 | USD | 2025 | 2026-02-20 |
| Net income | 373895000 | USD | 2025 | 2026-02-20 |
| Assets | 8136309000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001047127.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 4,316,466,000 | 4,052,650,000 | 5,050,589,000 | 6,138,329,000 | 7,091,585,000 | 6,503,065,000 | 6,317,692,000 | 6,707,981,000 |
| Net income | 175,530,000 | 263,550,000 | 127,092,000 | 120,888,000 | 338,138,000 | 642,995,000 | 765,823,000 | 359,813,000 | 354,012,000 | 373,895,000 |
| Operating income | 308,587,000 | 405,540,000 | 258,144,000 | 233,170,000 | 457,245,000 | 763,433,000 | 897,186,000 | 470,287,000 | 438,455,000 | 467,385,000 |
| Gross profit | 709,891,000 | 761,079,000 | 710,565,000 | 649,439,000 | 900,814,000 | 1,225,554,000 | 1,329,987,000 | 943,153,000 | 933,212,000 | 938,599,000 |
| Diluted EPS | 0.74 | 1.10 | 0.53 | 0.50 | 1.40 | 2.62 | 3.11 | 1.46 | 1.43 | 1.50 |
| Operating cash flow | 729,402,000 | 618,267,000 | 663,410,000 | 563,850,000 | 770,033,000 | 1,121,295,000 | 1,098,756,000 | 1,270,020,000 | 1,088,868,000 | 1,095,606,000 |
| Capital expenditures | 650,038,000 | 550,943,000 | 547,122,000 | 472,433,000 | 553,021,000 | 779,779,000 | 908,294,000 | 749,467,000 | 743,796,000 | 904,614,000 |
| Dividends paid |  |  |  | 0.00 | 0.00 | 51,213,000 | 55,116,000 | 74,686,000 | 178,605,000 | 81,946,000 |
| Assets | 4,092,086,000 | 4,508,388,000 | 4,495,447,000 | 4,695,615,000 | 5,022,311,000 | 6,038,554,000 | 6,821,757,000 | 6,771,125,000 | 6,944,328,000 | 8,136,309,000 |
| Liabilities | 2,688,682,000 | 2,788,679,000 | 2,639,547,000 | 2,705,376,000 | 2,668,352,000 | 3,066,008,000 | 3,122,056,000 | 2,776,090,000 | 2,761,163,000 | 3,630,022,000 |
| Stockholders' equity | 1,383,588,000 | 1,696,276,000 | 1,830,540,000 | 1,963,739,000 | 2,325,699,000 | 2,942,276,000 | 3,668,752,000 | 3,962,308,000 | 4,149,545,000 | 4,471,106,000 |
| Cash and cash equivalents | 549,518,000 | 596,364,000 | 681,569,000 | 894,948,000 | 698,002,000 | 826,744,000 | 959,072,000 | 1,119,818,000 | 1,133,553,000 | 1,378,347,000 |
| Free cash flow | 79,364,000 | 67,324,000 | 116,288,000 | 91,417,000 | 217,012,000 | 341,516,000 | 190,462,000 | 520,553,000 | 345,072,000 | 190,992,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 2.94% | 2.98% | 6.70% | 10.48% | 10.80% | 5.53% | 5.60% | 5.57% |
| Operating margin |  |  | 5.98% | 5.75% | 9.05% | 12.44% | 12.65% | 7.23% | 6.94% | 6.97% |
| Return on equity | 12.69% | 15.54% | 6.94% | 6.16% | 14.54% | 21.85% | 20.87% | 9.08% | 8.53% | 8.36% |
| Return on assets | 4.29% | 5.85% | 2.83% | 2.57% | 6.73% | 10.65% | 11.23% | 5.31% | 5.10% | 4.60% |
| Liabilities / equity | 1.94 | 1.64 | 1.44 | 1.38 | 1.15 | 1.04 | 0.85 | 0.70 | 0.67 | 0.81 |
| Current ratio | 1.40 | 1.25 | 1.44 | 1.89 | 1.62 | 1.70 | 1.99 | 2.31 | 2.11 | 2.27 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AMKR/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001047127.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.51 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.24 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.18 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,457,922,000 | 64,286,000 | 0.26 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,821,793,000 | 132,614,000 | 0.54 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,751,811,000 | 117,562,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,365,511,000 | 58,897,000 | 0.24 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,461,474,000 | 66,897,000 | 0.27 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,861,589,000 | 122,569,000 | 0.49 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,629,118,000 | 105,649,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,321,575,000 | 21,128,000 | 0.09 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,511,392,000 | 54,417,000 | 0.22 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,986,968,000 | 126,589,000 | 0.51 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,888,046,000 | 171,761,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,684,701,000 | 83,351,000 | 0.33 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AMKR's latest 10-K: [/company/AMKR/business/](/company/AMKR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AMKR's latest 10-K: [/company/AMKR/risk-factors/](/company/AMKR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1047127/000104712726000046/amkr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-30

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

Overview

Amkor is the world’s largest U.S. headquartered outsourced semiconductor assembly and test provider (“OSAT”). We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers. Our primary financial objective is profitable sales growth. To achieve this goal, we are focused on leveraging our technology leadership and innovation, providing our customers with a geographically diverse manufacturing footprint, partnering with lead customers in the key markets of high-performance computing (“HPC”) and artificial intelligence (“AI”), automotive, Internet-of-Things (“IoT”) and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets.

Amkor is a global leader in advanced semiconductor packaging and test technologies. Our technology leadership encompasses areas such as high density fan-out (“HDFO”), 2.5D integration, advanced flip chip, fine pitch bumping, wafer-level processing and advanced system-in-package (“SiP”) solutions which support the industry’s drive toward smaller form factors, higher integration, improved performance and lower power consumption. We provide turnkey solutions that include package design, wafer bump, wafer probe, wafer back-grind, packaging, burn-in, system level and final test and drop shipment services. Our extensive line of packaging and test services covers analog, digital, logic, mixed signal, memory, sensors and radio frequency devices. This breadth of services allows customers to limit the number of suppliers and focus their resources on semiconductor design and wafer fabrication. Our commitment to technology leadership is reinforced by ongoing investment in research and development, and we intend to continue to leverage our investments in advanced technology to meet the demand for these services in key markets.

Amkor’s broad and strategically located manufacturing footprint is a key differentiator, enabling us to deliver flexible, resilient and cost-effective solutions to customers worldwide. With facilities located in key manufacturing regions in Asia and Europe, we provide customers with multiple options to mitigate risk, diversify supply chains and support regionalization initiatives. As a U.S. headquartered OSAT, we are expanding our manufacturing footprint with the construction of a new facility in Arizona. Construction began in the second half of 2025, and we believe that this investment will strengthen our ability to serve customers seeking to regionalize their supply chains and will enhance our participation in U.S. semiconductor initiatives. In addition, we continue to scale production in our Vietnam facility, which opened in 2024, further increasing our capacity and operational flexibility in Asia. Our scale and geographic diversity allow us to qualify production at multiple sites and optimize asset utilization.

Amkor has built long-standing relationships with most of the world’s leading semiconductor companies over the last five decades. Our operational excellence, high quality, reliability and predictability have been key to attracting and retaining customers. Our collaborative approach enables us to work closely with customers and suppliers to co-develop proprietary process technologies, accelerate time-to-market, improve quality and lower costs. We work closely with lead customers to deliver advanced packaging solutions tailored to evolving industry needs.

HPC supporting AI and increasing demand for improved networking speed and storage within data centers, cloud computing, PCs and laptops are driving increasing demand for semiconductors and advanced packaging in the computing end market. Increasing semiconductor content in automobiles is driving demand for advanced packaging to enable safety features such as advanced driver assistance systems (“ADAS”), in-car computing, radar and digital cockpit features such as infotainment displays and telematics. Increasing battery voltage, higher voltage power converters, onboard chargers, automotive inverter components and microcontrollers also require innovative power packaging solutions. Hearables, watches and augmented and virtual reality devices integrate multiple functions, such as processors, sensors and connectivity devices, into small form factors, which requires innovation in advanced packaging. We have a strong position across multiple device functionalities within premium and high-tier smartphones. We are collaborating with industry leaders as smartphones transition to include artificial intelligence and drive semiconductor growth through the adoption of new wireless standards, integration of a broad range of applications, enhanced features and higher performance requirements to support increased data processing. The trend to greater functionality drives miniaturization and innovation enabled by advanced packaging.

As a supplier in the semiconductor industry, our business is cyclical and impacted by broad economic factors. Historical trends indicate there has been a strong correlation between worldwide gross domestic product levels, consumer spending and semiconductor industry cycles. The semiconductor industry has experienced significant and sometimes prolonged

-25-

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cyclical upturns and downturns in the past. We cannot predict the timing, strength or duration of any correction, economic slowdown, recession or subsequent economic recovery.

We operate in a capital-intensive industry. Servicing our current and future customers requires that we incur significant operating expenses and continue to make significant capital expenditures, which are generally made in advance of expected revenues and without firm customer commitments. We fund our operations, including capital expenditures and other investments and servicing principal and interest obligations with respect to our debt, from cash flows from our operations, existing cash and cash equivalents, borrowings under available debt facilities and/or proceeds from any additional debt or equity financing. Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditures and other investment levels, other uses of our cash, including any payments of dividends and purchases of stock under any stock repurchase program, any acquisitions or investments in joint ventures and any decisions we might make to either repay debt and other long-term obligations out of our operating cash flows or refinance debt at or prior to maturity with the proceeds of debt or equity financings. As of June 30, 2026, we had cash and cash equivalents and short-term investments of $1,551.9 million and $960.3 million, respectively.

Our results of operations and cash flows have historically fluctuated significantly from quarter to quarter due to many factors, including the seasonality of our business, the cyclical nature of the semiconductor industry and other factors discussed in the “Risk Factors” section in Part II, Item 1A of this Form 10-Q. We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S. and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. We will continue to make prudent investments, and we will closely manage capacity expansion and control costs in response to any changes in market conditions.

Financial Summary

Our net sales increased $386.6 million, or 25.6%, to $1,898.0 million for the three months ended June 30, 2026 compared to $1,511.4 million for the three months ended June 30, 2025, due to growth across all end markets.

Gross margin for the three months ended June 30, 2026 increased to 16.8% compared to 12.0% for the three months ended June 30, 2025. The increase in gross margin was primarily due to higher factory utilization driven by the increase in net sales.

Operating income margin for the three months ended June 30, 2026 increased to 10.5% compared to 6.1% for the three months ended June 30, 2025, primarily due to the increase in our gross margin discussed above and a gain on disposal of fixed assets, partially offset by the net amount recognized in 2025 for a cash receipt subject to bankruptcy proceedings related to our Nanium acquisition in May 2017 (“Nanium Insolvency Receipt”).

Our capital expenditures totaled $688.4 million for the six months ended June 30, 2026 compared to $226.1 million for the six months ended June 30, 2025. Our spending was primarily focused on investments in advanced packaging and test equipment and the Arizona Facility.

Net cash provided by operating activities was $381.6 million for the six months ended June 30, 2026 compared to $282.6 million for the six months ended June 30, 2025. This increase was primarily due to higher operating profits, partially offset by changes in working capital.

-26-

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Results of Operations

The following table sets forth certain operating data as a percentage of net sales for the periods indicated:

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Net sales","100.0","%","","100.0","%","","100.0","%","","100.0","%"],["Cost of sales:"],["Materials","52.6","%","","52.9","%","","53.0","%","","52.7","%"],["Labor","10.0","%","","11.7","%","","10.3","%","","11.9","%"],["Depreciation","8.6","%","","9.6","%","","8.9","%","","10.0","%"],["Other manufacturing costs","12.0","%","","13.8","%","","12.2","%","","13.4","%"],["Gross margin","16.8","%","","12.0","%","","15.6","%","","12.0","%"],["Selling, general and administrative","4.2","%","","3.2","%","","4.9","%","","4.5","%"],["Research and development","2.1","%","","2.8","%","","2.3","%","","3.1","%"],["Operating income","10.5","%","","6.1","%","","8.4","%","","4.4","%"],["Net income attributable to Amkor","9.2","%","","3.6","%","","7.2","%","","2.7","%"]]
[[/GREPCENT_TABLE]]

Net Sales

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["","2026","","2025","","Change","","2026","","2025","","Change"],["","(In thousands, except percentages)"],["Net sales","$","1,897,965","","","$","1,511,392","","","$","386,573","","","25.6","%","","$","3,582,666","","","$","2,832,967","","","$","749,699","","","26.5","%"]]
[[/GREPCENT_TABLE]]

The increase in net sales for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was due to growth across all end markets. The communications end market grew 32% and 37% and the automotive and industrial end market grew 35% and 31% for the three and six months ended June 30, 2026 compared to 2025, respectively, primarily due to increased supported content in premium tier smartphones and growth in ADAS and industrial applications. Additionally, the computing end market grew 23% and 21% for the three and six months ended June 30, 2026 compared to 2025, respectively, primarily driven by strength in datacenter.

Gross Profit and Gross Margin

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["","2026","","2025","","Change","","2026","","2025","","Change"],["","(In thousands, except percentages)"],["Gross profit","$","318,590","","","$","181,897","","","$","136,693","","","$","557,622","","","$","339,480","","","$","218,142"],["Gross margin","16.8","%","","12.0","%","","4.8","%","","15.6","%","","12.0","%","","3.6","%"]]
[[/GREPCENT_TABLE]]

Our cost of sales consists principally of materials, labor, depreciation and manufactur

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm
Complete FY 2025 MD&A: /company/AMKR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section includes comparisons of certain 2025 financial information to the same information for 2024. For discussion of 2024 results in comparison with 2023 results refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on February 21, 2025.

36

Table of Contents

Overview

Amkor is the world’s largest U.S. headquartered outsourced semiconductor assembly and test provider. We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers. Our primary financial objective is profitable sales growth. To achieve this goal, we are focused on leveraging our technology leadership and innovation, providing our customers with a geographically diverse manufacturing footprint, partnering with lead customers in the key markets of HPC and AI, automotive, IoT and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets.

Amkor is a global leader in advanced semiconductor packaging and test technologies. Our technology leadership encompasses areas such as HDFO, 2.5D integration, advanced flip chip, fine pitch bumping, wafer-level processing and advanced SiP solutions which support the industry’s drive toward smaller form factors, higher integration, improved performance and lower power consumption. We provide turnkey solutions that include package design, wafer bump, wafer probe, wafer back-grind, packaging, burn-in, system level and final test and drop shipment services. Our extensive line of packaging and test services covers analog, digital, logic, mixed signal, memory, sensors and radio frequency devices. This breadth of services allows customers to streamline their supply chains, limit the number of suppliers and focus their resources on semiconductor design and wafer fabrication. Our commitment to technology leadership is reinforced by ongoing investment in research and development, and we intend to continue to leverage our investments in advanced technology to meet the demand for these services in key markets.

Amkor’s broad and strategically located manufacturing footprint is a key differentiator, enabling us to deliver flexible, resilient and cost-effective solutions to customers worldwide. With facilities located in key manufacturing regions in Asia and Europe, we provide customers with multiple options to mitigate risk, diversify supply chains and support regionalization initiatives. As a U.S. headquartered OSAT, we are expanding our manufacturing footprint with the construction of a new facility in Arizona. Construction began in the second half of 2025, and we believe that this investment will strengthen our ability to serve customers seeking to regionalize their supply chains and will enhance our participation in U.S. semiconductor initiatives. In addition, we continue to scale production in our Vietnam facility, which opened in 2024, further increasing our capacity and operational flexibility in Asia. Our scale and geographic diversity allow us to qualify production at multiple sites, optimize asset utilization and absorb large orders with quick turnaround times.

Amkor has built long-standing relationships with most of the world’s leading semiconductor companies over the last five decades. Our operational excellence, high quality, reliability and predictability have been key to attracting and retaining customers. Our collaborative approach enables us to work closely with customers and suppliers to co-develop proprietary process technologies, accelerate time-to-market, improve quality and lower costs. We work closely with lead customers to deliver advanced packaging solutions tailored to evolving industry needs.

High performance computing supporting artificial intelligence and increasing demand for improved networking speed and storage within data centers, cloud computing, PCs and laptops are driving demand for more semiconductors and advanced packaging in the computing end market. Increasing semiconductor content in automobiles is driving demand for advanced packaging to enable safety features such as ADAS, in-car computing, radar and digital cockpit features such as infotainment displays and telematics. Increasing battery voltage, higher voltage power converters, onboard chargers, automotive inverter components and microcontrollers also require innovative power packaging solutions. Hearables, watches and augmented and virtual reality devices integrate multiple functions, such as processors, sensors and connectivity devices, into small form factors, which requires innovation in advanced packaging. We have a strong position across multiple device functionalities within premium and high-tier smartphones. We are collaborating with industry leaders as smartphones transition to include artificial intelligence and drive semiconductor growth through the adoption of new wireless standards, integration of a broad range of applications, enhanced features and higher performance requirements to support increased data processing. The trend to greater functionality drives miniaturization and innovation enabled by advanced packaging.

As a supplier in the semiconductor industry, our business is cyclical and impacted by broad economic factors. Historical trends indicate there has been a strong correlation between worldwide gross domestic product levels, consumer spending and semiconductor industry cycles. The semiconductor industry has experienced significant and sometimes prolonged

37

Table of Contents

cyclical upturns and downturns in the past. We cannot predict the timing, strength or duration of any correction, economic slowdown, recession or subsequent economic recovery.

We operate in a capital-intensive industry. Servicing our current and future customers requires that we incur significant operating expenses and continue to make significant capital expenditures, which are generally made in advance of expected revenues and without firm customer commitments. We fund our operations, including capital expenditures and other investments and servicing principal and interest obligations with respect to our debt, from cash flows from our operations, existing cash and cash equivalents, borrowings under available debt facilities and/or proceeds from any additional debt or equity financing. Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditures and other investment levels, other uses of our cash, including any payments of dividends and purchases of stock under any stock repurchase program, any acquisitions or investments in joint ventures and any decisions we might make to either repay debt and other long-term obligations out of our operating cash flows or refinance debt at or prior to maturity with the proceeds of debt or equity financings. As of December 31, 2025, we had cash and cash equivalents and short-term investments of $1,378.3 million and $613.0 million, respectively.

Our results of operations and cash flows have historically fluctuated significantly from quarter to quarter due to many factors, including the seasonality of our business, the cyclical nature of the semiconductor industry and other factors discussed in Part 1, Item 1A of this Form 10-K. We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S. and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. We will continue to make prudent investments, and we will closely manage capacity expansion and control costs in response to any changes in market conditions.

2025 Financial Summary

Our net sales increased $390.3 million or 6.2% to $6,708.0 million in 2025 from $6,317.7 million in 2024. The increase was primarily due to higher sales across all end markets.

Gross margin decreased to 14.0% in 2025 compared to 14.8% in 2024. The decrease was primarily due to increased overhead and employee compensation costs, partially offset by higher factory utilization driven by the increase in net sales and a gain recognized on the sale of certain machinery and equipment. Gross margin for 2025 was also constrained by the ramp up of production at the Vietnam Facility, which is in the early stages of high-volume manufacturing.

Operating income margin increased to 7.0% in 2025 from 6.9% in 2024. The increase in our operating income margin was primarily due to the net amount recognized for a cash receipt subject to bankruptcy proceedings related to our Nanium acquisition in May 2017 (“Nanium Insolvency Receipt”) and the incremental costs incurred in 2024 during start-up at the Vietnam Facility, partially offset by the decrease in our gross margin discussed above.

In 2025, our capital expenditures totaled $904.6 million, or 13.5% of net sales, compared to $743.8 million, or 11.8% of net sales in 2024. Our spending was primarily focused on investments in advanced packaging and test equipment and the Arizona Facility.

Net cash provided by operating activities was $1,095.6 million for the year ended December 31, 2025, compared to $1,088.9 million for the year ended December 31, 2024. This increase was primarily due to changes in contract liabilities due to customer advance payments and higher operating profits, offset by changes in working capital.

In November 2025, our Board of Directors approved a quarterly dividend of $0.08352 per share, a 1% increase from the rate set in November 2024. In 2025, we paid total cash dividends of $81.9 million.

38

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Results of Operations

The following table sets forth certain operating data as a percentage of net sales for the periods indicated:

[[GREPCENT_TABLE]]
[["","For the Year Ended December 31"],["","2025","","2024","","2023"],["Net sales","100.0","%","","100.0","%","","100.0","%"],["Cost of sales:"],["Materials","55.2","%","","55.1","%","","55.1","%"],["Labor","10.4","%","","9.9","%","","9.9","%"],["Depreciation","8.7","%","","8.5","%","","8.9","%"],["Other manufacturing costs","11.7","%","","11.7","%","","11.6","%"],["Gross margin","14.0","%","","14.8","%","","14.5","%"],["Selling, general and administrative","4.5","%","","5.3","%","","4.5","%"],["Research and development","2.5","%","","2.6","%","","2.7","%"],["Operating income","7.0","%","","6.9","%","","7.2","%"],["Net income attributable to Amkor","5.6","%","","5.6","%","","5.5","%"]]
[[/GREPCENT_TABLE]]

Net Sales

[[GREPCENT_TABLE]]
[["","","","","","","","Change"],["","2025","","2024","","2023","","2025 over 2024","","2024 over 2023"],["","(In thousands, except percentages)"],["Net sales","$","6,707,981","","","$","6,317,692","","","$","6,503,065","","","$","390,289","","","6.2","%","","$","(185,373)","","","(2.9)","%"]]
[[/GREPCENT_TABLE]]

The $390.3 million increase in net sales in 2025 compared to 2024 was primarily due to higher sales across all end markets. The computing end market increased 16% in 2025 compared to 2024 primarily driven by strength in AI related PC devices and networking infrastructure. The automotive and industrial end market increased 8% in 2025 compared to 2024 primarily due to strong advanced content growth for ADAS applications. The consumer and communications end markets grew 9% and 1%, respectively, in 2025 compared to 2024, primarily driven by strong demand for IoT wearables and premium tier smartphones.

Gross Profit and Gross Margin

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AMKR/mda/fy2025/
All MD&A years: /company/AMKR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AMKR/mda/fy2024/): filed 2025-02-21; accession 0001047127-25-000030 (https://www.sec.gov/Archives/edgar/data/1047127/000104712725000030/amkr-20241231.htm)
- [FY 2023 MD&A](/company/AMKR/mda/fy2023/): filed 2024-02-16; accession 0001047127-24-000019 (https://www.sec.gov/Archives/edgar/data/1047127/000104712724000019/amkr-20231231.htm)
- [FY 2022 MD&A](/company/AMKR/mda/fy2022/): filed 2023-02-22; accession 0001047127-23-000009 (https://www.sec.gov/Archives/edgar/data/1047127/000104712723000009/amkr-20221231.htm)
- [FY 2021 MD&A](/company/AMKR/mda/fy2021/): filed 2022-02-18; accession 0001047127-22-000006 (https://www.sec.gov/Archives/edgar/data/1047127/000104712722000006/amkr-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3674 Semiconductors & Related Devices) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AMKR.md · JSON record: /company/AMKR.json · verified financials: /company/AMKR/financials.json / /company/AMKR/financials.csv · machine TOC for the whole site: /llms.txt