Segments and Geographic Information

We operate in two reportable segments consisting of the Probe Cards Segment and the Systems Segment.

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer, who assesses the reportable segments' performance by using each reportable segment's net contribution to make decisions about allocating resources and assessing performance for the entire company. The CODM uses net contribution for each reportable segment predominantly in the annual budget and forecasting process, as well as consideration of budget-to-actual variances on a quarterly basis when making decisions for assessment of our performance and results of operations. Certain components of net contribution are utilized to determine executive compensation along with other measures.

The following table provides net contribution by reportable segment and includes a reconciliation to income before income taxes (dollars in thousands):


	Fiscal 2025
	Probe Cards			Systems			Corporate and Other		Total
Revenues	$	637,898		$	147,095		$	—	$	784,993
Cost of revenues	379,398			85,542			11,202		476,142
Gross profit	258,500			61,553			(11,202)		308,851
Gross margin	40.5		%	41.8		%			39.3		%
Research and development	86,295			18,816			10,571		115,682
Selling	29,085			14,938			7,276		51,299
Marketing	6,494			7,472			4,943		18,909
Net contribution	$	136,626		$	20,327		$	(33,992)	122,961
General and administrative									62,866
Factory start-up costs									3,025

Operating income									57,070
Interest income									10,640
Interest expense									(521)
Other income (expense), net									2,202
Income before income taxes and equity investment									$	69,391


	Fiscal 2024
	Probe Cards			Systems			Corporate and Other		Total
Revenues	$	625,960		$	137,639		$	—	$	763,599
Cost of revenues	366,953			78,128			10,595		455,676
Gross profit	259,007			59,511			(10,595)		307,923
Gross margin	41.4		%	43.2		%			40.3		%
Research and development	90,463			20,617			10,858		121,938
Selling	31,462			16,082			5,994		53,538
Marketing	8,775			7,184			5,120		21,079
Net contribution	$	128,307		$	15,628		$	(32,567)	111,368
General and administrative									67,169
Gain on sale of business									20,581
Operating income									64,780
Interest income									14,111
Interest expense									(418)
Other income (expense), net									939
Income before income taxes and equity investment									$	79,412


	Fiscal 2023
	Probe Cards			Systems			Corporate and Other		Total
Revenues	$	497,903		$	165,199		$	—	$	663,102
Cost of revenues	312,511			80,464			11,547		404,522
Gross profit	185,392			84,735			(11,547)		258,580
Gross margin	37.2		%	51.3		%			39.0		%
Research and development	83,104			21,487			11,174		115,765
Selling	26,912			17,026			8,581		52,519
Marketing	5,983			9,367			7,273		22,623
Net Contribution	$	69,393		$	36,855		$	(38,575)	67,673
General and administrative									57,870
Gain on sale of business									72,953
Operating income									82,756
Interest income									7,217
Interest expense									(421)
Other income (expense), net									(285)
Income before income taxes and equity investment									$	89,267

Corporate and Other includes unallocated expenses relating to amortization of stock-based compensation expense, intangible assets, acquisition-related costs, including charges related to inventory and fixed assets stepped up to fair value, restructuring charges, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.

Net contribution represents Operating income excluding general and administrative expenses and gains on sale of business, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.

The following table summarizes revenue, by geographic region, as a percentage of total revenues based upon ship-to location:


	Fiscal Year Ended
	December 27, 2025		December 28, 2024		December 30, 2023
South Korea	30.3	%	24.2	%	17.8	%
Taiwan	25.8		22.7		22.3
United States	19.4		24.1		25.9
China	7.4		13.5		13.8
Japan	5.5		4.4		5.5
Singapore	4.2		2.6		2.8
Europe	3.7		4.6		5.9
Malaysia	2.4		2.4		4.0
Rest of World	1.3		1.5		2.0
Total revenues	100.0	%	100.0	%	100.0	%

The following table summarizes revenue by market (in thousands):


	Fiscal Year Ended
	December 27, 2025		December 28, 2024		December 30, 2023
Foundry & Logic	$	369,897	$	381,182	$	363,539
DRAM	247,397		227,422		113,779
Flash	20,604		17,356		20,585
Systems	147,095		137,639		165,199
Total revenues	$	784,993	$	763,599	$	663,102

The following table summarizes revenue by timing of revenue recognition (in thousands):


	Fiscal Year Ended
	December 27, 2025						December 28, 2024						December 30, 2023
	Probe Cards		Systems		Total		Probe Cards		Systems		Total		Probe Cards		Systems		Total
Products transferred at a point in time	$	630,955	$	131,859	$	762,814	$	620,597	$	122,181	$	742,778	$	494,624	$	155,145	$	649,769
Services transferred over time	6,943		15,236		22,179		5,363		15,458		20,821		3,279		10,054		13,333
Total	$	637,898	$	147,095	$	784,993	$	625,960	$	137,639	$	763,599	$	497,903	$	165,199	$	663,102

Long-lived assets, comprised of Operating lease, Right-of-use assets, Property, plant and equipment, net, Goodwill and Intangibles, net, reported based on the location of the asset was as follows (in thousands):


	December 27, 2025		December 28, 2024		December 30, 2023
United States	$	449,966	$	411,646	$	414,607
Europe	48,733		21,323		23,204
Asia-Pacific	9,902		9,366		11,135
Total	$	508,601	$	442,335	$	448,946

Historical Timeline

Fiscal Year	Filed
2025	Feb 20, 2026	Showing above
2024	Feb 21, 2025

2023	Feb 23, 2024

2022	Feb 24, 2023

2021	Feb 18, 2022

2020	Feb 22, 2021

2019	Feb 21, 2020

2018	Feb 26, 2019

2017	Feb 27, 2018

2016	Mar 15, 2017

2015	Mar 4, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

FORMFACTOR INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures