PHOTRONICS INCPLAB

PHOTRONICS INC Revenue Disclosure

10-KFiled Dec 17, 20253 min read
NOTE 10 - REVENUE

The following tables present the Company’s revenue for the years ended October 31, 2025, October 31, 2024, and October 31, 2023, disaggregated by product type, geographic origin, and timing of recognition.

   
Year Ended
  
   
October 31,
    
October 31,
    
October 31,
  
Revenue by Product Type
  
2025
    
2024
    
2023
  
IC
                  
High-end
  
$
238,865
    
$
228,469
    
$
194,939
  
Mainstream
    
376,239
      
409,682
      
456,340
  
Total IC
  
$
615,104
    
$
638,151
    
$
651,279
  
                         
FPD
                        
High-end
  
$
195,520
    
$
195,365
    
$
200,842
  
Mainstream
    
38,670
      
33,430
      
39,955
  
Total FPD
  
$
234,190
    
$
228,795
    
$
240,797
  
                         
   
$
849,294
    
$
866,946
    
$
892,076
  

   
Year Ended
  
Revenue by Geographic Origin*
  
October 31,
    
October 31,
    
October 31,
  
 
2025
    
2024
    
2023
  
Taiwan
  
$
283,844
    
$
288,275
    
$
316,889
  
China
    
221,005
      
232,941
      
245,378
  
South Korea
    
158,524
      
158,017
      
162,235
  
United States
    
148,915
      
146,652
      
128,879
  
Europe
    
34,075
      
39,244
      
36,579
  
Other
    
2,931
      
1,817
      
2,116
  
   
$
849,294
    
$
866,946
    
$
892,076
  

*
This table disaggregates revenue by the location in which it was earned.

   
Year Ended
  
Revenue by Timing of Recognition
  
October 31,
    
October 31,
    
October 31,
  
 
2025
    
2024
    
2023
  
Over time
  
$
818,404
    
$
831,500
    
$
838,628
  
At a point in time
    
30,890
      
35,446
      
53,448
  
   
$
849,294
    
$
866,946
    
$
892,076
  
Contract Assets and Contract Liabilities

The following table provides information about the Company’s contract balances at the balance sheet dates.

  
October 31,
    
October 31,
  
Classification
  
2025
    
2024
  
Contract Assets
            
Other current assets
  
$
12,670
    
$
11,532
  
                 
Contract Liabilities
                
Accrued liabilities
  
$
9,491
    
$
12,375
  
Other liabilities
    
5,041
      
8,910
  
   
$
14,532
    
$
21,285
  

The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.
   
October 31,
    
October 31,
    
October 31,
  
   
2025
    
2024
    
2023
  
Revenue recognized from beginning liability
  
$
9,414
    
$
12,222
    
$
13,966
  

The Company’s invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and the Company’s payment agreements with specific customers. In the event that the Company’s evaluation of a customer’s business prospects and financial condition indicate that the customer presents a collectability risk, the Company will modify terms of sale, which may require payment in advance of performance. At the time of adoption, the Company elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits the Company not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when the Company transfers control of goods or services to customers and when the Company is paid is one year or less.

In instances when the Company is paid in advance of the Company’s performance, the Company records a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when the Company receives payment from the customer and the date when the Company expects to be entitled to the payment is greater than one year. Historically, advance payments the Company has received from customers have generally not preceded the completion of the Company’s performance obligations by more than one year.

Historical Timeline

Fiscal YearFiled
2025Dec 17, 2025Showing above
2024Dec 19, 2024
2023Dec 26, 2023
2022Dec 23, 2022
2021Dec 17, 2021
2020Jan 15, 2021
2019Dec 23, 2019
2018Dec 21, 2018

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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