Stratasys (SSYS) Q4 2025 earnings summary

Executive summary

• Delivered positive adjusted operating income, EBITDA, and strong operating cash flow in 2025 despite revenue and margin pressures, driven by operational discipline and cost control.

• Manufacturing accounted for 37.5% of 2025 revenues, up from 36% in 2024, with aerospace and defense as the largest vertical and a strategic focus on high-value sectors including automotive, dental, and medical.

• Maintained a strong balance sheet with $244.5 million in cash and no debt, supporting organic and inorganic growth.

• Full year 2025 revenue totaled $551.1 million, down from $572.5 million in 2024, with a GAAP net loss of $104.3 million and non-GAAP net income of $12.7 million.

Financial highlights

• Q4 2025 consolidated revenue was $140 million, down 6.9% year-over-year; full year 2025 revenue was $551.1 million, down 3.7% year-over-year.

• Q4 product revenue was $97.6 million; full year product revenue was $380.3 million (down 3.0% YoY); consumables revenue was $248.7 million (down 1.2% YoY).

• Q4 GAAP gross margin was 36.8% (down from 46.3%); non-GAAP gross margin was 46.3% (down from 49.6%).

• Q4 GAAP operating loss was $20.8 million; non-GAAP operating income was $4.1 million; adjusted EBITDA was $9.2 million (6.6% margin).

• Full year adjusted EBITDA was $28.5 million (5.2% margin), up from $26.0 million (4.5%) in 2024.

Outlook and guidance

• 2026 revenue expected at $565–$575 million, with sequential quarterly growth and stronger second half.

• Non-GAAP gross margin expected at 46.7%–47.1%, with $7–$10 million adverse FX/tariff impact; operating expenses at $260–$262 million.

• 2026 GAAP net loss expected at $83–$67 million; non-GAAP net income at $8–$12.5 million; adjusted EBITDA at $25–$30 million.

• Capital expenditures for 2026 projected at $20–$25 million; positive operating cash flow expected.