Company file · Q
Qnity Electronics
Qnity Electronics' revenue rose 9.7% in FY2025, to $4.8B, and net income rose 0.7% to $729M
Revenue rose 9.7% to $4.8B in FY2025, from $4.3B in FY2024. Net income rose 0.7% to $729M. Semiconductor Technologies was the largest segment, at 56% of revenue.
Key facts
Qnity Electronics (NYSE: Q) reported revenue of $4.8B for fiscal 2025, the year ended Dec 31, 2025, up 9.7% from fiscal 2024. Net income was $729M, up 0.7%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.6B, up 21.9% from the same quarter a year earlier, and net income was $196M. The largest piece by segment was Semiconductor Technologies, at 56% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).
Source: 10-K FY2025, filed Feb 26, 2026
Source: 10-Q filed May 12, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 4, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Semiconductor Technologies (56%) and Interconnect Solutions (44%), as shares of total revenue. Total revenue was $4.8B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Qnity Electronics 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
By segment
Source: Qnity Electronics 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026
The bull case and the bear case
The bull case
- Revenue rose 9.7% in FY2025 to $4.8B, from $4.3B a year earlier. 10-K, FY2025
- Net income rose 0.7% in FY2025 to $729M, from $724M. 10-K, FY2025
- Operating cash flow rose 20.0% in FY2025 to $1.3B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.6B, up 21.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income in the quarter ended Sep 30, 2026 was $196M, down 12.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include chip cycles; customer concentration; export rules and trade. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Qnity Electronics is in the semiconductor materials & equipment industry, part of the information technology sector. The SEC files it under Semiconductors & Related Devices.
Qnity Electronics reports 2 segments: Semiconductor Technologies and Interconnect Solutions.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the semiconductor materials & equipment industry. They are not a summary of Qnity Electronics’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
- Customer concentrationA few large customers can account for much of sales.
- Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
- Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
- Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $4.0B | $4.3B | $4.8B |
| Net income | $533M | $724M | $729M |
| Operating cash flow | $882M | $1.1B | $1.3B |
| Cash & equivalents (year end) | – | $166M | $915M |
| Total debt (year end) | – | $0M | $4.0B |
| Diluted shares | 209M | 209M | 210M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt due within one year plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- GAAP vs. non-GAAP earnings
- Customer concentration
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 4, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | May 12, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 8, 2026 | May 21, 2026 |
| 10-K | Feb 26, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Qnity Electronics
How does Qnity Electronics make money?
Qnity Electronics's revenue was $4.8B in fiscal 2025. By segment in FY2025: Semiconductor Technologies (56%) and Interconnect Solutions (44%), as shares of total revenue. Total revenue was $4.8B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What was Qnity Electronics's revenue in fiscal 2025?
$4.8B of revenue for the fiscal year ended Dec 31, 2025, up 9.7% from $4.3B in fiscal 2024. Fiscal 2023 was $4.0B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
Is Qnity Electronics profitable?
Qnity Electronics reported net income of $729M for fiscal 2025, up 0.7% from $724M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $196M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What did Qnity Electronics report in its latest quarterly filing?
Revenue was $1.6B in the quarter ended Sep 30, 2026, up 21.9% from $1.3B a year earlier. Net income was $196M, down 12.1% from $223M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.
How much cash and debt does Qnity Electronics have?
Qnity Electronics had $1.1B in cash and cash equivalents and $4.0B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Nov 4, 2026.
What are the main risks Qnity Electronics faces?
Qnity Electronics's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 26, 2026. Risks that are common among companies in the semiconductor materials & equipment industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.
Where do these Qnity Electronics numbers come from?
From Qnity Electronics's own SEC filings: the 10-K for fiscal 2025 (filed Feb 26, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Qnity Electronics
- Durable Capital Partners: 4,553,414 shares, reported value $743.6M at Jun 30, 2026 (−10.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 1,731,805 shares, reported value $282.8M at Jun 30, 2026 (+21.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 934,087 shares, reported value $152.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- D1 Capital Partners: 833,996 shares, reported value $136.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 613,148 shares, reported value $100.1M at Jun 30, 2026 (+234.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Point72 Asset Management: 334,145 shares, reported value $54.6M at Jun 30, 2026 (−38.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 130,900 shares, reported value $21.4M at Jun 30, 2026 (−31.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Bridgewater Associates: 11,219 shares, reported value $1.8M at Jun 30, 2026 (+1.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 4,896 shares, reported value $0.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in Q
- The editor holds no position in Qnity Electronics (Q). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell Q from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold Q, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Qnity ElectronicsQ | FY2025 | $4.8B | +9.7% | $729M |
| Applied MaterialsAMAT | FY2025 | $28.4B | +4.4% | $7.0B |
| Lam ResearchLRCX | FY2026 | $23.2B | +26.0% | $7.3B |
| KLAKLAC | FY2026 | $13.6B | +11.7% | $4.8B |
| TeradyneTER | FY2025 | $3.2B | +13.1% | $554M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.