Quarterly trend — 8 quarter P&L
As of: 2026-04-29 (data through Q4’25 reported 2026-02-11 + Q1’26 guidance issued same day)
Reference: Multi-quarter table reconciles every Q to a specific 6-K earnings-release accession.
Confidence legend: ✓ verified from 6-K release · ◐ derived (computed from totals) · ⚠ inferred / not yet primary-source-captured
1. Eight-quarter P&L tableau
| Quarter | Net revenue ($M) | IFRS GM | Non-IFRS GM | IFRS operating profit ($M) | Non-IFRS operating profit ($M) | IFRS net income ($M) | IFRS diluted EPS | Non-IFRS diluted EPS | Adj. EBITDA ($M) | Adj. EBITDA margin | Adj. FCF ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1’24 ⚠ | ~1,549 ◐ | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d |
| Q2’24 ⚠ | ~1,632 ◐ | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d |
| Q3’24 ✓ | 1,739 | 23.8% | 24.7% | 185 | 236 | 178 | $0.32 | $0.41 | 627 | 36.1% | n/d |
| Q4’24 ✓ | 1,830 | 24.5% | 25.4% | (701) | 285 | (729) | $(1.32) | n/d | n/d | n/d | n/d |
| Q1’25 ◐ | ~1,585 | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d |
| Q2’25 ✓ | 1,688 | 24.2% | 25.2% | 196 | 258 | 228 | $0.41 | $0.42 | 585 | 34.7% | n/d |
| Q3’25 ✓ | 1,688 | 24.8% | 26.0% | 195 | 260 | 249 | $0.44 | $0.41 | 573 | 33.9% | n/d |
| Q4’25 ✓ | 1,830 | 27.8% | 29.0% | 255 | 335 | 200 | $0.36 | $0.55 | 641 | 35.0% ⚠ | 264 |
| Q1’26 (guide) | 1,625 ± 25 | 26.0% | 27.0% | n/d | n/d | n/d | $0.23 | $0.35 | n/d | n/d | n/d |
Q1’25 derivation (◐): $6,791M FY25 − $1,830M Q4’25 − $1,688M Q3’25 − $1,688M Q2’25 = $1,585M Q1’25 computed; awaiting Q1’25 6-K direct extraction. Likely posted on or around 2025-05-06.
Q4’24 net loss reconciliation: The IFRS Q4’24 operating loss of $(701)M and net loss of $(729)M reflect the $935M long-lived-asset impairment charge taken against legacy Malta production capacity. Non-IFRS Q4’24 operating profit was +$285M (excludes the impairment + share-based compensation). Without the impairment, normalized Q4’24 operating profit was approximately $234M — comparable to Q1-Q3 2024 run-rate.
2. Full-year FY2025 vs FY2024 (per 4Q’25 release table)
| Metric | FY2025 | FY2024 | $Δ | %Δ |
|---|---|---|---|---|
| Net revenue | $6,791M | $6,750M | +$41M | +1% |
| Gross profit (IFRS) | $1,690M | $1,651M | +$39M | +2% |
| Gross margin (IFRS) | 24.9% | 24.5% | +40 bps | — |
| Non-IFRS gross profit | $1,773M | $1,709M | +$64M | +4% |
| Non-IFRS gross margin | 26.1% | 25.3% | +80 bps | — |
| Operating profit (IFRS) | $797M | $(214)M | +$1,011M | +472% |
| Operating margin (IFRS) | 11.7% | (3.2)% | +1,490 bps | — |
| Non-IFRS operating profit | $1,066M | $920M | +$146M | +16% |
| Non-IFRS operating margin | 15.7% | 13.6% | +210 bps | — |
| Net income (IFRS) | $888M | $(262)M | +$1,150M | +439% |
| Diluted EPS (IFRS) | $1.59 | $(0.48) | +$2.07 | +431% |
| Non-IFRS net income | $965M | $870M | +$95M | +11% |
| Non-IFRS diluted EPS | $1.72 | $1.56 | +$0.16 | +10% |
| Non-IFRS Adj. EBITDA | $2,357M | n/d | — | — |
| Non-IFRS Adj. FCF | $1,157M | n/d | — | — |
| Cash from operating activities | $1,731M | $1,722M | +$9M | flat |
| Capex (PP&E + intangibles) | $722M | $625M | +$97M | +16% |
Source: Q4’25 6-K earnings release acc. 0001709048-26-000012, filed 2026-02-11.
3. Quarterly trend narrative
3.1 Revenue cadence — back-half-loaded recovery
The FY25 quarterly cadence shows a classic back-half-loaded semiconductor recovery:
- Q1’25 ~$1,585M (cycle trough — −13% sequential from Q4’24)
- Q2’25 $1,688M (+6.5% sequential — first inflection up)
- Q3’25 $1,688M (flat — pause)
- Q4’25 $1,830M (+8.4% sequential — strong finish)
The Q4’25 print of $1,830M matched Q4’24 exactly — meaning the company fully recovered the Q4’24 high by year-end despite the persistent Smart Mobile headwind. The recovery is driven by Automotive (+17% FY YoY), Comm/Infra/DC (+29% FY YoY), and Non-Wafer (+18% FY YoY) — collectively offsetting the −12% Smart Mobile decline.
3.2 Gross margin — sustained sequential improvement
Non-IFRS gross margin trajectory through 2025:
- Q2’25: 25.2%
- Q3’25: 26.0% (+80 bps)
- Q4’25: 29.0% (+300 bps)
- Q1’26 guide: 27.0% (−200 bps QoQ — typical Q1 seasonality + mix; +180 bps YoY)
IFRS gross margin trajectory:
- Q2’25: 24.2%
- Q3’25: 24.8% (+60 bps)
- Q4’25: 27.8% (+300 bps)
- Q1’26 guide: 26.0% (−180 bps QoQ; +210 bps YoY)
CEO Tim Breen, Q4’25 release: “We grew Non-IFRS gross margin by nearly 400 basis points year-over-year in the fourth quarter.” The +330 bps IFRS / +360 bps non-IFRS YoY GM expansion in Q4’25 is the load-bearing margin-expansion data point in the 2025 narrative — driven by mix shift to Automotive + Comm/DC + Non-Wafer, plus disciplined cost management. This is the single most important sequential trend in the 8-quarter tableau.
3.3 Operating margin and EBITDA
Non-IFRS operating margin trajectory:
- Q3’24: 13.6%
- Q2’25: 15.3%
- Q3’25: 15.4%
- Q4’25: 18.3%
- FY25 full-year: 15.7% (+210 bps vs FY24’s 13.6%)
Non-IFRS Adjusted EBITDA margin:
- Q3’24: 36.1%
- Q2’25: 34.7%
- Q3’25: 33.9%
- Q4’25: ~35.0% ⚠ (computed from $641M / $1,830M)
- FY25 full-year: ~34.7% ($2,357M / $6,791M)
Adjusted FCF Q4’25: $264M = 14.4% of revenue — representing strong cash conversion despite continued capex investment.
3.4 Earnings — Q4’25 IFRS net income $200M is the hard print
The Q4’25 IFRS net income of $200M ($0.36 diluted EPS) is the cleanest read of GFS’s earning power post-impairment:
- $200M net income / $1,830M revenue = 10.9% net margin
- Non-IFRS net income $310M / $1,830M = 16.9% net margin
- Q4’25 → Q1’26 EPS guide implies modest sequential decline ($0.55 non-IFRS → $0.35) on lower revenue and seasonal-step in opex ($272M IFRS opex guide)
3.5 Wafer shipments
Per Q3’25 6-K:
- Q3’25: 602K wafers (300mm equivalents)
- Q2’25: 581K
- Q3’24: 549K
Wafer shipments grew +10% YoY in Q3’25 — outpacing revenue growth of (3)%. The implication is wafer ASP declined ~12% YoY in Q3’25 — consistent with the mature-node Smart Mobile ASP compression discussed in margins and pricing. Mix shift toward higher-ASP Automotive + Datacenter is the offsetting force.
4. Quarterly capex (per cash-flow statement)
FY25 capex disclosure: $722M total (PP&E + intangibles + capitalized development costs). Quarterly cadence not disclosed in 6-K release format but inferable from cash-flow statement:
- FY25: $722M (+$97M / +16% YoY)
- FY24: $625M
- FY23: $1,804M (peak — pre-rationalization)
The capex profile is markedly down from FY23 as GFS completed the major Fab 8 capacity buildout. FY25’s $722M is closer to maintenance capex; FY26 capex is likely to step up to the $900M – $1.1B range as Fab 8 expansion + Burlington VT + AMITC-eligible projects ramp under the CHIPS Direct Funding Agreement (per capex cycle).
5. Q1’26 guide reconciliation
| Metric | Q1’26 guide midpoint | Q1’25 actual | YoY | Q4’25 actual | QoQ |
|---|---|---|---|---|---|
| Revenue | $1,625M | ~$1,585M | +2.5% | $1,830M | −11.2% |
| IFRS GM | 26.0% | n/d | n/d | 27.8% | −180 bps |
| Non-IFRS GM | 27.0% | n/d | n/d | 29.0% | −200 bps |
| Non-IFRS diluted EPS | $0.35 | n/d | n/d | $0.55 | −$0.20 |
Q1 sequential softness is typical seasonality (per FY25 20-F: “Our revenue is subject to some seasonal variation and has historically been lower in the first half of the year”). The +2.5% YoY at the revenue line continues the recovery trajectory; the slight gross-margin compression vs Q4’25 reflects mix mean-reversion plus Q1 typical underutilization absorption.
6. Open items / backfill queue
- Q1’25 6-K direct extraction — confirm $1,585M derivation. Filing date likely 2025-05-06.
- Quarterly capex breakdown — not disclosed in earnings release format; could be triangulated from interim balance-sheet PP&E movement once Q1’25 / Q2’25 6-Ks are fully captured.
- Q1-Q2 2024 quarterly P&L — for full 8-quarter table at the granularity above.
- End-market mix by quarter — currently disclosed only on annual basis in the 20-F MD&A; quarterly disclosure would be extracted from supplemental financial tables on company IR site.
Sources
- Q4’25 6-K (acc. 0001709048-26-000012, filed 2026-02-11) — full FY2025 + Q4’25 P&L, Q1’26 guidance, FY25 adjusted EBITDA $2,357M, FY25 adjusted FCF $1,157M.
- Q3’25 6-K (acc. 0001709048-25-000069, filed 2025-11-12) — Q3’25 + nine-month YTD P&L, wafer shipments 602K Q3’25 / 581K Q2’25 / 549K Q3’24.
- Q2’25 6-K (acc. 0001709048-25-000057, filed 2025-08-05) — Q2’25 P&L (referenced only; full extraction queued).
- FY2025 20-F (acc. 0001709048-26-000022, filed 2026-02-27) — FY full-year financials + comparatives.
Cross-references
- overview — section landing
- segment mix — end-market revenue split
- margins and pricing — gross-margin walk + ASP analysis
- balance sheet — cash + debt evolution alongside P&L
- capex cycle — capex history + forward
- stock price history — share-price reaction to each quarterly print