Proto Labs (PRLB) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $136.5M, up 12.1% year-over-year, and record annual revenue of $533.1M, up 6.4% year-over-year, with revenue per customer contact up 23% in Q4 and 13% for the year.

• Strategic focus for 2026 includes elevating customer experience, accelerating innovation, expanding production, and driving operational efficiency.

• Initiatives underway for organizational transformation, including a new Global Capability Center in India and a reset of European operations.

• Net income for Q4 2025 was $6.0M ($0.25 per diluted share), reversing a net loss in Q4 2024; full-year net income was $21.2M ($0.88 per diluted share), up from $16.6M in 2024.

• Non-GAAP net income for Q4 2025 was $10.7M ($0.44 per diluted share); full-year non-GAAP net income was $40.2M ($1.66 per diluted share).

Financial highlights

• Q4 2025 revenue: $136.5M, up 11%–12.1% year-over-year; U.S. revenue up 15.9%, Europe down 8.1%.

• Q4 2025 non-GAAP gross margin: 44.8%–45%, up 140 bps year-over-year; non-GAAP EPS: $0.44, up 17% year-over-year.

• Full-year 2025 non-GAAP gross margin: 45.1%; adjusted EBITDA margin: 14.7%.

• Cash from operations in 2025: $74.5M–$75M; $43M returned to shareholders via repurchases; $142.4M cash and investments, zero debt.

• Adjusted EBITDA for 2025 was $78.1M, or 14.7% of revenue.

Outlook and guidance

• 2026 is positioned as a year of transformation and growth, with full-year GAAP revenue growth expected at 6%–8%.

• Q1 2026 revenue guidance: $130M–$138M, implying 6% year-over-year growth at midpoint.

• Q1 2026 non-GAAP EPS guidance: $0.36–$0.44; non-GAAP effective tax rate expected between 24% and 25%.

• Long-term goal to reach $1 billion in annual revenue and expand operating margins.

• Q1 2026 foreign currency expected to have a $2.1M favorable impact on revenue.