10-K – 2026-02-20 – amkr-20251231.htm

arising out of our former or current operations, or otherwise as a result of the emission of greenhouse gases (“GHG”) or other chemicals, the existence of hazardous materials on our properties or the existence of hazardous substances in the products for which we perform our services. We could also be held liable for damages, including fines, penalties and the cost of investigations and remedial actions, and we could be subject to revocation of permits, which may materially and adversely affect our ability to maintain or expand our operations. Additionally, if Amkor is unable to align its environmental, health and safety practices with shifting customer preferences, we could suffer reputational harm, which could have a material and adverse effect on our business, results of operations, liquidity and cash flows.
There has also been an increase in regulatory and public attention and industry and customer focus on the materials contained in semiconductor products, the environmental impact of semiconductor operations and the risk of chemical releases from such operations, climate change, sustainability and related environmental concerns. Increased regulation of and restriction on the use of hazardous substances may impact our supply chain due to decreased availability, necessitate changes in our packaging processes, require us to seek substitutes that may not be readily available in the marketplace or eliminate the use of such hazardous substances although there may not be a technically feasible alternative. This increased focus on sustainability and the environmental impact of semiconductor operations and products has caused industry groups and customers to impose additional requirements on us and our suppliers, sometimes exceeding regulatory standards. These industry and customer requirements include increased tracking and reporting of GHG emissions, reductions in waste and wastewater from operations, additional reporting on the materials and components used in the products for which we perform our services, and the use of renewable energy sources in our factory operations. In addition, recent and ongoing changes to climate change regulation could increase our compliance costs, including as a result of carbon pricing impacts on electrical utilities as well as increased indirect costs resulting from our customers, suppliers, and other stakeholders incurring additional compliance costs that are passed on to us. We have started to incur compliance costs within our existing manufacturing infrastructure, and such costs may increase as we expand our manufacturing capacity. To comply with these additional requirements, we may need to procure additional, or increase the use of, renewable energy, procure additional equipment or make factory or process changes, which could result in increased operating costs.
The awards and incentives from the agreement with the U.S. Department of Commerce (the “Commerce Department”) pursuant to the U.S. CHIPS and Science Act of 2022 (“CHIPS Act”) might not materialize as such awards and incentives are conditional upon achieving or maintaining certain outcomes and compliance with other obligations, are subject to reduction, termination, or clawback and would impose certain restrictions on our business.
In December 2024, the Commerce Department awarded us up to $407 million in direct funding pursuant to the CHIPS Act for the Arizona Facility. This award requires us to achieve construction and production milestones and restricts us from undertaking certain activities. We cannot guarantee that we will successfully achieve and maintain outcomes or be able to comply with other obligations required to qualify for this award or that the Commerce Department will provide or continue to provide such funding. The award arrangements provide the Commerce Department with rights to audit our compliance with their terms and obligations, and such audits could result in modifications to, or termination of, the award. To a lesser extent, we also receive incentives from state and local governments for the Arizona Facility, which have similar terms and conditions. Any awards or incentives we receive could be subject to reduction, termination, or clawback, and any decrease, termination, or clawback of such government awards and incentives could have a material adverse effect on our business, results of operations or financial condition.
General Risk Factors
Our business and financial condition has been adversely affected, and could be adversely affected in the future, by natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions.
We have significant packaging and test services and other operations in China, Japan, Korea, Malaysia, the Philippines, Portugal, Singapore, Taiwan and Vietnam, and the Arizona Facility is a new factory under construction in the United States. Such operations are or could be subject to: natural disasters, such as earthquakes, tsunamis, typhoons, floods, droughts, extreme heat, volcanoes and other severe weather and geological events, and other calamities, such as fire; the outbreak of infectious diseases (such as Covid-19 and other coronaviruses, Ebola or flu); industrial strikes; government-imposed travel restrictions or quarantines; breakdowns of equipment; difficulties or delays in obtaining materials, equipment, utilities and services, including electricity and water; political events or instability; acts of war or armed conflict (such as ongoing conflicts in Ukraine and Israel); terrorist incidents and other hostilities in regions where we

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have facilities; and industrial accidents and other events, that could disrupt or even shut down our operations. While our global manufacturing footprint may allow us to shift production to other factories without substantial cost or production delays, certain of our services are currently performed using equipment located in one or only a subset of our factories. A major disruption or shutdown of any such factory could completely impair our ability to perform those services or require us to shift them to another location. As a result, our ability to fulfill customer orders may be impaired or delayed, and we could incur significant losses.
For example, in April 2016, our Kumamoto factory was damaged by earthquakes in Japan. As a result of these earthquakes, our sales were reduced due to the temporary disruption in operations, and we incurred earthquake-related costs for damaged inventory, buildings and equipment. Our suppliers and customers also have significant operations in such locations, and this could compound the effect of any such disruption. In the event of such a disruption or shutdown, we may be unable to reallocate production to other facilities in a timely or cost-effective manner (if at all), and we may not have sufficient capacity, or customer approval, to service customer demands in our other facilities. A natural disaster or other calamity, political instability, the occurrence of hostilities or other event that results in a prolonged disruption to our operations, or the operations of our customers or suppliers, could have a material adverse effect on our business, financial condition, results of operations and cash flows.
In addition, some of the processes that we utilize in our operations place us at risk of fire and other damage. For example, highly flammable gases are used in the preparation of wafers holding semiconductor devices for flip chip packaging.
We maintain insurance policies for various types of property, casualty and other risks, but we do not carry insurance for all the above referred risks. With regard to the insurance we do maintain, we cannot assure you that it would be sufficient to cover all of our potential losses. As a result, our business, financial condition, results of operations and cash flows could be materially and adversely affected by natural disasters and other calamities.

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Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy
Our cybersecurity measures are designed to help protect our information security systems from cybersecurity threats. Our Global Information Security Team is led by our Corporate Vice President, Chief Information Officer (“CIO”) and is composed of key functional leaders. Our Global Information Security Team assesses, identifies and manages cybersecurity risks to the Company, including by:

• Assessing, identifying and managing cybersecurity risks to our information systems: We assess, identify and manage cybersecurity risks to our information systems, including by: (i) establishing and maintaining a governance structure that includes policies, procedures and processes designed to manage cybersecurity threats and cybersecurity incidents; (ii) conducting ongoing risk assessments, including to identify and assess cybersecurity risks; (iii) developing and implementing an overall risk management strategy, which includes cybersecurity risks; (iv) overseeing, identifying and managing risks from cybersecurity threats associated with our use of third-party service providers and our supply chain ; and (v) engaging external experts, including cybersecurity assessors, consultants and auditors to evaluate and test our cybersecurity measures and risk management processes ; and
• Establishing a program to assess and help mitigate cybersecurity threats: We have established a program to assess and help mitigate cybersecurity threats through: (i) conducting employee training on cybersecurity risks and best practices; (ii) implementing measures to classify and protect data; and (iii) taking steps to be aware of and address new cybersecurity threats, including through the receipt of threat information from third-parties that helps us proactively prevent and detect cybersecurity threats.
Impact of Cybersecurity Risks
We assess, on an ongoing basis, the potential impact of risks from cybersecurity threats on us and our business. During the reporting period, we have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected, or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, there can be no assurance that we will not experience a cybersecurity threat or incident in the future that could materially adversely affect our business strategy, results of operations or financial condition.
Board Oversight of Cybersecurity Risks
Our Board of Directors, through the Audit Committee, provides strategic oversight regarding risks from cybersecurity threats through oversight of our overarching cybersecurity posture and risk management practices. The Audit Committee receives periodic updates from our CIO on the current status of our cybersecurity program and risks from cybersecurity threats, and our Board of Directors is apprised of significant cybersecurity matters.
Management’s Role in Assessing and Managing Material Risks from Cybersecurity Threats
Management is responsible for assessing and managing material risks from cybersecurity threats. Specifically, our CIO , supported by our Global Information Security Team, is responsible for the overall management of our information security program, which includes assessing, identifying and managing material cybersecurity risks from cybersecurity threats. The Company’s CIO was promoted to the position in January 2024 after serving as Senior Vice President – Enterprise Applications since July 2022. The CIO has more than 30 years of manufacturing experience, mostly in IT leadership roles in the semiconductor industry, and holds electrical and computer engineering degrees from the University of Missouri and an MBA from The Ohio State University.
Members of the Global Information Security Team possess expertise in various disciplines that are key to effectively managing our information security program. Team members represent relevant functions within the organization (e.g.,

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Risk and Compliance, Security Operation Center & Network Engineering and Operational Technology). Global Information Security Team members have multiple years of experience working for large enterprises in the information technology and information security space. This includes, but is not limited to, expertise in data infrastructure, operations and information security and risk and compliance. In addition, our CIO and certain members of the Global Information Security Team are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents through their participation in incident response protocols.

Item 2. Properties

The location and size of our manufacturing and research and development facilities are set forth in the table below. All facilities are owned unless otherwise specified.

Approximate Facility Size
(Square Feet)
Owned Leased Total
China (1) 1,398,000  —  1,398,000 
Japan (2) 1,489,000  286,000  1,775,000 
Korea (2) 4,481,000  —  4,481,000 
Malaysia (1) 434,000  —  434,000 
Philippines (3) 765,000  557,000  1,322,000 
Portugal 583,000  —  583,000 
Taiwan (1) 1,161,000  12,000  1,173,000 
Vietnam (1) 1,467,000  —  1,467,000 
Total all facilities 11,778,000  855,000  12,633,000 

(1) Land is leased.
(2) Certain facilities and land are pledged as collateral in Japan for indebtedness incurred and in Korea for certain government incentives.
(3) As a result of foreign ownership restrictions in the Philippines, the land is leased. A portion of the land we lease is owned by realty companies in which we own a 40% interest.
During 2025, we began construction of the first phase of the Arizona Facility, which will have approximately 1.8 million square feet of space. Manufacturing is expected to begin in the first half of 2028.

Our executive offices, which are leased, are located in Arizona and Singapore. We believe that our existing properties are in good condition and suitable for the conduct of our business and that the productive capacity of such properties is substantially being utilized or we have plans to utilize it.

Item 3. Legal Proceedings

From time to time, we may become involved in various disputes and litigation matters that arise in the ordinary course of our business. These include disputes and lawsuits related to intellectual property, acquisitions, licensing, contracts, tax, regulatory compliance, employee relations and other matters. For a discussion of our material legal proceedings, see Note 17 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

LISTING ON THE NASDAQ GLOBAL SELECT MARKET

Our common stock is traded on the Nasdaq Global Select Market under the symbol “AMKR.” There were approximately 67 holders of record of our common stock as of February 13, 2026.

DIVIDEND POLICY

Our Board of Directors has adopted a dividend policy pursuant to which we currently pay a regular quarterly cash dividend on our common stock.

We currently anticipate that we will continue to pay regular quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of our Board of Directors and will depend upon our results of operations, financial condition, cash requirements, debt restrictions and other factors. Refer to the “Liquidity” section in Item 7 of this Form 10-K for additional information.

RECENT SALES OF UNREGISTERED SECURITIES

None.

EQUITY COMPENSATION PLANS

The information required by this item regarding equity compensation plans is set forth in Part III, Item 12 of this Form 10-K.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

The following table provides information regarding repurchases of our common stock during the three months ended December 31, 2025:

Period Total Number of Shares Purchased (a) Average Price Paid Per Share ($) Total Number of Shares Purchased as part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ($)

October 1 - October 31 —  $ —  —  $ — 
November 1 - November 30 1,466  31.68  —  — 
December 1 - December 31 7,450  39.48  —  — 
Total 8,916  $ 38.20  — 

(a) Represents shares of common stock surrendered to us to satisfy tax withholding obligations associated with share-based compensation awards issued to employees.

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PERFORMANCE GRAPH (1)

*$100 invested on 12/31/2020 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. Copyright® 2026 Standard & Poor’s, a division of S&P Global. All rights reserved.

(1) The preceding Stock Performance Graph is not deemed filed with the SEC and shall not be incorporated by reference in any of our filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. The stock performance shown on the performance graph above is not necessarily indicative of future performance. We will not make or endorse any predictions as to Amkor’s future stock performance.

The following table sets forth the cumulative total returns included in the preceding Stock Performance Graph for the years ended December 31, 2020 through 2025:

For the Year Ended December 31,
2020 2021 2022 2023 2024 2025
Amkor Technology, Inc. $ 100.00  $ 165.56  $ 161.76  $ 226.98  $ 179.83  $ 280.28 
S&P MidCap 400 100.00  124.76  108.47  126.29  143.89  154.68 
PHLX Semiconductor 100.00  142.85  93.02  155.35  186.98  268.23 

Item 6. <Reserved>

Item 7.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section includes comparisons of certain 2025 financial information to the same information for 2024. For discussion of 2024 results in comparison with 2023 results refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on February 21, 2025.

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Overview

Amkor is the world’s largest U.S. headquartered outsourced semiconductor assembly and test provider. We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers. Our primary financial objective is profitable sales growth. To achieve this goal, we are focused on leveraging our technology leadership and innovation, providing our customers with a geographically diverse manufacturing footprint, partnering with lead customers in the key markets of HPC and AI, automotive, IoT and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets.
Amkor is a global leader in advanced semiconductor packaging and test technologies. Our technology leadership encompasses areas such as HDFO, 2.5D integration, advanced flip chip, fine pitch bumping, wafer-level processing and advanced SiP solutions which support the industry’s drive toward smaller form factors, higher integration, improved performance and lower power consumption. We provide turnkey solutions that include package design, wafer bump, wafer probe, wafer back-grind, packaging, burn-in, system level and final test and drop shipment services. Our extensive line of packaging and test services covers analog, digital, logic, mixed signal, memory, sensors and radio frequency devices. This breadth of services allows customers to streamline their supply chains, limit the number of suppliers and focus their resources on semiconductor design and wafer fabrication. Our commitment to technology leadership is reinforced by ongoing investment in research and development, and we intend to continue to leverage our investments in advanced technology to meet the demand for these services in key markets.
Amkor’s broad and strategically located manufacturing footprint is a key differentiator, enabling us to deliver flexible, resilient and cost-effective solutions to customers worldwide. With facilities located in key manufacturing regions in Asia and Europe, we provide customers with multiple options to mitigate risk, diversify supply chains and support regionalization initiatives. As a U.S. headquartered OSAT, we are expanding our manufacturing footprint with the construction of a new facility in Arizona. Construction began in the second half of 2025, and we believe that this investment will strengthen our ability to serve customers seeking to regionalize their supply chains and will enhance our participation in U.S. semiconductor initiatives. In addition, we continue to scale production in our Vietnam facility, which opened in 2024, further increasing our capacity and operational flexibility in Asia. Our scale and geographic diversity allow us to qualify production at multiple sites, optimize asset utilization and absorb large orders with quick turnaround times.
Amkor has built long-standing relationships with most of the world’s leading semiconductor companies over the last five decades. Our operational excellence, high quality, reliability and predictability have been key to attracting and retaining customers. Our collaborative approach enables us to work closely with customers and suppliers to co-develop proprietary process technologies, accelerate time-to-market, improve quality and lower costs. We work closely with lead customers to deliver advanced packaging solutions tailored to evolving industry needs.
High performance computing supporting artificial intelligence and increasing demand for improved networking speed and storage within data centers, cloud computing, PCs and laptops are driving demand for more semiconductors and advanced packaging in the computing end market. Increasing semiconductor content in automobiles is driving demand for advanced packaging to enable safety features such as ADAS, in-car computing, radar and digital cockpit features such as infotainment displays and telematics. Increasing battery voltage, higher voltage power converters, onboard chargers, automotive inverter components and microcontrollers also require innovative power packaging solutions. Hearables, watches and augmented and virtual reality devices integrate multiple functions, such as processors, sensors and connectivity devices, into small form factors, which requires innovation in advanced packaging. We have a strong position across multiple device functionalities within premium and high-tier smartphones. We are collaborating with industry leaders as smartphones transition to include artificial intelligence and drive semiconductor growth through the adoption of new wireless standards, integration of a broad range of applications, enhanced features and higher performance requirements to support increased data processing. The trend to greater functionality drives miniaturization and innovation enabled by advanced packaging.
As a supplier in the semiconductor industry, our business is cyclical and impacted by broad economic factors. Historical trends indicate there has been a strong correlation between worldwide gross domestic product levels, consumer spending and semiconductor industry cycles. The semiconductor industry has experienced significant and sometimes prolonged

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cyclical upturns and downturns in the past. We cannot predict the timing, strength or duration of any correction, economic slowdown, recession or subsequent economic recovery.
We operate in a capital-intensive industry. Servicing our current and future customers requires that we incur significant operating expenses and continue to make significant capital expenditures, which are generally made in advance of expected revenues and without firm customer commitments. We fund our operations, including capital expenditures and other investments and servicing principal and interest obligations with respect to our debt, from cash flows from our operations, existing cash and cash equivalents, borrowings under available debt facilities and/or proceeds from any additional debt or equity financing. Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditures and other investment levels, other uses of our cash, including any payments of dividends and purchases of stock under any stock repurchase program, any acquisitions or investments in joint ventures and any decisions we might make to either repay debt and other long-term obligations out of our operating cash flows or refinance debt at or prior to maturity with the proceeds of debt or equity financings. As of December 31, 2025, we had cash and cash equivalents and short-term investments of $1,378.3 million and $613.0 million, respectively.
Our results of operations and cash flows have historically fluctuated significantly from quarter to quarter due to many factors, including the seasonality of our business, the cyclical nature of the semiconductor industry and other factors discussed in Part 1, Item 1A of this Form 10-K. We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S. and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. We will continue to make prudent investments, and we will closely manage capacity expansion and control costs in response to any changes in market conditions.
2025 Financial Summary

Our net sales increased $390.3 million or 6.2% to $6,708.0 million in 2025 from $6,317.7 million in 2024. The increase was primarily due to higher sales across all end markets.

Gross margin decreased to 14.0% in 2025 compared to 14.8% in 2024. The decrease was primarily due to increased overhead and employee compensation costs, partially offset by higher factory utilization driven by the increase in net sales and a gain recognized on the sale of certain machinery and equipment. Gross margin for 2025 was also constrained by the ramp up of production at the Vietnam Facility, which is in the early stages of high-volume manufacturing.

Operating income margin increased to 7.0% in 2025 from 6.9% in 2024. The increase in our operating income margin was primarily due to the net amount recognized for a cash receipt subject to bankruptcy proceedings related to our Nanium acquisition in May 2017 (“Nanium Insolvency Receipt”) and the incremental costs incurred in 2024 during start-up at the Vietnam Facility, partially offset by the decrease in our gross margin discussed above.

In 2025, our capital expenditures totaled $904.6 million, or 13.5% of net sales, compared to $743.8 million, or 11.8% of net sales in 2024. Our spending was primarily focused on investments in advanced packaging and test equipment and the Arizona Facility.

Net cash provided by operating activities was $1,095.6 million for the year ended December 31, 2025, compared to $1,088.9 million for the year ended December 31, 2024. This increase was primarily due to changes in contract liabilities due to customer advance payments and higher operating profits, offset by changes in working capital.

In November 2025, our Board of Directors approved a quarterly dividend of $0.08352 per share, a 1% increase from the rate set in November 2024. In 2025, we paid total cash dividends of $81.9 million.

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Results of Operations

The following table sets forth certain operating data as a percentage of net sales for the periods indicated:

For the Year Ended December 31
2025 2024 2023
Net sales 100.0  % 100.0  % 100.0  %
Cost of sales:
Materials 55.2  % 55.1  % 55.1  %
Labor 10.4  % 9.9  % 9.9  %
Depreciation 8.7  % 8.5  % 8.9  %
Other manufacturing costs 11.7  % 11.7  % 11.6  %
Gross margin 14.0  % 14.8  % 14.5  %
Selling, general and administrative 4.5  % 5.3  % 4.5  %
Research and development 2.5  % 2.6  % 2.7  %
Operating income 7.0  % 6.9  % 7.2  %
Net income attributable to Amkor 5.6  % 5.6  % 5.5  %

Net Sales

Change
2025 2024 2023 2025 over 2024 2024 over 2023
(In thousands, except percentages)
Net sales $ 6,707,981  $ 6,317,692  $ 6,503,065  $ 390,289  6.2  % $ (185,373) (2.9) %

The $390.3 million increase in net sales in 2025 compared to 2024 was primarily due to higher sales across all end markets. The computing end market increased 16% in 2025 compared to 2024 primarily driven by strength in AI related PC devices and networking infrastructure. The automotive and industrial end market increased 8% in 2025 compared to 2024 primarily due to strong advanced content growth for ADAS applications. The consumer and communications end markets grew 9% and 1%, respectively, in 2025 compared to 2024, primarily driven by strong demand for IoT wearables and premium tier smartphones.

Gross Profit and Gross Margin

Change
2025 2024 2023 2025 over 2024 2024 over 2023
(In thousands, except percentages)
Gross profit $ 938,599  $ 933,212  $ 943,153  $ 5,387  $ (9,941)
Gross margin 14.0  % 14.8  % 14.5  % (0.8) % 0.3  %

Our cost of sales consists principally of materials, labor, depreciation and manufacturing overhead. Since a substantial portion of the costs at our factories is fixed, there tends to be a strong relationship between our revenue levels and gross margin. Accordingly, relatively modest increases or decreases in revenue can have a significant effect on margin and on labor and other manufacturing costs as a percentage of revenue, depending on product mix, utilization, foreign currency exchange rate movements and seasonality. We have expanded our business in advanced packaging, which tends to have higher material costs than our other products. As we continue to increase production of these higher material cost products, there could be an impact on our profitability, depending on overall utilization.

Gross margin decreased for 2025 compared to 2024, primarily due to increased overhead and employee compensation costs, partially offset by higher factory utilization driven by the increase in net sales and a gain recognized on the sale of certain machinery and equipment. Gross profit and gross margin for 2025 were also constrained by the ramp up of production at the Vietnam Facility, which is in the early stages of high-volume manufacturing. For additional

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information regarding the sale of certain machinery and equipment, please refer to Note 8 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
Selling, General and Administrative

Change
2025 2024 2023 2025 over 2024 2024 over 2023
(In thousands, except percentages)
Selling, general and administrative
$ 304,471  $ 331,806  $ 295,393  $ (27,335) (8.2) % $ 36,413  12.3  %

Selling, general and administrative expenses decreased in 2025 compared to 2024. The decrease was primarily due to the net amount recognized from the Nanium Insolvency Receipt in 2025 and the incremental costs incurred in 2024 during start-up at the Vietnam Facility, partially offset by increased employee compensation costs, the recovery of bad debt expense in 2024 and higher professional fees and software maintenance costs. The net amount recognized from the Nanium Insolvency Receipt was $32.4 million. The incremental costs incurred during start-up at the Vietnam Facility were approximately $16 million in 2024. For additional information regarding the Nanium Insolvency Receipt, please refer to Note 17 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

Research and Development

Change
2025 2024 2023 2025 over 2024 2024 over 2023
(In thousands, except percentages)
Research and development
$ 166,743  $ 162,951  $ 177,473  $ 3,792  2.3  % $ (14,522) (8.2) %

Research and development activities are focused on developing new packaging and test services and improving the efficiency and capabilities of our existing production processes. The costs related to our technology and product development projects are included in research and development expense until the project moves into production. Once production begins, the costs relating to production become part of the cost of sales, including ongoing depreciation for the equipment previously held for research and development activities.
Research and development expenses increased in 2025 compared to 2024 primarily due to development projects in new advanced and mainstream packaging technologies, partially offset by projects moving into production.
Other Income and Expense

Change
2025 2024 2023 2025 over 2024 2024 over 2023
(In thousands, except percentages)
Interest expense $ 75,444  $ 64,945  $ 59,000  $ 10,499  16.2  % $ 5,945  10.1  %
Interest income (62,397) (65,541) (48,458) 3,144  (4.8) % (17,083) 35.3  %
Foreign currency (gain) loss, net 10,836  8,856  18,361  1,980  22.4  % (9,505) (51.8) %
Loss on debt retirement
1,787  —  —  1,787  100 % —  —  %
Other
(2,904) (821) (2,457) (2,083) >100% 1,636  (66.6) %
Total other expense, net $ 22,766  $ 7,439  $ 26,446  $ 15,327  >100% $ (19,007) (71.9) %

Interest expense increased in 2025 compared to 2024, primarily due to an increase in our average outstanding debt related to the new issuances in 2025, which were used in part to redeem outstanding amounts under existing debt. For additional information regarding our debt activities, please refer to Note 11 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

Interest income decreased in 2025 compared to 2024, primarily due to lower interest rates, partially offset by increases in our cash and cash equivalent and available-for-sale debt investment balances.

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Income Tax Expense

Change
2025 2024 2023 2025 over 2024 2024 over 2023
(In thousands, except percentages)
Income tax expense
$ 68,503  $ 75,481  $ 81,710  $ (6,978) $ (6,229)
Effective tax rate
15.4  % 17.5  % 18.4  %

Income tax expense, which includes foreign withholding taxes and minimum taxes, reflects the applicable tax rates in effect in the various countries where our income is earned and is subject to volatility depending on the relative mix of earnings in each location.

The effective tax rate is below the U.S. statutory rate of 21% primarily due to lower tax rates applicable to our operations in some foreign jurisdictions where we earn income and discrete tax benefits recognized in 2025.

During 2025, 2024 and 2023, our subsidiaries in Korea, Singapore and Vietnam operated under various conditional reduced tax rates. As these conditional reduced tax rates expire, income earned in these jurisdictions will be subject to higher statutory income tax rates, which may cause our effective tax rate to increase.

See Note 4 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for additional information about our income tax expense.

Liquidity

We assess our liquidity based on our current expectations regarding sales and operating expenses, capital spending, dividend payments, stock and debt repurchases, debt service requirements, lease obligations and other funding needs. Based on this assessment, we believe that our cash flow from operating activities, together with existing cash and cash equivalents, short-term investments and availability under our credit facilities, will be sufficient to fund our working capital, capital expenditures, dividend payments, debt service, debt repurchases and other financial requirements for at least the next 12 months.
Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditure levels, other uses of our cash including any dividends and purchases of stock or debt under any repurchase program, any acquisitions, joint ventures or other investments and our ability to either repay debt out of operating cash flow or refinance it at or prior to maturity with the proceeds from debt or equity offerings. There can be no assurance that we will generate the necessary net income or operating cash flows, or be able to borrow sufficient funds, to meet the funding needs of our business beyond the next 12 months due to a variety of factors, including the cyclical nature of the semiconductor industry and other factors discussed in Part I, Item 1A of this Form 10-K.

Our primary source of cash and the source of funds for our operations are cash flows from operations, current cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional debt or equity financings. Please refer to Note 6 and Note 11 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for additional information on our investments and borrowings, respectively.

As of December 31, 2025, we had cash and cash equivalents and short-term investments of $1,991.4 million. Included in our cash and short-term investments balances as of December 31, 2025, is $1,503.6 million held offshore by our foreign subsidiaries. We have the ability to access cash held offshore by our foreign subsidiaries primarily through the repayment of intercompany debt obligations. If we were to distribute this offshore cash to the United States as dividends from our foreign subsidiaries, the dividends generally would not be subject to U.S. federal income tax, but the distributions may be subject to foreign withholding and state income taxes. For the year ended December 31, 2025, we estimate that repatriation of this foreign cash and short-term investments would generate withholding taxes and state income taxes of approximately $43 million.

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For certain accounts receivable, we use non-recourse factoring arrangements with third party financial institutions to manage our working capital and cash flows. Under these arrangements, we sell receivables to a financial institution for cash at a discount to the face amount. Available capacity under these arrangements is dependent on the level of our trade accounts receivable eligible to be sold, the financial institutions’ willingness to purchase such receivables and the limits provided by the financial institutions. These factoring arrangements can be reduced or eliminated at any time due to market conditions and changes in the creditworthiness of customers. For the year ended December 31, 2025 and 2024, we sold receivables totaling $154.4 million and $158.6 million, net of discounts and fees of $0.5 million and $0.4 million, respectively.
We operate in a capital-intensive industry. Servicing our current and future customers may require that we incur significant operating expenses and make significant investments in equipment and facilities, which are generally made in advance of the related revenues and without firm customer commitments.
In December 2024, we signed a Direct Funding Agreement with the Commerce Department for the award of up to $407 million in government incentives pursuant to the CHIPS Act, and no funds have been received to date. The award agreement contains representations, warranties and covenants that relate to compliance with requirements, including construction milestones, and also includes certain events of default and related rights and remedies, including clawbacks. In addition, we are eligible to receive an investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act. In July 2025, the enactment of OBBBA increased the investment tax credit rate from 25% to 35% for qualified property placed in service after 2025. For additional information, please refer to Note 1 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
In May 2025, we entered into a $1.0 billion senior secured revolving credit facility (the “2025 Revolving Credit Facility”) that replaced an existing revolving credit facility. The 2025 Revolving Credit Facility includes an uncommitted optional accordion of up to $200.0 million, which may be incurred in the form of revolving commitment increases or term loans. In June 2025, we amended the 2025 Revolving Credit Facility agreement and created a new tranche of term loans (the “Term A Loans”), which are secured and guaranteed on a pari passu basis to the revolver loans under the existing agreement. The Term A Loans have an aggregate principal amount of $500.0 million. In July 2025, a portion of the proceeds were used to redeem $125.0 million of our 6.625% Senior Notes due September 2027 (“2027 Notes”) and repay the remaining $98.0 million of term loans at Amkor Assembly & Test (Shanghai) Co., Ltd. (“AATS Loans”). The 2025 Revolving Credit Facility and Term A Loans will mature in May 2030. As of December 31, 2025, we had availability of $1.0 billion under the 2025 Revolving Credit Facility. As of December 31, 2025, our foreign subsidiaries also had $58.6 million available to be borrowed under term loan credit facilities. For additional information regarding the 2025 Revolving Credit Facility, please refer to Note 11 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
In September 2025, we issued $500.0 million of 5.875% Senior Notes due October 2033 (the “2033 Notes”). The proceeds were used for the redemption of the outstanding $400.0 million aggregate principal amount of our 2027 Notes and general corporate purposes. For additional information regarding the 2033 Notes, please refer to Note 11 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
As of December 31, 2025, we had debt of $1,445.2 million, with $162.4 million payable within 12 months. As of December 31, 2025, the interest payment obligations, based on stated coupon rates for fixed rate debt and interest rates applicable at December 31, 2025 for variable rate debt, were $366.0 million during the remaining term of the debt. Interest payment obligations payable within 12 months is $65.7 million. We were in compliance with all debt covenants as of December 31, 2025, and we expect to remain in compliance with these covenants for at least the next 12 months. For additional information regarding our debt arrangements, please refer to Note 11 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
Certain of our debt agreements contain affirmative and negative covenants including, among others, covenants to maintain a minimum interest coverage ratio and a maximum consolidated leverage ratio, which restrict our ability to pay dividends and could restrict our operations. These restrictions do not currently have a material impact on our ability to make dividend payments or stock repurchases.
The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc., Amkor Technology Singapore Holding Pte. Ltd. (“ATSH”) and Guardian Assets, Inc. (“Guardian”) guarantee certain debt of our subsidiaries.

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In order to reduce our debt and future cash interest payments, we may from time to time repurchase or redeem our outstanding senior notes for cash or exchange shares of our common stock for our outstanding senior notes. Any such transaction may be made in the open market, through privately negotiated transactions or otherwise, and would be subject to the terms of our indentures and other debt agreements, market conditions and other factors.
We lease certain machinery and equipment, office space and manufacturing facilities. As of December 31, 2025, our total remaining operating lease obligations and finance lease obligations were $82.9 million and $170.8 million, respectively, with $26.3 million and $51.8 million payable within 12 months, respectively. The lease obligations represent our future minimum lease payments including interest payments. For additional information regarding our leases, please refer to Note 9 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.
We had off-balance sheet purchase obligations for capital expenditures, long-term supply contracts and other contractual commitments. As of December 31, 2025, the purchase obligations were $1,152.4 million, with $1,084.8 million payable within 12 months.
We enter into customer advance payment agreements from time to time, some of which require standby letters of credit. As of December 31, 2025, we expect to receive approximately $300 million of advance payments over a two-year period, all of which will require standby letters of credit upon receipt. For additional information regarding our customer advance payments, please refer to Note 1 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

Capital Returns

In November 2022, we announced our intention to return 40 percent to 50 percent of cumulative free cash flow generated over time, beginning 2022. This return may be in the form of dividends and stock repurchases, subject to a variety of factors, including strategic investments, other capital allocation priorities and Board of Directors’ approval.

In 2025, we paid total quarterly cash dividends of $81.9 million, and we currently anticipate that we will continue to pay quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of our Board of Directors and will depend upon our results of operations, financial condition, cash requirements, debt restrictions and other factors.

Capital Resources

We make significant capital expenditures in order to service the demand of our customers. In 2025, our capital expenditures totaled $904.6 million or approximately 13.5% of net sales, which are primarily focused on investments in advanced packaging and test equipment and the Arizona Facility.

We expect that our 2026 capital expenditures will be approximately $2.5 billion to $3.0 billion. The increase from 2025 is primarily due to the construction of the Arizona Facility. Ultimately, the amount of our 2026 capital expenditures will depend on several factors including, among others, the timing and implementation of any capital projects under review, including the progress of construction of the Arizona Facility, the performance of our business, economic and market conditions, the cash needs and investment opportunities for the business, the need for additional capacity to service anticipated customer demand, equipment lead times and the availability of cash flows from operations or financing. The primary sources of funds for our capital expenditures are cash flows from operations, current cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional debt or equity financings. Please refer to Note 6 and Note 11 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for additional information on our investments and borrowings, respectively.

In addition, we are subject to risks associated with our capital expenditures, including those discussed in Part I, Item 1A of this Form 10-K under the caption “We make substantial investments in equipment and facilities to support the demand of our customers, which may materially and adversely affect our business if the demand of our customers does not develop as we expect or is adversely affected.”

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Cash Flows

Net cash provided by (used in) operating, investing and financing activities for each of the three years ended December 31, 2025 was as follows:

For the Year Ended December 31
2025 2024 2023
(In thousands)
Operating activities $ 1,095,606  $ 1,088,868  $ 1,270,020 
Investing activities (885,044) (800,324) (951,910)
Financing activities 98,700  (260,432) (149,207)

Operating activities:   Our cash flow provided by operating activities for the year ended December 31, 2025 increased by $6.7 million compared to the year ended December 31, 2024, primarily due to changes in contract liabilities due to customer advance payments and higher operating profits, offset by changes in working capital.

Investing activities:   Our cash flow used in investing activities for the year ended December 31, 2025 increased by $84.7 million compared to the year ended December 31, 2024, primarily due to higher payments for property, plant and equipment and higher net payments for short-term investments, partially offset by higher proceeds from the sale of property, plant and equipment and lower net payments for foreign exchange forward contracts. Payments for property, plant and equipment can fluctuate based on the timing of purchase, receipt and acceptance of equipment.

Financing activities:   The changes in financing activities for the year ended December 31, 2025 compared to the year ended December 31, 2024 were primarily due to net debt borrowings in 2025 and the payment of a special cash dividend in 2024, partially offset by increased payments of finance lease obligations.

We provide the following supplemental data to assist our investors and analysts in understanding our liquidity and capital resources. We define “free cash flow” as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of, insurance recovery for and grants for property, plant and equipment, if applicable. Free cash flow is not defined by U.S. GAAP. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt, our ability to fund capital expenditures and our ability to pay dividends and the amount of dividends to be paid. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies.

For the Year Ended December 31
2025 2024 2023
(In thousands)
Net cash provided by operating activities $ 1,095,606  $ 1,088,868  $ 1,270,020 
Payments for property, plant and equipment (904,614) (743,796) (749,467)
Proceeds from sale of and grants for property, plant and equipment 116,881  14,203  13,032 
Free cash flow $ 307,873  $ 359,275  $ 533,585 

Contingencies, Indemnifications and Guarantees

Please refer to Note 17 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for a discussion of contingencies related to litigation and other legal matters.

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Critical Accounting Policies and Use of Estimates

We have identified the policies below as critical to our business operations and the understanding of our results of operations. A summary of our significant accounting policies used in the preparation of our Consolidated Financial Statements appears in Note 1 to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K. Our preparation of this Form 10-K requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements and the reported amounts of revenue and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates, including the impact of any deterioration in the global business and economic environment.

We believe the following critical accounting estimates and policies, which have been reviewed with the Audit Committee of our Board of Directors, affect our more significant judgments and estimates used in the preparation of our Consolidated Financial Statements.

Revenue Recognition.   We recognize revenue, net of sales, use, value-added and other similar taxes, as a performance obligation is satisfied in an amount reflecting the consideration to which we expect to be entitled. We apply a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied. Substantially all of our revenue is recognized as services are rendered.

Our packaging and test services are our performance obligations to our customers. Our packaging services include wafer bump, probe and assembly. We provide packaging and test services to our customers either individually or as part of a combined offering. In a combined offering, we account for the individual services separately if they are determined to be distinct. We determine a service to be distinct if it is separately identifiable from other services in the combined offering and if a customer can benefit from the unique service on its own or with other resources that are readily available to the customer.
The consideration, including variable consideration, is allocated between the distinct services in a combined offering based upon the stand-alone selling prices of the individual services. Our services involve a high degree of specialization which are unique based on the design and purpose of the customer’s wafers. Accordingly, our negotiated pricing reflects the customized nature of our services and represents a customer-specific stand-alone selling price. We recognize revenue as services are rendered, which generally occurs over the course of two to three weeks. Services are generally billed at completion of each individual packaging or test service or in some instances at the completion of all services in a combined offering.
We recognize revenue over time as services are rendered because our services create or enhance the customer’s wafer. We utilize an input method (cost incurred plus estimated margin) to determine the amount of revenue to recognize for in-process, but incomplete, customer orders at a reporting date. During the period of providing our services, we generally do not control or take ownership of customers’ wafers, nor do we include the cost of the wafer in our cost calculations. We believe that a cost-based input method is the most appropriate manner to measure how we satisfy our performance obligations to customers because the effort and costs incurred to package and/or test customer wafers are not linear over the duration of these services.
Shipping and handling costs are accounted for as a cost to fulfill our performance obligations to customers. Accordingly, we record customer payments of shipping and handling costs as a component of net sales, and the costs incurred for shipping and handling are then charged to cost of sales.

Income Taxes.   We operate in and file income tax returns in various U.S. and non-U.S. jurisdictions which are subject to examination by tax authorities. The tax returns for years where the statute of limitations remains open in all jurisdictions in which we do business are subject to change upon examination. We believe that we have estimated and provided adequate accruals for potential additional taxes and related interest expense that may ultimately result from such examinations. We believe that any additional taxes or related interest over the amounts accrued will not have a material effect on our financial condition, results of operations or cash flows. However, resolution of these matters involves uncertainties, and there can be no assurance that the outcomes will be favorable. In addition, changes in the mix of

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income from our foreign subsidiaries, expiration of conditional reduced tax rates or changes in tax laws or regulations could result in increased tax expense and effective tax rates in the future.

Additionally, we monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. With the exception of a certain foreign jurisdiction and select U.S. and foreign carryforwards, we consider it more likely than not that we will have sufficient taxable income to allow us to realize these deferred tax assets. However, in the event taxable income falls short of current expectations, we may need to establish a valuation allowance against such deferred tax assets. We have valuation allowances on certain U.S. foreign tax credit carryforwards expected to expire unused and on select deferred tax assets in certain foreign jurisdictions. Such valuation allowances are released as the related tax benefits are realized or when sufficient evidence exists to conclude that it is more likely than not that the deferred tax assets will be realized.

Valuation of Inventory.   We order raw materials based on customers’ forecasted demand. If our customers change their forecasted requirements and we are unable to cancel our raw materials order, or if our vendors require that we order a minimum quantity that exceeds the current forecasted demand, we will experience a build-up in raw material inventory. We will either seek to recover the cost of the materials from our customers or utilize the inventory in production. However, we may not be successful in recovering the cost from our customers or be able to use the inventory in production and, accordingly, if we believe that it is probable that we will not be able to recover such costs, we reduce the carrying value of our inventory. Additionally, we reduce the carrying value of our inventories by the cost of inventory we estimate is excess and obsolete based on the age of our inventories. When a determination is made that the inventory will not be utilized in production or is not saleable, it is written off. The forecast of demand and the evaluation of inventory recoverability require estimates and judgment. Although we make an effort to ensure forecasted demand and estimates of inventory are accurate, any unanticipated changes could have a material effect on our financial condition and result of operations.

Inventories consist of raw materials and purchased components and are stated at the lower of cost and net realizable value. Cost is principally determined by standard cost or the weighted moving average method, both of which approximate actual cost. For inventory valued using the standard cost method, we review and set our standard costs as needed, but at a minimum on a quarterly basis.

Valuation of Long-lived Assets. We review long-lived assets, which include property, plant and equipment and goodwill, for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Factors we consider important which could trigger an impairment review include the following:

• significant under-performance relative to expected historical or projected future operating results;
• significant changes in the manner of our use of the asset;
• significant negative industry or economic trends; and
• our market capitalization relative to net book value.

Recoverability of a long-lived asset group to be held and used in operations is measured by a comparison of the carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such asset group is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal.

We review goodwill for impairment annually during the fourth quarter of each year and whenever events or changes in circumstances indicate that an impairment may exist. Impairment losses are recorded when the carrying amount of the reporting unit exceeds its fair value.

Recently Issued Standards

For information regarding recently adopted and recently issued accounting standards, please refer to Note 1 to our Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

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Item 7A.     Quantitative and Qualitative Disclosures about Market Risk

Market Risk Sensitivity

We are exposed to market risks, primarily related to foreign currency and interest rate fluctuations. In the normal course of business, we employ established policies and procedures to manage the exposure to fluctuations in foreign currency values and changes in interest rates.

Foreign Currency Risk

The U.S. dollar is our reporting and functional currency for our subsidiaries, except for our Japan operations, where the Japanese yen is the functional currency. In order to reduce our exposure to foreign currency gains and losses, we use natural hedging techniques and forward contracts to mitigate foreign currency risk.

We have foreign currency exchange rate risk associated with the remeasurement of monetary assets and liabilities on our Consolidated Balance Sheets that are denominated in currencies other than the functional currency. We performed a sensitivity analysis of our foreign currency exposure as of December 31, 2025, to assess the potential impact of fluctuations in exchange rates for all foreign denominated assets and liabilities. Assuming that all foreign currencies appreciated 10% against the U.S. dollar and taking into account our foreign currency forward contracts, our income before taxes as of December 31, 2025 would have been approximately $13 million lower, due to the remeasurement of monetary assets and liabilities.

In addition, we have foreign currency exchange rate exposure on our results of operations. For the year ended December 31, 2025, approximately 90% of our net sales were denominated in U.S. dollars. Our remaining net sales were principally denominated in Japanese yen. For the year ended December 31, 2025, approximately 60% of our cost of sales and operating expenses were denominated in U.S. dollars and were largely for raw materials and costs associated with property, plant and equipment. The remaining portion of our cost of sales and operating expenses was principally denominated in the Asian currencies where our production facilities are located and largely consisted of labor. To the extent that the U.S. dollar weakens against these Asian-based currencies, similar foreign currency denominated income and expenses in the future will result in higher sales, higher cost of sales and operating expenses, with cost of sales and operating expenses having the greater impact on our financial results. Similarly, our sales, cost of sales and operating expenses will decrease if the U.S. dollar strengthens against these foreign currencies. We performed a sensitivity analysis of our foreign currency exposure as of December 31, 2025 to assess the potential impact of fluctuations in exchange rates for all foreign denominated sales and operating expenses. Assuming that all foreign currencies appreciated 10% against the U.S. dollar, our operating income for the year ended December 31, 2025 would have been approximately $163 million lower.

There are inherent limitations in the sensitivity analysis presented, primarily the assumption that foreign exchange rate movements across multiple jurisdictions would change instantaneously in an equal fashion. As a result, the analysis is unable to reflect the potential effects of more complex market or other changes that could arise which may positively or negatively affect our results of operations.

Our Consolidated Financial Statements are impacted by changes in exchange rates at the entity where the local currency is the functional currency. To mitigate this impact, we started to hedge certain net investment positions in foreign subsidiaries by entering into foreign currency forward contracts that are designated as hedges of net investments beginning in April 2024. The effect of foreign exchange rate translation for these entities, inclusive of our foreign currency forward contracts, was a gain of $4.4 million and a loss of $8.8 million for the years ended December 31, 2025 and 2024, respectively, and was recognized as an adjustment to equity through other comprehensive income (loss).

Interest Rate Risk
We have interest rate risk with respect to our available-for-sale debt investments. Our investment portfolio consists of various security types and maturities, with our portfolio primarily having maturities of one year or less. Our primary objective with our investment portfolio is to invest available cash while preserving capital and meeting liquidity needs.

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These securities are subject to interest rate risk, decreasing in value if market interest rates increase and increasing in value if market interest rates decrease. Due to the relatively short-term nature of our investment portfolio, we believe that an immediate change in interest rates will not have a material impact on the fair value of our available-for-sale debt investments. For information regarding our available-for-sale debt investments, see Note 6 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

In addition, we have interest rate risk with respect to our debt. Our fixed and variable rate debt includes foreign borrowings, revolving credit facilities and senior notes. Changes in interest rates have different impacts on the fixed and variable rate portions of our debt portfolio. A change in interest rates on the fixed portion of the debt portfolio impacts the fair value of the debt instrument but has no impact on interest expense or cash flows. A change in interest rates on the variable portion of the debt portfolio impacts the interest incurred and cash flows but will not have a material impact on the fair value of the instrument.

The table below presents the interest rates, maturities and fair value of our fixed and variable rate debt as of December 31, 2025:

2026 2027 2028 2029 2030 Thereafter Total Fair Value
($ in thousands)
Fixed rate debt $ 149,930 $ 133,211  $ 113,174  $ 40,840  $ 19,016  $ 500,000  $ 956,171  $ 959,001 
Average interest rate 1.9  % 2.0  % 2.1  % 2.2  % 2.4  % 5.9  % 4.0  %
Variable rate debt $ 12,500  $ 12,500  $ 25,000  $ 25,000  $ 425,000  $ —  $ 500,000  $ 500,905 
Average interest rate 5.4  % 5.4  % 5.4  % 5.4  % 5.4  % —  % 5.4  %
Total debt maturities $ 162,430  $ 145,711  $ 138,174  $ 65,840  $ 444,016  $ 500,000  $ 1,456,171  $ 1,459,906 

For information regarding the fair value of our long-term debt, see Note 16 to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

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Item 8. Financial Statements and Supplementary Data

We present the information required by Item 8 of Form 10-K here in the following order:

Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 238 )
50

Consolidated Statements of Income — Years ended December 31, 2025 , 2024 and 2023
53

Consolidated Statements of Comprehensive Income — Years ended December 31, 2025 , 2024 and 2023
54

Consolidated Balance Sheets — December 31, 2025 and 2024
55

Consolidated Statements of Stockholders’ Equity — Years ended December 31, 2025 , 2024 and 2023
56

Consolidated Statements of Cash Flows — Years ended December 31, 2025 , 2024 and 2023
57

Notes to Consolidated Financial Statements
59

Schedule II — Valuation and Qualifying Accounts — Years ended December 31, 2025 , 2024 and 2023
96

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Amkor Technology, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Amkor Technology, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Accounting for Income Taxes

As described in Notes 1 and 4 to the consolidated financial statements, the Company recorded income tax expense of $68.5 million for the year ended December 31, 2025, and net deferred tax assets of $75.0 million and unrecognized tax benefits of $36.1 million as of December 31, 2025. Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis as well as for net operating loss and tax credit carryforwards. Management monitors on an ongoing basis its ability to utilize deferred tax assets and whether there is a need for a related valuation allowance. In evaluating the ability to recover deferred tax assets in the jurisdictions from which they arise, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and recent results of operations. The Company operates in and files income tax returns in various U.S. and foreign jurisdictions, which are subject to examination by tax authorities. Years open to examination contain matters that could be subject to differing interpretations of applicable tax laws and regulations related to the amount and/or timing of income, deductions and tax credits.

The principal considerations for our determination that performing procedures relating to accounting for income taxes is a critical audit matter are the significant judgment by management in determining the income tax provision and other tax positions. This in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures and in evaluating audit evidence relating to income taxes. The audit effort involved the use of professionals with specialized skill and knowledge to assist in evaluating the audit evidence obtained.

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Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to accounting for income taxes, including the controls addressing the completeness and accuracy of the data utilized. These procedures also included, among others (i) testing the income tax provision calculation and underlying data, including the effective tax rate reconciliation, significant return to provision adjustments, and permanent and temporary differences, (ii) evaluating management’s assessment of the realizability of deferred tax assets on a jurisdictional basis, (iii) evaluating the identification of reserves for unrecognized tax benefits and the reasonableness of the “more likely than not” determination considering the jurisdictions, court decisions, legislative actions, statute of limitations, and developments in tax examinations, and (iv) using professionals with specialized skill and knowledge to assist in evaluating the reasonableness of management’s judgment and estimates, including application of foreign and domestic tax laws and regulations.

/s/  PricewaterhouseCoopers LLP

Phoenix, Arizona
February 20, 2026

We have served as the Company’s auditor since 2000.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME

For the Year Ended December 31,
2025 2024 2023
(In thousands, except per share data)
Net sales $ 6,707,981   $ 6,317,692   $ 6,503,065  
Cost of sales 5,769,382   5,384,480   5,559,912  
Gross profit 938,599   933,212   943,153  
Selling, general and administrative 304,471   331,806   295,393  
Research and development 166,743   162,951   177,473  

Total operating expenses 471,214   494,757   472,866  
Operating income 467,385   438,455   470,287  
Interest expense 75,444   64,945   59,000  
Other (income) expense, net ( 52,678 ) ( 57,506 ) ( 32,554 )
Total other expense, net 22,766   7,439   26,446  
Income before taxes 444,619   431,016   443,841  
Income tax expense 68,503   75,481   81,710  
Net income 376,116   355,535   362,131  
Net income attributable to noncontrolling interests ( 2,221 ) ( 1,523 ) ( 2,318 )
Net income attributable to Amkor $ 373,895   $ 354,012   $ 359,813  
Net income attributable to Amkor per common share:
Basic $ 1.51   $ 1.44   $ 1.46  
Diluted $ 1.50   $ 1.43   $ 1.46  
Shares used in computing per common share amounts:
Basic 247,082   246,344   245,628  
Diluted 248,454   247,818   247,176  

The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Net income $ 376,116   $ 355,535   $ 362,131  
Other comprehensive income (loss), net of tax:
Adjustments to net unrealized gains (losses) on available-for-sale debt investments 1,172   ( 722 ) 1,785  
Adjustments to unrealized components of defined benefit pension plans 3,760   665   1,685  
Foreign currency translation 4,391   ( 8,783 ) ( 3,819 )
Total other comprehensive income (loss) 9,323   ( 8,840 ) ( 349 )
Comprehensive income 385,439   346,695   361,782  
Comprehensive income attributable to noncontrolling interests ( 2,221 ) ( 1,523 ) ( 2,318 )
Comprehensive income attributable to Amkor $ 383,218   $ 345,172   $ 359,464  

The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS

December 31,
2025 2024
(In thousands,
except per share data)
ASSETS
Current assets:
Cash and cash equivalents $ 1,378,347   $ 1,133,553  

Short-term investments (amortized cost of $ 612,344 and $ 513,494 , respectively)
613,038   512,984  
Accounts receivable, net of allowances of $ 1,028 and $ 1,318 , respectively
1,354,825   1,055,013  
Inventories 437,797   310,910  
Other current assets 100,754   61,012  
Total current assets 3,884,761   3,073,472  
Property, plant and equipment, net 3,870,808   3,576,148  
Operating lease right of use assets 93,449   109,730  
Goodwill 18,003   17,947  
Restricted cash 67,776   759  
Other assets 201,512   166,272  
Total assets $ 8,136,309   $ 6,944,328  
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 162,430   $ 236,029  
Trade accounts payable 912,766   712,887  
Capital expenditures payable 243,543   123,195  
Short-term operating lease liability 23,140   26,827  
Accrued expenses 370,093   356,337  
Total current liabilities 1,711,972   1,455,275  
Long-term debt 1,282,816   923,431  

Pension and severance obligations 69,218   70,594  
Long-term operating lease liabilities 48,549   57,983  
Other non-current liabilities 517,467   253,880  
Total liabilities 3,630,022   2,761,163  
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $ 0.001  par value, 10,000  shares authorized, designated Series A, none issued
—   —  
Common stock, $ 0.001  par value, 500,000 shares authorized, 293,756 and 293,052 shares issued, and 247,303 and 246,684 shares outstanding, respectively
294   293  
Additional paid-in capital 2,054,051   2,031,643  
Retained earnings 2,627,038   2,335,132  
Accumulated other comprehensive income (loss) 16,833   7,510  
Treasury stock, at cost, 46,453 and 46,368 shares, respectively
( 227,110 ) ( 225,033 )
Total Amkor stockholders’ equity 4,471,106   4,149,545  
Noncontrolling interests in subsidiaries 35,181   33,620  
Total equity 4,506,287   4,183,165  
Total liabilities and equity $ 8,136,309   $ 6,944,328  

The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Additional Paid-
In Capital Retained Earnings Accumulated
Other
Comprehensive
Income (Loss) Total Amkor
Stockholders’
Equity Noncontrolling
Interest in
Subsidiaries Total
Equity
Common Stock Treasury Stock
Shares Par Value Shares Cost
(In thousands)
Balance at December 31, 2022 291,249   $ 291   $ 1,996,344   $ 1,874,644   $ 16,699   ( 46,158 ) $ ( 219,226 ) $ 3,668,752   $ 30,949   $ 3,699,701  
Net income —  —  —  359,813   —  —  —  359,813   2,318   362,131  
Other comprehensive income (loss) —  —  —  —  ( 349 ) —  —  ( 349 ) —  ( 349 )

Treasury stock acquired through surrender of shares for tax withholding —  —  —  —  —  ( 121 ) ( 3,109 ) ( 3,109 ) —  ( 3,109 )
Issuance of stock through share-based compensation plans 918   1   3,549   —  —  —  —  3,550   —  3,550  
Share-based compensation —  —  8,277   —  —  —  —  8,277   —  8,277  
Cash dividends declared ($ 0.30375 per common share)
—  —  —  ( 74,626 ) —  —  —  ( 74,626 ) —  ( 74,626 )
Subsidiary dividends to noncontrolling interests —  —  —  —  —  —  —  —  ( 540 ) ( 540 )
Balance at December 31, 2023 292,167   $ 292   $ 2,008,170   $ 2,159,831   $ 16,350   ( 46,279 ) $ ( 222,335 ) $ 3,962,308   $ 32,727   $ 3,995,035  
Net income —  —  —  354,012   —  —  —  354,012   1,523   355,535  
Other comprehensive income (loss) —  —  —  —  ( 8,840 ) —  —  ( 8,840 ) —  ( 8,840 )

Treasury stock acquired through surrender of shares for tax withholding —  —  —  —  —  ( 89 ) ( 2,698 ) ( 2,698 ) —  ( 2,698 )
Issuance of stock through share-based compensation plans 885   1   5,102   —  —  —  —  5,103   —  5,103  
Share-based compensation —  —  18,371   —  —  —  —  18,371   —  18,371  
Cash dividends declared ($ 0.72440 per common share)
—  —  —  ( 178,711 ) —  —  —  ( 178,711 ) —  ( 178,711 )
Subsidiary dividends to noncontrolling interests —  —  —  —  —  —  —  —  ( 630 ) ( 630 )
Balance at December 31, 2024 293,052   $ 293   $ 2,031,643   $ 2,335,132   $ 7,510   ( 46,368 ) $ ( 225,033 ) $ 4,149,545   $ 33,620   $ 4,183,165  
Net income —  —  —  373,895   —  —  —  373,895   2,221   376,116  
Other comprehensive income (loss) —  —  —  —  9,323   —  —  9,323   —  9,323  

Treasury stock acquired through surrender of shares for tax withholding —  —  —  —  —  ( 85 ) ( 2,077 ) ( 2,077 ) —  ( 2,077 )
Issuance of stock through share-based compensation plans 704   1   2,309   —  —  —  —  2,310   —  2,310  
Share-based compensation —  —  20,099   —  —  —  —  20,099   —  20,099  
Cash dividends declared ($ 0.33159 per common share)
—  —  —  ( 81,989 ) —  —  —  ( 81,989 ) —  ( 81,989 )
Subsidiary dividends to noncontrolling interests —  —  —  —  —  —  —  —  ( 660 ) ( 660 )
Balance at December 31, 2025 293,756   $ 294   $ 2,054,051   $ 2,627,038   $ 16,833   ( 46,453 ) $ ( 227,110 ) $ 4,471,106   $ 35,181   $ 4,506,287  

The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Cash flows from operating activities:
Net income $ 376,116   $ 355,535   $ 362,131  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 642,008   594,663   631,508  
Amortization of deferred debt issuance costs and premiums 3,604   3,534   3,523  
Deferred income taxes ( 19,013 ) ( 784 ) 13,394  
Loss on debt retirement 1,787   —   —  
Gain on disposal of fixed assets, net ( 37,453 ) ( 3,978 ) ( 2,200 )
Share-based compensation 20,099   18,371   8,277  

Other, net ( 6,569 ) 8,160   16,660  
Changes in assets and liabilities:
Accounts receivable ( 296,819 ) 99,690   205,491  
Inventories ( 126,858 ) 78,965   233,797  
Other current assets ( 4,573 ) ( 5,640 ) 2,673  
Other assets 724   12,076   10,875  
Trade accounts payable 203,353   ( 36,047 ) ( 134,618 )
Accrued expenses 36,653   3,709   ( 48,389 )
Pension and severance obligations ( 4,985 ) ( 6,527 ) ( 844 )
Net operating lease ROU asset 16,258   3,544   50,650  
Operating lease liabilities ( 13,084 ) ( 1,577 ) ( 52,543 )
Other non-current liabilities 304,358   ( 34,826 ) ( 30,365 )
Net cash provided by operating activities 1,095,606   1,088,868   1,270,020  
Cash flows from investing activities:
Payments for property, plant and equipment ( 904,614 ) ( 743,796 ) ( 749,467 )
Proceeds from sale of property, plant and equipment 110,279   3,981   8,444  

Proceeds from foreign exchange forward contracts 58,629   47,045   44,013  
Payments for foreign exchange forward contracts ( 63,781 ) ( 88,623 ) ( 75,786 )
Payments for short-term investments ( 828,392 ) ( 568,711 ) ( 657,583 )
Proceeds from sale of short-term investments 306,494   65,502   94,242  
Proceeds from maturities of short-term investments 429,952   474,097   379,344  
Other investing activities 6,389   10,181   4,883  
Net cash used in investing activities ( 885,044 ) ( 800,324 ) ( 951,910 )
Cash flows from financing activities:
Proceeds from revolving credit facilities —   —   370,000  
Payments of revolving credit facilities —   —   ( 370,000 )
Proceeds from short-term debt —   5,012   20,712  
Payments of short-term debt —   ( 9,731 ) ( 19,448 )
Proceeds from long-term debt 1,096,067   172,651   168,335  
Payments of long-term debt ( 809,531 ) ( 177,214 ) ( 175,427 )
Payments for debt issuance costs ( 14,682 ) ( 1,280 ) ( 1,385 )
Payments of finance lease obligations ( 89,942 ) ( 72,255 ) ( 66,398 )
Proceeds from issuance of stock through share-based compensation plans 2,267   4,995   3,562  
Payments of dividends ( 81,946 ) ( 178,605 ) ( 74,686 )
Other financing activities ( 3,533 ) ( 4,005 ) ( 4,472 )
Net cash provided by (used in) financing activities 98,700   ( 260,432 ) ( 149,207 )
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 2,549   ( 14,417 ) ( 10,692 )
Net increase in cash, cash equivalents and restricted cash 311,811   13,695   158,211  
Cash, cash equivalents and restricted cash, beginning of period 1,134,312   1,120,617   962,406  
Cash, cash equivalents and restricted cash, end of period $ 1,446,123   $ 1,134,312   $ 1,120,617  

The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Supplemental disclosures of cash flow information:      
Cash paid during the period for:
Interest $ 73,598   $ 60,263   $ 54,306  
Income taxes 75,721   82,617   90,458  
Non-cash investing and financing activities:
Property, plant and equipment included in capital expenditures payable 238,140   118,082   104,109  
Right of use assets acquired through operating lease liabilities 10,281   29,541   6,270  
Right of use assets acquired through finance lease liabilities 59,860   149,865   58,232  
Property, plant and equipment acquired through exchange and derecognition of right of use assets 70,776   41,348   4,563  
Property, plant and equipment acquired through grants —   32,670   —  
Grants and incentive receivables recognized for qualified capital expenditures 49,461   1,403   —  
Investment tax credit applied to income taxes payable 3,938   —   —  

The accompanying notes are an integral part of these statements.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements

1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Amkor is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world’s leading semiconductor and electronics companies to bring advanced technologies to market. The company’s comprehensive portfolio includes advanced packaging, wafer-level processing and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables. Amkor has built a leading position by:
• Designing and developing innovative packaging and test technologies focused on advanced packaging solutions in key markets, including artificial intelligence;
• Building expertise in high-volume manufacturing processes and developing a reputation for high quality and solid execution;
• Providing a geographically diverse operating base with manufacturing facilities in multiple countries, including in the United States, where the Arizona Facility is under construction;
• Cultivating long-standing relationships with our customers and industry partners;
• Focusing on strategic end markets that offer solid growth potential; and
• Developing a competitive cost structure through disciplined capital investment.
Basis of Presentation

Our Consolidated Financial Statements include the accounts of Amkor Technology, Inc. and its subsidiaries. Our Consolidated Financial Statements reflect the elimination of all significant inter-company accounts and transactions. Our investments in variable interest entities in which we are the primary beneficiary are consolidated. We reflect the remaining portion of variable interest entities and foreign subsidiaries that are not wholly owned as noncontrolling interests.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, income taxes, inventory and long-lived assets. These estimates are based on management’s best knowledge of current events, historical experience, actions that we may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results could differ materially from these estimates and assumptions, including the impact of any deterioration in the global business and economic environment. Certain prior year amounts have been recast to conform to current year presentation.

Consolidation of Variable Interest Entities

We have variable interests in certain Philippine realty corporations in which we have a 40 % ownership. We lease land and buildings in the Philippines from these entities and we are the primary beneficiary of these arrangements. As of December 31, 2025, the combined book value of the assets and liabilities associated with these Philippine realty corporations included in our Consolidated Balance Sheet were $ 17.2 million and $ 0.2 million, respectively. As of December 31, 2024, the combined book value of the assets and liabilities associated with these Philippine realty corporations included in our Consolidated Balance Sheet were $ 17.3  million and $ 0.1  million, respectively. The impact of consolidating these variable interest entities on our Consolidated Statements of Income and Consolidated Statements of Cash Flows was not significant, and other than our lease payments, we have not provided any significant assistance or

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

other financial support to these variable interest entities for the years ended December 31, 2025, 2024 or 2023. The creditors of the Philippine realty corporations have no recourse to our general credit.
Foreign Currency Translation

The U.S. dollar is the functional currency of our subsidiaries other than our Japan operations. The foreign currency asset and liability amounts at these subsidiaries are remeasured into U.S. dollars at end-of-period exchange rates, except for nonmonetary items which are remeasured at historical rates. Foreign currency income and expenses are remeasured at daily exchange rates, except for expenses related to balance sheet amounts which are remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other (income) expense, net in the period in which they occur.

The Japanese yen is the functional currency of our Japan operations. The asset and liability amounts of our Japan operations are translated into U.S. dollars at end-of-period exchange rates. Income and expenses are translated into U.S. dollars at the daily exchange rate. The resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the balance sheet. Assets and liabilities denominated in a currency other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting transaction exchange gains or losses are included in other (income) expense, net in the period in which they occur.

Risks and Concentrations

The semiconductor industry is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. Our financial results are affected by a wide variety of factors, including general economic conditions worldwide, economic conditions specific to the semiconductor industry, the timely implementation of new package and test technologies, the ability to safeguard patents and intellectual property in a rapidly evolving market and reliance on materials and equipment suppliers. In addition, the semiconductor market has historically been cyclical and subject to significant economic downturns at various times. Our profitability and ability to generate cash from operations is principally dependent upon demand for semiconductors, the utilization of our capacity, semiconductor package mix, the average selling price of our services, our ability to manage our capital expenditures and our ability to control our costs including labor, material, overhead and financing costs.

A significant portion of our revenues is concentrated with a small group of customers (Note 18). Direct sales to our two largest customers accounted for 29.8 % and 11.1 % of our net sales for the year ended December 31, 2025. The loss of a significant customer, a business combination among customers, a reduction in orders or decrease in price from a significant customer or disruption in any of our significant strategic partnerships or other commercial arrangements could have a material adverse effect on our business, liquidity, results of operations, financial condition and cash flows.

Financial instruments, for which we are subject to credit risk, consist principally of accounts receivable and cash, cash equivalents, short-term investments and currency derivatives. With respect to accounts receivable, we mitigate our credit risk by selling primarily to well-established companies, performing ongoing credit evaluations and making frequent contact with customers. In addition, we may utilize non-recourse factoring when considered appropriate. We have historically mitigated our credit risk with respect to our cash, cash equivalents and currency derivatives through diversification of our holdings with major financial institutions for money market funds, bank deposit accounts and derivative contracts. Our short-term investments are principally investments in debt securities with maximum duration of thirty-six months and range from AAA to BBB rated financial instruments. Our short-term investments are primarily in corporate bonds, direct obligations of the U.S. government or its agencies, asset-backed securities and commercial paper. At December 31, 2025, our cash and cash equivalents were primarily maintained in various U.S. and foreign bank operating and time deposit accounts and invested in various available-for-sale debt investments. See Note 6 for further discussion regarding our available-for-sale debt investments.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Contingencies and Litigation

We may be subject to certain legal proceedings, lawsuits and other claims, as discussed in Note 17. We accrue for a loss contingency, including legal proceedings, lawsuits, pending claims and other legal matters, when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if we believe they are material and there is at least a reasonable possibility that a loss has been incurred. Attorney fees related to legal matters are expensed as incurred.

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents are primarily maintained in various U.S. and foreign bank operating and time deposit accounts and invested in various available-for-sale debt investments. See Note 6 for further discussion regarding our available-for-sale debt investments.

Restricted Cash

Restricted cash, non-current, mainly consists of collateral to fulfill construction requirements and funds to be used exclusively for labor costs.

Investments

Generally, we classify our short-term investments in fixed income securities as available-for-sale debt investments. All of our available-for-sale debt investments as of December 31, 2025 are available to fund current operations and are recorded at fair value (Note 6). Unrealized gains and losses on our available-for-sale debt investments are included as a separate component of accumulated other comprehensive income (loss), net of tax. Realized gains and losses on our available-for-sale debt investments and declines in value judged to be an impairment are included in other (income) expense, net. The cost of short-term investments matured or sold is based on the average cost method.

We evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our short-term investments in determining if and when a decline in value below the adjusted cost of our available-for-sale debt investments is an impairment. An impairment is considered if (i) we have the intent to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of the entire amortized cost basis or (iii) we do not expect to recover the entire amortized cost basis of the security. If impairment is considered on condition (i) or (ii) above, the entire difference between the amortized cost and the fair value of the debt security is recognized in earnings. If impairment is considered based on condition (iii), the amount representing credit losses will be recognized in earnings and as an allowance for credit losses. The amount relating to all other factors will be recognized in other comprehensive income.
Inventories

Inventories consist of raw materials and purchased components and are stated at the lower of cost and net realizable value. Cost is principally determined by standard cost or the weighted moving average method, both of which approximate actual cost. We review and set our standard costs as needed, but at a minimum on a quarterly basis. We reduce the carrying value of our inventories for the cost of inventory we estimate is excess and obsolete based on the age of our inventories. When a determination is made that the inventory will not be utilized in production or is not saleable, it is written-off.

Other Current Assets
Other current assets consist principally of prepaid assets and investment tax credits.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is calculated by the straight-line method over the estimated useful lives of depreciable assets which are as follows:

Buildings and improvements 10 to 40  years

Machinery and equipment 2 to 7  years

Software and computer equipment 3 to 5  years

Furniture, fixtures and other equipment 4 to 10  years

We periodically assess the estimated useful lives of our property, plant and equipment. Based on our assessment of test equipment and its increased interchangeability enabling broader and longer use, we extended the estimated useful lives of test equipment from five years to seven years as of January 1, 2024. See Note 8 for further discussion of the estimated useful lives assessment.

Cost and accumulated depreciation for property retired or disposed of are removed from the accounts, and any resulting gain or loss is included in earnings. Expenditures for maintenance and repairs are charged to expense as incurred.

We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of a long-lived asset group to be held and used in operations is measured by a comparison of the carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such asset group is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal.

Grant Accounting

From time to time, we may receive grants from governmental agencies. We recognize grants in our financial statements when there is reasonable assurance that we will comply with conditions attached to the grants and the grants will be received. Government grants are recognized in earnings on a systematic basis over the periods in which the entity incurs costs for which the grants are intended to compensate.

In August 2022, the U.S. government enacted the CHIPS Act, which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain investments in U.S. semiconductor manufacturing. In December 2024, the Commerce Department awarded us up to $ 407  million in direct funding pursuant to the CHIPS Act for the Arizona Facility. The award agreement contains representations, warranties and covenants that relate to compliance with requirements, including construction milestones, and also includes certain events of default and related rights and remedies, including clawbacks. As of December 31, 2025, no direct funding amounts have been received.

In July 2025, the OBBBA was enacted in the United States, which includes a provision to increase the investment tax credit rate under the CHIPS Act from 25% to 35% for qualified property placed in service after 2025. Investment tax credits and grants receivable recorded reduce the carrying amounts of the qualifying property, plant and equipment in our Consolidated Balance Sheets.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The following table presents investment tax credits and grants receivable as of December 31, 2025 and 2024:

December 31, 2025 December 31, 2024
(In thousands)
Investment tax credits recorded in:
Other current assets $ 33,604   $ —  
Other assets —   1,403  
Grants receivable recorded in:
Other assets 13,321   —  

In 2024, we acquired approximately 56 acres of land related to the Arizona Facility with a total fair value of $ 36.9  million. In connection with this acquisition, we paid $ 4.2  million, with the remaining amount obtained as a tangible non-monetary grant subject to the construction and operation of the Arizona Facility. We initially recorded the grant as a deferred liability in other non-current liabilities, and subsequently it will be reclassified on a net basis against construction and operation costs as incurred. In December 2025, we exchanged the approximately 56 acres of land acquired in 2024 for approximately 104 acres of land related to the Arizona Facility in a nonmonetary asset exchange with no cash consideration and no impact to the original grant. We also received a right of first refusal on an approximately 52 -acre adjacent parcel of land in connection with the exchange. The 104 -acre parcel was recorded at the carrying value of the land relinquished with no gain or loss recognized.

Leases

We lease certain machinery and equipment, office space and manufacturing facilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. We combine lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) with the non-lease components (e.g., common-area maintenance costs) for all asset classes. We use our incremental borrowing rate based on the information available at the lease commencement date to determine the lease liability. Our leases have remaining lease terms ranging from less than one year to 80 years. For purposes of calculating our lease liabilities, our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Certain leases also include options or obligations to purchase the leased property. Total long-term finance lease liabilities as of December 31, 2025 and December 31, 2024 were $ 105.0  million and $ 122.7  million, respectively, and are included in other non-current liabilities.

Goodwill

Goodwill is recorded when the cost of an acquisition exceeds the fair value of the net tangible and identifiable intangible assets acquired. We review goodwill for impairment annually during the fourth quarter of each year and whenever events or changes in circumstances indicate that an impairment may exist. Impairment losses are recorded when the carrying amount of the reporting unit exceeds its fair value. The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation.

Other Assets

Other assets consist principally of deferred tax assets, equipment deposits and refundable security deposits.

Derivatives

We have foreign exchange risk related to monetary asset and liability positions at certain subsidiaries. To mitigate the impacts of these exposures, we enter into foreign exchange forward contracts, generally settled monthly. We do not apply hedge accounting to these derivatives. The derivatives are recorded at the fair value either in other current assets or accrued expenses, with the associated gains and losses charged to other (income) expense, net in the period in which

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

they occur. Gains and losses recognized on these derivatives are classified as operating activities and are included within other, net in our Consolidated Statements of Cash Flows.
We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we enter into foreign currency forward contracts, generally settled monthly, that are designated as hedges of net investments. The difference between the forward rate and the spot rate of the net investment hedge forward contracts is excluded from the assessment of hedge effectiveness and subsequently reported in other (income) expense, net on a straight-line basis over the life of the forward contracts. These gains and losses are classified as operating activities and are included within other, net in our Consolidated Statements of Cash Flows. Changes in the fair value of the forward contracts are recognized in other comprehensive income (loss) within foreign currency translation.
See Note 15 for further discussion about the derivatives.
Fair Value Measurements

We apply fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring or nonrecurring basis. We define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. See Note 16 for further discussion of fair value measurements.

Revenue Recognition

We recognize revenue, net of sales, use, value-added and other similar taxes, as a performance obligation is satisfied in an amount reflecting the consideration to which we expect to be entitled. We apply a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied. Substantially all of our revenue is recognized as services are rendered.

Our packaging and test services are our performance obligations to our customers. Our packaging services include wafer bump, probe and assembly. We provide packaging and test services to our customers either individually or as part of a combined offering. In a combined offering, we account for the individual services separately if they are determined to be distinct. We determine a service to be distinct if it is separately identifiable from other services in the combined offering and if a customer can benefit from the unique service on its own or with other resources that are readily available to the customer.
The consideration, including variable consideration, is allocated between the distinct services in a combined offering based upon the stand-alone selling prices of the individual services. Our services involve a high degree of specialization which are unique based on the design and purpose of the customer’s wafers. Accordingly, our negotiated pricing reflects the customized nature of our services and represents a customer-specific stand-alone selling price. We recognize revenue as services are rendered, which generally occurs over the course of two to three weeks. Services are generally billed at completion of each individual packaging or test service or in some instances at the completion of all services in a combined offering.
We recognize revenue over time as services are rendered because our services create or enhance the customer’s wafer. We utilize an input method (cost incurred plus estimated margin) to determine the amount of revenue to recognize for in-process, but incomplete, customer orders at a reporting date. During the period of providing our services, we generally do not control or take ownership of customers’ wafers, nor do we include the cost of the wafer in our cost calculations. We believe that a cost-based input method is the most appropriate manner to measure how we satisfy our performance obligations to customers because the effort and costs incurred to package and/or test customer wafers are not linear over the duration of these services.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Shipping and handling costs are accounted for as a cost to fulfill our performance obligations to customers. Accordingly, we record customer payments of shipping and handling costs as a component of net sales, and the costs incurred for shipping and handling are then charged to cost of sales.

Unbilled receivables are revenues that have been recognized for performance obligations that have been satisfied, or partially satisfied, in advance of billing the customer. Revenue may be recognized in advance of billing as our contracts provide us with an unconditional right to consideration for work that is performed. Total unbilled receivables as of December 31, 2025 and 2024 were $ 294.1 million and $ 210.1 million, respectively. These amounts are included in accounts receivable, net of allowances in our Consolidated Balance Sheets.

At times, we receive cash payments from customers in advance of our performance, some of which require standby letters of credit. For all customer advance payments, we record deferred revenue until the performance obligation is satisfied, which represents a contract liability and is included in accrued expenses and other non-current liabilities in the consolidated balance sheets. These contract liabilities are classified as either current or long-term based on the timing of when we expect to recognize revenue. Contract liabilities were $ 390.8 million and $ 95.6 million as of December 31, 2025 and December 31, 2024, respectively. The increase in contract liabilities was primarily due to higher customer advance payments in 2025. As of December 31, 2025 and December 31, 2024, the short-term portion of the liability was $ 69.6 million and $ 59.7 million, respectively. Of the remaining contract liability balance as of December 31, 2025, $ 283.1 million is expected to be recognized in revenue over the next 1 - 5 years, and $ 38.1 million over the next 5 - 10 years. Revenue recognized during the year that was included in the contract liability balance at the beginning of the period was $ 64.3 million, $ 66.0  million, and $ 66.9  million, for 2025, 2024 and 2023, respectively. As of December 31, 2025, $ 100.0  million of standby letters of credit were issued and outstanding related to customer advance payments received.

Research and Development Costs

Research and development expenses include costs attributable to the conduct of research and development programs primarily related to the development of new package designs or technologies and improving the efficiency and capabilities of our existing production processes. Such costs include labor, materials, supplies, depreciation and maintenance of research equipment, services provided by outside contractors and the allocable portions of facility costs such as rent, utilities, insurance, repairs and maintenance, depreciation and general support services. Costs associated with research and development are expensed as incurred.

Income Taxes

Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis as well as for net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related tax benefits will not be realized.

We monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and recent results of operations. With the exception of a certain foreign jurisdiction and select U.S. and foreign carryforwards, we consider it more likely than not that we will have sufficient taxable income to allow us to realize these deferred tax assets. However, in the event taxable income falls short of current expectations, we may need to establish a valuation allowance against such deferred tax assets.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

We recognize in our Consolidated Financial Statements the impact of an income tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Related interest and penalties are classified as income taxes in the financial statements. See Note 4 for further discussion regarding unrecognized income tax benefits.

Recently Adopted Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of additional income tax information, primarily related to effective tax rate reconciliation and income taxes paid. In 2025, we adopted ASU 2023-09 using the prospective method. See Note 4 for related disclosures.

Recently Issued Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which was subsequently amended and clarified. ASU 2024-03 requires disaggregation of key expense categories such as inventory purchases, employee compensation, depreciation and intangible asset amortization in the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Adoption of this ASU should be applied either prospectively after the effective date or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impact of this new standard on our financial statements, which is expected to result in enhanced disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”). ASU 2025-06 removes all references to project stages throughout ASC 350-40 and clarifies the applicable threshold to begin capitalizing costs. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Adoption of this ASU should be applied using a prospective transition approach, a modified transition approach based on project status or a retrospective transition approach. We are currently evaluating the impact of this new standard on our financial statements and disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) (“ASU 2025-10”). ASU 2025-10 provides guidance on the accounting for government grants received by a business entity, including grants related to assets and grants related to income. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Adoption of this ASU should be applied using the following transition methods: (i) a modified prospective approach for government grants that are entered into on or after, or not complete as of, the effective date; (ii) a modified retrospective approach for government grants that are entered into on or after, or not complete as of, the beginning of earliest period presented; or (iii) a retrospective approach for all government grants. We are currently evaluating the impact of this new standard on our financial statements and disclosures.

2. Share-Based Compensation Plans

For the years ended December 31, 2025, 2024 and 2023, we recognized share-based compensation of $ 20.1 million, $ 18.4 million and $ 8.3 million, respectively, primarily in selling, general and administrative expenses. The amount of compensation expense to be recognized is adjusted for an estimated forfeiture rate which is based on historical data. The corresponding deferred income tax benefits are $ 2.5 million, $ 2.4 million and $ 0.7 million for 2025, 2024 and 2023, respectively.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Equity Incentive Plans
Second Amended and Restated 2007 Equity Incentive Plan. The Second Amended and Restated 2007 Equity Incentive Plan (as amended, the “2007 Plan”) provided for the grant of the following types of incentive awards: (i) stock options; (ii) restricted stock; (iii) restricted stock units; (iv) stock appreciation rights; (v) performance units and performance shares; and (vi) other stock or cash awards. Those eligible for awards included employees, directors and consultants who provide services to Amkor and its subsidiaries. There were originally 17.0 million shares of our common stock reserved for issuance under the 2007 Plan. No awards have been or will be granted under the 2007 Plan after the effective date of the 2021 Plan (as defined below), but all outstanding awards under the 2007 Plan will continue in full force and effect, subject to their original terms.

2021 Equity Incentive Plan. On May 18, 2021, at our 2021 Annual Meeting of Stockholders (the “2021 Annual Meeting”), our stockholders approved the Amkor Technology, Inc. 2021 Equity Incentive Plan (as amended, the “2021 Plan”) to replace the 2007 Plan. The 2021 Plan provides for the grant of the following types of incentive awards: (i) stock options; (ii) restricted stock; (iii) restricted stock units; (iv) stock appreciation rights; (v) performance units and performance shares; and (vi) other stock or cash awards. Those eligible for awards include employees, directors and consultants who provide services to Amkor and its subsidiaries. The number of shares authorized and available for issuance under the 2021 Plan is 23,100,000 shares, reduced for certain awards granted under the 2007 Plan after December 31, 2020, but before May 18, 2021. There were originally 22.8  million shares of our common stock reserved for issuance under the 2021 Plan, and at December 31, 2025, there were 18.1 million shares available for grant under the 2021 Plan.

Stock options

Stock options are generally granted with an exercise price equal to the market price of the stock at the date of grant. Substantially all of the options granted are exercisable pursuant to a one to four year vesting schedule, and the term of the options granted is no longer than ten years . Upon option exercise, we may issue new shares of common or treasury stock.

In order to calculate the fair value of stock options at the date of grant, we use the Black-Scholes option pricing model. Expected volatilities are based on historical performance of our stock. We also use historical data to estimate the timing and amount of option exercises and forfeitures within the valuation model. The expected term of the options is based on evaluations of historical and expected future employee exercise behavior and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is based on the annualized declared quarterly dividend rate divided by our closing stock price at the date of the grant. There have been no stock options granted since 2021.

The following table summarizes our stock option activity for the year ended December 31, 2025:

Number of
Shares
(In thousands) Weighted-Average
Exercise Price
per Share Weighted-Average
Remaining
Contractual Term
(Years) Aggregate
Intrinsic
Value
(In thousands)
Outstanding at December 31, 2024
1,625 $ 10.07  
Granted — —  
Exercised ( 230 ) 9.88  
Forfeited or expired — —  
Outstanding at December 31, 2025
1,395 $ 10.10   2.46 years $ 40,995  
Fully vested at December 31, 2025 and expected to vest thereafter
1,395 $ 10.10   2.46 years $ 40,995  
Exercisable at December 31, 2025
1,395 $ 10.10   2.46 years $ 40,995  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

There was no unrecognized compensation expense from stock options as of December 31, 2025. The total intrinsic value of options exercised during fiscal years 2025, 2024, and 2023 was $ 4.4  million, $ 7.9  million, and $ 5.8  million, respectively.

Restricted stock units

From time to time, and pursuant to the 2021 Plan, we grant time-vested restricted stock units (“RSUs”) to our non-employee directors and certain employees and performance-vested restricted stock units (“PSUs”) to certain employees. RSUs granted prior to 2024 generally vest in four equal installments over a four-year period such that 100 % of the RSUs will become vested on the fourth anniversary of the award, subject to the recipient’s continued employment with us on the applicable vesting dates. The general vesting period for RSUs granted since the start of 2024 decreased to three years . In some circumstances, we have granted RSUs subject to different vesting conditions, including RSUs that vest in a single installment or on a ratable schedule. Provided that the RSUs have not been forfeited earlier, they will generally vest upon the recipient’s retirement, death or disability, or upon a change in control of Amkor, in accordance with the terms and conditions of the applicable award agreement. The value of the RSUs is determined based on the fair market value of the underlying shares on the date of the grant, reduced by the present value of dividends or dividend equivalent rights expected to be paid on our common stock prior to vesting, and is recognized ratably over the vesting period.

PSUs granted prior to 2024 generally vest in one installment after a two-year period such that any earned PSUs will become vested within 90 days of the second anniversary of the award, subject to the recipient’s continued employment with us on the applicable vesting date. Generally for these PSUs, the number of shares of our common stock to be received at vesting will range from 0 % to 200 % of the target grant amount based on Cumulative Basic EPS (as defined in the applicable award agreement) over a two-year performance measurement period. In some circumstances, we have granted PSUs subject to different vesting conditions, including PSUs that vest in full upon the achievement of performance goals other than Cumulative Basic EPS.

Starting in 2024, we granted PSUs that were divided equally between PSUs based on earnings per share for each fiscal year following the grant date over a three-year period (“EPS PSUs”), and PSUs based on relative total shareholder return (“rTSR PSUs”) as compared to the components of the PHLX Semiconductor Index (the “SOX”) over a three-year period. EPS PSUs will vest in three installments such that any earned PSUs will become vested within 90 days of each fiscal year’s end over a three-year period following the grant date, subject to the recipient’s continued employment with us on the applicable vesting dates. For EPS PSUs, the number of shares of our common stock to be received at vesting will range from 0 % to 225 % of the target grant amount. The rTSR PSUs will vest in one installment after a three-year period and the number of shares of our common stock to be received at vesting will range from 0 % to 150 % of the target grant amount based on rTSR performance over the three-year performance period.

Provided the PSUs have not been forfeited earlier, the PSUs will generally vest upon the recipient’s retirement, death or disability, or upon a change of control of Amkor, in accordance with the terms and conditions of the applicable award agreement. For the PSUs granted prior to 2024 and the EPS PSUs, the value is initially determined based on the fair market value of the underlying shares on the date of the grant, reduced by the present value of dividends expected to be paid on our common stock prior to vesting. For the rTSR PSUs, we estimated the grant-date fair value using a Monte Carlo simulation model, using the following weighted-average assumptions:

For the Year Ended December 31,
2025 2024
(In thousands)
Risk-free interest rate 4.23   % 4.33   %
Volatility 46.67   % 46.77   %
Expected life (in years) 3 3

We recognize the grant date fair value of the PSUs as compensation expense ratably over the vesting period.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The following table summarizes our RSU and PSU activity:

Number of
Shares
(In thousands) Weighted- average
Grant Date
Fair Value
(Per Share)
Non-vested at December 31, 2022
738   $ 22.34  
Awards granted 1,049   26.72  
Awards vested ( 464 ) 22.19  
Awards forfeited ( 16 ) 25.24  
Non-vested at December 31, 2023
1,307   25.87  
Awards granted 1,026   29.00  
Awards vested ( 489 ) 27.37  
Awards forfeited ( 217 ) 24.62  
Non-vested at December 31, 2024
1,627   27.56  
Awards granted 1,305   22.15  
Awards vested ( 474 ) 27.61  
Awards forfeited ( 483 ) 26.51  
Non-vested at December 31, 2025
1,975   $ 24.32  

Total unrecognized compensation expense from RSUs and PSUs was $ 24.0 million as of December 31, 2025, which is expected to be recognized over a weighted-average period of approximately 1.60 years beginning January 1, 2026.

For the years ended December 31, 2025, 2024 and 2023 the total fair values of vested RSUs and PSUs were $ 11.2 million, $ 15.5 million and $ 11.6 million, respectively.

3. Other Income and Expense

Other income and expense consist of the following:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Interest income $ ( 62,397 ) $ ( 65,541 ) $ ( 48,458 )
Foreign currency (gain) loss, net 10,836   8,856   18,361  
Loss on debt retirement 1,787   —   —  
Other ( 2,904 ) ( 821 ) ( 2,457 )
Total other (income) expense, net $ ( 52,678 ) $ ( 57,506 ) $ ( 32,554 )

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

4. Income Taxes

Geographic sources of income (loss) before taxes are as follows:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
United States $ 68,993   $ 81,289   $ 94,643  
Foreign 375,626   349,727   349,198  
Income before taxes $ 444,619   $ 431,016   $ 443,841  

The components of the provision (benefit) for income taxes are as follows:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Current:
Federal $ 27,025   $ 7,898   $ 19,831  
State 21   34   7  
Foreign 60,470   68,333   48,478  
87,516   76,265   68,316  
Deferred:
Federal ( 13,209 ) 153   8,899  
State 40   ( 501 ) 1  
Foreign ( 5,844 ) ( 436 ) 4,494  
( 19,013 ) ( 784 ) 13,394  
Income tax expense $ 68,503   $ 75,481   $ 81,710  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The reconciliation between the U.S. federal statutory income tax rate of 21% and our effective tax rate is as follows:

For the Year Ended December 31,
2025
Amount %
(In thousands, except percentages)
U.S. federal statutory income tax rate $ 93,370   21.0   %

State and local income taxes, net of federal effect (1) 56   0.0  

Foreign tax effects:
Korea
Foreign rate differential ( 7,941 ) ( 1.8 )
Tax credits ( 1,853 ) ( 0.4 )
Investment tax credits ( 8,997 ) ( 2.0 )
FX gain/loss 16,004   3.6  
Other ( 4,115 ) ( 1.0 )
Portugal
Changes in valuation allowance ( 9,822 ) ( 2.2 )
Other ( 318 ) ( 0.1 )
Singapore
Foreign rate differential ( 24,189 ) ( 5.4 )
Qualified domestic minimum top-up tax (QDMTT) 13,200   3.0  
Other ( 2,308 ) ( 0.5 )
Taiwan
Tax credits ( 6,290 ) ( 1.4 )
Other 376   0.1  

Vietnam 5,942   1.3  
Other foreign jurisdictions 3,954   0.8  

Effect of cross-border tax laws
U.S. tax on foreign earnings (Subpart F) 14,492   3.3  
Foreign-derived intangible income (FDII) ( 9,398 ) ( 2.2 )
Other ( 125 ) 0.0  
Tax credits ( 1,926 ) ( 0.4 )
Changes in valuation allowance ( 13,011 ) ( 2.9 )
Nontaxable or nondeductible items 2,643   0.6  
Changes in unrecognized tax benefits 2,100   0.5  
Other adjustments ( 1,830 ) ( 0.4 )
Insolvency payment (Note 17) 8,489   1.9  
Total tax provision and effective tax rate $ 68,503 15.4   %

(1) California makes up the majority (greater than 50 percent) of the effect of the state and local income taxes category.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

For the Year Ended December 31,
2024 2023
U.S. federal statutory income tax rate 21.0   % 21.0   %

Foreign income taxed at different rates ( 2.1 ) ( 4.2 )
Foreign exchange (loss) gain 1.4   0.5  

Change in valuation allowance ( 1.8 ) 2.9  

Income tax credits generated ( 6.8 ) ( 7.5 )
Foreign earnings and profits 3.5   7.0  
Foreign derived intangible income ( 1.8 ) ( 1.6 )

Settlements and changes in uncertain tax positions 3.8   ( 0.5 )
Other 0.3   0.8  
Income tax expense 17.5   % 18.4   %

In 2025, we reversed $ 12.8  million of valuation allowance recorded against U.S. foreign tax credit carryforwards previously projected to expire unused due to the limitations to utilize the credits under current tax law. Realization of these carryforwards is dependent on generating sufficient taxable income of the appropriate foreign-source character to overcome the foreign tax credit limitation provisions. Although utilization of these carryforwards is not assured, in light of our current earnings and recent estimates of future taxable income, management believes sufficient positive evidence exists to conclude that the respective valuation allowance is no longer needed, resulting in the reversal of the valuation allowance.

As a result of certain capital investments, export commitments and employment levels, income from operations in Korea, Singapore and Vietnam was subject to reduced income tax rates and, in some cases, was exempt from income taxes. The most significant tax rate impact is in Singapore where we have been granted a conditional reduced tax rate that expires at the end of 2028. Singapore’s enactment of the Pillar Two Model Rules including its QDMTT effective in 2025 adversely affected the benefit of our conditional reduced tax rate. We recognized $ 3.1 million, $ 33.2 million and $ 18.6 million in tax benefits as a result of the conditional reduced tax rates in 2025, 2024 and 2023, respectively. The benefit of the conditional reduced tax rates on diluted earnings per share was approximately $ 0.01 , $ 0.13 and $ 0.08 for 2025, 2024 and 2023, respectively.

The components of our cash paid for income taxes (net of refunds) are as follows:

For the Year Ended December 31,
2025
(In thousands)
United States
Federal $ 18,066  
State ( 70 )
Foreign
Japan 6,706  
Korea 13,507  
Singapore 23,827  
Taiwan 7,826  
Other 5,859  
Total $ 75,721  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The following is a summary of the components of our deferred tax assets and liabilities:

December 31,
2025 2024
(In thousands)
Deferred tax assets:
Net operating loss carryforwards $ 22,484   $ 21,420  

Tax credit carryforwards 78,329   69,373  
Property, plant and equipment 20,048   18,512  
Deferred interest expense 2,513   446  
Accrued liabilities 43,999   37,968  
Receivable 11,975   27,284  
Unrealized foreign currency loss 6,842   23,769  
Operating lease liabilities 13,704   14,825  
Other 12,903   14,203  
Total deferred tax assets 212,797   227,800  
Valuation allowance ( 79,356 ) ( 107,113 )
Total deferred tax assets net of valuation allowance 133,441   120,687  
Deferred tax liabilities:
Property, plant and equipment 20,313   27,442  
Deferred gain 2,222   3,341  
Unrealized foreign currency gain 5,745   6,674  
Unbilled receivables 9,854   6,508  
Operating lease right of use assets 12,930   14,240  
Other 7,338   6,560  
Total deferred tax liabilities 58,402   64,765  
Net deferred tax assets $ 75,039   $ 55,922  
Recognized as:
Other assets $ 86,400   $ 72,488  
Other non-current liabilities ( 11,361 ) ( 16,566 )
Total $ 75,039   $ 55,922  

We monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and recent results of operations.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Valuation allowance against deferred tax assets consist of the following:

December 31,
2025 2024
(In thousands)
Valuation allowance:
U.S. $ 33,707   $ 44,853  
Foreign 45,649   62,260  
Total valuation allowance $ 79,356   $ 107,113  

Our net operating loss carryforwards are as follows:

December 31,
2025 2024 Expiration
(In thousands)
U.S. state net operating loss carryforwards 24,280   27,334   2026-2036
Foreign net operating loss carryforwards 195,347   207,203   2027-2035

At December 31, 2025 and 2024, we have a valuation allowance against certain state net operating loss carryforwards expected to expire unused. Also, we have a valuation allowance against foreign net operating loss carryforwards that we do not expect to have sufficient taxable income to realize as of December 31, 2025 and 2024.
Our tax credit carryforwards are as follows:

December 31,
2025 2024 Expiration
(In thousands)
U.S. Foreign Tax Credits $ 46,982   $ 49,639   2027-2035
U.S. Other Tax Credits 5,072   3,817   2026-2035
Foreign Tax Credits 27,564   19,543   2026-2035

At December 31, 2025 and 2024, a portion of our U.S. and foreign tax credit carryforwards were reserved with a valuation allowance for the amount expected to expire unused.

Distributions of cash to the U.S. as dividends generally will not be subject to U.S. federal income tax. We have not provided foreign withholding taxes or state income taxes on the undistributed earnings of our foreign subsidiaries, over which we have sufficient influence to control the distribution of such earnings and have determined that substantially all such earnings have been reinvested indefinitely. These earnings could become subject to foreign withholding tax if they are remitted as dividends. For the year ended December 31, 2025, we estimate that repatriation of these foreign earnings would generate withholding taxes and state income taxes of approximately $ 156 million.
We operate in and file income tax returns in various U.S. and foreign jurisdictions which are subject to examination by tax authorities. We have tax returns that are open to examination in various jurisdictions for tax years 2013-2025. The open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations related to the amount and/or timing of income, deductions and tax credits. There can be no assurance that the outcome of examinations will be favorable. Our unrecognized tax benefits are subject to change as examinations of specific tax years are completed in the respective jurisdictions. In certain circumstances where we elect to appeal the results of an examination, we may be required to make tax assessment payments to proceed with the administrative appeal process. Current examinations include 2021 and 2023 Philippine income tax returns, 2022-2024 Japan income tax returns and 2020-2021 California income tax returns.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Balance at January 1 $ 36,316   $ 31,537   $ 33,253  
Additions based on tax positions related to the current year 4,808   7,260   —  
Additions for tax positions of prior years 709   3,761   495  
Reductions for tax positions of prior years ( 1,027 ) ( 4,992 ) ( 345 )
Reductions related to settlements with tax authorities ( 356 ) ( 789 ) —  
Reductions from lapse of statutes of limitations ( 4,334 ) ( 461 ) ( 1,866 )
Balance at December 31 $ 36,116   $ 36,316   $ 31,537  

At December 31, 2025, $ 34.9 million of our gross unrecognized tax benefits would reduce our effective tax rate, if recognized.

The liability related to our unrecognized tax benefits, before interest and penalties, was $ 32.6 million as of December 31, 2025 and is reported as a component of other non-current liabilities. The unrecognized tax benefits presented in the table above also include positions that have reduced deferred tax assets by $ 3.5  million. The balance of accrued and unpaid interest and penalties was $ 4.4 million and $ 4.5 million as of December 31, 2025 and 2024, respectively, and is included as a component of other non-current liabilities in connection with our unrecognized tax benefits.

5. Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income attributable to Amkor common stockholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding is reduced for treasury stock.

Diluted EPS is computed based on the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock options, PSUs and RSUs.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The following table summarizes the computations of basic and diluted EPS:

For the Year Ended December 31,
2025 2024 2023
(In thousands, except per share data)

Net income attributable to Amkor common stockholders $ 373,895 $ 354,012   $ 359,813  

Weighted-average number of common shares outstanding — basic 247,082   246,344   245,628  
Effect of dilutive securities:
Share-based awards 1,372   1,474   1,548  
Weighted-average number of common shares outstanding — diluted 248,454   247,818   247,176  
Net income attributable to Amkor per common share:
Basic $ 1.51   $ 1.44   $ 1.46  
Diluted $ 1.50   $ 1.43   $ 1.46  

The following table summarizes the potential shares of common stock that were excluded from diluted EPS, because the effect of including these potential shares was anti-dilutive:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Share-based awards 7   —   2  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

6. Investments

The following table summarizes our cash equivalents and available-for-sale debt investments:

December 31, 2025
Fair Value Level
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2
  (In thousands)
Cash equivalents

Certificate of deposits $ 2,501   $ —   $ —   $ 2,501   $ 2,501   $ —  
Commercial paper 63,421   —   —   63,421   —   63,421  

Money market funds 359,721   —   —   359,721   359,721   —  

U.S. government bonds 21,988   2   —   21,990   21,990   —  

Variable rate demand notes 1,007   —   —   1,007   —   1,007  
Total cash equivalents (2) 448,638   2   —   448,640   384,212   64,428  

Short-term investments
Asset-backed securities 69,433   118   ( 53 ) 69,498   —   69,498  
Certificate of deposits 10,318   —   —   10,318   10,318   —  
Commercial paper 67,967   —   —   67,967   —   67,967  
Corporate bonds 334,361   592   ( 73 ) 334,880   —   334,880  

Mortgage-backed securities 912   2   —   914   —   914  
Municipal bonds 3,042   4   —   3,046   —   3,046  
U.S. government agency bonds 8,614   —   ( 12 ) 8,602   —   8,602  
U.S. government bonds 106,705   130   ( 15 ) 106,820   106,820   —  
Variable rate demand notes 7,053   —   —   7,053   —   7,053  
Total short-term investments 608,405   846   ( 153 ) 609,098   117,138   491,960  
Total $ 1,057,043   $ 848   $ ( 153 ) $ 1,057,738   $ 501,350   $ 556,388  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

December 31, 2024
Fair Value Level
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2
  (In thousands)
Cash equivalents

Commercial paper $ 53,110   $ —   $ —   $ 53,110   $ —   $ 53,110  
Corporate bonds 755   —   —   755   —   755  
Money market funds 146,679   —   —   146,679   146,679   —  

US government bonds 16,450   4   —   16,454   16,454   —  

Total cash equivalents (2) 216,994   4   —   216,998   163,133   53,865  
Short-term investments
Asset-backed securities 63,256   168   ( 1,038 ) 62,386   —   62,386  
Certificate of deposits 15,121   —   —   15,121   15,121   —  
Commercial paper 36,829   —   —   36,829   —   36,829  
Corporate bonds 258,191   567   ( 101 ) 258,657   —   258,657  
Foreign government bonds 1,590   —   —   1,590   —   1,590  
Mortgage-backed securities 11,159   2   ( 18 ) 11,143   —   11,143  
Municipal bonds 1,007   2   —   1,009   —   1,009  
U.S. government agency bonds 11,392   —   ( 25 ) 11,367   —   11,367  
U.S. government bonds 110,522   102   ( 170 ) 110,454   110,454   —  

Total short-term investments 509,067   841   ( 1,352 ) 508,556   125,575   382,981  
Total $ 726,061   $ 845   $ ( 1,352 ) $ 725,554   $ 288,708   $ 436,846  

(1) All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2) During the years ended December 31, 2025, 2024, and 2023 we sold cash equivalent investments for proceeds of $ 87.5  million, $ 29.8  million and $ 47.0  million, respectively, and realized no gain or loss on such sales.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of December 31, 2025:

Amortized Cost Fair Value
Within 1 year $ 761,960   $ 762,329  
After 1 year through 5 years 217,678   217,937  
After 5 years 7,060   7,060  
Asset- and mortgage-backed securities 70,345   70,412  
Total $ 1,057,043   $ 1,057,738  

Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

As of December 31, 2025, the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $ 3.9  million. As of December 31, 2024 the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $ 4.4  million.

7. Factoring of Accounts Receivable

For certain accounts receivable, we use non-recourse factoring arrangements with third-party financial institutions to manage our working capital and cash flows. Under these arrangements, we sell receivables to a financial institution for cash at a discount to the face amount. As part of the factoring arrangements, we perform certain collection and administrative functions for the receivables sold. For the years ended December 31, 2025 and 2024, we sold accounts receivable totaling $ 154.4 million and $ 158.6 million, net of discounts and fees of $ 0.5 million and $ 0.4 million, respectively.

8. Property, Plant and Equipment

Property, plant and equipment consist of the following:

December 31,
2025 2024
(In thousands)
Land $ 247,450   $ 246,953  
Buildings and improvements 2,353,344   2,239,481  
Machinery and equipment 7,946,040   7,389,787  
Finance lease assets 217,855   274,302  
Furniture, fixtures and other equipment 18,820   18,652  
Software and computer equipment 229,769   215,031  
Construction in progress 250,152   185,351  
Total property, plant and equipment 11,263,430   10,569,557  
Accumulated depreciation and amortization ( 7,392,622 ) ( 6,993,409 )
Total property, plant and equipment, net $ 3,870,808   $ 3,576,148  

During 2025, we began construction of the Arizona Facility and incurred costs of $ 128.3 million, including capitalized interest of $ 1.8 million.

In September 2025, we amended certain finance lease agreements to accelerate the purchase of the underlying assets in October for $ 34.7 million, which is included in payments of finance lease obligations in our Consolidated Statements of Cash Flows. We sold these assets along with additional existing machinery and equipment in November 2025 for $ 103.6 million and recognized a pre-tax gain on sale of approximately $ 29.0 million in cost of sales and $ 5.2 million in research and development in our Consolidated Statements of Income.

The following table summarizes our depreciation expense:

For the Year Ended December 31,
  2025 2024 2023
  (In thousands)
Depreciation expense $ 641,521   $ 594,141   $ 630,941  

The extension in the estimated useful lives of test equipment (Note 1) reduced depreciation expense by approximately $ 59 million in 2024. This benefited net income by approximately $ 49 million and diluted earnings per share by $ 0.20 .

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

9. Leases

The components of lease expense were as follows:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Operating lease cost $ 32,002   $ 40,110   $ 70,722  
Finance lease cost
Amortization of leased assets 36,468   35,290   42,345  
Interest on lease liabilities 10,415   9,138   5,521  
Total finance lease cost 46,883   44,428   47,866  
Short-term lease cost 3,842   4,599   4,788  
Variable lease cost 9,649   7,409   6,921  
Net lease cost $ 92,376   $ 96,546   $ 130,297  

Other information related to leases was as follows:

For the Year Ended December 31,
2025 2024 2023
Supplemental Cash Flows Information (in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases $ 34,075   $ 39,111   $ 73,774  
Operating cash flows for finance leases 10,579   8,736   5,419  
Financing cash flows for finance leases 89,942   72,255   66,398  

Weighted Average Remaining Lease Term (years)
Operating leases 6.5 6.0 6.1
Finance leases 4.3 3.9 3.2

Weighted Average Discount Rate
Operating leases 5.3   % 5.8   % 5.2   %
Finance leases 6.0   % 6.3   % 5.7   %

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Maturities of lease liabilities were as follows:

December 31, 2025
Operating Leases Finance Leases
(In thousands)
2026 $ 26,317   $ 51,826  
2027 19,237   37,904  
2028 8,685   25,788  
2029 6,573   27,923  
2030 4,562   16,100  
Thereafter 17,565   11,220  
Total future minimum lease payments 82,939   170,761  
Less: Imputed interest ( 11,250 ) ( 21,680 )
Total $ 71,689   $ 149,081  

10. Accrued Expenses

Accrued expenses consist of the following:

December 31,
2025 2024
(In thousands)
Payroll and benefits $ 147,910   $ 121,683  
Deferred revenue and customer advances 69,611   59,656  
Short-term finance lease liability 44,046   55,613  
Income taxes payable 32,845   35,067  
Accrued interest 8,972   11,487  
Accrued pension and severance obligations (Note 12)
6,996   13,091  
Other accrued expenses 59,713   59,740  
Total accrued expenses $ 370,093   $ 356,337  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

11. Debt

Short-term borrowings and long-term debt consist of the following:

December 31,
2025 2024
(In thousands)
Debt of Amkor Technology, Inc.:
Senior notes:
6.625 % Senior notes, due September 2027 (1)
$ —   $ 525,000  

5.875 % Senior notes, due October 2033 (2)
500,000   $ —  
Other:
2025 Revolving Credit Facility, applicable bank rate plus 1.75 %, due May 2030 (3)
—   —  
Term A Loans, applicable bank rate plus 1.75 %, due May 2030 (4)
500,000   —  
Debt of subsidiaries:
Amkor Technology Korea, Inc.:
Term loan, fixed rate at 3.95 %, due May 2027 (5)
—   —  
Term loan, fixed rate at 2.12 %, due December 2028
150,000   200,000  
Amkor Technology Japan, Inc.:
Short-term term loans, variable rate (6) —   —  
Term loan, fixed rate at 1.20 %, due December 2025
—   13,868  
Term loan, fixed rate at 1.23 %, due December 2026
16,719   33,333  
Term loan, fixed rate at 1.59 %, due December 2027
40,074   59,923  
Term loan, fixed rate at 1.80 %, due December 2028
67,003   89,059  
Term loan, fixed rate at 2.05 %, due December 2029
87,295   108,779  
Term loan, fixed rate at 2.42 %, due December 2030 (7)
95,080   —  
Amkor Assembly & Test (Shanghai) Co., Ltd.:
Term loans, SOFR plus 0.75 %, due June 2025
—   35,000  
Term loans, SOFR plus 0.75 %, due 2025 (4)
—   55,500  
Term loans, SOFR plus 0.95 %, due December 2026 (4)
—   44,000  
1,456,171   1,164,462  
Less: Unamortized discount and deferred debt costs, net ( 10,925 ) ( 5,002 )
Less: Short-term borrowings and current portion of long-term debt ( 162,430 ) ( 236,029 )
Long-term debt $ 1,282,816   $ 923,431  

(1) In July 2025, we redeemed $ 125.0  million (the “July Redemption”) of our 2027 Notes. In October 2025, we redeemed the remaining amounts due under our 2027 Notes (the “October Redemption” and, together with the July Redemption, the “2027 Notes Redemptions”). The 2027 Notes Redemptions were funded with a portion of the net proceeds from the $ 500.0  million Term A Loans and a portion of the net proceeds from our issuance of the 2033 Notes. In accordance with the terms of the indenture governing the 2027 Notes, the redemption price for the 2027 Notes Redemptions was 100 % of the principal amount of the 2027 Notes plus accrued and unpaid interest. As a result of the 2027 Notes Redemptions, we recorded $ 1.8  million in charges for the early extinguishment of debt related costs.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

(2) In September 2025, we issued $ 500.0  million of the 2033 Notes at par value. The 2033 Notes are senior unsecured obligations guaranteed by our wholly-owned subsidiary Guardian. Interest is payable semiannually on April 1 and October 1 of each year, commencing April 1, 2026. We incurred $ 6.7  million of debt issuance costs associated with the 2033 Notes. The proceeds were used for the September Redemption and general corporate purposes.
(3) In May 2025, we entered into the 2025 Revolving Credit Facility, guaranteed by ATSH and Guardian, that replaced an existing revolving credit facility. The maximum borrowing capacity under the 2025 Revolving Credit Facility is $ 1.0  billion. The 2025 Revolving Credit Facility includes an uncommitted optional accordion of up to $ 200.0  million, which may be incurred in the form of revolving commitment increases or term loans. As of December 31, 2025, $ 1.0  billion was available for future borrowings under the 2025 Revolving Credit Facility.
(4) In June 2025, we amended the 2025 Revolving Credit Facility and created the Term A Loans, which are secured and guaranteed on a pari passu basis to the revolver loans under the existing agreement. The Term A Loans have an aggregate principal amount of $ 500.0  million and will mature in May 2030. The payments are subject to 2.5 % amortization of the original principal amount per year in 2026 and 2027, and 5 % thereafter, payable quarterly, with the remaining balance due at maturity. The proceeds were used for the July Redemption, prepayment of AATS Loans and general corporate purposes.
(5) In April 2021, we entered into a ₩ 80 billion term loan agreement with the option to borrow and re-borrow the funds up to six times per year through April 2024 at a fixed rate of 1.85 %. In May 2024, we replaced this loan by entering into a ₩ 80.0  billion (approximately $ 59  million) term loan agreement with the option to borrow and re-borrow the funds up to six times per year through May 2027. Principal is payable at maturity, and interest is payable monthly at a fixed rate of 3.95 %. As of December 31, 2025, ₩ 80.0 billion, or approximately $ 55  million, was available to be drawn.
(6) We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. As of December 31, 2025, $ 3.2 million was available to be drawn.
(7) In December 2025, we borrowed ¥ 14.9  billion (US$ 96.1  million) under a new term loan agreement due December 2030, guaranteed by Amkor Technology, Inc. and our subsidiary, ATSH. Principal is due in 20 equal, quarterly installments plus accrued interest, through maturity.
Certain of our debt is collateralized by the land, buildings, equipment and capital stock of subsidiaries. As of December 31, 2025 the collateralized debt balance was $ 956.2  million, of which $ 640.4  million of assets and subsidiary capital stock were pledged as collateral.
Interest Rates

Interest is payable semiannually on our senior notes and quarterly or monthly on our other fixed- and variable-rate debt. Refer to the table above for the interest rates on our fixed-rate debt and to the table below for the interest rates on our variable-rate debt.

December 31,
2025 2024
Debt of Amkor Technology, Inc.:
Term A Loans, applicable bank rate plus 1.75 % due May 2030
5.42   % —   %
Amkor Assembly & Test (Shanghai) Co., Ltd.:
Term loans, SOFR plus 0.75 % due June 2025
—   % 5.15   %
Term loans, SOFR plus 0.75 %, due 2025
—   % 5.15   %
Term loans, SOFR plus 0.95 %, due December 2026
—   % 5.28   %

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Compliance with Debt Covenants

The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc., ATSH and Guardian guarantee certain debt of our subsidiaries. The agreements governing our indebtedness contain affirmative and negative covenants, including, among others, covenants to maintain a minimum interest coverage ratio and a maximum consolidated leverage ratio, which restrict our ability to pay dividends and could restrict our operations. These restrictions do not currently have a material impact on our ability to make dividend payments or stock repurchases.

We were in compliance with all debt covenants at December 31, 2025 and 2024.

Maturities

Total Debt
(In thousands)
Payments due for the year ending December 31,
2026 $ 162,430  
2027 145,711  
2028 138,174  
2029 65,840  
2030 444,016  
Thereafter 500,000  
Total debt $ 1,456,171  

12. Pension and Severance Plans

Korean Severance Plan

Our subsidiary in Korea maintains an unfunded severance plan that covers certain employees that were employed prior to August 1, 2015. To the extent eligible employees are terminated, our subsidiary in Korea would be required to make lump-sum severance payments on behalf of these eligible employees for service provided prior to August 1, 2015. Factors used to determine severance benefits include employees’ length of service, seniority and rate of pay. The employees’ length of service and seniority are fixed as of July 31, 2015. The employees’ rate of pay is adjusted to the rate of pay at the time of termination. Accrued severance benefits are estimated assuming all eligible employees were to terminate their employment at the balance sheet date. Our contributions to the National Pension Plan of the Republic of Korea are deducted from accrued severance benefit liabilities. On August 1, 2015, our subsidiary in Korea began sponsoring a defined benefit pension plan and a defined contribution plan. Existing employees at that time were given the option of choosing either a defined benefit pension plan or a defined contribution plan for their future benefits and new employees since that date are enrolled in a defined contribution plan.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The changes to the balance of our accrued severance plan obligations are as follows:

For the Year Ended December 31,
2025 2024
(In thousands)
Balance at January 1 $ 43,438   $ 47,906  
Provision of severance benefits 4,686   3,142  
Severance payments ( 11,124 ) ( 1,416 )
Foreign currency (gain) loss 701   ( 6,194 )
Balance at December 31 37,701   43,438  
Payments remaining with the National Pension Fund ( 101 ) ( 101 )
Total accrued severance plan obligations at December 31 37,600   43,337  
Less current portion of accrued severance plan obligations (Note 10) (1) 6,270   12,231  
Non-current portion of accrued severance plan obligations $ 31,330   $ 31,106  

(1) In December 2024, some employees accepted our offer to convert their Korean severance and defined benefit pension plan participation to a defined contribution plan. This resulted in the conversion of approximately $ 5 million of obligations from our Korean severance plan to a defined contribution plan, which was funded during the first quarter of 2025.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

Foreign Defined Benefit Pension Plans

Our subsidiaries in Japan, Korea, Malaysia, the Philippines and Taiwan sponsor defined benefit plans (the “Plans”). Charges to expense are based upon actuarial analyses. The following table summarizes the changes to the Plans’ benefit obligations, fair value of the Plans’ assets and the funded status of the Plans at December 31, 2025 and 2024:

For the Year Ended December 31,
2025 2024
(In thousands)
Change in projected benefit obligation:
Projected benefit obligation at January 1 $ 159,156   $ 164,281  
Service cost 13,312   13,645  
Interest cost 5,851   5,718  
Benefits paid ( 3,689 ) ( 11,320 )
Actuarial (gain) loss ( 729 ) 2,458  

Effects of curtailment ( 434 ) ( 320 )
Settlement ( 22,939 ) ( 883 )
Foreign currency (gain) loss 6,114   ( 14,423 )
Projected benefit obligation at December 31 156,642   159,156  
Change in plan assets:
Fair value of plan assets at January 1 125,282   129,196  
Actual gain (loss) on plan assets 11,932   8,918  
Employer contributions 14,223   12,165  

Settlement ( 22,939 ) ( 883 )
Benefits paid ( 3,689 ) ( 11,320 )
Foreign currency gain (loss) 5,012   ( 12,794 )
Fair value of plan assets at December 31 129,821   125,282  
Funded status of the Plans at December 31 $ ( 26,821 ) $ ( 33,874 )

December 31,
2025 2024
(In thousands)
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost (included in non-current assets) $ 11,139   $ 5,991  
Accrued benefit liability (included in pension and severance obligations) (1) ( 37,960 ) ( 39,865 )
Net amount recognized at year end $ ( 26,821 ) $ ( 33,874 )

(1) As of December 31, 2025 and 2024, $ 0.7 million and $ 0.9 million, respectively, was recognized in accrued expenses.
The accumulated benefit obligation as of December 31, 2025 and 2024 was $ 122.3 million and $ 123.4 million, respectively.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The following table summarizes, by component, the change in accumulated other comprehensive income (loss), net of tax related to our Plans:

Prior Service
Cost Actuarial Net Gain (Loss) Total
(In thousands)
Balance at December 31, 2023 $ 602   $ 15,303   $ 15,905  
Amortization and settlement gain included in net periodic pension cost —   ( 388 ) ( 388 )
Net gain (loss) arising during period —   1,053   1,053  
Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) —   665   665  
Balance at December 31, 2024 $ 602   $ 15,968   $ 16,570  
Amortization and settlement gain included in net periodic pension cost —   ( 2,357 ) ( 2,357 )
Net gain (loss) arising during period —   6,117   6,117  
Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) —   3,760   3,760  
Balance at December 31, 2025 $ 602   $ 19,728   $ 20,330  

Information for pension plans with benefit obligations in excess of plan assets is as follows:

December 31,
2025 2024
(In thousands)
Plans with underfunded or non-funded projected benefit obligation:
Aggregate projected benefit obligation $ 90,877   $ 92,191  
Aggregate fair value of plan assets 52,916   52,326  
Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate accumulated benefit obligation 54,324   55,646  
Aggregate fair value of plan assets 21,011   20,122  

The following table summarizes total pension expense:

For the Year Ended December 31,
2025 2024 2023
(In thousands)
Components of net periodic pension cost and total pension expense:
Service cost $ 13,312   $ 13,645   $ 15,032  
Interest cost 5,851   5,718   6,202  
Expected return on plan assets ( 5,213 ) ( 5,554 ) ( 5,144 )

Recognized actuarial (gain) loss ( 476 ) ( 462 ) ( 156 )
Net periodic pension cost 13,474   13,347   15,934  
Curtailment (gain) loss ( 434 ) ( 320 ) ( 617 )
Settlement (gain) loss ( 2,196 ) 33   132  
Total pension expense $ 10,844   $ 13,060   $ 15,449  

The components of net periodic pension cost other than the service cost component are included in other (income) expense, net in our Consolidated Statements of Income.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The following table summarizes the weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligations:

For the Year Ended December 31,
2025 2024 2023
Discount rate for determining net periodic pension cost 3.8   % 3.8   % 4.2   %
Discount rate for determining benefit obligations at December 31 4.2   % 3.8   % 3.8   %
Rate of compensation increase for determining net periodic pension cost 3.8   % 3.7   % 3.6   %
Rate of compensation increase for determining benefit obligations at December 31 3.8   % 3.8   % 3.7   %
Expected rate of return on plan assets for determining net periodic
pension cost 4.2   % 4.5   % 4.1   %

The measurement date for determining the Plans’ assets and benefit obligations is December 31, each year. Discount rates are generally derived from yield curves constructed from high-quality corporate or foreign government bonds, for which the timing and amount of cash outflows approximate the estimated payouts.

The expected rate of return assumption is based on weighted-average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets and include input from our actuaries. We have no control over the direction of our investments in our defined benefit plans in Taiwan as the local Labor Standards Law Fund mandates such contributions into a cash account balance at the Bank of Taiwan. Our defined benefit pension plan in Malaysia is a non-funded plan, and as such, no asset exists related to this plan. Our investment strategies for our defined benefit plans in Japan, Korea and the Philippines are based on long-term, sustained asset growth through low to medium risk investments. The current rate of return assumption targets are based on asset allocation strategies as follows:

Allocation
Debt Equity Other
Japan defined benefit plan 90   % 8   % 2   %
Korea defined benefit plan 30   % 20   % 50   %
Philippine defined benefit plan 50   % 45   % 5   %

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

The fair value of our pension plan assets, by asset category utilizing the fair value hierarchy as discussed in Note 16, is as follows:

December 31, 2025 December 31, 2024
Level 1 Level 2 Total Level 1 Level 2 Total
(In thousands) (In thousands)
Cash and cash equivalents $ 100   $ —   $ 100   $ 749   $ —   $ 749  
Equity securities 13,883   —   13,883   14,276   —   14,276  
Debt securities
Government bonds 2,851   1,412   4,263   3,712   —   3,712  
Corporate bonds 1,376   —   1,376   1,259   —   1,259  
Treasury notes 7,231   4,720   11,951   11,881   —   11,881  
Mutual and commingled funds
Equity funds 17,841   7,490   25,331   11,950   7,270   19,220  
Debt funds 18,870   13,060   31,930   18,210   12,516   30,726  
Guaranteed investment contracts —   26,654   26,654   —   30,365   30,365  
Taiwan retirement fund 13,503   —   13,503   12,428   —   12,428  
Other, net —   830   830   —   666   666  
Total fair value of pension plan assets $ 75,655   $ 54,166   $ 129,821   $ 74,465   $ 50,817   $ 125,282  

The Taiwan retirement fund category of our plan assets represents accounts that our subsidiaries in Taiwan have in a government labor retirement fund in the custody of the Bank of Taiwan. The accounts earn a minimum guaranteed rate of return and are invested in a mix of cash, domestic and foreign equity securities and domestic and foreign debt securities.

We expect to make contributions of approximately $ 9 million during 2026. We closely monitor the funded status of the Plans with respect to legislative requirements. We intend to make at least the minimum contribution required by law each year.

The estimated future benefit payments related to our foreign defined benefit plans are as follows:

Payments
(In thousands)
2026 $ 9,139  
2027 13,116  
2028 13,549  
2029 13,048  
2030 15,536  
2031 to 2035 97,135  

Defined Contribution Plans

We sponsor defined contribution plans in Korea, Malaysia, Taiwan and the United States. Total defined contribution expense was $ 31.0 million, $ 26.5 million and $ 27.0 million for 2025, 2024 and 2023, respectively.

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Notes to Consolidated Financial Statements — (Continued)

13. Dividends

Our Board of Directors has adopted a dividend policy pursuant to which we currently pay a regular quarterly cash dividend on our common stock. In November 2025, our Board of Directors approved a quarterly dividend of $ 0.08352 per share, a 1 % increase from the rate set in November 2024.

14. Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss), net of tax:

Unrealized Gain (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation (3) Total
(In thousands)
Balance at December 31, 2023 $ 212   $ 15,905   $ 233   $ 16,350  
Other comprehensive income (loss) before reclassifications ( 469 ) 1,053   ( 8,783 ) ( 8,199 )
Amounts reclassified from accumulated other comprehensive income (loss) ( 253 ) ( 388 ) —   ( 641 )
Other comprehensive income (loss) ( 722 ) 665   ( 8,783 ) ( 8,840 )
Balance at December 31, 2024 $ ( 510 ) $ 16,570   $ ( 8,550 ) $ 7,510  
Other comprehensive income (loss) before reclassifications 1,656   6,117   4,391   12,164  
Amounts reclassified from accumulated other comprehensive income (loss) ( 484 ) ( 2,357 ) —   ( 2,841 )
Other comprehensive income (loss) 1,172   3,760   4,391   9,323  
Balance at December 31, 2025 $ 662   $ 20,330   $ ( 4,159 ) $ 16,833  

(1) Amounts reclassified out of accumulated other comprehensive income (loss) are included as other (income) expense, net (Note 3).

(2) Amounts reclassified out of accumulated other comprehensive income (loss) are included as a component of net periodic pension cost (Note 12) or other (income) expense, net (Note 3).

(3) Beginning in 2024, foreign currency translation includes the gain (loss) from net investment hedges (Note 15).

15. Derivatives

We use foreign currency forward contracts to mitigate foreign currency risk of certain assets and monetary liabilities denominated in foreign currencies. We do not enter into such contracts for trading or speculative purposes. These derivative instruments are not designated as hedging instruments.

We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we enter into foreign currency forward contracts, generally settled monthly, that are designated as hedges of net investments.

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

As of December 31, 2025 and 2024, our foreign exchange forward contracts consisted of the following:

December 31, 2025 December 31, 2024
Notional Value Fair Value (Level 2) Balance Sheet Location Notional Value Fair Value (Level 2) Balance Sheet Location
(In thousands)
Forward contracts not designated as hedging instruments
Euro dollar $ 17,880   $ ( 6 ) Accrued expenses $ —  $ —  N/A
Japanese yen 253,313   ( 848 ) Accrued expenses 254,783   $ 10   Other current assets
Korean won 82,752   ( 601 ) Accrued expenses 80,260   ( 472 ) Accrued expenses
Philippine peso 13,114   ( 76 ) Accrued expenses 8,431   ( 29 ) Accrued expenses
Singapore dollar 11,566   ( 27 ) Accrued expenses 8,454   ( 39 ) Accrued expenses
Taiwan dollar 36,598   ( 59 ) Accrued expenses 31,150   ( 70 ) Accrued expenses
Total forward contracts not designated as hedging instruments $ 415,223   $ ( 1,617 ) $ 383,078   $ ( 600 )

December 31, 2025 December 31, 2024
Notional Value Fair Value (Level 2) Balance Sheet Location Notional Value Fair Value (Level 2) Balance Sheet Location
(In thousands)
Forward contracts designated as net investment hedging instruments
Japanese yen $ 123,846   $ 425   Other current assets $ 123,042   $ ( 83 ) Accrued expenses
Total forward contracts designated as net investment hedging instruments $ 123,846   $ 425   $ 123,042   $ ( 83 )

For the years ended December 31, 2025 and 2024, we incurred a net loss of $ 13.2 million and $ 14.0 million, respectively, due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the revaluation of the related hedged items. For the year ended December 31, 2023, the derivatives not designated as hedging instruments resulted in a net loss of $ 38.6 million, which was partially offset by the foreign currency gains associated with the underlying net liabilities.

The following table presents the gain (loss) recognized on our derivatives designated as net investment hedging instruments for the years ended December 31, 2025, 2024 and 2023:

For the Year Ended December 31,
Location on Consolidated Financial Statements 2025 2024 2023
(In thousands)
Difference between forward rate and spot rate of the forward contracts Other (income) expense, net $ ( 5,156 ) $ ( 4,374 ) $ —  
Changes in fair value of forward contracts Other comprehensive income (loss) $ ( 324 ) $ 1,018   $ —  

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AMKOR TECHNOLOGY, INC.
Notes to Consolidated Financial Statements — (Continued)

16. Fair Value Measurements