What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-20 compared with 2025-02-21 · 236 added, 139 removed, 1188 unchanged (24% of the section changed)

13 unchanged sentences

We have audited the accompanying consolidated balance sheets of Amkor Technology, Inc.

and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, 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, 2024, including the related notes and schedule of valuation and qualifying accounts for each of the three years in the period ended December 31, 2024 appearing under Item 8 (collectively referred to as the “consolidated financial statements”).

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).

183 unchanged sentences

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 )

35 unchanged sentences

Other financing activities ( 3,533 ) ( 4,005 ) ( 4,472 )

Net cash (used in) provided by financing activities ( 260,432 ) ( 149,207 ) 55,597

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 )

14 unchanged sentences

Property, plant and equipment included in capital expenditures payable 238,140 118,082 104,109

Property, plant and equipment acquired through grants 32,670 — —

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

Grants and incentive receivables for qualified capital expenditures 1,403 — —

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 is the world’s largest U.S.

headquartered OSAT (outsourced semiconductor assembly and test) service provider.

Since its founding in 1968, Amkor has pioneered the outsourcing of IC packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics OEMs.

Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables.

Amkor’s operational base includes production facilities, research and development centers and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the United States.

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 high growth markets, including artificial intelligence;

• 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;

• Providing a geographically diverse operating base with manufacturing facilities in multiple countries across Asia and in Europe;

• Developing a competitive cost structure through disciplined capital investment.

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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

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We lease land and buildings in the Philippines from these entities and we are the primary beneficiary of these arrangements.

As of December 31, 2024 and 2023, 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, for each period.

The impact of consolidating these variable interest entities on our Consolidated Statements of Income was not significant, and other than our lease payments, we have not provided any significant assistance or other financial support to these variable interest entities for the years ended December 31, 2024, 2023 or 2022.

The creditors of the Philippine realty corporations have no recourse to our general credit.

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

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

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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 and short-term investments.

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 cash and cash equivalents through diversification of our holdings into various high quality money market funds and bank deposit accounts.

Our short-term investments are principally investments in debt securities with maximum duration of twenty-four months and range from AAA to BB rated financial instruments.

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.

3 unchanged sentences

See Note 6 for further discussion regarding our available-for-sale debt investments.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

Contingencies and Litigation

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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

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

accrue for the amount at the low end of the range.

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.

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Restricted Cash

Restricted cash, non-current, mainly consists of collateral to fulfill utility requirements.

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

Generally, we classify our short-term investments in fixed income securities as available-for-sale debt investments.

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Other Current Assets

Other current assets consist principally of prepaid assets.

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

AMKOR TECHNOLOGY, INC.

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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 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.

In August 2022, the U.S.

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semiconductor manufacturing.

In 2024, we recorded $ 1.4 million of investment tax credits, which reduced the carrying amounts of the qualifying property, plant and equipment in our Consolidated Balance Sheets.

These investment tax credits are recorded either as a reduction of current income taxes payable or as other assets.

In December 2024, Commerce 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 restrict us from undertaking certain activities.

As of December 31, 2024, no funding amounts have been received.

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

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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

insurance costs) with the non-lease components (e.g., common-area maintenance costs) for all asset classes.

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.

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.

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The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation.

Other assets consist principally of deferred tax assets, refundable security deposits and advanced payments to vendors.

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

We have foreign exchange risk related to monetary asset and liability positions at certain subsidiaries.

1 unchanged sentence

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 they occur.

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

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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.

9 unchanged sentences

See Note 16 for further discussion of fair value measurements.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

Revenue Recognition

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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.

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.

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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.

In such cases, 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.

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.

The remainder of the December 31, 2024 contract liability balance is expected to be recognized in revenue over the next 1 - 5 years.

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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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

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However, in the event taxable income falls short of current expectations, we may need to establish a valuation allowance against such deferred tax assets.

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.

1 unchanged sentence

See Note 4 for further discussion regarding unrecognized income tax benefits.

Recently Issued Standards

Recently Adopted Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):

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ASU 2023-09 requires disclosure of additional income tax information, primarily related to effective tax rate reconciliation and income taxes paid.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted.

Adoption of this ASU should be applied on a prospective basis, but retrospective application is permitted.

The new standard will result in enhanced disclosures in our financial statements.

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):

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We are currently evaluating the impact of this new standard on our financial statements, which is expected to result in enhanced disclosures.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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.

Share-Based Compensation Plans

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The corresponding deferred income tax benefits are $ 2.5 million, $ 2.4 million and $ 0.7 million for 2025, 2024 and 2023, respectively.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

Equity Incentive Plans

35 unchanged sentences

There have been no stock options granted since 2021.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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

15 unchanged sentences

1,395 $ 10.10 2.46 years $ 40,995

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

There was no unrecognized compensation expense from stock options as of December 31, 2025.

10 unchanged sentences

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.

In 2024, we granted PSUs that were divided between PSUs based on earnings per share in each of 2024, 2025 and 2026 (“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, with half of the awards as EPS PSUs and half as rTSR PSUs.

EPS PSUs will vest in three installments over a three-year period such that any earned PSUs will become vested within 90 days of each year ending 2024, 2025 and 2026, subject to the recipient’s continued employment with us on the applicable vesting dates.

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.

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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

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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:

risk-free interest rate of 4.33 % and annualized volatility of 46.77 %.

For the Year Ended December 31,

(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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

The following table summarizes our RSU and PSU activity:

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Other Income and Expense

Other income and expense consists of the following:

Other income and expense consist of the following:

For the Year Ended December 31,

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Income tax expense $ 68,503 $ 75,481 $ 81,710

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

The reconciliation between the U.S.

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For the Year Ended December 31,

2024 2023 2022

(In thousands, except percentages)

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:

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 )

Changes in valuation allowance ( 9,822 ) ( 2.2 )

Other ( 318 ) ( 0.1 )

Foreign rate differential ( 24,189 ) ( 5.4 )

Qualified domestic minimum top-up tax (QDMTT) 13,200 3.0

Other ( 2,308 ) ( 0.5 )

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

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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

For the Year Ended December 31,

federal statutory income tax rate 21.0 % 21.0 %

Foreign income taxed at different rates ( 2.1 ) ( 4.2 )

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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 to overcome the foreign tax credit limitation provisions.

Although utilization of these carryforwards is not assured, in light of our current earnings and recent

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

estimates of future taxable income, management believes sufficient positive evidence exists to conclude that the respective valuation allowances are no longer needed, resulting in the reversal of these valuation allowances.

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,

(In thousands)

United States

Federal $ 18,066

Singapore 23,827

Total $ 75,721

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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

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Receivable 11,975 27,284

Unrealized foreign exchange loss 23,769 7,205

Unrealized foreign currency loss 6,842 23,769

Operating lease liabilities 13,704 14,825

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Deferred gain 2,222 3,341

Unrealized foreign exchange gain 6,674 3,129

Unrealized foreign currency gain 5,745 6,674

Unbilled receivables 9,854 6,508

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(In thousands)

federal net operating loss carryforwards $ — $ 5,611 2024

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, 2024 and 2023, a portion of our remaining U.S.

federal net operating loss carryforwards was reserved with a valuation allowance due to ownership change limitations from a prior year acquisition as well as certain state net operating loss carryforwards expected to expire unused.

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.

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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

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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

examination, we may be required to make tax assessment payments to proceed with the administrative appeal process.

Current examinations include 2017-2021 Malaysia income tax returns and 2021 Philippine income tax return.

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

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Balance at December 31 $ 36,116 $ 36,316 $ 31,537

The net increase in our unrecognized tax benefits was $ 4.8 million from December 31, 2023 to December 31, 2024.

The increase was primarily related to income attribution.

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

It is reasonably possible that unrecognized tax benefits primarily related to income attribution will decrease in the next 12 months by up to $ 6.6 million due to the lapse of statutes of limitations in foreign jurisdictions.

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 $ 4.5 million as of December 31, 2024 and 2023 and is included as a component of other non-current liabilities in connection with our unrecognized tax benefits.

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.

Earnings Per Share

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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, RSUs and unvested restricted shares.

Dilutive potential common shares include outstanding stock options, PSUs and RSUs.

AMKOR TECHNOLOGY, INC.

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Cash equivalents

Certificate of deposits $ 2,501 $ — $ — $ 2,501 $ 2,501 $ —

Commercial paper 63,421 — — 63,421 — 63,421

Corporate bonds 755 — — 755 — 755

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

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

4 unchanged sentences

Corporate bonds 334,361 592 ( 73 ) 334,880 — 334,880

Foreign government bonds 1,590 — — 1,590 — 1,590

Mortgage-backed securities 912 2 — 914 — 914

2 unchanged sentences

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

7 unchanged sentences

Cash equivalents

Asset-backed securities $ 138 $ — $ — $ 138 $ — $ 138

Commercial paper $ 53,110 $ — $ — $ 53,110 $ — $ 53,110

Corporate bonds 755 — — 755 — 755

Money market funds 146,679 — — 146,679 146,679 —

6 unchanged sentences

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

government agency bonds 11,392 — ( 25 ) 11,367 — 11,367

9 unchanged sentences

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

1 unchanged sentence

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.

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.

As of December 31, 2023 the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $ 5.2 million.

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.

Factoring of Accounts Receivable

16 unchanged sentences

Total property, plant and equipment, net $ 3,870,808 $ 3,576,148

During 2024, we acquired land for the Arizona Facility with a total fair market value of $ 36.9 million.

We anticipate beginning construction of the new facility in the second half of 2025.

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:

48 unchanged sentences

Total $ 71,689 $ 149,081

As of December 31, 2024, we have entered into additional lease agreements that have not yet commenced of approximately $ 22 million.

Accrued Expenses

5 unchanged sentences

Income taxes payable 32,845 35,067

Accrued pension and severance obligations (Note 12)

Accrued interest 8,972 11,487

Accrued pension and severance obligations (Note 12)

Other accrued expenses 59,713 59,740

8 unchanged sentences

$ — $ 525,000

5.875 % Senior notes, due October 2033 (2)

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)

Debt of subsidiaries:

17 unchanged sentences

Term loans, SOFR plus 0.75 %, due June 2025

35,000 37,000

Term loans, SOFR plus 0.75 %, due 2025 (4)

55,500 57,500

Term loans, SOFR plus 0.95 %, due December 2026 (4)

1,456,171 1,164,462

Senior secured revolving credit facility, applicable bank rate plus 1.75 %, due March 2027 (Singapore) (5)

1,164,462 1,209,785

Unamortized discount and deferred debt costs, net ( 10,925 ) ( 5,002 )

1 unchanged sentence

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.

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 %.

1 unchanged sentence

Principal is payable at maturity, and interest is payable monthly at a fixed rate of 3.95 %.

During the year ended December 31, 2024, we borrowed $ 58.7 million, which we immediately repaid.

As of December 31, 2025, ₩ 80.0 billion, or approximately $ 55 million, was available to be drawn.

5 unchanged sentences

Principal is due in 20 equal, quarterly installments plus accrued interest, through maturity.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

(4) In February 2024, Amkor Assembly & Test (Shanghai) Co.

amended the term loan due December 2026 to reduce the interest rate from SOFR plus 1.40 % to SOFR plus 0.95 %.

This contractual amendment is treated as a modification with no recognized gain or loss.

(5) In March 2022, ATSH entered into the 2022 Singapore Revolver, which is guaranteed by Amkor Technology, Inc., ATT and AATT.

The maximum borrowing capacity under the 2022 Singapore Revolver is limited to a base amount equal to the lesser of:

(1) $ 600.0 million;

or (2) $ 250.0 million plus a variable amount equal to 37.5 % of our consolidated accounts receivable balance.

As of December 31, 2024, $ 600.0 million was available for future borrowings under the 2022 Singapore Revolver.

Certain of our foreign debt is collateralized by the land, buildings, equipment and accounts receivable in the respective locations.

As of December 31, 2024 the collateralized debt balance was $ 639.5 million, of which $ 286.1 million of assets were pledged as collateral.

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

1 unchanged sentence

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.

Amkor Technology Japan, Inc:

Short-term term loans, variable rate — % 0.24 %

Debt of Amkor Technology, Inc.:

Term A Loans, applicable bank rate plus 1.75 % due May 2030

Amkor Assembly & Test (Shanghai) Co., Ltd.:

Term loans, SOFR plus 0.75 % due June 2025

5.15 % 6.07 %

Term loans, SOFR plus 0.75 %, due 2025

5.15 % 6.07 %

Term loans, SOFR plus 0.95 %, due December 2026

5.28 % 6.76 %

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

Compliance with Debt Covenants

1 unchanged sentence

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., ATT, AATT and ATSH guarantee certain debt of our subsidiaries.

The agreements governing our indebtedness contain affirmative and negative covenants which restrict our ability to pay dividends and could restrict our operations.

These restrictions are determined in part by calculations based upon cumulative net income and do not currently have a material impact on our ability to make dividend payments or stock repurchases.

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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

(In thousands)

1 unchanged sentence

2026 $ 162,430

Thereafter 500,000

Total debt $ 1,456,171

10 unchanged sentences

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.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

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

11 unchanged sentences

(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 will result in the conversion of approximately $ 5 million of obligations from our Korean severance plan to a defined contribution plan, which is expected to be funded during the first quarter of 2025.

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.

AMKOR TECHNOLOGY, INC.

14 unchanged sentences

Settlement ( 22,939 ) ( 883 )

Foreign exchange (gain) loss ( 14,423 ) ( 5,117 )

Foreign currency (gain) loss 6,114 ( 14,423 )

Projected benefit obligation at December 31 156,642 159,156

5 unchanged sentences

Benefits paid ( 3,689 ) ( 11,320 )

Foreign exchange gain (loss) ( 12,794 ) ( 2,706 )

Foreign currency gain (loss) 5,012 ( 12,794 )

Fair value of plan assets at December 31 129,821 125,282

5 unchanged sentences

Net amount recognized at year end $ ( 26,821 ) $ ( 33,874 )

(1) As of December 31, 2024, $ 0.9 million was recognized in accrued expenses.

(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.

87 unchanged sentences

Defined Contribution Plans

We sponsor defined contribution plans in Korea, Malaysia, Taiwan and the U.S.

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.

3 unchanged sentences

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.

The Board of Directors also approved a special cash dividend of $ 0.40546 per share, or approximately $ 100 million, on the company’s common stock.

Accumulated Other Comprehensive Income (Loss)

26 unchanged sentences

Forward contracts not designated as hedging instruments

Japanese yen $ 254,783 $ 10 Other current assets $ 279,027 $ 2,745 Other current assets

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 8,454 ( 39 ) Accrued expenses 11,506 20 Other current assets

Taiwan dollar 31,150 ( 70 ) Accrued expenses 37,914 89 Other current assets

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 )

3 unchanged sentences

Forward contracts designated as net investment hedging instruments

Japanese yen $ 123,042 $ ( 83 ) Accrued expenses $ — $ — N/A

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 year ended December 31, 2024, we incurred a net loss of $ 14.0 million due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the related hedged items.

For the years ended December 31, 2023 and 2022, the derivatives not designated as hedging instruments resulted in a net loss of $ 38.6 million and $ 60.2 million, respectively, which were partially offset by the foreign currency gains associated with the underlying net liabilities.

For the year ended December 31, 2024, a gain of $ 4.4 million was recognized in other (income) expense, net for the difference between the forward rate and the spot rate of the net investment hedge.

For the year ended December 31, 2024, a gain of $ 1.0 million was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedge.

There was no activity related to net investment hedges for the years ended December 31, 2023 and 2022.

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 $ —

AMKOR TECHNOLOGY, INC.

32 unchanged sentences

Historically, our warranty costs have been immaterial.

Legal Proceedings

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

Insolvency payments associated with Nanium acquisition

In June 2025, we received $ 72.8 million for the Nanium Insolvency Receipt.

The terms of the purchase agreement from our Nanium acquisition in May 2017 required us to remit any insolvency payments received to the selling shareholders, less certain costs, including tax costs, incurred by us.

In 2025, we remitted $ 40.4 million to the selling shareholders.

Such amounts were recorded on a net basis within selling, general and administrative expenses in our Consolidated Statements of Income and as operating cash flows within our Condensed Consolidated Statements of Cash Flows.

Legal Proceedings

We are involved in claims and legal proceedings and may become involved in other legal matters arising in the ordinary course of our business.

We evaluate these claims and legal matters on a case-by-case basis to make a determination as to the impact, if any, on our business, liquidity, results of operations, financial condition or cash flows.

Although the outcome of these matters is uncertain, we believe that the ultimate outcome of these claims and proceedings, individually and in the aggregate, will not have a material adverse impact to us.

Our evaluation of the potential impact of these claims and legal proceedings on our business, liquidity, results of operations, financial condition or cash flows could change in the future.

We enter into various contracts related to the construction and development of our manufacturing facilities.

As of December 31, 2025, the remaining commitments under these contracts were approximately $ 475 million.

In order to provide packaging and test services, we purchase materials under various long-term supply contracts.

Future minimum payments to be made under these contracts for the period 2026 through 2035 are $ 12.1 million.

Business Segments, Customer Concentrations and Geographic Information

7 unchanged sentences

We also have centralized sales and administrative functions.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

The following table presents revenue, profit or loss and significant segment expenses for our single operating segment:

14 unchanged sentences

Segment net income $ 376,116 $ 355,535 $ 362,131

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

(1) Other segment items included in segment net income includes interest income, foreign currency (gain) loss, net, loss on debt retirement and other (income) expense.

The following table represents other balances included in net income or that are regularly provided to the CODM:

The following tables represent other balances included in net income or that are regularly provided to the CODM:

For the Year Ended December 31,

2025 2024 2023

2 unchanged sentences

Depreciation and amortization expense 642,008 594,663 631,508

Total assets 6,944,328 6,771,125 6,821,757

Capital expenditures 904,614 743,796 749,467

(In thousands)

Total assets $ 8,136,309 6,944,328

Net sales by product group consist of the following:

7 unchanged sentences

(2) Mainstream Products include all other wirebond packaging and related test services.

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

Net sales by end market consist of the following :

11 unchanged sentences

Europe, Middle East and Africa $ 852,805 $ 817,875 $ 1,043,880

Japan 800,713 935,620 1,132,121

Asia Pacific (excluding Japan) 733,454 716,344 704,520

Japan 724,613 800,713 935,620

Total foreign countries 2,310,872 2,334,932 2,684,020

1 unchanged sentence

Total net sales $ 6,707,981 $ 6,317,692 $ 6,503,065

AMKOR TECHNOLOGY, INC.

Notes to Consolidated Financial Statements — (Continued)

In 2025, 2024 and 2023 one customer accounted for 29.8 %, 30.8 % and 27.7 % of total net sales, respectively.

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data