American provider of materials for the semiconductor and electronics industries
Qnity Electronics, Inc. (kyoo-ni-tee) is a major provider of materials for the semiconductor manufacturing and electronics industries headquartered in Wilmington, Delaware. The company's Semiconductor Technologies segment (56% of 2025 revenues) produces products for chemical-mechanical polishing, photolithography, sealing applications, and OLED displays. Its Interconnect Solutions segment (44% of 2025 revenues) provides products for signal integrity, including semiconductor coatings, thermal and electromagnetic shielding, and laminate materials.3 Its shares trade on NYSE under the symbol Q.1Wikipedia text CC BY-SA 4.0
Qnity Electronics, Inc. (kyoo-ni-tee) is a major provider of materials for the semiconductor manufacturing and electronics industries headquartered in Wilmington, Delaware. The company's Semiconductor Technologies segment (56% of 2025 revenues) produces products for chemical-mechanical polishing, photolithography, sealing applications, and OLED displays. Its Interconnect Solutions segment (44% of 2025 revenues) provides products for signal integrity, including semiconductor coatings, thermal and electromagnetic shielding, and laminate materials. Kapton is a brand of the company.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue8$4.8B in 2025+18% since 2023Net income8$729.0M in 2025+37% since 2023
Revenue910$1.4B in Q2 FY2026+9% since Q1 FY2026Net income910$136.0M in Q2 FY2026−16% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net sales
$4.8B
$4.3B
$4.0B
Cost of sales
$2.6B
$2.3B
$2.3B
Research and development expenses
$354.0M
$314.0M
$303.0M
Selling, general and administrative expenses
$620.0M
$603.0M
$533.0M
Amortization of intangibles
$207.0M
$232.0M
$262.0M
Restructuring and asset related charges - net
$20.0M
$8.0M
$52.0M
Acquisition, integration and separation costs
$25.0M
$0
$0
Equity in earnings of nonconsolidated affiliates
$47.0M
$37.0M
$16.0M
Interest expense
$65.0M
$0
$0
Other income (expense) - net
$11.0M
$25.0M
$11.0M
Income before income taxes
$962.0M
$901.0M
$632.0M
Provision for income taxes
$233.0M
$177.0M
$99.0M
Net income
$729.0M
$724.0M
$533.0M
Net income attributable to noncontrolling interests
$37.0M
$31.0M
$26.0M
Net income available for Qnity common stockholders
$692.0M
$693.0M
$507.0M
Earnings per common share - basic (in USD per share)
$3.30
$3.31
$2.42
Earnings per common share - diluted (in USD per share)
$3.30
$3.31
$2.42
Weighted-average common shares outstanding - basic (in shares)
209.6M shares
209.4M shares
209.4M shares
Weighted-average common shares outstanding - diluted (in shares)
209.8M shares
209.4M shares
209.4M shares
No quarter-by-quarter statement was filed.
Total assets8$14.1B in 2025+15% since 2024Total liabilities8$6.7B in 2025+387% since 2024Shareholders’ equity8$7.1B in 2025−37% since 2022Cash8$915.0M in 2025+451% since 2024
Total assets910$14.3B in Q2 FY2026+2% since Q1 FY2025Total liabilities910$6.8B in Q2 FY2026+1% since Q1 FY2025Shareholders’ equity910$7.3B in Q2 FY2026+2% since Q1 FY2025Cash910$961.0M in Q2 FY2026+5% since Q1 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.8
Period ending
2025-12-31
2025-10-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$915.0M
$166.0M
Accounts and notes receivable - net
$992.0M
$682.0M
Inventories - net
$661.0M
$597.0M
Prepaid and other current assets
$70.0M
$38.0M
Total current assets
$2.6B
$1.5B
Property, plant and equipment
$3.2B
$2.7B
Less: Accumulated depreciation
$1.4B
$1.1B
Total property, plant and equipment - net
$1.7B
$1.5B
Goodwill
$7.5B
$7.4B
$7.5B
Other intangible assets
$1.1B
$1.3B
Investments and noncurrent receivables
$402.0M
$394.0M
Deferred income tax assets
$42.0M
$42.0M
Deferred charges and other assets
$654.0M
$141.0M
Total other assets
$9.7B
$9.2B
Total Assets
$14.1B
$12.3B
Short-term borrowings
$24.0M
$0
Accounts payable
$680.0M
$528.0M
Income taxes payable
$150.0M
$161.0M
Accrued and other current liabilities
$502.0M
$150.0M
Total current liabilities
$1.4B
$839.0M
Long-Term Debt
$4.0B
$0
Deferred income tax liabilities
$273.0M
$259.0M
Pension and other post-employment benefits - noncurrent
$80.0M
$65.0M
Other noncurrent obligations
$992.0M
$214.0M
Total other noncurrent liabilities
$1.3B
$538.0M
Total Liabilities
$6.7B
$1.4B
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2025: 209,479,173 shares; 2024: 0 shares)
$2.0M
$0
Preferred stock (authorized 1 share of $1.50 million par value; issued 2025: 1 share; 2024: 0 shares)
$2.0M
$0
Additional paid-in capital
$7.3B
$0
Retained earnings
$18.0M
$0
Parent company net investment
$0
$11.1B
Accumulated other comprehensive loss
-$213.0M
-$414.0M
Total Qnity equity
$7.1B
$10.6B
Noncontrolling interests
$271.0M
$252.0M
Total equity
$7.4B
$10.9B
$11.2B
$11.3B
Total Liabilities and Equity
$14.1B
$12.3B
Common stock authorized (in shares)
1.7B shares
1.7B shares
Common stock par value (in USD per share)
$0.01
$0.01
$0.01
Common stock issued (in shares)
209.5M shares
0 shares
Preferred stock authorized (in shares)
1 shares
1 shares
Preferred stock, par or stated value per share (in USD per share)
$1,500,000.00
$1,500,000.00
Preferred stock, shares issued (in shares)
1 shares
0 shares
Period ending
2025-12-31
2025-10-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$915.0M
$166.0M
Accounts and notes receivable - net
$992.0M
$682.0M
Inventories - net
$661.0M
$597.0M
Prepaid and other current assets
$70.0M
$38.0M
Total current assets
$2.6B
$1.5B
Property, plant and equipment
$3.2B
$2.7B
Less: Accumulated depreciation
$1.4B
$1.1B
Total property, plant and equipment - net
$1.7B
$1.5B
Goodwill
$7.5B
$7.4B
$7.5B
Other intangible assets
$1.1B
$1.3B
Investments and noncurrent receivables
$402.0M
$394.0M
Deferred income tax assets
$42.0M
$42.0M
Deferred charges and other assets
$654.0M
$141.0M
Total other assets
$9.7B
$9.2B
Total Assets
$14.1B
$12.3B
Short-term borrowings
$24.0M
$0
Accounts payable
$680.0M
$528.0M
Income taxes payable
$150.0M
$161.0M
Accrued and other current liabilities
$502.0M
$150.0M
Total current liabilities
$1.4B
$839.0M
Long-Term Debt
$4.0B
$0
Deferred income tax liabilities
$273.0M
$259.0M
Pension and other post-employment benefits - noncurrent
$80.0M
$65.0M
Other noncurrent obligations
$992.0M
$214.0M
Total other noncurrent liabilities
$1.3B
$538.0M
Total Liabilities
$6.7B
$1.4B
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2025: 209,479,173 shares; 2024: 0 shares)
$2.0M
$0
Preferred stock (authorized 1 share of $1.50 million par value; issued 2025: 1 share; 2024: 0 shares)
$2.0M
$0
Additional paid-in capital
$7.3B
$0
Retained earnings
$18.0M
$0
Parent company net investment
$0
$11.1B
Accumulated other comprehensive loss
-$213.0M
-$414.0M
Total Qnity equity
$7.1B
$10.6B
Noncontrolling interests
$271.0M
$252.0M
Total equity
$7.4B
$10.9B
$11.2B
$11.3B
Total Liabilities and Equity
$14.1B
$12.3B
Common stock authorized (in shares)
1.7B shares
1.7B shares
Common stock par value (in USD per share)
$0.01
$0.01
$0.01
Common stock issued (in shares)
209.5M shares
0 shares
Preferred stock authorized (in shares)
1 shares
1 shares
Preferred stock, par or stated value per share (in USD per share)
$1,500,000.00
$1,500,000.00
Preferred stock, shares issued (in shares)
1 shares
0 shares
Cash from operations8$1.3B in 2025+44% since 2023Dividends paid8$13.0M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$729.0M
$724.0M
$533.0M
Depreciation of property, plant and equipment
$169.0M
$162.0M
$141.0M
Amortization of definite-lived intangible assets
$207.0M
$232.0M
$262.0M
Stock-based compensation
$20.0M
$13.0M
$13.0M
Credit for deferred income tax and other tax related items
-$79.0M
-$81.0M
-$79.0M
Net gain on sales of assets
-$1.0M
-$16.0M
-$8.0M
Restructuring and asset related charges - net
$20.0M
$8.0M
$52.0M
Net periodic pension benefit cost
$9.0M
$5.0M
$10.0M
Periodic benefit plan contributions
-$10.0M
-$4.0M
-$10.0M
Earnings of nonconsolidated affiliates less dividends received
-$5.0M
$4.0M
$11.0M
Accounts and notes receivable
-$12.0M
-$53.0M
$12.0M
Inventories
-$51.0M
-$84.0M
$86.0M
Other assets
-$395.0M
$39.0M
-$40.0M
Accounts payable
$119.0M
$78.0M
-$54.0M
Accrued and other current liabilities
$108.0M
$39.0M
-$96.0M
Other noncurrent liabilities
$385.0M
-$33.0M
$63.0M
Income tax liabilities
$60.0M
$28.0M
-$14.0M
Cash provided by operating activities
$1.3B
$1.1B
$882.0M
Capital expenditures
-$285.0M
-$200.0M
-$231.0M
Proceeds from sales of property and other assets
$0
$15.0M
$5.0M
Other investing activities, net
$0
$13.0M
$0
Cash used for investing activities
-$285.0M
-$172.0M
-$226.0M
Proceeds from issuance of Company stock
$1.0M
$0
$0
Proceeds from issuance of Preferred stock
$2.0M
$0
$0
Distributions to noncontrolling interests
-$21.0M
-$17.0M
-$18.0M
Dividends paid to stockholders
-$13.0M
$0
$0
Net transfers to Parent
-$4.2B
-$831.0M
-$610.0M
Proceeds from issuance of long-term debt
$4.1B
$0
$0
Payments for debt issuance costs
-$88.0M
$0
$0
Cash used for financing activities
-$248.0M
-$848.0M
-$628.0M
Effect of exchange rate changes on cash and cash equivalents
Qnity sits at the top of its group. 39 entities, 11 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
DuPont Specialty Solutions Korea Ltd Subsidiary · South Korea
DuPont Technology (Shanghai) Co., Ltd. Subsidiary · China
EKC Advanced Electronics 1 Japan Kabushiki Kaisha Subsidiary · Japan
EKC Advanced Electronics 3 Japan Kabushiki Kaisha Subsidiary · Japan
EKC Advanced Electronics Hong Kong Limited Subsidiary · Hong Kong
and 13 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Qnity reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Qnity is headquartered in Wilmington, Delaware. We have a global footprint with a total of approximately 100 manufacturing facilities, laboratory, service centers, warehouses and office facilities, many of which serve more than one purpose and both of our segments. Our facilities are located in 20 different countries representing all four of our global regions; with just over half of the facilities located in the Asia Pacific region, about one-third located in the U.S. and Canada and the rest located in EMEA and Latin America. Approximately 20 of our facilities are dedicated to our Semiconductor Technologies segment and approximately 30 of our facilities are dedicated to our Interconnect Solutions segment, with the remainder being shared between the two segments. Among our 39 manufacturing sites, five manufacturing sites are operated by our joint ventures. We own approximately 20% of our facilities, while the remaining facilities are leased from third parties, including DuPont. Additional information with respect to the Company's property, plant and equipment and leases is contained in Notes 11, 16 and 22 to the Consolidated Financial Statements.
The Company has investments in property, plant and equipment related to global manufacturing operations. The number of manufacturing sites at December 31, 2025 is as follows:
The rest of Item 2
Geographic Region · Semiconductor Technologies · Interconnect Solutions · Total 1
Asia Pacific · 10 · 12 · 22
EMEA 2 · — · 2 · 2
Americas3 · 8 · 11 · 19
Total · 18 · 25 · 43
1. Four sites are used by multiple segments and are included more than once in the figures above.
2. Europe, Middle East, and Africa.
3. Includes United States, Canada and Latin America
The Company's principal sites include facilities which, in the opinion of management, are suitable and adequate for their use and have sufficient capacity, or plans to increase capacity, which meet the Company's current needs and expected near-term growth. No title examination of the properties has been made for the purpose of this report and certain properties are shared with other tenants under long-term leases.
The company was formed in December 2024 to own the electronics division of DuPont. In November 2025, DuPont completed the corporate spin-off of the company. The name "Qnity" was devised by Lippincott to include the letter "Q", the emblem of the power icon on electronics devices, as well as the word "unity". DuPont had expanded heavily into electronics in 1987. It acquired Laird Performance Materials for $2.3 billion in July 2021.
In March 2026, the company partnered with Nvidia to engage in research and development of materials for semiconductors and packaging technology for artificial intelligence and high-performance computing. Also in March 2026, the company was added to the domestic supply chain of Apple Inc. The company also announced a $61.5 million investment in Taiwan by acquiring the N9 plant in Zhunan, Miaoli County, from Ennostar.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
141 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 13 major events, 96 insider forms, 6 large holders, 22 other. The latest 20:
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).11
Risk factors and legal proceedings
The risks Qnity names in Item 1A of its 10-K filed Feb 26, 2026: 33 risks under these headings, as written.11
Any of the following risks, as well as additional risks and uncertainties not currently known to us, beyond our control or that we currently deem immaterial, could materially and adversely affect our business, results of operations or financial condition. Based on current information, we believe that the following identifies the most significant risks that could affect our business, results of operations or financial condition.
Risks Related to Our Business
Our results are affected by competitive conditions and customer preferences.
Fluctuations in the demand for semiconductors and the overall volume of semiconductor manufacturing may decrease demand for our products and may adversely affect our business.
If we are unable to anticipate and respond to rapid technological change and customer requirements by continuing to innovate and introduce new and enhanced products and solutions, we may experience a loss of market share, decreased sales, revenue, profitability and damage to our reputation.
A large percentage of our net sales are generated from our international operations and are subject to economic, geopolitical, foreign exchange and other risks.
We are subject to a variety of rapidly evolving environmental laws and regulations that could cause us to incur significant liabilities and expenses and subject us to environmental litigation.
Supply chain and operational disruptions and volatility in energy and raw material costs could adversely impact our sales and earnings and impact access to sources of liquidity.
If we do not successfully execute our go-to-market strategy, our business and financial performance may suffer.
Changes in the global and local tax regulatory environments in, and the distribution of income among, the various jurisdictions in which we operate, could adversely impact our results of operations.
If we are unable to attract or retain key personnel and qualified employees, or maintain relations with our employees, unions and other employee representatives, it could adversely affect our ability to compete and achieve our strategic goals.
Our reliance on certain key customers, contract manufacturers and suppliers could adversely affect our overall sales and profitability.
The other 22 risks
Risks related to trade disputes, regulations and policies could have an adverse impact on our operations and reduce the competitiveness or availability of our products relative to local and global competitors.
Our business, results of operations and reputation could be adversely affected by industry-specific risks, including process safety, product stewardship and regulatory compliance issues.
Our business, results of operations, financial condition and cash flows could be adversely affected by interruption or regulation of our information technology or network systems and storage of information and other business disruptions. Our actual or perceived failure to comply with laws and regulations regarding data privacy could also lead to regulatory investigations, litigation, fines, or other adverse business consequences.
Our revenues and operating results have fluctuated in the past and may do so in the future, which could impact our stock price.
Enforcing our intellectual property rights, or defending against intellectual property claims asserted by others, could adversely affect our business, results of operations, financial condition and cash flows.
Failure to effectively manage acquisitions, divestitures, partnerships and other portfolio actions could adversely impact our business, results of operations, financial condition and cash flows.
We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.
Risks Related to our Recent Spin-Off from DuPont
We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off.
We could incur substantial additional costs and experience temporary business interruptions, and we may not be adequately prepared to meet the requirements of an independent, publicly traded company on a timely or cost-effective basis.
We have incurred indebtedness in connection with the Spin-Off
We may have received better terms from unaffiliated third parties than the terms received in the commercial agreements we and/or certain of our subsidiaries will enter into with DuPont and/or certain of its subsidiaries.
If the Spin-Off were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, DuPont could be subject to significant tax liabilities, and our indemnification obligations to DuPont related to such taxes could adversely affect our business, financial condition, and results of operations.
We agreed to numerous restrictions to preserve the tax-free treatment of the Spin-Off, which may reduce our strategic and operating flexibility.
Although we have not identified any conflicts of interest, certain of our directors and employees may have actual or potential conflicts of interest because of their financial or equity interests in DuPont, or because of their previous positions with DuPont.
We are subject to certain restrictions in the Corteva Side Letter, which may restrict our ability to pursue our business strategies.
Restrictions under our Intellectual Property Cross-License Agreement with DuPont will limit our ability to prosecute, maintain and enforce certain intellectual property.
Risks Related to our Capital Stock
We cannot be certain that an active trading market for our common stock will be sustained and our stock price may fluctuate significantly.
A large number of shares of our common stock are or will be eligible for future sale, which may cause our stock price to decline.
Our stockholders’ percentage of ownership in Qnity may be diluted in the future.
Our Series A Preferred Stock has separate voting rights over certain potentially material matters and transactions, and the Trust is required to vote against such matters and transactions.
Certain provisions in our amended and restated certificate of incorporation and amended and restated bylaws, Delaware law and in the Tax Matters Agreement and other Spin-Off-related agreements may prevent or delay an acquisition of us, which could decrease the trading price of our common stock.
The exclusive forum provisions in our amended and restated bylaws could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or any of our directors, officers or employees, or our stockholders, or the underwriters of any offering giving rise to such claim, which may discourage lawsuits with respect to such claims.
Legal proceedings
In the normal course of business, the Company and its subsidiaries are subject to various litigation matters, including, but not limited to, patent infringement claims, employment claims, including alleged wage and hour violations, and commercial claims. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company.
