GlobalFoundries(NASDAQ:GFS) 
GLOBALFOUNDRIES Inc. designs and manufactures semiconductors for the technology sector. It offers direct and indirect supplementary, post-wafer-manufacturing, prototyping, mask, APM framework, supply chain management, and turnkey services; and ultra-low-power baseband and radio frequency solutions f...
Website: http://www.globalfoundries.com
Founded: 2009
CEO: Thomas Caulfield
Sector: Technology
Industry: Semiconductors
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At a glance:
- Leading Pure-Play Foundry with Specialty/FDX Focus: GlobalFoundries is a major contract chip manufacturer positioned more toward specialty processes (RF, analog/mixed-signal, embedded memory) and its 22FDX/FD-SOI offerings than bleeding-edge logic nodes.
- Automotive, Industrial, and Connectivity End-Market Exposure: Revenue is tied heavily to long-cycle, higher-reliability segments such as automotive and industrial, alongside communications and IoT—often providing steadier demand than consumer-only exposure, but still sensitive to macro and inventory cycles.
- Capacity and Long-Term Agreements Support Visibility: The company has historically emphasized capacity planning and multi-year customer commitments/long-term supply agreements, which can improve utilization and revenue visibility compared with more spot-driven demand.
- Expansion and Capex Disciplined by Node Strategy: Investment tends to focus on expanding/modernizing specialty capacity in existing fabs and regions, with capital intensity shaped by a strategy that avoids the most expensive leading-edge node races.
- Key Risks: Utilization Cycles, Pricing Pressure, and Geopolitics: Results can swing with industry utilization rates and customer inventory corrections, while competition and pricing dynamics remain persistent; additionally, trade controls and regional manufacturing incentives can materially affect costs and strategic options.
Bull Thesis:
- Critical Role in Mature & Specialized Nodes: GlobalFoundries' strategic focus on mature and specialized process technologies (e.g., 28nm, FD-SOI, RF-SOI, power management, automotive) positions it as an indispensable supplier for a wide range of industries. These nodes are essential for automotive, industrial, IoT, communications infrastructure, and aerospace/defense, offering stable demand and less cyclicality compared to leading-edge technologies.
- Strong Government Support & Geopolitical Tailwinds: With significant manufacturing presence in the US and Europe, GlobalFoundries is a prime beneficiary of government initiatives like the US CHIPS Act and the EU Chips Act. These programs provide substantial grants, tax credits, and incentives aimed at bolstering domestic semiconductor manufacturing, reducing GFS's capital expenditure burden and enhancing its competitive position.
- Enhanced Financial Discipline & Profitability Focus: GFS has shifted its strategy towards optimizing existing fabs, improving utilization rates, and prioritizing higher-margin specialized technologies over aggressive, capital-intensive leading-edge expansion. This disciplined approach has led to improved gross margins, operating leverage, and a clearer path towards sustainable free cash flow generation, making it a more financially robust company.
- Sticky Customer Relationships & Long-Term Agreements: The foundry business, especially in specialized nodes, involves long design cycles and deep customer integration. GlobalFoundries often secures long-term supply agreements (LTAs) with key customers, particularly in critical sectors like automotive and industrial, providing significant revenue visibility and stability. The high cost and complexity of switching foundries create strong customer stickiness.
Bear Thesis:
- Persistent Competition & Potential Pricing Pressure: Despite its focus on mature nodes, GlobalFoundries faces intense competition from larger foundries like TSMC (which also has significant mature node capacity), UMC, SMIC, and even some integrated device manufacturers (IDMs). This competitive landscape can lead to pricing pressure, especially during periods of weaker demand, potentially impacting GFS's margins and profitability.
- High Capital Intensity & Industry Cyclicality Risks: Semiconductor manufacturing remains an extremely capital-intensive business, requiring continuous investment in advanced equipment and R&D. While mature nodes are generally less volatile, the overall semiconductor industry is cyclical. GFS is not immune to downturns in demand, which can lead to lower fab utilization rates and negatively impact its financial performance despite government subsidies.
- Limited Exposure to Leading-Edge Growth: GlobalFoundries' strategic decision to exit leading-edge process nodes means it largely misses out on the highest growth segments driven by AI, advanced smartphones, and high-performance computing, which are dominated by TSMC and Samsung. This could limit its overall revenue growth potential compared to its leading competitors and cap its market valuation.
- Execution Risks in Expansion & Technology Roadmaps: While GFS is optimizing existing fabs, it still undertakes significant expansion projects (e.g., in Malta, Singapore) and develops new specialized processes. Any delays, cost overruns, or challenges in ramping up new capacity or successfully bringing new technologies to market could impact financial performance, customer commitments, and its ability to meet demand.
- Customer Concentration & End Market Dependence: While diversified, GlobalFoundries still derives a significant portion of its revenue from a few large customers (e.g., Qualcomm, NXP, STMicro) and specific end markets (e.g., automotive, communications infrastructure). A significant slowdown or loss of business from one of these key customers or a severe downturn in a critical end market could disproportionately impact GFS's financials.
Main Competitors:
- TSMC (Taiwan Semiconductor Manufacturing Company) ($TSM) (Semiconductor manufacturing services (advanced and mature nodes)), TSMC is the world's largest and most technologically advanced pure-play semiconductor foundry. They compete with GlobalFoundries across all market segments, offering a broader range of process technologies, superior scale, and often leading-edge performance, particularly in high-volume and advanced applications like CPUs, GPUs, and mobile SoCs. While GF has exited the bleeding-edge race, TSMC remains the benchmark for foundry capabilities.
- Samsung Foundry (part of Samsung Electronics) ($SSNLF) (Semiconductor manufacturing services (advanced and mature nodes)), Samsung Foundry is the second-largest foundry globally and a major competitor, especially in advanced process technologies (e.g., 5nm, 4nm, 3nm). They compete directly with GlobalFoundries for high-performance computing, mobile, and automotive customers, leveraging their integrated device manufacturer (IDM) capabilities and extensive R&D resources, often offering competitive pricing and technology roadmaps.
- UMC (United Microelectronics Corporation) ($UMC) (Semiconductor manufacturing services (mature and specialty nodes)), UMC is a pure-play foundry that competes with GlobalFoundries primarily in mature and specialty process technologies (e.g., 28nm, 40nm, 55nm, 65nm). They focus on applications like automotive, industrial, IoT, and display drivers, areas where GlobalFoundries also has a strong presence, often competing on cost-effectiveness, specific technology features, and customer service for high-volume, less cutting-edge designs.
- Intel Foundry Services (IFS) ($INTC) (Semiconductor manufacturing services (advanced and mature nodes)), Intel Foundry Services is Intel's strategic initiative to become a major foundry player, offering its advanced process technology and manufacturing capacity to external customers. While still building its external customer base, IFS aims to compete with GlobalFoundries by leveraging Intel's significant R&D and manufacturing scale, particularly for high-performance computing and AI chips, and by offering a geographically diverse manufacturing option (US and Europe).
Moat:
GlobalFoundries operates in a highly capital-intensive and competitive semiconductor foundry market. Its primary moat lies in its strategic focus on differentiated, feature-rich process technologies (e.g., FD-SOI, RF-SOI, SiGe) for high-growth, long-lifecycle markets like automotive, industrial, IoT, and aerospace/defense, rather than directly competing at the bleeding edge (sub-7nm) with market leaders. This specialization allows for stronger customer stickiness due to longer design cycles and qualification processes. Furthermore, GF's geographically diversified manufacturing footprint across the US, Germany, and Singapore provides a crucial advantage in offering supply chain resilience and security, a growing priority for customers. Competition is intense, primarily from TSMC and Samsung Foundry, who dominate advanced nodes and possess significantly larger R&D budgets and scale. Other pure-play foundries like UMC compete in mature nodes, while emerging players like Intel Foundry Services represent a new, well-funded threat aiming to capture market share across various technology nodes.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-11-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net revenue | 1,688,000,000 | 1,688,000,000 | 1,585,000,000 | 1,830,000,000 | 1,739,000,000 | 1,632,000,000 | 1,549,000,000 | 1,852,000,000 | 1,845,000,000 | 1,841,000,000 | 2,101,000,000 | 2,074,000,000 | 1,993,000,000 | 1,940,000,000 | |||
cost of revenue | 1,269,000,000 | 1,280,000,000 | 1,230,000,000 | 1,381,000,000 | 1,325,000,000 | 1,237,000,000 | 1,156,000,000 | 1,323,000,000 | 1,313,000,000 | 1,326,000,000 | 1,479,000,000 | 1,464,000,000 | 1,455,000,000 | 1,471,000,000 | |||
gross profit | 419,000,000 | 408,000,000 | 355,000,000 | 449,000,000 | 414,000,000 | 395,000,000 | 393,000,000 | 529,000,000 | 532,000,000 | 515,000,000 | 622,000,000 | 610,000,000 | 538,000,000 | 469,000,000 | 300,000,000 | ||
yoy | 1.21% | 3.29% | -9.67% | -21.74% | -25.75% | -23.69% | -13.28% | -1.12% | 9.81% | 103.33% | |||||||
qoq | 2.70% | 14.93% | -20.94% | 8.45% | 4.81% | 0.51% | -0.56% | 3.30% | -17.20% | 1.97% | 13.38% | 14.71% | |||||
gross margin % | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | 17.65% |
research and development expenses | 124,000,000 | 134,000,000 | 127,000,000 | 106,000,000 | 110,000,000 | 124,000,000 | 120,000,000 | 128,000,000 | |||||||||
selling, general and administrative expenses and other | 100,000,000 | 78,000,000 | 77,000,000 | ||||||||||||||
restructuring charges | 1,000,000 | 1,000,000 | 5,000,000 | 17,000,000 | 5,000,000 | ||||||||||||
operating expenses | 224,000,000 | 212,000,000 | 204,000,000 | 257,000,000 | 334,000,000 | 253,000,000 | 241,000,000 | 244,000,000 | |||||||||
income from operations | 195,000,000 | 196,000,000 | 151,000,000 | -701,000,000 | 185,000,000 | 155,000,000 | |||||||||||
yoy | 5.41% | 26.45% | |||||||||||||||
qoq | -0.51% | 29.80% | -121.54% | -478.92% | 19.35% | ||||||||||||
operating margin % | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | 0% |
finance income | 18,000,000 | 10,000,000 | 3,000,000 | ||||||||||||||
other income | 8,000,000 | 8,000,000 | 30,000,000 | -1,000,000 | -5,000,000 | -21,000,000 | -11,000,000 | -14,000,000 | -10,000,000 | 8,000,000 | 15,000,000 | 9,000,000 | 2,000,000 | ||||
income before income taxes | 221,000,000 | 221,000,000 | 195,000,000 | -687,000,000 | 195,000,000 | 167,000,000 | |||||||||||
income tax benefit | 28,000,000 | 7,000,000 | 16,000,000 | -12,500,000 | -17,000,000 | 6,000,000 | -22,000,000 | ||||||||||
net income | 249,000,000 | 228,000,000 | 211,000,000 | -729,000,000 | 178,000,000 | 155,000,000 | 134,000,000 | 249,000,000 | 254,000,000 | ||||||||
yoy | 39.89% | 47.10% | 57.46% | -28.51% | -47.24% | ||||||||||||
qoq | 9.21% | 8.06% | -128.94% | -509.55% | 14.84% | 15.67% | |||||||||||
net income margin % | Infinity% | Infinity% | Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | NaN% | Infinity% | NaN% | Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | 0% |
attributable to: | |||||||||||||||||
shareholders of globalfoundries inc. | 248,000,000 | 228,000,000 | 210,000,000 | -730,000,000 | 177,000,000 | 155,000,000 | 240,000,000 | 668,000,000 | 337,000,000 | 264,000,000 | 179,000,000 | ||||||
non-controlling interests | 1,000,000 | 1,000,000 | |||||||||||||||
net earnings per share attributable to the equity holders of the company: | |||||||||||||||||
basic | 0.45 | 0.41 | 0.38 | -1.32 | 0.32 | 0.28 | |||||||||||
diluted | 0.44 | 0.41 | 0.38 | -1.31 | 0.32 | 0.28 | |||||||||||
weighted-average common shares outstanding: | |||||||||||||||||
basic | 555 | 555 | 554 | 553 | 552 | 554 | |||||||||||
diluted | 559 | 557 | 557 | 553 | 555 | 557 | |||||||||||
finance income net | 17,000,000 | 14,000,000 | 10,250,000 | 15,000,000 | 16,000,000 | ||||||||||||
research and development expense | 93,750,000 | 130,000,000 | 121,000,000 | ||||||||||||||
selling, general and administrative expense and other | 83,500,000 | 98,000,000 | 114,000,000 | ||||||||||||||
operating expense | 178,750,000 | 229,000,000 | 240,000,000 | ||||||||||||||
non-controlling interest | 500,000 | 1,000,000 | 1,000,000 | -3,000,000 | -500,000 | -1,000,000 | -1,000,000 | ||||||||||
income tax expense | -12,000,000 | -21,000,000 | -28,000,000 | -23,000,000 | -19,500,000 | -19,000,000 | -30,000,000 | -29,000,000 | |||||||||
operating expenses: | |||||||||||||||||
research and development | 124,000,000 | 108,000,000 | 109,000,000 | 114,000,000 | |||||||||||||
selling, general and administrative | 122,000,000 | 143,000,000 | |||||||||||||||
total operating expenses | 246,000,000 | 268,000,000 | 225,000,000 | 248,000,000 | |||||||||||||
operating profit | 147,000,000 | 261,000,000 | 290,000,000 | 52,000,000 | |||||||||||||
shareholders of globalfoundries | 133,000,000 | 249,000,000 | 254,000,000 | ||||||||||||||
eps: | |||||||||||||||||
basic | 240,000 | ||||||||||||||||
diluted | 240,000 | ||||||||||||||||
shares used in eps calculation: | |||||||||||||||||
basic | 555,000,000 | 553 | 550 | 500,000,000 | |||||||||||||
diluted | 558,000,000 | 556 | 555 | 511,943,050 | |||||||||||||
earnings per share: | |||||||||||||||||
basic | 0.45 | 0.46 | 0.01 | ||||||||||||||
diluted | 0.45 | 0.46 | 0.01 | ||||||||||||||
shares used in earnings per share calculation: | |||||||||||||||||
basic | 555,000,000 | 553 | 550 | 500,000,000 | |||||||||||||
diluted | 558,000,000 | 556 | 555 | 511,943,050 | |||||||||||||
selling, general and administrative expenses | 132,000,000 | 130,000,000 | 129,000,000 | 121,000,000 | 116,000,000 | ||||||||||||
restructuring expenses | 19,000,000 | ||||||||||||||||
profit from operations | 275,000,000 | 219,750,000 | 357,000,000 | 297,000,000 | 225,000,000 | ||||||||||||
finance income (expenses) | |||||||||||||||||
share of profit of joint ventures | 1,000,000 | 750,000 | 1,000,000 | 1,000,000 | |||||||||||||
profit before income taxes | 265,000,000 | 214,000,000 | 355,000,000 | 294,000,000 | 207,000,000 | ||||||||||||
net income for the period | 237,000,000 | 194,500,000 | 336,000,000 | 264,000,000 | 178,000,000 | ||||||||||||
net earnings per share attributable to the equity holders of the company: | |||||||||||||||||
basic weighted-average common shares outstanding | 552 | 539 | 543 | 535 | 532 | ||||||||||||
diluted weighted-average common shares outstanding | 556 | 552 | 553 | 550 | 549 | ||||||||||||
basic earnings per share | 0.43 | 1.24 | 0.62 | 0.49 | 0.34 | ||||||||||||
diluted earnings per share | 0.43 | 1.2 | 0.61 | 0.48 | 0.33 | ||||||||||||
sales, marketing, general and administrative | 111,000,000 | 134,000,000 | |||||||||||||||
finance expense | 1,000,000 | -27,000,000 | |||||||||||||||
earnings per share : | |||||||||||||||||
basic | 0.45 | 0.46 | 0.01 | ||||||||||||||
diluted | 0.45 | 0.46 | 0.01 | ||||||||||||||
finance expenses | -53,000,000 | -11,000,000 | -19,000,000 | -28,000,000 | |||||||||||||
share of profit of joint ventures and associates | 1,000,000 | ||||||||||||||||
revenue | 1,700,000,000 | ||||||||||||||||
yoy | |||||||||||||||||
qoq | |||||||||||||||||
cost of sales | 1,400,000,000 | ||||||||||||||||
net income inc. nci | 5,000,000 | ||||||||||||||||
shares used in earnings per share calculation | |||||||||||||||||
basic | 555,000,000 | 553 | 550 | 500,000,000 | |||||||||||||
diluted | 558,000,000 | 556 | 555 | 511,943,050 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-11-30 | 2021-09-30 |
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assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 2,016,000,000 | 1,790,000,000 | 1,596,000,000 | 2,192,000,000 | 2,286,000,000 | 2,184,000,000 | 2,247,000,000 | 2,387,000,000 | 1,880,000,000 | 1,832,000,000 | 2,256,000,000 | 2,352,000,000 | 2,541,000,000 | 2,474,000,000 | 3,264,000,000 | 2,939,187,000 | 1,019,000,000 | 1,019,000,000 |
marketable securities | 1,268,000,000 | 1,305,000,000 | 1,281,000,000 | 1,194,000,000 | 1,187,000,000 | 1,183,000,000 | 1,110,000,000 | 1,033,000,000 | 1,014,000,000 | 955,000,000 | 653,000,000 | 622,000,000 | 567,000,000 | 525,000,000 | ||||
receivables, prepayments and other assets | 1,397,000,000 | 1,535,000,000 | 1,415,000,000 | 1,406,000,000 | 1,323,000,000 | 1,127,000,000 | 1,420,000,000 | 1,404,000,000 | 1,232,000,000 | 1,487,000,000 | 1,169,000,000 | 1,191,000,000 | 1,152,000,000 | 253,511,000 | ||||
inventories | 1,645,000,000 | 1,726,000,000 | 1,813,000,000 | 1,624,000,000 | 1,802,000,000 | 1,786,000,000 | 1,667,000,000 | 1,487,000,000 | 1,509,000,000 | 1,504,000,000 | 1,423,000,000 | 1,339,000,000 | 1,342,000,000 | 1,262,000,000 | 1,185,000,000 | 1,121,251,000 | 1,078,000,000 | 1,078,000,000 |
total current assets | 6,326,000,000 | 6,356,000,000 | 6,105,000,000 | 6,416,000,000 | 6,598,000,000 | 6,280,000,000 | 6,327,000,000 | 5,807,000,000 | 5,523,000,000 | 5,800,000,000 | 5,619,000,000 | 5,508,000,000 | 5,659,000,000 | 5,291,339,000 | ||||
non-current assets: | ||||||||||||||||||
property, plant and equipment | 7,331,000,000 | 7,505,000,000 | 7,626,000,000 | 7,762,000,000 | 8,950,000,000 | 9,234,000,000 | 10,164,000,000 | 10,594,000,000 | 10,789,000,000 | 10,596,000,000 | 10,218,000,000 | 9,410,000,000 | 9,173,000,000 | 8,712,978,000 | ||||
goodwill and intangible assets | 940,000,000 | 722,000,000 | 739,000,000 | 660,000,000 | 552,000,000 | 461,000,000 | 391,000,000 | 381,000,000 | 381,000,000 | 363,000,000 | 298,000,000 | 329,000,000 | 365,000,000 | 376,749,000 | ||||
right-of-use assets | 490,000,000 | 495,000,000 | 499,000,000 | 498,000,000 | ||||||||||||||
deferred tax assets | 239,000,000 | 270,000,000 | 250,000,000 | 188,000,000 | 197,000,000 | 211,000,000 | 218,000,000 | 241,000,000 | 251,000,000 | 245,000,000 | 271,000,000 | 292,000,000 | 302,000,000 | 313,000,000 | 337,000,000 | 352,770,000 | 398,000,000 | 398,000,000 |
other non-current financial assets | 126,000,000 | 152,000,000 | 68,000,000 | 85,000,000 | 138,000,000 | 78,000,000 | 110,000,000 | 137,000,000 | ||||||||||
total non-current assets | 10,382,000,000 | 10,447,000,000 | 10,374,000,000 | 10,383,000,000 | 11,507,000,000 | 11,647,000,000 | 11,717,000,000 | 12,041,000,000 | ||||||||||
total assets | 16,708,000,000 | 16,803,000,000 | 16,479,000,000 | 16,799,000,000 | 18,105,000,000 | 17,927,000,000 | 18,454,000,000 | 18,044,000,000 | 17,844,000,000 | 17,815,000,000 | 17,815,000,000 | 17,841,000,000 | 17,208,000,000 | 16,194,000,000 | 15,902,000,000 | 15,027,602,000 | 12,647,000,000 | 12,647,000,000 |
liabilities and equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
trade payables and other current liabilities | 1,875,000,000 | 2,186,000,000 | 2,195,000,000 | 2,092,000,000 | 2,003,000,000 | 2,105,000,000 | 2,349,000,000 | 2,321,000,000 | 2,320,000,000 | 2,849,000,000 | 3,375,000,000 | 2,793,000,000 | 2,780,000,000 | 2,585,750,000 | ||||
current portion of deferred income from government grants | 69,000,000 | 80,000,000 | 84,000,000 | 92,000,000 | 86,000,000 | 92,000,000 | 93,000,000 | 142,000,000 | 143,000,000 | 110,000,000 | 27,000,000 | 30,000,000 | 28,000,000 | 28,926,000 | ||||
current portion of lease obligations | 71,000,000 | 77,000,000 | 77,000,000 | 90,000,000 | 93,000,000 | 87,000,000 | 32,000,000 | 52,000,000 | 61,000,000 | 75,000,000 | 111,000,000 | 113,000,000 | 116,000,000 | 134,971,000 | ||||
current portion of long-term debt | 62,000,000 | 60,000,000 | 57,000,000 | 753,000,000 | 541,000,000 | 534,000,000 | 542,000,000 | 571,000,000 | 199,000,000 | 221,000,000 | 205,000,000 | 223,000,000 | 244,000,000 | 262,000,000 | 281,000,000 | 297,266,000 | 371,000,000 | 371,000,000 |
provisions | 10,000,000 | 11,000,000 | 15,000,000 | 17,000,000 | 207,000,000 | 16,000,000 | 54,000,000 | 34,000,000 | 45,000,000 | 102,000,000 | 115,000,000 | 115,000,000 | 115,000,000 | 232,536,000 | ||||
total current liabilities | 2,087,000,000 | 2,414,000,000 | 2,428,000,000 | 3,044,000,000 | 2,723,000,000 | 2,834,000,000 | 3,099,000,000 | 2,748,000,000 | 2,790,000,000 | 3,359,000,000 | 3,872,000,000 | 3,313,000,000 | 3,320,000,000 | 3,162,859,000 | ||||
non-current liabilities | 4,303,000,000 | 4,613,000,000 | ||||||||||||||||
non-current portion of long-term debt | 1,109,000,000 | 1,115,000,000 | 1,071,000,000 | 1,053,000,000 | 1,772,000,000 | 1,687,000,000 | 1,766,000,000 | 1,801,000,000 | 2,310,000,000 | 2,288,000,000 | ||||||||
other non-current liabilities | 951,000,000 | 990,000,000 | 1,060,000,000 | 1,022,000,000 | 1,136,000,000 | 1,206,000,000 | 1,190,000,000 | 1,474,000,000 | ||||||||||
non-current portion of lease obligations | 421,000,000 | 432,000,000 | 426,000,000 | 424,000,000 | 443,000,000 | 445,000,000 | 350,000,000 | 270,000,000 | ||||||||||
non-current portion of deferred income from government grants | 208,000,000 | 219,000,000 | 226,000,000 | 235,000,000 | 242,000,000 | 250,000,000 | 267,000,000 | 294,000,000 | ||||||||||
total non-current liabilities | 2,855,000,000 | 2,921,000,000 | 2,947,000,000 | 2,931,000,000 | 3,800,000,000 | 3,794,000,000 | 3,794,000,000 | 4,522,000,000 | ||||||||||
total liabilities | 4,942,000,000 | 5,335,000,000 | 5,375,000,000 | 5,975,000,000 | 6,523,000,000 | 6,628,000,000 | 6,893,000,000 | 7,013,000,000 | 7,241,000,000 | 7,881,000,000 | 8,127,000,000 | 7,536,000,000 | 7,563,000,000 | 6,994,470,000 | ||||
equity: | ||||||||||||||||||
share capital | ||||||||||||||||||
ordinary shares, 0.02 par value, 555,681,705 and 552,912,823 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively | 11,000,000 | |||||||||||||||||
additional paid-in capital | 24,169,000,000 | 24,096,000,000 | 24,046,000,000 | 24,014,000,000 | 23,971,000,000 | 23,914,000,000 | 24,027,000,000 | 24,000,000,000 | 23,968,000,000 | 23,831,000,000 | 23,766,000,000 | 23,673,000,000 | 23,540,000,000 | 23,487,463,000 | ||||
accumulated deficit | -12,580,000,000 | -12,828,000,000 | -13,056,000,000 | -13,266,000,000 | -12,536,000,000 | -12,713,000,000 | -12,868,000,000 | -13,001,000,000 | -13,278,000,000 | -13,527,000,000 | -13,767,000,000 | -14,021,000,000 | -14,689,000,000 | -15,026,000,000 | -15,290,000,000 | -15,468,822,000 | -15,512,000,000 | -15,512,000,000 |
accumulated other comprehensive income | 112,000,000 | 136,000,000 | 53,000,000 | 17,000,000 | 87,000,000 | 40,000,000 | 41,000,000 | 54,000,000 | 77,000,000 | 100,000,000 | 21,000,000 | |||||||
equity attributable to the shareholders of globalfoundries inc. | 11,712,000,000 | 11,415,000,000 | 11,054,000,000 | 10,776,000,000 | 11,533,000,000 | 11,252,000,000 | 11,104,000,000 | 10,787,000,000 | 10,529,000,000 | 9,913,000,000 | 9,040,000,000 | 8,607,000,000 | 8,282,000,000 | |||||
non-controlling interests | 54,000,000 | 53,000,000 | 50,000,000 | 48,000,000 | 47,000,000 | 47,000,000 | ||||||||||||
total equity | 11,766,000,000 | 11,468,000,000 | 11,104,000,000 | 10,824,000,000 | 11,582,000,000 | 11,299,000,000 | 11,151,000,000 | 10,831,000,000 | 10,574,000,000 | 9,960,000,000 | 9,081,000,000 | 8,658,000,000 | 8,339,000,000 | 8,033,132,000 | ||||
total liabilities and equity | 16,708,000,000 | 16,803,000,000 | 16,479,000,000 | 16,799,000,000 | 18,105,000,000 | 17,927,000,000 | 18,454,000,000 | 18,044,000,000 | 17,844,000,000 | 17,815,000,000 | 17,815,000,000 | 17,841,000,000 | 17,208,000,000 | 16,194,000,000 | 15,902,000,000 | 15,027,602,000 | 12,647,000,000 | 12,647,000,000 |
ordinary shares, 0.02 par value, 554,971,650 and 552,912,823 shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively | 11,000,000 | |||||||||||||||||
ordinary shares, 0.02 par value, 554,733,529 and 552,912,823 shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively | 11,000,000 | |||||||||||||||||
non-current liabilities: | ||||||||||||||||||
ordinary shares, 0.02 par value, 552,912,823 and 553,548,190 shares issued and outstanding as of december 31, 2024 and 2023, respectively | 11,000,000 | |||||||||||||||||
right of use assets | 492,000,000 | 510,000,000 | ||||||||||||||||
ordinary shares, 0.02 par value, 552,654,594 and 553,548,190 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively | 11,000,000 | |||||||||||||||||
non-controlling interest | 49,000,000 | 47,000,000 | 46,000,000 | 44,000,000 | 45,000,000 | 47,000,000 | 41,000,000 | 51,000,000 | 57,000,000 | 57,606,000 | ||||||||
ordinary shares, 0.02 par value, 551,777,466 and 553,548,190 shares issued and outstanding as of june 30, 2024 and december 31, 2023 | 11,000,000 | |||||||||||||||||
assets: | ||||||||||||||||||
receivables, prepayments and other | 1,190,000,000 | 1,296,000,000 | 1,059,000,000 | 1,059,000,000 | ||||||||||||||
current assets | 6,214,000,000 | 5,628,000,000 | 3,156,000,000 | 3,156,000,000 | ||||||||||||||
property, plant, and equipment | 10,304,000,000 | 10,829,000,000 | 8,466,000,000 | 8,466,000,000 | ||||||||||||||
other assets | 911,000,000 | 764,000,000 | 627,000,000 | 627,000,000 | ||||||||||||||
non-current assets | 12,240,000,000 | 12,187,000,000 | ||||||||||||||||
liabilities and equity: | ||||||||||||||||||
other current liabilities | 2,312,000,000 | 2,690,000,000 | 1,958,000,000 | 1,958,000,000 | ||||||||||||||
current liabilities | 2,854,000,000 | 2,895,000,000 | 2,424,000,000 | 2,424,000,000 | ||||||||||||||
other liabilities | 2,537,000,000 | 2,303,000,000 | 1,646,000,000 | 1,646,000,000 | ||||||||||||||
shareholders' equity: | ||||||||||||||||||
common stock/additional paid-in capital | 24,078,000,000 | 23,927,000,000 | 11,887,000,000 | 11,887,000,000 | ||||||||||||||
ordinary shares, 0.02 par value, 553,548 thousand and 547,755 thousand shares issued and outstanding as of december 31, 2023 and 2022, respectively | 11,000,000 | |||||||||||||||||
accumulated other comprehensive loss | 67,000,000 | 92,000,000 | -48,000,000 | -51,000,000 | -53,752,000 | |||||||||||||
noncurrent assets: | ||||||||||||||||||
other noncurrent financial assets | 102,000,000 | 113,000,000 | 113,000,000 | 72,000,000 | 78,000,000 | 2,317,000 | ||||||||||||
total noncurrent assets | 12,037,000,000 | 12,292,000,000 | 11,589,000,000 | 10,686,000,000 | 10,243,000,000 | 9,736,263,000 | ||||||||||||
noncurrent liabilities | 3,721,000,000 | 3,721,000,000 | ||||||||||||||||
noncurrent portion of long-term debt | 2,181,000,000 | 2,208,000,000 | 1,972,000,000 | 1,908,000,000 | 1,830,000,000 | 1,715,833,000 | 1,725,000,000 | 1,725,000,000 | ||||||||||
noncurrent portion of deferred income from government grants | 285,000,000 | 291,000,000 | 241,000,000 | 218,000,000 | 185,000,000 | 147,371,000 | ||||||||||||
noncurrent portion of lease obligations | 287,000,000 | 293,000,000 | 274,000,000 | 301,000,000 | 333,000,000 | 290,547,000 | ||||||||||||
other noncurrent liabilities | 1,313,000,000 | 1,461,000,000 | 1,538,000,000 | 1,565,000,000 | 1,663,000,000 | 1,445,324,000 | ||||||||||||
total noncurrent liabilities | 4,265,000,000 | 4,451,000,000 | 4,255,000,000 | 4,223,000,000 | 4,243,000,000 | 3,831,611,000 | ||||||||||||
ordinary shares, 0.02 par value, 553,199 thousand and 547,755 thousand shares issued and outstanding as of september 30, 2023 and december 31, 2022 | 11,000,000 | |||||||||||||||||
ordinary shares, 0.02 par value, 552,673 thousand and 547,755 thousand shares issued and outstanding as of june 30, 2023 and december 31, 2022 | 11,000,000 | |||||||||||||||||
ordinary shares, 0.02 par value, 547,755 thousand and 531,846 thousand shares issued and outstanding as of december 31, 2022 and 2021, respectively | 11,000,000 | |||||||||||||||||
ordinary shares, 0.02 par value, 545,073 thousand and 531,846 thousand shares issued and outstanding as of september 30, 2022 and december 31, 2021 | 11,000,000 | |||||||||||||||||
other current financial assets | 56,000,000 | 58,000,000 | 23,183,000 | |||||||||||||||
ordinary shares, 0.02 par value, 540,142 thousand and 531,846 thousand shares issued and outstanding as of june 30, 2022 and december 31, 2021 | 11,000,000 | |||||||||||||||||
ordinary shares, 0.02 par value, 531,846 thousand shares issued and outstanding as of december 31, 2021 and march 31, 2022 | 11,000,000 | |||||||||||||||||
investments in joint ventures | 37,938,000 | |||||||||||||||||
receivables from government grants | 45,806,000 | |||||||||||||||||
equity and liabilities | ||||||||||||||||||
ordinary shares, 0.02 par value, 500,000 thousand and 531,846 thousand shares issued and outstanding as of december 31, 2020 and 2021, respectively | 10,637,000 | |||||||||||||||||
loan from shareholder | ||||||||||||||||||
equity attributable to the shareholder of globalfoundries inc. | 7,975,526,000 | |||||||||||||||||
noncurrent liabilities: | ||||||||||||||||||
noncurrent assets | 9,491,000,000 | 9,491,000,000 | ||||||||||||||||
current portion of finance lease obligations | 95,000,000 | 95,000,000 | ||||||||||||||||
noncurrent portion of finance lease obligations | 350,000,000 | 350,000,000 | ||||||||||||||||
stockholders’ equity: | ||||||||||||||||||
loan from shareholder and other2 | 10,127,000,000 | 10,127,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-11-30 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||
net income | 249,000,000 | 228,000,000 | 211,000,000 | -729,000,000 | 178,000,000 | 155,000,000 | 134,000,000 | 278,000,000 | 249,000,000 | 237,000,000 | 254,000,000 | 668,000,000 | 336,000,000 | 264,000,000 | 178,000,000 | 5,000,000 | 5,000,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 314,000,000 | 335,000,000 | 352,000,000 | 392,000,000 | 343,000,000 | 415,000,000 | 415,000,000 | ||||||||||
share-based compensation | 53,000,000 | 52,000,000 | 42,000,000 | 50,000,000 | 41,000,000 | 33,000,000 | 51,000,000 | 53,000,000 | |||||||||
gain on acquisition of joint venture interest | 0 | 0 | -31,000,000 | ||||||||||||||
finance income | -41,000,000 | -39,000,000 | -39,000,000 | -49,000,000 | -52,000,000 | ||||||||||||
finance expense | 23,000,000 | 22,000,000 | 25,000,000 | 34,000,000 | 37,000,000 | 27,000,000 | 27,000,000 | ||||||||||
deferred income taxes | -6,000,000 | -20,000,000 | -64,000,000 | 6,000,000 | 37,000,000 | 6,000,000 | 23,000,000 | 8,000,000 | -4,000,000 | 24,000,000 | 22,000,000 | 30,000,000 | 11,000,000 | 22,000,000 | 19,000,000 | 20,000,000 | 20,000,000 |
gain on disposal of property, plant and equipment | -37,000,000 | -39,000,000 | -32,000,000 | -5,000,000 | |||||||||||||
other operating activities | -6,000,000 | 19,000,000 | -12,000,000 | 1,000,000 | |||||||||||||
change in assets and liabilities, net of acquisitions: | |||||||||||||||||
receivables, prepayments and other assets | 168,000,000 | ||||||||||||||||
inventories | 81,000,000 | 88,000,000 | -177,000,000 | 179,000,000 | -17,000,000 | 22,000,000 | -5,000,000 | -40,000,000 | -80,000,000 | -77,000,000 | -64,000,000 | ||||||
trade and other payables | -233,000,000 | -128,000,000 | 33,000,000 | -17,000,000 | -15,000,000 | -175,000,000 | -28,000,000 | 26,000,000 | 237,000,000 | ||||||||
net change in working capital | 16,000,000 | -97,000,000 | -174,000,000 | ||||||||||||||
interest received | 45,000,000 | 34,000,000 | 32,000,000 | 41,000,000 | 44,000,000 | ||||||||||||
interest paid | -8,000,000 | -20,000,000 | -8,000,000 | -40,000,000 | -17,000,000 | ||||||||||||
income taxes paid | -7,000,000 | -5,000,000 | -1,000,000 | -14,000,000 | |||||||||||||
net cash from operating activities | 595,000,000 | 431,000,000 | 331,000,000 | 457,000,000 | 375,000,000 | 402,000,000 | 488,000,000 | 684,000,000 | 416,000,000 | 546,000,000 | 479,000,000 | 491,000,000 | 679,000,000 | 609,000,000 | 845,000,000 | 1,109,000,000 | 1,109,000,000 |
capital expenditures | -189,000,000 | -159,000,000 | -166,000,000 | 0 | -109,000,000 | 0 | -227,000,000 | 0 | -304,000,000 | 0 | -853,000,000 | 0 | -601,000,000 | -796,000,000 | -612,000,000 | -392,000,000 | -392,000,000 |
free cash flows | 406,000,000 | 272,000,000 | 165,000,000 | 457,000,000 | 266,000,000 | 402,000,000 | 261,000,000 | 684,000,000 | 112,000,000 | 546,000,000 | -374,000,000 | 491,000,000 | 78,000,000 | -187,000,000 | 233,000,000 | 717,000,000 | 717,000,000 |
investing activities | |||||||||||||||||
acquisitions, net of cash acquired | 0 | ||||||||||||||||
purchases of property, plant and equipment and intangible assets | -189,000,000 | -159,000,000 | -166,000,000 | ||||||||||||||
purchases of equity securities | 3,000,000 | ||||||||||||||||
purchases of marketable securities | -460,000,000 | -388,000,000 | -397,000,000 | -349,000,000 | -480,000,000 | ||||||||||||
proceeds from sale of marketable securities | 152,000,000 | 25,000,000 | 50,000,000 | 34,000,000 | -545,000,000 | 198,000,000 | |||||||||||
proceeds from maturities of marketable securities | 292,000,000 | 340,000,000 | 286,000,000 | 329,000,000 | |||||||||||||
proceeds from the sale of property plant and equipment and other | 85,000,000 | 43,000,000 | 35,000,000 | ||||||||||||||
net cash from investing activities | -329,000,000 | -207,000,000 | -211,000,000 | -92,000,000 | -263,000,000 | -170,000,000 | -600,000,000 | -95,000,000 | -313,000,000 | -888,000,000 | -586,000,000 | -1,051,000,000 | -764,000,000 | -1,604,000,000 | -639,000,000 | -362,000,000 | -362,000,000 |
financing activities | |||||||||||||||||
net proceeds from borrowings | 5,000,000 | 2,000,000 | 0 | 2,000,000 | 359,000,000 | 169,000,000 | 229,000,000 | 214,000,000 | |||||||||
repayments of debt and lease obligations | -25,000,000 | -50,000,000 | -733,000,000 | -454,000,000 | -39,000,000 | ||||||||||||
proceeds from issuance of equity instruments, net of taxes paid | |||||||||||||||||
purchase of treasury stock | 0 | 0 | |||||||||||||||
net cash from financing activities | -40,000,000 | -35,000,000 | -717,000,000 | -452,000,000 | -12,000,000 | -294,000,000 | -27,000,000 | -87,000,000 | -54,000,000 | 360,000,000 | 157,000,000 | 207,000,000 | 118,000,000 | -525,000,000 | -525,000,000 | ||
effect of exchange rate changes on cash and cash equivalents | 0 | 5,000,000 | 1,000,000 | 5,000,000 | 11,000,000 | -5,000,000 | -2,000,000 | 1,000,000 | |||||||||
net decrease in cash and cash equivalents | 226,000,000 | 194,000,000 | -596,000,000 | 102,000,000 | 48,000,000 | ||||||||||||
cash and cash equivalents at the beginning of the period | 0 | 0 | 2,192,000,000 | 0 | 0 | 2,387,000,000 | 0 | 0 | 2,352,000,000 | 0 | 0 | 2,939,000,000 | 805,000,000 | 805,000,000 | |||
cash and cash equivalents at the end of the period | 226,000,000 | 194,000,000 | 1,596,000,000 | 102,000,000 | -63,000,000 | 2,247,000,000 | 48,000,000 | -424,000,000 | 2,256,000,000 | 67,000,000 | -790,000,000 | 3,264,000,000 | 1,019,000,000 | 1,019,000,000 | |||
acquisition of joint venture interest, net of cash acquired | 0 | -19,000,000 | |||||||||||||||
proceeds from issuance of equity instruments | 1,000,000 | 16,000,000 | |||||||||||||||
change in assets and liabilities, net of acquisitions: - sum | -144,000,000 | ||||||||||||||||
impairment charges | |||||||||||||||||
share-based payments | |||||||||||||||||
amortization of deferred income from government grants | -9,000,000 | -6,000,000 | -6,000,000 | -7,000,000 | -7,000,000 | -8,000,000 | |||||||||||
loss on disposal of property, plant and equipment and other | 20,000,000 | -19,000,000 | |||||||||||||||
gain on the sale of a business | |||||||||||||||||
change in assets and liabilities: | |||||||||||||||||
proceeds from government grants | |||||||||||||||||
advances and proceeds from sale of property, plant and equipment and intangible assets | 2,000,000 | 8,000,000 | 2,000,000 | 15,000,000 | 15,000,000 | 9,000,000 | |||||||||||
proceeds from sale of a business | |||||||||||||||||
other investing activities | -37,000,000 | 30,000,000 | 379,000,000 | -373,000,000 | -1,000,000 | 2,000,000 | -270,000,000 | 267,000,000 | -4,000,000 | -18,000,000 | -17,000,000 | -5,000,000 | 30,000,000 | 30,000,000 | |||
other financing activities | 3,000,000 | 11,000,000 | 4,000,000 | 4,000,000 | |||||||||||||
net increase in cash and cash equivalents | -189,000,000 | 325,000,000 | |||||||||||||||
cash and cash equivalents at the beginning of the year | |||||||||||||||||
cash and cash equivalents at the end of the year | |||||||||||||||||
depreciation | 363,000,000 | 333,000,000 | 358,000,000 | 363,000,000 | 356,000,000 | ||||||||||||
amortization of intangible assets | 33,000,000 | 33,000,000 | 37,000,000 | 48,000,000 | 52,000,000 | ||||||||||||
gain on disposal of property, plant and equipment and other | -35,000,000 | -22,000,000 | -57,000,000 | ||||||||||||||
receivables, prepayments, other assets and other non-current assets | -141,000,000 | ||||||||||||||||
current and non-current trade and other payables | -105,000,000 | ||||||||||||||||
purchases of property, plant and equipment | -109,000,000 | -304,000,000 | -601,000,000 | -796,000,000 | -612,000,000 | ||||||||||||
purchase of intangible assets | -53,000,000 | -20,000,000 | |||||||||||||||
proceeds from issuance of equity instruments and other | 23,000,000 | 1,000,000 | 9,000,000 | 37,000,000 | 62,000,000 | ||||||||||||
cash flows from operating activities | |||||||||||||||||
income taxes (paid) refunded | |||||||||||||||||
cash flows from investing activities | |||||||||||||||||
cash flows from financing activities | |||||||||||||||||
cash flows from operating activities: | |||||||||||||||||
finance expense, net and other | 6,000,000 | 7,000,000 | |||||||||||||||
other non-cash operating activities | 30,000,000 | 27,000,000 | 2,000,000 | 2,000,000 | |||||||||||||
cash flows from investing activities: | |||||||||||||||||
purchases of property, plant, equipment, and intangible assets | -227,000,000 | -853,000,000 | -392,000,000 | -392,000,000 | |||||||||||||
cash flows from financing activities: | |||||||||||||||||
proceeds (repayment) of debt | -50,000,000 | -30,000,000 | |||||||||||||||
effect of exchange rate changes | 1,000,000 | -8,000,000 | -8,000,000 | ||||||||||||||
net change in cash and cash equivalents | -140,000,000 | -96,000,000 | 214,000,000 | 214,000,000 | |||||||||||||
interest and income taxes paid | -14,000,000 | -6,000,000 | -30,000,000 | -18,000,000 | |||||||||||||
purchase of marketable securities | |||||||||||||||||
repayments of shareholder loan | -442,000,000 | -442,000,000 | |||||||||||||||
repayments of debt and finance lease obligations | -87,000,000 | -57,000,000 | -104,000,000 | -74,000,000 | -105,000,000 | -107,000,000 | |||||||||||
increase in restricted cash | |||||||||||||||||
interest, income taxes paid and finance income | |||||||||||||||||
receivables, prepayments, other assets and other noncurrent assets | -198,000,000 | 71,000,000 | -50,000,000 | 16,000,000 | |||||||||||||
proceeds from the sale of efk business | 0 | ||||||||||||||||
purchases of investment in marketable securities | -216,000,000 | ||||||||||||||||
proceeds from the sale of investment in marketable securities | 217,000,000 | ||||||||||||||||
noncash investing and financing activities: | |||||||||||||||||
amounts payable for property, plant and equipment | -118,000,000 | -131,000,000 | 500,000,000 | 13,000,000 | 519,000,000 | ||||||||||||
property, plant and equipment acquired through lease | 8,000,000 | 5,000,000 | 0 | 1,000,000 | 60,000,000 | ||||||||||||
amounts payable for intangible assets | -11,000,000 | -10,000,000 | -7,000,000 | -8,000,000 | 114,000,000 | ||||||||||||
net cash provided by financing activities | 10,000,000 | ||||||||||||||||
finance expense, net and other has been adjusted to include interest and taxes paid that were previously included in "other non-cash operating activities." prior period amounts have been adjusted accordingly. | |||||||||||||||||
finance expenses | 53,000,000 | 11,000,000 | 19,000,000 | 28,000,000 | |||||||||||||
purchase of investment in marketable securities | -256,000,000 | -256,000,000 | |||||||||||||||
proceeds from sale of fabrication facilities and asic business | |||||||||||||||||
repayments of borrowings from shareholder | |||||||||||||||||
purchases of intangible assets | -12,000,000 | -16,000,000 | -31,000,000 | ||||||||||||||
net loss | |||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
gain on sale of fabrication facilities | |||||||||||||||||
income tax payable | |||||||||||||||||
income tax paid | |||||||||||||||||
loans issued to related parties | |||||||||||||||||
proceeds from settlement of loans issued to joint ventures and associates | |||||||||||||||||
net cash from (used in) investing activities | |||||||||||||||||
decrease in restricted cash | |||||||||||||||||
change in net working capital | 640,000,000 | 640,000,000 | |||||||||||||||
repayment of debt | -87,000,000 | -87,000,000 | |||||||||||||||
• |