0001140361-26-024915 | 10-Q | XBRL Viewer

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PDMCX JOINT VENTURE (Details)	1 Months Ended	6 Months Ended
PDMCX JOINT VENTURE (Details)	Jan. 31, 2018	May 03, 2026
DNP [Member]
PDMCX JOINT VENTURE [Abstract]
Ownership percentage	49.99%
Photronics and DNP [Member]
PDMCX JOINT VENTURE [Abstract]
Period before put or purchase option can be exercised		6 months
Number of business days for obtaining required approvals and clearance for exiting party		3 days
Photronics Interest [Member]
PDMCX JOINT VENTURE [Abstract]
Ownership percentage		50.01%
Minimum [Member] \| Photronics and DNP [Member]
PDMCX JOINT VENTURE [Abstract]
Ownership percentage		20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
NATURE OF BUSINESS AND BASIS OF PRESENTATION	May 03, 2026
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION Description of Business Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of ICs, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. The Company currently has eleven manufacturing facilities, located in Taiwan (3), China (2), South Korea (1), the United States (3), and Europe (2). Basis of Presentation The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect amounts reported in them. The Company’s estimates are based on historical experience and on various assumptions that are believed to be reasonable based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. The Company reviews these estimates periodically and reflects any effects of revisions in the period in which they are determined. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with U.S. GAAP for interim financial reporting information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Form 10-K for the fiscal year ended October 31, 2025, which provides additional information about the Company’s accounting policies and the methods and assumptions used in the Company’s estimates. The Company’s business is typically impacted during the first quarter of the Company’s fiscal year by the North American, European, and Asian holiday periods, as some customers may change their development and buying activities during this period. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2026. Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”, which improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. The guidance in this ASU will be effective for Photronics for interim reporting periods in its first quarter of fiscal year 2028 Form 10-Q. The amendments can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not expect adoption of this ASU to have a material effect on the Company’s consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU No. 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities”. This update establishes authoritative guidance on the accounting for government grants received by business entities. The guidance in this ASU will be effective for Photronics in its fiscal year 2030 Form 10-K, with early application of the amendments allowed. The standard may be applied using a modified prospective, modified retrospective or full retrospective transition approach. The Company is currently evaluating the timing and impact of this ASU on the Company’s consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, as well as qualitatively describe remaining amounts included in those captions. The guidance in this ASU will be effective for Photronics in its fiscal year 2028 Form 10-K, with early application of the amendments allowed. The Company is currently evaluating the impact the adoption of this ASU may have on the Company’s consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this ASU will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. The Company is currently evaluating the effect of this ASU adoption on its disclosures.

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

May 03, 2026

May 04, 2025

Cash flows from operating activities:

Net income

$ 103,427

$ 82,474

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

39,812

40,386

Share-based compensation

6,576

6,710

Changes in assets and liabilities:

Accounts receivable

8,903

4,293

Inventories

(6,250)

(4,694)

Other current assets

(1,966)

(6,932)

Accounts payable, accrued liabilities, and other

(6,218)

(12,318)

Net cash provided by operating activities

144,284

109,919

Cash flows from investing activities:

Purchases of property, plant and equipment

(93,436)

(95,749)

Purchases of short-term investments

(105,831)

(27,689)

Proceeds from maturities of short-term investments

71,789

41,482

Proceeds from sales of short-term investments

7,093

Government incentives

2,567

1,166

Other

(72)

(57)

Net cash used in investing activities

(117,890)

(80,847)

Cash flows from financing activities:

Repayments of debt

(5)

(17,966)

Common stock repurchases

(76,682)

Proceeds from share-based arrangements

1,216

1,583

Net settlements of restricted stock awards

(1,632)

(2,007)

Net cash used in financing activities

(421)

(95,072)

Effects of exchange rate changes on cash, cash equivalents, and restricted cash

(6,722)

(1,697)

Net change in cash, cash equivalents, and restricted cash

19,251

(67,697)

Cash, cash equivalents, and restricted cash at beginning of period

495,113

601,243

Cash, cash equivalents, and restricted cash at end of period

514,364

533,546

Less: Ending restricted cash

2,874

^[1]

2,838

Cash and cash equivalents at end of period

511,490

530,708

Supplemental disclosure of non-cash information:

Accruals for property, plant and equipment purchased not yet paid

$ 32,131

$ 13,657

[1]	Restricted cash is included in other assets and primarily relates to customs requirements and land lease agreements.

EARNINGS PER SHARE - Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
EARNINGS PER SHARE [Abstract]
Total potentially dilutive shares excluded (in Shares)	5	1,099	81	793
Share-based Payment Awards [Member]
EARNINGS PER SHARE [Abstract]
Total potentially dilutive shares excluded (in Shares)	5	1,099	81	793

PDMCX JOINT VENTURE - Net Income Recorded from Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
Photronics and DNP [Member]
PDMCX JOINT VENTURE [Abstract]
Net income from PDMCX	$ 4,707	$ 7,557	$ 9,820	$ 10,925

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PDMCX JOINT VENTURE

6 Months Ended

May 03, 2026

PDMCX JOINT VENTURE [Abstract]

PDMCX JOINT VENTURE

NOTE 6 - PDMCX JOINT VENTURE

In January 2018, Photronics, Inc., through its wholly-owned Photronics Singapore PTE. LTD. subsidiary (hereinafter, within this Note “we”, “Photronics”, “us”, or “our”), and DNP, through its wholly owned subsidiary DNP Asia Pacific PTE, Ltd., entered into a joint venture under which DNP obtained a 49.99% interest in the Company’s IC business in Xiamen, China. The joint venture, which the Company refers to as “PDMCX”, was established to develop and manufacture photomasks for semiconductors. The Company entered into this joint venture to enable the Company to compete more effectively for the merchant photomask business in China, and to benefit from the additional resources and investment that DNP provides to enable the Company to offer advanced-process technology to the Company’s customers.

Under the joint venture agreement, should either Photronics’ or DNP’s ownership interest fall below 20.0% for a period of more than six consecutive months, such party (an “exiting party”) has the option to sell to the other party, and the other party has the option to purchase from such exiting party, the exiting party’s remaining ownership interest. In either case, the sales of ownership interests would be at the exiting party’s ownership percentage of the joint venture’s net book value, with closing to take place within three business days of obtaining required approvals and clearance.

The following table presents the net income the Company recorded from the operations of PDMCX during the reporting periods.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Net income from PDMCX	$	4,707	$	7,557	$	9,820	$	10,925

As required by the guidance in ASC Topic 810 - “Consolidation”, the Company evaluated the Company’s involvement in PDMCX for the purpose of determining whether the Company should consolidate its results in the Company’s financial statements. The initial step of the Company’s evaluation was to determine whether PDMCX was a VIE. Due to its lack of sufficient equity at risk to finance its activities without additional subordinated financial support, the Company determined that it is a VIE. Having made this determination, the Company then assessed whether the Company was the primary beneficiary of the VIE and concluded that the Company was the primary beneficiary during the current and prior years reporting periods; thus, as required, the PDMCX financial results have been consolidated with Photronics. The Company’s conclusion was based on the fact that the Company held a controlling financial interest in PDMCX (which resulted from the Company’s having the power to direct the activities that most significantly impacted its economic performance) and had both the obligation to absorb losses and the right to receive benefits that could potentially be significant to PDMCX. The Company’s conclusion that the Company had the power to direct the activities that most significantly affected the economic performance of PDMCX during the current and prior year periods were based on the Company’s right to appoint the majority of its Board of Directors, which has, among others, the powers to manage the business (through its rights to appoint and evaluate PDMCX’s management), incur indebtedness, enter into agreements and commitments, and acquire and dispose of PDMCX’s assets. In addition, as a result of the 50.01% variable interest the Company held during the current and prior year periods, the Company had the obligation to absorb losses, and the right to receive benefits, which could potentially be significant to PDMCX.

The following table presents the carrying amounts of PDMCX assets and liabilities included in the Company’s condensed consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, the Company’s maximum exposure to loss from PDMCX is the Company’s interest in the carrying amount of the net assets of the joint venture.

	May 3,				October 31,
	2026				2025
Classification	Carrying		Photronics		Carrying		Photronics
Classification	Amount		Interest		Amount		Interest
Current assets	$	219,834	$	109,939	$	180,289	$	90,163
Noncurrent assets		171,649		85,842		166,756		83,395
Total assets		391,483		195,781		347,045		173,558

Current liabilities		34,221		17,114		23,193		11,599
Noncurrent liabilities		3,084		1,542		2,970		1,485
Total liabilities		37,305		18,656		26,163		13,084

Net assets	$	354,178	$	177,125	$	320,882	$	160,474

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 03, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

May 03, 2026

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

Components of Property, Plant and Equipment, Net

Presented below are the components of Property, plant and equipment, net at the balance sheet dates.

	May 3,			October 31,
	2026			2025
Land	$	12,262		$	12,245
Buildings and improvements		202,576			192,860
Machinery and equipment		2,182,518			2,109,456
Leasehold improvements		20,006			20,474
Furniture, fixtures, and office equipment		19,545			19,394
Construction in progress		147,482			134,880
		2,584,389			2,489,309
Accumulated depreciation and amortization		(1,656,453	)		(1,634,873	)
	$	927,936		$	854,436

Information on ROU Assets from Finance Leases

Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below. Please refer to Note 7 for further information.

	May 3,			October 31,
	2026			2025
Machinery and equipment	$	3,900		$	54
Accumulated amortization		(54	)		(53	)
	$	3,846		$	1

Depreciation Expense

The following table presents depreciation expense (including the amortization of ROU assets), related to property, plant and equipment incurred during the reporting periods

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Depreciation Expense	$	19,941	$	19,505	$	39,657	$	40,207

INVENTORIES - INVENTORIES (Details) - USD ($) $ in Thousands	May 03, 2026	Oct. 31, 2025
INVENTORIES [Abstract]
Raw materials	$ 65,864	$ 60,150
Work in process	1,959	1,616
Finished goods	3	1
Inventories	$ 67,826	$ 61,767

INCOME TAXES (Tables)

6 Months Ended

May 03, 2026

INCOME TAXES [Abstract]

Reconciliation of Effective Income Tax Rates from U.S. Statutory Tax Rates

The table below sets forth the primary reasons that the Company’s effective income tax rates differed from the U.S. statutory tax rates in effect during the periods ended May 3, 2026, and May 4, 2025.

Reporting Period	U.S. Statutory Tax Rates	Photronics Effective Tax Rates	Primary Reasons for Differences

Three months ended May 3, 2026	21.0%	19.7%	Non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions have been more than offset by the impact of tax credit in a non-U.S. jurisdiction.

Three months ended May 4, 2025	21.0%	19.1%	Non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions.

Six months ended May 3, 2026	21.0%	19.4%	Non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions have been more than offset by the impact of tax credit in a non-U.S. jurisdiction.

Six months ended May 4, 2025	21.0%	23.0%	Non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions.

Unrecognized Tax Benefits

The table below presents information on unrecognized tax benefits as of the balance sheet dates.

	May 3, 2026		October 31, 2025
Unrecognized tax benefits related to uncertain tax positions	$	13,200	$	11,379
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	13,200	$	11,379
Accrued interest and penalties related to uncertain tax positions	$	729	$	551

CASH, CASH EQUIVALENTS AND INVESTMENTS (Details)	May 03, 2026
CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]
Maturity of time deposits	12 months

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (Tables)

6 Months Ended

May 03, 2026

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss) by Component

The following tables set forth the changes in the Company’s accumulated other comprehensive income (loss) by component (net of tax) for the three-month and six-month periods ended May 3, 2026, and May 4, 2025.

	Three Months Ended May 3, 2026
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at February 1, 2026	$	(91,729	)	$	(591	)	$	(92,320	)
Other comprehensive (loss) income		(3,782	)		12			(3,770	)
Other comprehensive loss attributable to noncontrolling interests		(1,846	)		(13	)		(1,859	)

Balance at May 3, 2026	$	(97,357	)	$	(592	)	$	(97,949	)

	Three Months Ended May 4, 2025
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at February 2, 2025	$	(119,629	)	$	(696	)	$	(120,325	)
Other comprehensive (loss) income		47,124			(61	)		47,063
Other comprehensive (loss) income attributable to noncontrolling interests		(14,063	)		30			(14,033	)

Balance at May 4, 2025	$	(86,568	)	$	(727	)	$	(87,295	)

	Six Months Ended May 3, 2026
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at October 31, 2025	$	(85,513	)	$	(607	)	$	(86,120	)
Other comprehensive (loss) income		(12,450	)		55			(12,395	)
Other comprehensive income (loss) attributable to noncontrolling interests		606			(40	)		566

Balance at May 3, 2026	$	(97,357	)	$	(592	)	$	(97,949	)

	Six Months Ended May 4, 2025
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at October 31, 2024	$	(85,587	)	$	(732	)	$	(86,319	)
Other comprehensive (loss) income		4,208			8			4,216
Other comprehensive loss attributable to noncontrolling interests		(5,189	)		(3	)		(5,192	)

Balance at May 4, 2025	$	(86,568	)	$	(727	)	$	(87,295	)

EARNINGS PER SHARE (Tables)

6 Months Ended

May 03, 2026

EARNINGS PER SHARE [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Net income attributable to Photronics, Inc. shareholders	$	31,429	$	8,861	$	74,368	$	51,712

Weighted-average common shares outstanding (in thousands):
Basic		58,123		60,793		57,959		61,443
Effect of dilutive securities:
Share-based awards		622		181		609		374
Potentially dilutive common shares		622		181		609		374

Weighted-average common shares - Diluted		58,745		60,974		58,568		61,817

Earnings per share:
Net Income attributable to Photronics shareholders - Basic	$	0.54	$	0.15	$	1.28	$	0.84
Net Income attributable to Photronics shareholders - Diluted	$	0.54	$	0.15	$	1.27	$	0.84

Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share

The table below sets forth the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
(in thousands of shares)	2026		2025		2026		2025
Share-based payment awards, in shares		5		1,099		81		793
Total potentially dilutive shares excluded		5		1,099		81		793

CASH, CASH EQUIVALENTS AND INVESTMENTS

6 Months Ended

May 03, 2026

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

CASH, CASH EQUIVALENTS AND INVESTMENTS

NOTE 2 – CASH, CASH EQUIVALENTS AND INVESTMENTS

The Company invests excess cash primarily in bank time deposits and money market funds. The Company’s classification of investments is as follows:

-	Maturing within three months or less from the date of purchase	Cash and cash equivalents
-	Maturing, as of the date of purchase, more than three months, but with remaining maturities of less than one year, from the balance sheet date	Short-term investments
-	Maturing one year or more from the balance sheet date	Long-term marketable investments

The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows:

Level 1- These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access.

Level 2- These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets.

Level 3- These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

The following are cash, cash equivalents and investments measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3):

	May 3, 2026						October 31, 2025
	Cash and cash equivalents		Short-term investments		Total Fair Value		Cash and cash equivalents		Short-term investments		Total Fair Value
Cash	$	204,959	$	-	$	204,959	$	222,166	$	-	$	222,166
Level 1
U.S. Government Securities		3,025		28,314		31,339		3,789		25,157		28,946
Money market funds		5,906		-		5,906		11,159		-		11,159
Level 2
Commercial paper		37,058		9,788		46,846		30,747		2,259		33,006
Time deposits		260,542		88,075		348,617		224,395		68,493		292,888
	$	511,490	$	126,177	$	637,667	$	492,256	$	95,909	$	588,165
Restricted Cash ⁽¹⁾		2,874						2,857
Cash, cash equivalents, and restricted cash	$	514,364					$	495,113

⁽¹⁾

Restricted cash is included in other assets and primarily relates to customs requirements and land lease agreements.

Based upon the Company’s intent and ability to hold its time deposits to maturity (which maturities range up to twelve months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. The Company’s U.S. Government Securities, Commercial paper and Money market funds are classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses (net of tax) reported in Accumulated other comprehensive income (loss). In the event of a sale of these securities, the Company would determine the cost of the investment sold at the specific individual security level and would include any gain or loss in Interest income and other income, net, where the Company also reports periodic interest earned and the amortization (accretion) of discounts (premiums) related to these investments. As of May 3, 2026, and October 31, 2025, the unrealized gains or losses related to short-term investments were immaterial.

DEBT (Tables)

6 Months Ended

May 03, 2026

DEBT [Abstract]

Long-term Debt

The balance of long-term debt and its current portion was comprised of the following finance leases as described below:

	May 3,			October 31,
	2026			2025
Principal due:
Next 12 months	$	11		$	11
Months 13 – 24	$	3,853		$	12
Months 25 – 36		-			1
Months 37 – 48		-			-
Months 49 – 60		-			-
Long-term debt		3,853			13
Total debt	$	3,864		$	24

Interest rate at balance sheet date		N/A			N/A
Basis spread on interest rates		N/A			N/A
Interest rate reset		N/A			N/A
Maturity date		N/A			N/A
Periodic payment amount		Varies as Lease matures			Varies as Lease matures
Periodic payment frequency		Varies			Monthly
Finance lease ROU assets (carrying amount)	$	3,846	⁽¹⁾	$	1	⁽¹⁾

⁽¹⁾Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. Please refer to Note 5.

CASH, CASH EQUIVALENTS AND INVESTMENTS - CASH, CASH EQUIVALENTS AND INVESTMENTS (Details) - USD ($)
$ in Thousands

May 03, 2026

Oct. 31, 2025

May 04, 2025

Oct. 31, 2024

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash and cash equivalents

$ 511,490

$ 492,256

Short-term investments

126,177

95,909

Total Fair Value

637,667

588,165

Restricted Cash

2,874

^[1]

2,857

^[1]

$ 2,838

Cash, cash equivalents, and restricted cash

514,364

495,113

$ 533,546

$ 601,243

Cash [Member]

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash and cash equivalents

204,959

222,166

Short-term investments

Total Fair Value

204,959

222,166

U.S. Government Securities [Member] | Level 1 [Member]

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash and cash equivalents

3,025

3,789

Short-term investments

28,314

25,157

Total Fair Value

31,339

28,946

Money Market Funds [Member] | Level 1 [Member]

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash and cash equivalents

5,906

11,159

Short-term investments

Total Fair Value

5,906

11,159

Commercial Paper [Member] | Level 2 [Member]

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash and cash equivalents

37,058

30,747

Short-term investments

9,788

2,259

Total Fair Value

46,846

33,006

Time Deposits [Member] | Level 2 [Member]

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash and cash equivalents

260,542

224,395

Short-term investments

88,075

68,493

Total Fair Value

$ 348,617

$ 292,888

[1]	Restricted cash is included in other assets and primarily relates to customs requirements and land lease agreements.

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Depreciation Expense	$ 19,941	$ 19,505	$ 39,657	$ 40,207

INVENTORIES (Tables)

6 Months Ended

May 03, 2026

INVENTORIES [Abstract]

Inventories

The components of Inventories at the balance sheet dates are presented below.

	May 3,		October 31,
	2026		2025
Raw materials	$	65,864	$	60,150
Work in process		1,959		1,616
Finished goods		3		1
	$	67,826	$	61,767

EARNINGS PER SHARE - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
EARNINGS PER SHARE [Abstract]
Net income attributable to Photronics, Inc. shareholders (in Dollars)	$ 31,429	$ 8,861	$ 74,368	$ 51,712
Weighted-average common shares outstanding (in thousands):
Basic (in Shares)	58,123	60,793	57,959	61,443
Effect of dilutive securities:
Share-based awards (in Shares)	622	181	609	374
Potentially dilutive common shares (in Shares)	622	181	609	374
Weighted-average common shares - Diluted (in Shares)	58,745	60,974	58,568	61,817
Earnings per share:
Net Income attributable to Photronics shareholders-Basic (in Dollars per share)	$ 0.54	$ 0.15	$ 1.28	$ 0.84
Net Income attributable to Photronics shareholders-Diluted (in Dollars per share)	$ 0.54	$ 0.15	$ 1.27	$ 0.84

SEGMENT REPORTING (Details)	6 Months Ended
SEGMENT REPORTING (Details)	May 03, 2026 Segment
SEGMENT REPORTING (Details) [Line Items]
Number of operating segment	1
Single Reportable Segment [Member]
SEGMENT REPORTING (Details) [Line Items]
Number of reportable segment	1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 31,429	$ 8,861	$ 74,368	$ 51,712

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details)	6 Months Ended
NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details)	May 03, 2026 Facility
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of manufacturing facilities	11
Taiwan [Member]
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of manufacturing facilities	3
United States [Member]
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of manufacturing facilities	3
China [Member]
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of manufacturing facilities	2
Europe [Member]
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of manufacturing facilities	2
South Korea [Member]
NATURE OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of manufacturing facilities	1

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
Foreign Currency Translation Adjustments [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Balance	$ (91,729)	$ (119,629)	$ (85,513)	$ (85,587)
Balance	(97,357)	(86,568)	(97,357)	(86,568)
Other [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Balance	(591)	(696)	(607)	(732)
Balance	(592)	(727)	(592)	(727)
Accumulated Other Comprehensive Income [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Balance	(92,320)	(120,325)	(86,120)	(86,319)
Balance	(97,949)	(87,295)	(97,949)	(87,295)
Foreign Currency Translation Adjustments [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Other comprehensive (loss) income	(3,782)	47,124	(12,450)	4,208
Other [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Other comprehensive (loss) income	12	(61)	55	8
Balance	(592)		(592)
Accumulated Other Comprehensive Income [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Other comprehensive (loss) income	(3,770)	47,063	(12,395)	4,216
Balance	(97,949)		(97,949)
Foreign Currency Translation Adjustments [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Other comprehensive income (loss) attributable to noncontrolling interests	(1,846)	(14,063)	606	(5,189)
Other [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Other comprehensive income (loss) attributable to noncontrolling interests	(13)	30	(40)	(3)
Balance	(592)		(592)
Accumulated Other Comprehensive Income [Member]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]
Other comprehensive income (loss) attributable to noncontrolling interests	(1,859)	$ (14,033)	566	$ (5,192)
Balance	$ (97,949)		$ (97,949)

DEBT (Details)	May 03, 2026
DEBT [Abstract]
Finance lease contract term	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SHARE-BASED COMPENSATION

6 Months Ended

May 03, 2026

SHARE-BASED COMPENSATION [Abstract]

SHARE-BASED COMPENSATION

NOTE 9 - SHARE-BASED COMPENSATION

On April 2, 2025, at its annual meeting of shareholders, the shareholders of Photronics, Inc., approved the Company’s 2025 Equity Incentive Compensation Plan (the “2025 Plan”) under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted. The maximum number of shares of common stock that may be issued under the 2025 Plan is five million shares. Awards may be granted to officers, employees, directors, consultants, advisors, and independent contractors of Photronics or its subsidiaries. In the event of a change in control (as defined in the 2025 Plan), the vesting of awards may be accelerated. The 2025 Plan prohibits further awards from being issued under prior plans. The table below presents information on the Company’s share-based compensation expenses.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,			May 4,
	2026		2025		2026			2025
Expense reported in:
Cost of goods sold	$	894	$	785	$	1,825		$	1,562
Selling, general, and administrative		2,657		2,288		5,140			4,556
Research and development		174		302		(389	)		592
Total expense incurred	$	3,725	$	3,375	$	6,576		$	6,710

Expense by award type:
Restricted stock awards	$	2,197	$	2,809	$	4,240		$	6,086
Restricted stock units		1,490		509		2,259			509
Employee stock purchase plan		38		57		77			115
Total expense incurred	$	3,725	$	3,375	$	6,576		$	6,710

Income tax benefits on share-based compensation	$	780	$	406	$	1,362		$	852

The research and development credit for the six months ended May 3, 2026, was primarily attributable to the forfeiture of previously granted time-vesting restricted stock awards, following the departure of an executive.

Restricted Stock Awards

The Company periodically grants restricted stock awards, the restrictions on which typically lapse over a service period of one to four years. The fair values of the awards are determined on the date of grant, based on the closing stock price of the Company’s common stock. The table below presents information on the Company’s restricted stock awards.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Number of shares granted in period		-		237,738		-		583,238
Weighted-average grant-date fair value of awards (in dollars per share)	$	-	$	21.28	$	-	$	23.42
Compensation cost not yet recognized	$	15,225	$	27,028	$	15,225	$	27,028
Weighted-average amortization period for cost not yet recognized (in years)		2.2		3.0		2.2		3.0
Restricted shares outstanding at balance sheet date		809,986		1,439,672		809,986		1,439,672

Restricted Stock Units

Commencing FY25, the Company began granting restricted stock units, the restrictions on which typically lapse over a service period of one to four years. The fair value of the awards is determined on the date of grant, based on the closing price of the Company’s common stock. The table below presents information on the Company’s restricted stock unit awards.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Number of units granted in period		80,529		52,836		589,601		52,836
Weighted-average grant-date fair value of awards (in dollars per share)	$	41.09	$	22.52	$	33.99	$	22.52
Compensation cost not yet recognized	$	16,992	$	681	$	16,992	$	681
Weighted-average amortization period for cost not yet recognized (in years)		3.6		0.8		3.6		0.8
Restricted stock units outstanding at balance sheet date		676,982		33,966		676,982		33,966

Stock Options

Stock option awards generally vest in one to four years and have a ten-year contractual term. All incentive and non-qualified stock option grants must have an exercise price no less than the market value of the underlying common stock on the date of grant. The grant-date fair values of options are based on closing prices of the Company’s common stock on the dates of grant and are calculated using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company’s common stock. The Company uses historical option exercise behavior and employee termination data to estimate expected term, which represents the period of time that options granted are expected to remain outstanding. The risk-free rate of return for the estimated term of an option is based on the U.S. Treasury yield curve in effect at the date of grant. The table below presents information on the Company’s stock options.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Number of options granted in period		-		-		-		-
Cash received from options exercised	$	359	$	26	$	992	$	1,298
Compensation cost not yet recognized	$	-	$	-	$	-	$	-
Weighted-average amortization period for cost not yet recognized (in years)		-		-		-		-

Information regarding outstanding and exercisable option awards as of May 3, 2026, is presented below.

Weighted

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Options

Price

Life (in years)

Value

Outstanding and exercisable at May 3, 2026

19,250

9.51

1.79

783

PROPERTY, PLANT AND EQUIPMENT, NET - Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	May 03, 2026	Oct. 31, 2025
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	$ 2,584,389	$ 2,489,309
Accumulated depreciation and amortization	(1,656,453)	(1,634,873)
Property, plant and equipment, net	927,936	854,436
Land [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	12,262	12,245
Buildings and Improvements [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	202,576	192,860
Machinery and Equipment [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	2,182,518	2,109,456
Leasehold Improvements [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	20,006	20,474
Furniture, Fixtures and Office Equipment [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	19,545	19,394
Construction in Progress [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Property, plant and equipment, gross	$ 147,482	$ 134,880

SHARE-BASED COMPENSATION - Outstanding and Exercisable Option (Details) - Stock Options [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	May 03, 2026 USD ($) $ / shares shares
SHARE-BASED COMPENSATION [Abstract]
Outstanding at end of period (in Shares) \| shares	19,250
Outstanding at end of period (in Dollars per share) \| $ / shares	$ 9.51
Outstanding at end of period	1 year 9 months 14 days
Outstanding at end of period \| $	$ 783
Exercisable at end of period (in Shares) \| shares	19,250
Exercisable at end of period (in Dollars per share) \| $ / shares	$ 9.51
Exercisable at end of period	1 year 288 days
Exercisable at end of period \| $	$ 783

REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

May 03, 2026

May 04, 2025

May 03, 2026

May 04, 2025

REVENUE [Abstract]

Revenue

^[1]

$ 209,940

$ 210,992

$ 435,006

$ 423,130

Over Time [Member]

REVENUE [Abstract]

Revenue

203,667

200,188

421,864

405,264

At a Point in Time [Member]

REVENUE [Abstract]

Revenue

6,273

10,804

13,142

17,866

Taiwan [Member]

REVENUE [Abstract]

Revenue

^[2]

65,047

75,060

139,366

148,094

China [Member]

REVENUE [Abstract]

Revenue

^[2]

60,598

58,742

123,317

112,300

South Korea [Member]

REVENUE [Abstract]

Revenue

^[2]

40,033

37,594

81,113

77,831

United States [Member]

REVENUE [Abstract]

Revenue

^[2]

34,156

30,727

71,558

67,626

Europe [Member]

REVENUE [Abstract]

Revenue

^[2]

9,048

8,153

17,829

16,094

Other [Member]

REVENUE [Abstract]

Revenue

^[2]

1,058

716

1,823

1,185

High-End [Member]

REVENUE [Abstract]

Revenue

56,655

59,299

127,937

119,405

Mainstream [Member]

REVENUE [Abstract]

Revenue

90,852

96,578

184,861

190,429

IC [Member]

REVENUE [Abstract]

Revenue

147,507

155,877

312,798

309,834

High-End [Member]

REVENUE [Abstract]

Revenue

52,828

43,613

99,777

93,292

Mainstream [Member]

REVENUE [Abstract]

Revenue

9,605

11,502

22,431

20,004

FPD [Member]

REVENUE [Abstract]

Revenue

$ 62,433

$ 55,115

$ 122,208

$ 113,296

[1]	Revenue included $28.6 million and $67.2 million for the three and six months ended May 3, 2026, respectively, and $39.0 million and $69.7 million for the three and six months ended May 4, 2025, respectively, in each case from a related party.
[2]	This table disaggregates revenue by the location in which it was earned.

SHARE-BASED COMPENSATION - Restricted Stock Units Activity (Details) - Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
SHARE-BASED COMPENSATION [Abstract]
Number of units granted in period (in Shares)	80,529	52,836	589,601	52,836
Weighted-average grant-date fair value of awards (in dollars per share) (in Dollars per share)	$ 41.09	$ 22.52	$ 33.99	$ 22.52
Compensation cost not yet recognized (in Dollars)	$ 16,992	$ 681	$ 16,992	$ 681
Weighted-average amortization period for cost not yet recognized (in years)	3 years 7 months 6 days	9 months 18 days	3 years 7 months 6 days	9 months 18 days
Restricted stock units outstanding at balance sheet date (in Shares)	676,982	33,966	676,982	33,966

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025	Oct. 31, 2025
REVENUE [Abstract]
Impairment loss on contract assets	$ 0	$ 0	$ 0	$ 0
Revenue from performance obligation	0		0		$ 0
Credit losses on accounts receivable	$ 0	$ 0	$ 0	$ 0
Minimum [Member]
REVENUE [Abstract]
Product invoice term			30 days
Product warranty period			1 month
Maximum [Member]
REVENUE [Abstract]
Product invoice term			90 days
Product warranty period			24 months
IC [Member] \| Minimum [Member]
REVENUE [Abstract]
Customer order, expected satisfaction period			7 days
IC [Member] \| Maximum [Member]
REVENUE [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Minimum [Member]
REVENUE [Abstract]
Customer order, expected satisfaction period			14 days
FPD [Member] \| Maximum [Member]
REVENUE [Abstract]
Customer order, expected satisfaction period			21 days

REVENUE

6 Months Ended

May 03, 2026

REVENUE [Abstract]

REVENUE

NOTE 8 - REVENUE

The Company recognizes revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those goods or services. The Company accounts for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of the Company’s revenue comes from the sales of photomasks. The Company typically contracts with its customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which the Company invoices as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to the Company and, as the Company’s contracts generally provide it with the right to payment for work completed to date, the Company recognizes revenue as it performs, or “over time,” on most of its contracts. The Company measures its performance to date using an input method, which is based on the Company’s estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there are a number of uncompleted revenue contracts on which the Company has performed; for any such contracts under which the Company is entitled to be compensated for its costs incurred plus a reasonable profit, the Company recognizes revenue and a corresponding contract asset for such performance. The Company accounts for shipping and handling activities that it performs after a customer obtains control of a good as being activities to fulfill the Company’s promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. The Company reports its revenue net of any sales or similar taxes the Company collects on behalf of governmental entities.

As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, the Company’s photomasks do not have standard or “list” prices. The transaction prices of the vast majority of the Company’s revenue contracts include only fixed amounts of consideration. In certain instances, such as when the Company offers a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability was resolved.

Contract Assets, Contract Liabilities, and Accounts Receivable

The Company recognizes a contract asset when its performance under a contract precedes the Company’s receipt of consideration from a customer, or before payment is due, and the right to receive consideration is conditional upon factors other than the passage of time. Contract assets reflect the Company’s transfer of control to customers of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when the Company has an unconditional right to payment, which generally occurs upon the shipment of the photomasks. The Company’s contract assets primarily consist of in-process production orders and fully manufactured photomasks which have not yet shipped, for which the Company has an enforceable right to consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, the Company nets contract assets with contract liabilities for financial reporting purposes. The Company did not identify impairment indicators for any outstanding contract assets during the three-month and six-month periods ended May 3, 2026, or May 4, 2025.

The following table provides information about the Company’s contract balances at the balance sheet dates.

	May 3,		October 31,
Classification	2026		2025
Contract Assets
Other current assets	$	14,592	$	12,670

Contract Liabilities
Accrued liabilities	$	13,373	$	9,491
Other liabilities		12,233		5,041
	$	25,606	$	14,532

The Company did not recognize any revenue from performance obligations satisfied in the previous periods. The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Revenue recognized from beginning liability	$	2,327	$	2,589	$	3,010	$	5,745

The Company generally records accounts receivable at their billed amounts. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent the Company believes a loss on the collection of a customer invoice is probable, the Company would record the loss and credit an allowance for credit losses. In the event that an amount is determined to be uncollectible, the Company charges the allowance for credit losses and derecognizes the related receivable. The amount of credit losses recorded for the three-month or six-month periods ended May 3, 2026, and May 4, 2025 were not material.

The Company’s invoice terms generally range from net thirty to ninety days, depending on both the geographic market in which the transaction occurs and the Company’s payment agreements with specific customers. In the event that the Company’s evaluation of a customer’s business prospects, and financial conditions indicate that the customer presents a collectability risk, the Company will modify terms of sale, which may require payment in advance of performance. At the time of adoption, the Company elected the practical expedient allowed under ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”) that permits the Company not to adjust a contract’s promised amount of consideration to reflect a financing component when the period between when the Company transfers control of goods or services to customers and when the Company is paid is one year or less.

In instances when the Company is paid in advance of the Company’s performance, the Company records a contract liability and, as allowed under the practical expedient in Topic 606, recognizes interest expense only if the period between when the Company receives payment from the customer and the date when the Company expects to be entitled to the payment is greater than one year. Historically, advance payments the Company has received from customers have generally not preceded the completion of the Company’s performance obligations by more than one year.

Disaggregation of Revenue

The following tables present the Company’s revenue for the three-month and six-month periods ended May 3, 2026, and May 4, 2025, disaggregated by product type, geographic origin, and timing of recognition.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
Revenue by Product Type	2026		2025		2026		2025
IC
High-end	$	56,655	$	59,299	$	127,937	$	119,405
Mainstream		90,852		96,578		184,861		190,429
Total IC	$	147,507	$	155,877	$	312,798	$	309,834


FPD
High-end	$	52,828	$	43,613	$	99,777	$	93,292
Mainstream		9,605		11,502		22,431		20,004
Total FPD	$	62,433	$	55,115	$	122,208	$	113,296

	$	209,940	$	210,992	$	435,006	$	423,130

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
Revenue by Geographic Origin*	2026		2025		2026		2025
Taiwan	$	65,047	$	75,060	$	139,366	$	148,094
China		60,598		58,742		123,317		112,300
South Korea		40,033		37,594		81,113		77,831
United States		34,156		30,727		71,558		67,626
Europe		9,048		8,153		17,829		16,094
Other		1,058		716		1,823		1,185
	$	209,940	$	210,992	$	435,006	$	423,130

* This table disaggregates revenue by the location in which it was earned.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
Revenue by Timing of Recognition	2026		2025		2026		2025
Over time	$	203,667	$	200,188	$	421,864	$	405,264
At a point in time		6,273		10,804		13,142		17,866
	$	209,940	$	210,992	$	435,006	$	423,130

Contract Costs

The Company pays commissions to third-party sales agents for certain sales they procure on the Company’s behalf. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, the Company would not recognize any portion of these sales commissions as costs of obtaining a contract, nor does the Company currently foresee other circumstances under which the Company would recognize such assets.

Remaining Performance Obligations

As the Company is typically required to fulfill customer orders within a short time period, the Company’s backlog of orders is generally not in excess of one to two weeks for IC photomasks and two to three weeks for FPD photomasks. As allowed under ASC 606 – Revenue Contracts with Customers, the Company has elected not to disclose the Company’s remaining performance obligations, which represent the costs associated with the completion of the manufacturing process of in-process photomasks related to contracts that have an original duration of one year or less.

Product Warranties

The Company’s photomasks are sold under warranties that generally range from one to twenty-four months. The Company warrants that the Company’s photomasks conform to customer specifications, and the Company will typically repair, replace, or issue a refund for any photomasks that fail to do so. The warranties do not represent separate performance obligations in the Company’s revenue contracts. Historically, customer claims under warranties have been immaterial.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	May 03, 2026	Jun. 04, 2026
Document Information Line Items
Entity Central Index Key	0000810136
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 03, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Entity File Number	0-15451
Entity Registrant Name	PHOTRONICS, INC.
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0854886
Entity Address, Address Line One	15 Secor Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06804
City Area Code	203
Local Phone Number	775-9000
Title of 12(b) Security	COMMON STOCK $0.01 par value
Trading Symbol	PLAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,963,698
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--10-31

PDMCX JOINT VENTURE - Carrying Amounts and Exposure to Loss Related to Assets and Liabilities (Details) - USD ($) $ in Thousands	May 03, 2026	Oct. 31, 2025
Carrying Amount [Member]
PDMCX JOINT VENTURE [Abstract]
Current assets	$ 219,834	$ 180,289
Noncurrent assets	171,649	166,756
Total assets	391,483	347,045
Current liabilities	34,221	23,193
Noncurrent liabilities	3,084	2,970
Total liabilities	37,305	26,163
Net assets	354,178	320,882
Photronics Interest [Member]
PDMCX JOINT VENTURE [Abstract]
Current assets	109,939	90,163
Noncurrent assets	85,842	83,395
Total assets	195,781	173,558
Current liabilities	17,114	11,599
Noncurrent liabilities	1,542	1,485
Total liabilities	18,656	13,084
Net assets	$ 177,125	$ 160,474

EARNINGS PER SHARE

6 Months Ended

May 03, 2026

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 11 - EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is presented below.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Net income attributable to Photronics, Inc. shareholders	$	31,429	$	8,861	$	74,368	$	51,712

Weighted-average common shares outstanding (in thousands):
Basic		58,123		60,793		57,959		61,443
Effect of dilutive securities:
Share-based awards		622		181		609		374
Potentially dilutive common shares		622		181		609		374

Weighted-average common shares - Diluted		58,745		60,974		58,568		61,817

Earnings per share:
Net Income attributable to Photronics shareholders - Basic	$	0.54	$	0.15	$	1.28	$	0.84
Net Income attributable to Photronics shareholders - Diluted	$	0.54	$	0.15	$	1.27	$	0.84

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
(in thousands of shares)	2026		2025		2026		2025
Share-based payment awards, in shares		5		1,099		81		793
Total potentially dilutive shares excluded		5		1,099		81		793

DEBT - Long-term Debt (Details) - Finance Leases [Member] - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

May 03, 2026

Oct. 31, 2025

DEBT [Abstract]

$ 11

3,853

3,853

$ 3,864

$ 24

Periodic payment amount

Varies as Lease matures

Periodic payment frequency

Varies

Monthly

Finance lease ROU assets (carrying amount)

^[1]

$ 3,846

$ 1

[1]	Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

SEGMENT REPORTING

6 Months Ended

May 03, 2026

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

NOTE 15 - SEGMENT REPORTING

The Company operates and manages its business as one operating and reportable segment based on the organizational structure of the Company and information reviewed by the Company’s Chief Executive Officer, who is also the chief operating decision maker (“CODM”). The CODM allocates capital resources across the Company’s entire asset base to maximize profitability without regard to geography, legal entity, or end market basis and evaluates the performance based on consolidated net income attributable to Photronics, Inc. shareholders.

The following table presents selected financial information with respect to the Company’s single operating segment for the periods ended May 3, 2026 and May 4, 2025:

	Three Months Ended						Six Months Ended
	May 3, 2026			May 4, 2025			May 3, 2026			May 4, 2025
Revenue	$	209,940		$	210,992		$	435,006		$	423,130
Cost of goods sold		(144,183	)		(133,086	)		(290,547	)		(269,689	)
Gross Profit		65,757			77,906			144,459			153,441

Selling, general and administrative expense		(20,756	)		(18,099	)		(42,067	)		(37,201	)
Research and development expense		(2,822	)		(4,090	)		(5,410	)		(8,346	)
Other operating income		-			-			56			-
Operating Income		42,179			55,717			97,038			107,894

Other income (expense), net		11,677			(25,786	)		31,350			(805	)
Income tax provision		(10,606	)		(5,714	)		(24,961	)		(24,615	)
Net income attributable to noncontrolling interests		(11,821	)		(15,356	)		(29,059	)		(30,762	)
Net income attributable to Photronics, Inc. shareholders	$	31,429		$	8,861		$	74,368		$	51,712

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACCOUNTS RECEIVABLE, NET - ACCOUNTS RECEIVABLE, NET (Details) - USD ($)
$ in Thousands

May 03, 2026

Oct. 31, 2025

ACCOUNTS RECEIVABLE, NET [Abstract]

Accounts Receivable

$ 160,417

$ 166,511

Unbilled Receivables

29,676

30,576

Allowance for Credit Losses

(1,142)

(1,166)

Total

^[1]

$ 188,951

$ 195,921

[1]

Accounts receivable, net included amounts due from a related party of $33.3 million and $38.3 million as of May 3, 2026, and October 31, 2025, respectively. The allowance for credit losses included in the Company’s total accounts receivable balance was $1.1 million and $1.2 million as of May 3, 2026, and October 31, 2025, respectively.

PROPERTY, PLANT AND EQUIPMENT, NET - Information on ROU Assets from Finance Leases (Details) - USD ($) $ in Thousands	May 03, 2026	Oct. 31, 2025
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]
Machinery and equipment	$ 3,900	$ 54
Accumulated amortization	(54)	(53)
Finance lease, right-of-use asset, net	$ 3,846	$ 1

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	May 03, 2026
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12 - COMMITMENTS AND CONTINGENCIES The Company is subject to various claims that arise in the ordinary course of business. The Company believes that the potential liability under such claims, individually and in the aggregate, will not have a material effect on the Company’s condensed consolidated financial statements.

PDMCX JOINT VENTURE (Tables)

6 Months Ended

May 03, 2026

PDMCX JOINT VENTURE [Abstract]

Net Income Recorded from Operations

The following table presents the net income the Company recorded from the operations of PDMCX during the reporting periods.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Net income from PDMCX	$	4,707	$	7,557	$	9,820	$	10,925

Carrying Amounts and Exposure to Loss Related to Assets and Liabilities

	May 3,				October 31,
	2026				2025
Classification	Carrying		Photronics		Carrying		Photronics
Classification	Amount		Interest		Amount		Interest
Current assets	$	219,834	$	109,939	$	180,289	$	90,163
Noncurrent assets		171,649		85,842		166,756		83,395
Total assets		391,483		195,781		347,045		173,558

Current liabilities		34,221		17,114		23,193		11,599
Noncurrent liabilities		3,084		1,542		2,970		1,485
Total liabilities		37,305		18,656		26,163		13,084

Net assets	$	354,178	$	177,125	$	320,882	$	160,474

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

INVENTORIES

6 Months Ended

May 03, 2026

INVENTORIES [Abstract]

INVENTORIES

NOTE 4 - INVENTORIES

The components of Inventories at the balance sheet dates are presented below.

	May 3,		October 31,
	2026		2025
Raw materials	$	65,864	$	60,150
Work in process		1,959		1,616
Finished goods		3		1
	$	67,826	$	61,767

SHARE REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended	26 Months Ended
	May 03, 2026	May 03, 2026	Oct. 31, 2025	Oct. 31, 2022	Jun. 30, 2025	Aug. 31, 2024	Jul. 31, 2024	Sep. 30, 2020
September 2020 Announced Program [Member]
SHARE REPURCHASE PROGRAM [Abstract]
Stock repurchased authorized amount								$ 100.0
Amount remaining under authorization for repurchase of additional shares							$ 31.7
Share Repurchase Programs [Member]
SHARE REPURCHASE PROGRAM [Abstract]
Stock repurchased authorized amount					$ 25.0	$ 100.0
Number of shares repurchased (in Shares)	0.0	0.0	5.0	5.8
Cost of shares repurchased			$ 97.4	$ 68.3
Amount remaining under authorization for repurchase of additional shares	$ 27.6	$ 27.6
Average price paid per share (in Dollars per share)			$ 19.52

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025	Oct. 31, 2025
REVENUE [Abstract]
Contract liabilities	$ 25,606		$ 25,606		$ 14,532
Revenue recognized from beginning liability	2,327	$ 2,589	3,010	$ 5,745
Other Current Assets [Member]
REVENUE [Abstract]
Contract assets	14,592		14,592		12,670
Accrued Liabilities [Member]
REVENUE [Abstract]
Contract liabilities	13,373		13,373		9,491
Other Liabilities [Member]
REVENUE [Abstract]
Contract liabilities	$ 12,233		$ 12,233		$ 5,041

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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+ Details

SEGMENT REPORTING - Selected Financial Information of Operating Segment (Details) - Operating Segments [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
SEGMENT REPORTING [Abstract]
Revenue	$ 209,940	$ 210,992	$ 435,006	$ 423,130
Cost of goods sold	(144,183)	(133,086)	(290,547)	(269,689)
Gross profit	65,757	77,906	144,459	153,441
Selling, general and administrative expense	(20,756)	(18,099)	(42,067)	(37,201)
Research and development expense	(2,822)	(4,090)	(5,410)	(8,346)
Other operating income	0	0	56	0
Operating income	42,179	55,717	97,038	107,894
Other income (expense), net	11,677	(25,786)	31,350	(805)
Income tax provision	(10,606)	(5,714)	(24,961)	(24,615)
Net income attributable to noncontrolling interests	(11,821)	(15,356)	(29,059)	(30,762)
Net income attributable to Photronics, Inc. shareholders	$ 31,429	$ 8,861	$ 74,368	$ 51,712

SHARE-BASED COMPENSATION (Details) - shares	6 Months Ended
SHARE-BASED COMPENSATION (Details) - shares	May 03, 2026	Apr. 02, 2025
Stock Options [Member]
SHARE-BASED COMPENSATION [Abstract]
Contractual term	10 years
Minimum [Member] \| Restricted Stock [Member]
SHARE-BASED COMPENSATION [Abstract]
Award vesting period	1 year
Minimum [Member] \| Restricted Stock Units [Member]
SHARE-BASED COMPENSATION [Abstract]
Award vesting period	1 year
Minimum [Member] \| Stock Options [Member]
SHARE-BASED COMPENSATION [Abstract]
Award vesting period	1 year
Maximum [Member] \| Restricted Stock [Member]
SHARE-BASED COMPENSATION [Abstract]
Award vesting period	4 years
Maximum [Member] \| Restricted Stock Units [Member]
SHARE-BASED COMPENSATION [Abstract]
Award vesting period	4 years
Maximum [Member] \| Stock Options [Member]
SHARE-BASED COMPENSATION [Abstract]
Award vesting period	4 years
Equity Incentive Plan 2025 [Member]
SHARE-BASED COMPENSATION [Abstract]
Maximum number of shares of common stock that may be issued (in Shares)		5,000,000

SHARE-BASED COMPENSATION - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	$ 3,725	$ 3,375	$ 6,576	$ 6,710
Income tax benefits on share-based compensation	780	406	1,362	852
Cost of Goods Sold [Member]
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	894	785	1,825	1,562
Selling, General and Administrative [Member]
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	2,657	2,288	5,140	4,556
Research and Development [Member]
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	174	302	(389)	592
Restricted Stock [Member]
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	2,197	2,809	4,240	6,086
Restricted Stock Units [Member]
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	1,490	509	2,259	509
Employee Stock Purchase Plan [Member]
SHARE-BASED COMPENSATION [Abstract]
Expense incurred	$ 38	$ 57	$ 77	$ 115

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

May 03, 2026

Oct. 31, 2025

Current assets:

Cash and cash equivalents

$ 511,490

$ 492,256

Short-term investments

126,177

95,909

Accounts receivable, net

^[1]

188,951

195,921

Inventories

67,826

61,767

Other current assets

49,482

44,199

Total current assets

943,926

890,052

Property, plant and equipment, net

927,936

854,436

Deferred income taxes

37,389

40,207

Other assets

21,575

19,839

Total assets

1,930,826

1,804,534

Current liabilities:

Current portion of long-term debt

Accounts payable

107,970

84,209

Accrued liabilities

78,984

81,653

Total current liabilities

186,965

165,873

Long-term debt

3,853

Other liabilities

46,547

41,341

Total liabilities

237,365

207,227

Commitments and contingencies (Note 12)

Equity:

Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding

Common stock, $0.01 par value, 150,000 shares authorized, 58,152 shares issued and outstanding as of May 3, 2026, and 57,633 shares issued and outstanding as of October 31, 2025

582

576

Additional paid-in capital

492,865

486,934

Retained earnings

845,752

772,199

Accumulated other comprehensive loss

(97,949)

(86,120)

Total Photronics, Inc. shareholders' equity

1,241,250

1,173,589

Noncontrolling interests

452,211

423,718

Total equity

1,693,461

1,597,307

Total liabilities and equity

$ 1,930,826

$ 1,804,534

[1]

SHARE-BASED COMPENSATION - Stock Options Activity (Details) - Stock Options [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
SHARE-BASED COMPENSATION [Abstract]
Number of options granted in period (in Shares)	0	0	0	0
Cash received from options exercised	$ 359	$ 26	$ 992	$ 1,298
Compensation cost not yet recognized	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

May 03, 2026

May 04, 2025

May 03, 2026

May 04, 2025

Revenue

^[1]

$ 209,940

$ 210,992

$ 435,006

$ 423,130

Cost of goods sold

144,183

133,086

290,547

269,689

Gross profit

65,757

77,906

144,459

153,441

Operating expenses:

Selling, general, and administrative

20,756

18,099

42,067

37,201

Research and development

2,822

4,090

5,410

8,346

Total operating expenses

23,578

22,189

47,477

45,547

Other operating income, net

Operating income

42,179

55,717

97,038

107,894

Other income (expense):

Foreign currency transactions impact, net

7,869

(31,111)

20,734

(12,668)

Interest income and other income, net

3,809

5,329

10,618

11,915

Interest expense

(1)

(4)

(2)

(52)

Income before income tax provision

53,856

29,931

128,388

107,089

Income tax provision

10,606

5,714

24,961

24,615

Net income

43,250

24,217

103,427

82,474

Net income attributable to noncontrolling interests

11,821

15,356

29,059

30,762

Net income attributable to Photronics, Inc. shareholders

$ 31,429

$ 8,861

$ 74,368

$ 51,712

Earnings per share attributable to Photronics, Inc. shareholders:

Basic (in Dollars per share)

$ 0.54

$ 0.15

$ 1.28

$ 0.84

Diluted (in Dollars per share)

$ 0.54

$ 0.15

$ 1.27

$ 0.84

Weighted-average number of common shares outstanding:

Basic (in Shares)

58,123

60,793

57,959

61,443

Diluted (in Shares)

58,745

60,974

58,568

61,817

[1]	Revenue included $28.6 million and $67.2 million for the three and six months ended May 3, 2026, respectively, and $39.0 million and $69.7 million for the three and six months ended May 4, 2025, respectively, in each case from a related party.

DEBT

6 Months Ended

May 03, 2026

DEBT [Abstract]

DEBT

NOTE 7 - DEBT

The balance of long-term debt and its current portion was comprised of the following finance leases as described below:

	May 3,			October 31,
	2026			2025
Principal due:
Next 12 months	$	11		$	11
Months 13 – 24	$	3,853		$	12
Months 25 – 36		-			1
Months 37 – 48		-			-
Months 49 – 60		-			-
Long-term debt		3,853			13
Total debt	$	3,864		$	24

Interest rate at balance sheet date		N/A			N/A
Basis spread on interest rates		N/A			N/A
Interest rate reset		N/A			N/A
Maturity date		N/A			N/A
Periodic payment amount		Varies as Lease matures			Varies as Lease matures
Periodic payment frequency		Varies			Monthly
Finance lease ROU assets (carrying amount)	$	3,846	⁽¹⁾	$	1	⁽¹⁾

⁽¹⁾Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. Please refer to Note 5.

Finance Lease

In April 2026, the Company received a tool component associated with the purchase of an FPD lithography tool. Under the arrangement, the Company may either return or purchase the tool component from the vendor after a 12-month period. The Company has determined that the arrangement contains an embedded finance lease under ASC 842, as it contains an identified asset, has the right to direct the use of the asset and obtains substantially all the economic benefits from its use.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

May 03, 2026

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT, NET

Presented below are the components of Property, plant and equipment, net at the balance sheet dates.

	May 3,			October 31,
	2026			2025
Land	$	12,262		$	12,245
Buildings and improvements		202,576			192,860
Machinery and equipment		2,182,518			2,109,456
Leasehold improvements		20,006			20,474
Furniture, fixtures, and office equipment		19,545			19,394
Construction in progress		147,482			134,880
		2,584,389			2,489,309
Accumulated depreciation and amortization		(1,656,453	)		(1,634,873	)
	$	927,936		$	854,436

Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below. Please refer to Note 7 for further information.

	May 3,			October 31,
	2026			2025
Machinery and equipment	$	3,900		$	54
Accumulated amortization		(54	)		(53	)
	$	3,846		$	1

The following table presents depreciation expense (including the amortization of ROU assets), related to property, plant and equipment incurred during the reporting periods.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Depreciation Expense	$	19,941	$	19,505	$	39,657	$	40,207

SHARE REPURCHASE PROGRAM	6 Months Ended
SHARE REPURCHASE PROGRAM	May 03, 2026
SHARE REPURCHASE PROGRAM [Abstract]
SHARE REPURCHASE PROGRAM	NOTE 14 – SHARE REPURCHASE PROGRAM In September 2020, the Company’s Board of Directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b-18 of the Exchange Act. The repurchase authorization by the Board of Directors has no expiration date, does not obligate the Company to acquire any common stock, and is subject to market conditions. From September 2020 through October 2022, the Company repurchased 5.8 million shares at a cost of $68.3 million. In August 2024, the Board of Directors authorized an increase to the Company’s existing share repurchase program from the remaining $31.7 million up to $100 million. In June 2025, the Board of Directors authorized an additional $25 million of share repurchases. In fiscal year 2025, the Company repurchased 5.0 million shares at a cost of $97.4 million (an average of $19.52 per share). All shares repurchased under the program have been retired prior to the end of the fiscal quarter in which they were purchased. During the three-month and six-month periods ended May 3, 2026, the Company did not repurchase any additional shares. As of May 3, 2026, $27.6 million remained available under this authorization for the repurchase of shares.

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	May 03, 2026	Oct. 31, 2025
INCOME TAXES [Abstract]
Unrecognized tax benefits related to uncertain tax positions	$ 13,200	$ 11,379
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	13,200	11,379
Accrued interest and penalties related to uncertain tax positions	$ 729	$ 551

SEGMENT REPORTING (Tables)

6 Months Ended

May 03, 2026

SEGMENT REPORTING [Abstract]

Selected Financial Information of Operating Segment

The following table presents selected financial information with respect to the Company’s single operating segment for the periods ended May 3, 2026 and May 4, 2025:

	Three Months Ended						Six Months Ended
	May 3, 2026			May 4, 2025			May 3, 2026			May 4, 2025
Revenue	$	209,940		$	210,992		$	435,006		$	423,130
Cost of goods sold		(144,183	)		(133,086	)		(290,547	)		(269,689	)
Gross Profit		65,757			77,906			144,459			153,441

Selling, general and administrative expense		(20,756	)		(18,099	)		(42,067	)		(37,201	)
Research and development expense		(2,822	)		(4,090	)		(5,410	)		(8,346	)
Other operating income		-			-			56			-
Operating Income		42,179			55,717			97,038			107,894

Other income (expense), net		11,677			(25,786	)		31,350			(805	)
Income tax provision		(10,606	)		(5,714	)		(24,961	)		(24,615	)
Net income attributable to noncontrolling interests		(11,821	)		(15,356	)		(29,059	)		(30,762	)
Net income attributable to Photronics, Inc. shareholders	$	31,429		$	8,861		$	74,368		$	51,712

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

May 03, 2026

SHARE-BASED COMPENSATION [Abstract]

Share-based Compensation Expenses

The table below presents information on the Company’s share-based compensation expenses.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,			May 4,
	2026		2025		2026			2025
Expense reported in:
Cost of goods sold	$	894	$	785	$	1,825		$	1,562
Selling, general, and administrative		2,657		2,288		5,140			4,556
Research and development		174		302		(389	)		592
Total expense incurred	$	3,725	$	3,375	$	6,576		$	6,710

Expense by award type:
Restricted stock awards	$	2,197	$	2,809	$	4,240		$	6,086
Restricted stock units		1,490		509		2,259			509
Employee stock purchase plan		38		57		77			115
Total expense incurred	$	3,725	$	3,375	$	6,576		$	6,710

Income tax benefits on share-based compensation	$	780	$	406	$	1,362		$	852

Restricted Stock Awards Activity

The table below presents information on the Company’s restricted stock awards.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Number of shares granted in period		-		237,738		-		583,238
Weighted-average grant-date fair value of awards (in dollars per share)	$	-	$	21.28	$	-	$	23.42
Compensation cost not yet recognized	$	15,225	$	27,028	$	15,225	$	27,028
Weighted-average amortization period for cost not yet recognized (in years)		2.2		3.0		2.2		3.0
Restricted shares outstanding at balance sheet date		809,986		1,439,672		809,986		1,439,672

Restricted Stock Units Activity

The table below presents information on the Company’s restricted stock unit awards.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Number of units granted in period		80,529		52,836		589,601		52,836
Weighted-average grant-date fair value of awards (in dollars per share)	$	41.09	$	22.52	$	33.99	$	22.52
Compensation cost not yet recognized	$	16,992	$	681	$	16,992	$	681
Weighted-average amortization period for cost not yet recognized (in years)		3.6		0.8		3.6		0.8
Restricted stock units outstanding at balance sheet date		676,982		33,966		676,982		33,966

Stock Options Activity

The table below presents information on the Company’s stock options.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Number of options granted in period		-		-		-		-
Cash received from options exercised	$	359	$	26	$	992	$	1,298
Compensation cost not yet recognized	$	-	$	-	$	-	$	-
Weighted-average amortization period for cost not yet recognized (in years)		-		-		-		-

Outstanding and Exercisable Option

Information regarding outstanding and exercisable option awards as of May 3, 2026, is presented below.

Weighted

Average

Remaining

Aggregate

Exercise

Contractual

Intrinsic

Options

Price

Life (in years)

Value

Outstanding and exercisable at May 3, 2026

19,250

9.51

1.79

783

INCOME TAXES - Reconciliation of Effective Income Tax Rates from U.S. Statutory Tax Rates (Details)	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
INCOME TAXES [Abstract]
U.S. statutory tax rates	21.00%	21.00%	21.00%	21.00%
Effective tax rates	19.70%	19.10%	19.40%	23.00%

ACCOUNTS RECEIVABLE, NET

6 Months Ended

May 03, 2026

ACCOUNTS RECEIVABLE, NET [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 3 – ACCOUNTS RECEIVABLE, NET

The components of Accounts Receivable, net at the balance sheet dates are presented below.

	May 3,			October 31,
	2026			2025
Accounts Receivable	$	160,417		$	166,511
Unbilled Receivables		29,676			30,576
Allowance for Credit Losses		(1,142	)		(1,166	)
	$	188,951		$	195,921

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interests [Member]	Total
Balance at Oct. 31, 2024	$ 619	$ 514,757	$ 691,807	$ (86,319)	$ 359,895	$ 1,480,759
Balance (in Shares) at Oct. 31, 2024	61,949
Net income	$ 0	0	51,712	0	30,762	82,474
Other comprehensive income (loss)	0	0	0	(976)	5,192	4,216
Shares issued under equity plans	$ 6	(714)	0	0	0	(708)
Shares issued under equity plans (in Shares)	572
Share-based compensation expense	$ 0	6,710	0	0	0	6,710
Purchase and retirement of common stock through repurchase program	$ (38)	(31,548)	(45,096)	0	0	(76,682)
Purchase and retirement of common stock through repurchase program (in Shares)	(3,810)
Balance at May. 04, 2025	$ 587	489,205	698,423	(87,295)	395,849	1,496,769
Balance (in Shares) at May. 04, 2025	58,711
Balance at Oct. 31, 2024	$ 619	514,757	691,807	(86,319)	359,895	1,480,759
Balance (in Shares) at Oct. 31, 2024	61,949
Balance at Oct. 31, 2025	$ 576	486,934	772,199	(86,120)	423,718	1,597,307
Balance (in Shares) at Oct. 31, 2025	57,633
Balance at Feb. 02, 2025	$ 623	515,742	731,709	(120,325)	366,460	1,494,209
Balance (in Shares) at Feb. 02, 2025	62,303
Net income	$ 0	0	8,861	0	15,356	24,217
Other comprehensive income (loss)	0	0	0	33,030	14,033	47,063
Shares issued under equity plans	$ 0	15	0	0	0	15
Shares issued under equity plans (in Shares)	23
Share-based compensation expense	$ 0	3,375	0	0	0	3,375
Purchase and retirement of common stock through repurchase program	$ (36)	(29,927)	(42,147)	0	0	(72,110)
Purchase and retirement of common stock through repurchase program (in Shares)	(3,615)
Balance at May. 04, 2025	$ 587	489,205	698,423	(87,295)	395,849	1,496,769
Balance (in Shares) at May. 04, 2025	58,711
Balance at Oct. 31, 2025	$ 576	486,934	772,199	(86,120)	423,718	1,597,307
Balance (in Shares) at Oct. 31, 2025	57,633
Net income	$ 0	0	74,368	0	29,059	103,427
Other comprehensive income (loss)	0	0	0	(11,829)	(566)	(12,395)
Shares issued under equity plans	$ 6	(645)	0	0	0	(639)
Shares issued under equity plans (in Shares)	519
Share-based compensation expense	$ 0	6,576	0	0	0	6,576
Other changes in equity	0	0	(815)	0	0	(815)
Balance at May. 03, 2026	$ 582	492,865	845,752	(97,949)	452,211	1,693,461
Balance (in Shares) at May. 03, 2026	58,152
Balance at Feb. 01, 2026	$ 581	488,806	814,323	(92,320)	438,531	1,649,921
Balance (in Shares) at Feb. 01, 2026	58,108
Net income	$ 0	0	31,429	0	11,821	43,250
Other comprehensive income (loss)	0	0	0	(5,629)	1,859	(3,770)
Shares issued under equity plans	$ 1	334	0	0	0	335
Shares issued under equity plans (in Shares)	44
Share-based compensation expense	$ 0	3,725	0	0	0	3,725
Balance at May. 03, 2026	$ 582	$ 492,865	$ 845,752	$ (97,949)	$ 452,211	$ 1,693,461
Balance (in Shares) at May. 03, 2026	58,152

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 43,250	$ 24,217	$ 103,427	$ 82,474
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(3,782)	47,124	(12,450)	4,208
Other	12	(61)	55	8
Net other comprehensive income (loss)	(3,770)	47,063	(12,395)	4,216
Comprehensive income	39,480	71,280	91,032	86,690
Less: comprehensive income attributable to noncontrolling interests	13,680	29,388	28,493	35,954
Comprehensive income attributable to Photronics, Inc. shareholders	$ 25,800	$ 41,892	$ 62,539	$ 50,736

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	May 03, 2026	Oct. 31, 2025
Accounts receivable, allowance	$ 1,142	$ 1,166
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in Shares)	2,000	2,000
Preferred stock, shares issued (in Shares)	0	0
Preferred stock, shares outstanding (in Shares)	0	0
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in Shares)	150,000	150,000
Common stock, shares issued (in Shares)	58,152	57,633
Common stock, shares outstanding (in Shares)	58,152	57,633
Related Party [Member]
Accounts receivable from related party	$ 33,300	$ 38,300

ACCOUNTS RECEIVABLE, NET (Tables)

6 Months Ended

May 03, 2026

ACCOUNTS RECEIVABLE, NET [Abstract]

Accounts Receivable, Net

The components of Accounts Receivable, net at the balance sheet dates are presented below.

	May 3,			October 31,
	2026			2025
Accounts Receivable	$	160,417		$	166,511
Unbilled Receivables		29,676			30,576
Allowance for Credit Losses		(1,142	)		(1,166	)
	$	188,951		$	195,921

Accounting Policies, by Policy (Policies)

6 Months Ended

May 03, 2026

Accounting Policies, by Policy (Policies) [Line Items]

Basis of Presentation

The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect amounts reported in them. The Company’s estimates are based on historical experience and on various assumptions that are believed to be reasonable based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. The Company reviews these estimates periodically and reflects any effects of revisions in the period in which they are determined.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements (“the financial statements”) have been prepared in accordance with U.S. GAAP for interim financial reporting information, and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, adjustments, all of which are of a normal recurring nature, considered necessary for a fair presentation have been included. The financial statements include the accounts of Photronics, its wholly owned subsidiaries, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Form 10-K for the fiscal year ended October 31, 2025, which provides additional information about the Company’s accounting policies and the methods and assumptions used in the Company’s estimates.

The Company’s business is typically impacted during the first quarter of the Company’s fiscal year by the North American, European, and Asian holiday periods, as some customers may change their development and buying activities during this period. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2026.

Recent Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”, which improves the navigability of the required interim disclosures and clarifies when that guidance is applicable. The guidance in this ASU will be effective for Photronics for interim reporting periods in its first quarter of fiscal year 2028 Form 10-Q. The amendments can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not expect adoption of this ASU to have a material effect on the Company’s consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities”. This update establishes authoritative guidance on the accounting for government grants received by business entities. The guidance in this ASU will be effective for Photronics in its fiscal year 2030 Form 10-K, with early application of the amendments allowed. The standard may be applied using a modified prospective, modified retrospective or full retrospective transition approach. The Company is currently evaluating the timing and impact of this ASU on the Company’s consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, as well as qualitatively describe remaining amounts included in those captions. The guidance in this ASU will be effective for Photronics in its fiscal year 2028 Form 10-K, with early application of the amendments allowed. The Company is currently evaluating the impact the adoption of this ASU may have on the Company’s consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this ASU will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed.

Variable Interest Entities

Revenue

Contract Assets, Contract Liabilities, and Accounts Receivable

The following table provides information about the Company’s contract balances at the balance sheet dates.

	May 3,		October 31,
Classification	2026		2025
Contract Assets
Other current assets	$	14,592	$	12,670

Contract Liabilities
Accrued liabilities	$	13,373	$	9,491
Other liabilities		12,233		5,041
	$	25,606	$	14,532

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Revenue recognized from beginning liability	$	2,327	$	2,589	$	3,010	$	5,745

Income Taxes

The Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. The table below sets forth the primary reasons that the Company’s effective income tax rates differed from the U.S. statutory tax rates in effect during the periods ended May 3, 2026, and May 4, 2025.

Restricted Stock [Member]

Accounting Policies, by Policy (Policies) [Line Items]

Share-Based Compensation

Restricted Stock Awards

Restricted Stock Units [Member]

Accounting Policies, by Policy (Policies) [Line Items]

Share-Based Compensation

Restricted Stock Units

INCOME TAXES

6 Months Ended

May 03, 2026

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 - INCOME TAXES

Reporting Period	U.S. Statutory Tax Rates	Photronics Effective Tax Rates	Primary Reasons for Differences

Three months ended May 3, 2026	21.0%	19.7%	Non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions have been more than offset by the impact of tax credit in a non-U.S. jurisdiction.

Three months ended May 4, 2025	21.0%	19.1%	Non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions.

Six months ended May 3, 2026	21.0%	19.4%	Non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions have been more than offset by the impact of tax credit in a non-U.S. jurisdiction.

Six months ended May 4, 2025	21.0%	23.0%	Non-recognition of the tax benefit of losses that, in certain jurisdictions, have been offset by valuation allowances, non-U.S. pre-tax income being taxed at higher statutory rates in the non-U.S. jurisdictions, and changes in uncertain tax positions in non-U.S. jurisdictions.

Uncertain Tax Positions

Although the timing of reversal of uncertain tax positions may be indeterminate at this time, the Company believes the resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations and financial condition. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2019. The table below presents information on unrecognized tax benefits as of the balance sheet dates.

	May 3, 2026		October 31, 2025
Unrecognized tax benefits related to uncertain tax positions	$	13,200	$	11,379
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	13,200	$	11,379
Accrued interest and penalties related to uncertain tax positions	$	729	$	551

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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+ Details

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)

6 Months Ended

May 03, 2026

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash, Cash Equivalents and Investments Measured at Fair Value

	May 3, 2026						October 31, 2025
	Cash and cash equivalents		Short-term investments		Total Fair Value		Cash and cash equivalents		Short-term investments		Total Fair Value
Cash	$	204,959	$	-	$	204,959	$	222,166	$	-	$	222,166
Level 1
U.S. Government Securities		3,025		28,314		31,339		3,789		25,157		28,946
Money market funds		5,906		-		5,906		11,159		-		11,159
Level 2
Commercial paper		37,058		9,788		46,846		30,747		2,259		33,006
Time deposits		260,542		88,075		348,617		224,395		68,493		292,888
	$	511,490	$	126,177	$	637,667	$	492,256	$	95,909	$	588,165
Restricted Cash ⁽¹⁾		2,874						2,857
Cash, cash equivalents, and restricted cash	$	514,364					$	495,113

⁽¹⁾

Restricted cash is included in other assets and primarily relates to customs requirements and land lease agreements.

Condensed Consolidated Statements of Income (Parentheticals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
Related Party [Member]
Revenue	$ 28.6	$ 39.0	$ 67.2	$ 69.7

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Topic 220
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+ Details

REVENUE (Tables)

6 Months Ended

May 03, 2026

REVENUE [Abstract]

Contract Balances

The following table provides information about the Company’s contract balances at the balance sheet dates.

	May 3,		October 31,
Classification	2026		2025
Contract Assets
Other current assets	$	14,592	$	12,670

Contract Liabilities
Accrued liabilities	$	13,373	$	9,491
Other liabilities		12,233		5,041
	$	25,606	$	14,532

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
	2026		2025		2026		2025
Revenue recognized from beginning liability	$	2,327	$	2,589	$	3,010	$	5,745

Disaggregation of Revenue

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
Revenue by Product Type	2026		2025		2026		2025
IC
High-end	$	56,655	$	59,299	$	127,937	$	119,405
Mainstream		90,852		96,578		184,861		190,429
Total IC	$	147,507	$	155,877	$	312,798	$	309,834


FPD
High-end	$	52,828	$	43,613	$	99,777	$	93,292
Mainstream		9,605		11,502		22,431		20,004
Total FPD	$	62,433	$	55,115	$	122,208	$	113,296

	$	209,940	$	210,992	$	435,006	$	423,130

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
Revenue by Geographic Origin*	2026		2025		2026		2025
Taiwan	$	65,047	$	75,060	$	139,366	$	148,094
China		60,598		58,742		123,317		112,300
South Korea		40,033		37,594		81,113		77,831
United States		34,156		30,727		71,558		67,626
Europe		9,048		8,153		17,829		16,094
Other		1,058		716		1,823		1,185
	$	209,940	$	210,992	$	435,006	$	423,130

* This table disaggregates revenue by the location in which it was earned.

	Three Months Ended				Six Months Ended
	May 3,		May 4,		May 3,		May 4,
Revenue by Timing of Recognition	2026		2025		2026		2025
Over time	$	203,667	$	200,188	$	421,864	$	405,264
At a point in time		6,273		10,804		13,142		17,866
	$	209,940	$	210,992	$	435,006	$	423,130

SHARE-BASED COMPENSATION - Restricted Stock Awards Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 03, 2026	May 04, 2025	May 03, 2026	May 04, 2025
SHARE-BASED COMPENSATION [Abstract]
Number of shares granted in period (in Shares)	0	237,738	0	583,238
Weighted-average grant-date fair value of awards (in Dollars per share)	$ 0	$ 21.28	$ 0	$ 23.42
Compensation cost not yet recognized (in Dollars)	$ 15,225	$ 27,028	$ 15,225	$ 27,028
Weighted-average amortization period for cost not yet recognized (in years)	2 years 2 months 12 days	3 years	2 years 2 months 12 days	3 years
Restricted shares outstanding at balance sheet date (in Shares)	809,986	1,439,672	809,986	1,439,672

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

6 Months Ended

May 03, 2026

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

NOTE 13 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

	Three Months Ended May 3, 2026
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at February 1, 2026	$	(91,729	)	$	(591	)	$	(92,320	)
Other comprehensive (loss) income		(3,782	)		12			(3,770	)
Other comprehensive loss attributable to noncontrolling interests		(1,846	)		(13	)		(1,859	)

Balance at May 3, 2026	$	(97,357	)	$	(592	)	$	(97,949	)

	Three Months Ended May 4, 2025
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at February 2, 2025	$	(119,629	)	$	(696	)	$	(120,325	)
Other comprehensive (loss) income		47,124			(61	)		47,063
Other comprehensive (loss) income attributable to noncontrolling interests		(14,063	)		30			(14,033	)

Balance at May 4, 2025	$	(86,568	)	$	(727	)	$	(87,295	)

	Six Months Ended May 3, 2026
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at October 31, 2025	$	(85,513	)	$	(607	)	$	(86,120	)
Other comprehensive (loss) income		(12,450	)		55			(12,395	)
Other comprehensive income (loss) attributable to noncontrolling interests		606			(40	)		566

Balance at May 3, 2026	$	(97,357	)	$	(592	)	$	(97,949	)

	Six Months Ended May 4, 2025
	Foreign Currency
	Translation
	Adjustments			Other			Total

Balance at October 31, 2024	$	(85,587	)	$	(732	)	$	(86,319	)
Other comprehensive (loss) income		4,208			8			4,216
Other comprehensive loss attributable to noncontrolling interests		(5,189	)		(3	)		(5,192	)

Balance at May 4, 2025	$	(86,568	)	$	(727	)	$	(87,295	)