INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2025

INCOME TAXES [Abstract]

Income Before Income Tax Provision for Domestic and Foreign

Income before the income tax provisions consists of the following:

	Year Ended
	October 31, 2025			October 31, 2024			October 31, 2023
United States		$	10,225		$	20,145		$	(1,737	)
Foreign			211,559			227,270			271,683
		$	221,784		$	247,415		$	269,946

Income Tax Provision

The components of our income tax provisions are presented below.

	Year Ended
	October 31, 2025			October 31, 2024			October 31, 2023
Current:
Federal	$	-		$	-		$	-
State		60			95			14
Foreign		48,658			64,861			71,225
		48,718			64,956			71,239
Deferred:
Federal		(14,320	)		-			-
State		(731	)		13			12
Foreign		(2,117	)		(1,402	)		(939	)
		(17,168	)		(1,389	)		(927	)
Total	$	31,550		$	63,567		$	70,312

Income Tax Rates Reconciliation

The table below presents a reconciliation of income taxes calculated by applying the statutory U.S. federal income tax rate to our income tax provisions of the reporting periods.

	Year Ended
	October 31, 2025			October 31, 2024			October 31, 2023
U.S. federal income tax at statutory rate	$	46,575		$	51,957		$	56,689
Changes in valuation allowance		(19,858	)		(1,986	)		(256	)
Foreign rate differential		7,075			10,695			11,394
Tax credits		(4,648	)		(5,209	)		(2,425	)
Uncertain tax positions, including reserves, settlements and resolutions		(2,790	)		6,226			3,328
Lease Buyout		3,402			-			-
Other, net		1,794			1,884			1,582
Income tax provision	$	31,550		$	63,567		$	70,312

Net Deferred Income Tax Assets

The net deferred income tax assets consist of the following:

	As of
	October 31, 2025			October 31, 2024
Deferred income tax assets
Net operating losses	$	15,150		$	18,941
Reserves not currently deductible		9,134			9,892
Tax credit carryforwards		12,658			12,550
Share-based compensation		3,327			3,102
Property, plant and equipment		5,402			10,710
Research intangibles		3,904			2,721
Lease liabilities		32			4,116
Other		2,999			1,857
		52,606			63,889
Valuation allowances		(10,777	)		(30,633	)
		41,829			33,256
Deferred income tax liabilities
ROU assets		(32	)		(7,351	)
Other		(2,126	)		(3,315	)
		(2,158	)		(10,666	)
Net deferred income tax assets	$	39,671		$	22,590
Classification
Deferred income tax assets	$	40,207		$	23,059
Other liabilities		(536	)		(469	)
	$	39,671		$	22,590

Operating Loss Carryforwards

The following tables present our available operating loss and credit carryforwards as of October 31, 2025, and their related expiration periods.

Operating Loss Carryforwards	Amount		Expiration Period
Federal	$	38,499	2030-Indefinite
State		131,012	2026-Indefinite
Foreign		1,023	2027-Indefinite

Tax Credit Carryforwards

Tax Credit Carryforwards	Amount		Expiration Period
Federal research and development	$	5,943		2026-2045
CHIPS Act (Federal 48D credit)		2,273		2043
State		5,624		2026-2039

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below. The amounts in the table include settlements of non-U.S. audits.

	Year Ended
	October 31, 2025			October 31, 2024			October 31, 2023
Balance at beginning of year before interest and penalties	$	13,692		$	8,332		$	5,204
(Reductions) additions of tax positions in prior years		(2,230	)		86			209
Additions based on current year tax positions		3,918			6,139			3,361
Settlements		(4,515	)		(835	)		(423	)
Lapses of statutes of limitations		(37	)		(30	)		(19	)
Balance at end of year before interest and penalties		10,828			13,692			8,332
Interest and penalties		551			1,028			576
Balance at end of year including interest and penalties	$	11,379		$	14,720		$	8,908

Unrecognized Tax Benefits

The following table presents additional information on our uncertain tax positions, as of the balance sheet dates.

	October 31, 2025		October 31, 2024
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	11,379	$	14,720
Accrued interest and penalties related to uncertain tax positions	$	551	$	1,028

Income Tax Payments and Refunds

The table below presents income taxes paid and refunds of income taxes received during the reporting periods.

	Year Ended
	October 31, 2025		October 31, 2024		October 31, 2023
Income taxes paid	$	60,374	$	62,520	$	70,362
Income tax refunds received	$	356	$	2,519	$	485

Tax Rate Reconciliation [Member]

INCOME TAXES [Abstract]

Income Tax Rates Reconciliation

Reporting Period	U.S. Statutory  Tax Rates	Photronics Effective Tax Rates	Primary Reasons for Differences
2025	21.0%	14.2%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and release of valuation allowance against certain U.S. Federal and state tax attributes that have been determined to be partially realizable
2024	21.0%	25.7%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.
2023	21.0%	26.0%	Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances.