The Global Electronics Association released the December 2025 results from its North American Electronics Manufacturing Services (EMS) Statistical Program on February 2, 2026. The book-to-bill ratio for December 2025 stood at 1.24. This figure is based on the value of orders booked over the past three months divided by the value of sales billed during the same period, using data from the association’s survey sample. A ratio above 1.00 indicates current demand exceeds supply, typically signaling potential sales growth in the following three to 12 months.
Total North American EMS shipments in December 2025 increased 5.6% year-over-year and rose 0.7% compared to November 2025. Year-to-date shipments for 2025 decreased 0.4% compared to the same period in 2024.
EMS bookings in December 2025 grew 5.1% year-over-year and increased 28.7% from the previous month. Year-to-date bookings for 2025 rose 0.9% compared to the prior year.
The December data shows the order pipeline expanding slightly faster than production output. The widening gap between bookings and shipments often precedes future growth as manufacturers address rising demand and build backlogs, which also improves visibility and supports production planning for suppliers.
While year-to-date shipments remain slightly below last year’s levels, bookings are up, indicating that demand is beginning to turn upward. This pattern suggests the industry may be approaching an inflection point where stronger bookings gradually convert into higher production volumes.
Dr. Shawn DuBravac, chief economist at the Global Electronics Association, stated: “This uptick in end-of-year bookings lifted the North American EMS book-to-bill in December. Shipment and booking data are setting a constructive tone as we enter 2026.”
Additional figures include:
3-Month Book-to-Bill: 1.43
1-Month Book-to-Bill: 1.24
3-Month Moving Average Shipments: -0.1%
3-Month Moving Average Bookings: 6.2%
Shipments YTD: -0.4%
Bookings YTD: 0.9%
The association noted that year-on-year and year-to-date growth rates provide the most reliable view of industry performance. Month-to-month comparisons can be affected by seasonal patterns and short-term volatility. Bookings tend to fluctuate more than shipments, so month-to-month changes in the book-to-bill ratio may not be significant unless a trend persists for more than three consecutive months.
Detailed findings—including EMS sales growth by production type and company size tier, order growth and backlogs by company size tier, vertical market growth, book-to-bill ratios, and sales outlooks—are available to participating companies in the Global Electronics Association’s North American EMS Statistical Program.
The monthly EMS industry statistics are compiled from data supplied by a representative sample of assembly equipment manufacturers selling in the United States and Canada. The association publishes the EMS book-to-bill ratio by the end of each month.
