Technology

Stoneridge Reports Second Quarter 2026 Results

Published

53 minutes ago

August 5, 2026

Strengthening Demand & Expense Control Underpin 2Q Performance

NOVI, Mich., Aug. 5, 2026 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2026.

2026 Second Quarter Highlights:

Sales growth of 15.1% YoY to $181.4 millionRecord quarterly MirrorEye revenue of ~$37 million (+39% YoY)Record quarterly revenue for Stoneridge Brazil of $20.5 millionNet loss from continuing operations of $5.3 million, or $0.19 per share; improved from a net loss of $11.1 million, or $0.40 per share, in the prior yearAdjusted EBITDA of $5.5 million; best quarterly performance in 24 monthsReaffirming 2026 guidance ranges

“Our second quarter performance reflects disciplined execution of our strategy as we improve our cost structure and focus our resources on the opportunities that will drive long-term value,” said Natalia Noblet, president and chief executive officer. “In Brazil, our strategic shift toward high-value OEM programs continues to position the business for more sustainable, profitable growth. With strong execution across the business, we remain confident in our strategy and are reaffirming our full-year guidance for 2026.”

The exhibits attached hereto provide reconciliation details on normalizing adjustments of non-GAAP financial measures used in this press release.

Second Quarter Results & Commentary

(in millions, except percentages and per share data)

Results

Three Months Ended June 30,
2026

2026

2025

Change

Net Sales

$ 181.4

$ 157.5

15.1 %

Gross Profit

36.8

36.3

1.3 %

Gross Margin %

20.3 %

23.1 %

277 bps

Income (loss) from Operations

(1.2)

(4.2)

71.7 %

Income (loss) before taxes from continuing operations

(2.7)

(9.6)

71.6 %

Provision for income taxes from continuing operations

2.6

1.5

65.6 %

Net Income (loss) from continuing operations

(5.3)

(11.1)

52.6 %

Net Income (loss) per diluted common share from
continuing operations

(0.19)

(0.40)

53.4 %

Weighted-average common shares outstanding

28.2

27.8

1.6 %

Adjusted consolidated EBITDA

$ 5.5

$ 0.8

578.5 %

Adjusted consolidated EBITDA %

3.0 %

0.5 %

251 bps

Consolidated net sales from continuing operations of $181.4 million increased 15.1% YoY. On a core basis, excluding favorable currency translation of $4.4 million and Mexico Manufacturing Agreement revenue of $7.1 million related to the sale of the Control Devices business, revenue improved 7.8% YoY. The North American commercial vehicle market and Stoneridge Brazil were the primary contributors to second quarter growth.

Gross margin decreased 277 basis points to 20.3% from 23.1% in the second quarter of 2025 as cost leverage on higher sales and benefits from targeted expense control initiatives were more than offset by a combination of higher material costs, stemming from unfavorable currency, strategic inventory-related actions and adverse product mix following the completion of a European regulatory retrofit campaign.

Consolidated net loss from continuing operations totaled $(5.3) million, or $(0.19) per share, compared to a net loss of $(11.1) million, or $(0.40) per share, for the quarter ended June 30, 2025.

Non-GAAP adjusted EBITDA totaled $5.5 million, or 3.0% of sales, compared to $0.8 million, or 0.5% of sales, in the year ago period.

Second Quarter GAAP Segment Results & Commentary

(in millions, except percentages and per share data)

Revenue

Three Months Ended June 30, 2026

Constant

Currency

2026

2025

Change

vs. 2025

Electronics

$ 160.9

$ 142.7

12.8 %

11.0 %

Stoneridge Brazil

20.5

14.9

37.6 %

25.7 %

Consolidated Net Sales

181.4

157.5

15.1 %

12.4 %

(in millions, except percentages and per share data)

Operating Income

Three Months Ended June 30, 2026

2026

2025

Change

Electronics

$ 4.9

$ 2.7

77.2 %

% of segment sales

3.0 %

1.9 %

110 bps

Stoneridge Brazil

2.6

1.0

165.8 %

% of segment sales

12.6 %

6.5 %

607 bps

Corporate

(8.6)

(7.9)

(9.0) %

Consolidated Operating Income

$ (1.2)

$ (4.2)

71.7 %

% of consolidated net sales

(0.7) %

(2.7) %

201 bps

Electronics second quarter sales of $160.9 million increased by $18.2 million, or 12.8%, relative to the second quarter of 2025. Excluding a favorable foreign currency translation impact of $2.6 million and Mexico Manufacturing Agreement revenue related to the sale of the Control Devices business, revenue improved 6.0% YoY. Revenue growth against the second quarter of 2025 was primarily driven by the North American commercial vehicle market. Second quarter adjusted operating margin increased by 12 basis points YoY to 3.0% as the benefits of a higher revenue base and implemented cost initiatives more than offset the cumulative impacts of unfavorable mix, currency and strategic inventory-related actions.

Stoneridge Brazil second quarter sales of $20.5 million increased by $5.6 million, or 37.6%. Excluding a favorable foreign currency translation impact of $1.8 million, sales improved by 25.7%. Higher OEM sales were the primary driver of growth during the quarter. Second quarter adjusted operating income of $2.3 million, or 11.2% of sales, increased 135.5%, or 464 basis points, compared to the second quarter of 2025 as higher sales volume more than offset increased SG&A expense.

Cash and Debt Balances

As of June 30, 2026, cash and cash equivalents totaled $71.5 million with total debt of $151.1 million, resulting in net debt of $79.6 million. The $38.5 million decrease in net debt compared to December 31, 2025 reflects the deployment of proceeds from the sale of the Control Devices business in January and tighter control of working capital during the first half of the year. The Company’s Credit Facility is due to mature on July 1, 2027. The company expects to refinance the credit facility, and is currently engaged in a global refinancing process.

2026 Outlook & Management Commentary

The Company is reaffirming the 2026 guidance ranges that were most recently updated in May. “We are encouraged by our progress in the second quarter, and believe initiatives to generate operational efficiencies and enhance profitability are beginning to materialize,” said Noblet. “We are also seeing promising signs across the European and North American commercial vehicle markets, which should support growth over the balance 2026. However, we believe it prudent to balance these positives against ongoing macroeconomic and geopolitical uncertainty. We continue to focus on material cost reductions, quality improvements as well as inflationary cost recovery, and remain committed to executing our long-term strategic plan as we navigate the challenging external environment.”

2026 FULL YEAR
GUIDANCE

(in millions, except percentages and per
share data)

2026

Current

Revenue ($M)

$645

—

$670

Adj. Gross Margin

21.5 %

—

22.0 %

Adj. Operating Margin

— %

—

0.5 %

Adj. EBITDA ($M)

$20

—

$25

3.1 %

—

3.7 %

The Company has not provided a reconciliation of its full-year 2026 guidance for adjusted gross margin, adjusted operating margin, and adjusted EBITDA (or adjusted EBITDA margin) to the most directly comparable GAAP financial measures because the Company is unable to provide such reconciliations without unreasonable effort. This is due to the inherent difficulty of forecasting with the required precision the timing and amount of various items that have not yet occurred, are out of the Company’s control, or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable reconciling information, which could be material to future results calculated in accordance with GAAP. The Company’s actual results calculated in accordance with GAAP may vary materially from these non-GAAP financial measures presented herein.

Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2026 second quarter results can be accessed at 8:00 a.m. Eastern Time on Thursday, August 6, 2026, at www.stoneridge.com, which will also offer a webcast replay.

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global supplier of safe and efficient electronic systems and technologies. Our systems and products power vehicle intelligence, while enabling safety and security for on- and off-highway transportation sectors around the world. Additional information about Stoneridge can be found at www.stoneridge.com.

Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this press release and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) strategic focus following the sale of the Control Devices segment, (iii) acquisition strategy, (iv) investments and new product development, (v) growth opportunities related to awarded business, and (vi) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “could,” “would,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:

the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with or reimbursements from our customers or other cost reduction actions, as necessary;global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;the costs and timing of business realignment, facility closures or similar actions;a significant change in commercial, automotive, off-highway or agricultural vehicle production;competitive market conditions and resulting effects on sales and pricing;foreign currency fluctuations and our ability to manage those impacts;customer acceptance of new products;our ability to successfully launch/produce products for awarded business;adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;our ability to protect our intellectual property and successfully defend against assertions made against us;liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;labor disruptions at our facilities, or at any of our significant customers or suppliers;business disruptions due to natural disasters or other disasters outside of our control;the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving credit facility;capital availability or costs, including changes in interest rates;refinancing risk and access to capital markets and liquidity;the failure to achieve the successful integration of any acquired company or business;risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions;the items described in Part I, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-K.

The forward-looking statements contained herein represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, except as required by law, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.

Use of Non-GAAP Financial Information

This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2026 and 2025 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably estimate.

In evaluating its business, the Company considers and uses net debt as a supplemental measure of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net loss from continuing operations, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and net debt are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.

Adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income loss from continuing operations, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and net debt should not be considered in isolation or as a substitute for gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), loss from continuing operations, net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP. Because not all companies calculate non-GAAP financial measures in the same manner, the non-GAAP financial measures presented in this press release may not be comparable to similarly titled measures used by other companies, and the Company’s use of these measures may vary from that of other companies in its industry.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30,
2026

December 31,
2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 71,514

$ 53,057

Accounts receivable, less reserves of $543 and $325, respectively

135,744

89,019

Inventories, net

112,999

106,422

Prepaid expenses and other current assets

24,025

26,956

Current assets of discontinued operations

—

86,342

Total current assets

344,282

361,796

Long-term assets:

Property, plant and equipment, net

61,117

62,659

Intangible assets, net

33,077

37,632

Goodwill

36,528

37,590

Operating lease right-of-use asset

8,486

9,570

Investments and other long-term assets, net

23,236

22,167

Long-term assets of discontinued operations

—

19,702

Total long-term assets

162,444

189,320

Total assets

$ 506,726

$ 551,116

LIABILITIES AND SHAREHOLDERS’ EQUITY

Accounts payable

$ 108,297

$ 62,398

Accrued expenses and other current liabilities

73,757

65,132

Current liabilities of discontinued operations

—

29,955

Total current liabilities

182,054

157,485

Long-term liabilities:

Revolving credit facility

151,089

180,942

Deferred income taxes

8,688

9,972

Operating lease long-term liability

5,776

6,601

Other long-term liabilities

9,994

11,604

Long-term liabilities of discontinued operations

—

4,733

Total long-term liabilities

175,547

213,852

Preferred Shares, without par value, 5,000 shares authorized, none issued

—

Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 28,524 and 28,018 shares outstanding at June 30, 2026 and
December 31, 2025, respectively, with no stated value

—

Additional paid-in capital

204,854

219,186

Common Shares held in treasury, 442 and 948 shares at June 30, 2026 and
December 31, 2025, respectively, at cost

(9,649)

(27,457)

Retained earnings

43,957

77,150

Accumulated other comprehensive loss

(90,037)

(89,100)

Total shareholders’ equity

149,125

179,779

Total liabilities and shareholders’ equity

$ 506,726

$ 551,116

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended
June 30,

Six months ended
June 30,

(in thousands, except per share data)

2026

2025

2026

2025

Net sales

$ 181,384

$ 157,541

$ 342,231

$ 306,598

Costs and expenses:

Cost of goods sold

144,551

121,192

270,442

234,998

Selling, general and administrative

26,061

25,704

58,590

51,569

Design and development

11,960

14,841

23,365

28,533

Operating loss

(1,188)

(4,196)

(10,166)

(8,502)

Interest expense, net

2,404

3,233

6,089

6,475

Equity in (earnings) loss of investee

(222)

(50)

(344)

Other (income) expense, net

(649)

2,222

(179)

1,396

Loss before income taxes from continuing operations

(2,721)

(9,601)

(16,085)

(16,029)

Provision for income taxes from continuing operations

2,555

1,542

3,969

3,118

Loss from continuing operations

(5,276)

(11,143)

(20,054)

(19,147)

Discontinued operations:

Loss (gain) from discontinued operations, net of tax

—

(1,784)

3,322

(2,592)

Loss on disposal, net of tax

—

9,817

—

Loss (gain) from discontinued operations

—

(1,784)

13,139

(2,592)

Net loss

$ (5,276)

$ (9,359)

$ (33,193)

$ (16,555)

Loss per share from continuing operations:

Basic

$ (0.19)

$ (0.40)

$ (0.71)

$ (0.69)

Diluted

$ (0.19)

$ (0.40)

$ (0.71)

$ (0.69)

Loss per share from discontinued operations:

Basic

$ —

$ 0.06

$ (0.47)

$ 0.09

Diluted

$ —

$ 0.06

$ (0.47)

$ 0.09

Loss per share from Stoneridge Inc.:

Basic

$ (0.19)

$ (0.34)

$ (1.18)

$ (0.60)

Diluted

$ (0.19)

$ (0.34)

$ (1.18)

$ (0.60)

Weighted-average shares outstanding:

Basic

28,244

27,788

28,071

27,734

Diluted

28,244

27,788

28,071

27,734

Regulation G Non-GAAP Financial Measure Reconciliations

Exhibit 1 – Reconciliation of Adjusted Gross Profit

(USD in millions)

Q2 2025

Q2 2026

Gross Profit

$ 36.3

$ 36.8

Add: Pre-Tax Business Realignment Costs

—

Adjusted Gross Profit

$ 36.3

$ 36.8

Exhibit 2 – Reconciliation of Adjusted Operating Loss

Reconciliation of Adjusted Operating Loss

(USD in millions)

Q2 2025

Q2 2026

Operating Loss

$ (4.2)

$ (1.2)

Add: Pre-Tax Business Realignment Costs

1.4

—

Add: Pre-Tax Share-Based Compensation Accelerated Vesting

0.3

0.4

Add: Pre-Tax Brazilian Indirect Taxes

—

(0.3)

Adjusted Operating Loss

$ (2.5)

$ (1.0)

Exhibit 3 – Reconciliation of Q2 Adjusted Tax Rate

Reconciliation of Q2 2026 Adjusted Tax Rate

(USD in millions)

Q2 2026

Tax Rate

Loss Before Tax

$ (2.7)

Add: Pre-Tax Share-Based Compensation Accelerated Vesting

0.4

Add: Pre-Tax Brazilian Indirect Taxes

(0.5)

Adjusted Loss Before Tax

$ (2.8)

Income Tax Expense

2.6

(93.84) %

Add: Tax Impact from Pre-Tax Adjustments

(0.2)

Add: After-Tax Impact of Valuation Allowances, net

—

Adjusted Income Tax Expense on Adjusted Loss Before Tax

$ 2.4

(85.64) %

Exhibit 4 – Reconciliation of Adjusted Net Loss and EPS

Reconciliation of Q2 2026 Adjusted Net Income and EPS

(USD in millions, except EPS)

Q2 2026

Q2 2026 EPS

Net Loss

$ (5.3)

$ (0.19)

Add: After-Tax Share-Based Compensation Accelerated Vesting

0.4

0.02

Add: After-Tax Brazilian Indirect Taxes

(0.3)

(0.01)

Adjusted Net Loss

$ (5.2)

$ (0.18)

Exhibit 5 – Reconciliation of Adjusted EBITDA

Reconciliation of Adjusted EBITDA

(USD in millions)

Q2 2025

Q2 2026

Loss Before Income Taxes from Continuing Operations

$ (9.6)

$ (2.7)

Interest expense, net

3.2

2.4

Depreciation and amortization

5.5

5.6

EBITDA

$ (0.9)

$ 5.3

Add: Pre-Tax Business Realignment Costs

1.4

—

Add: Pre-Tax Share-Based Compensation Accelerated Vesting

0.3

0.4

Add: Pre-Tax Brazilian Indirect Taxes

—

(0.3)

Adjusted EBITDA

$ 0.8

$ 5.5

Exhibit 6 – Segment Adjusted Operating Income

Reconciliation of Electronics Adjusted Operating Income

(USD in millions)

Q2 2025

Q2 2026

Electronics Operating Income

$ 2.7

$ 4.9

Add: Pre-Tax Business Realignment Costs

1.4

—

Electronics Adjusted Operating Income

$ 4.2

$ 4.9

Reconciliation of Stoneridge Brazil Adjusted Operating Income

(USD in millions)

Q2 2025

Q2 2026

Stoneridge Brazil Operating Income

$ 1.0

$ 2.6

Add: Pre-Tax Brazilian Indirect Taxes

—

(0.3)

Stoneridge Brazil Adjusted Operating Income

$ 1.0

$ 2.3

Exhibit 7 – Reconciliation of Net Debt

(USD in millions)

Q2 2025

Q2 2026

Total Debt

$ 164.4

$ 151.1

Cash and Cash Equivalents

46.3

71.5

Net Debt

$ 118.1

$ 79.6

View original content to download multimedia:https://www.prnewswire.com/news-releases/stoneridge-reports-second-quarter-2026-results-302843860.html

SOURCE Stoneridge, Inc.

Technology

Cboe Global Markets Reports Trading Volume for July 2026

Published

53 minutes ago

August 5, 2026

CHICAGO, Aug. 5, 2026 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported July trading volume statistics across its global business lines.

The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain July trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month

Year-To-Date

Jul

2026

Jul

2025

%
Chg

Jun
2026

%
Chg

Jul

2026

Jul

2025

%
Chg

Multi-listed options (contracts, k)

15,687

12,215

28.4 %

16,630

-5.7 %

14,938

12,886

15.9 %

Index options (contracts, k)

5,990

4,469

34.0 %

6,347

-5.6 %

6,145

4,688

31.1 %

Futures (contracts, k)1

207

178

16.1 %

242

-14.5 %

246

226

8.7 %

U.S. Equities – On-Exchange (matched shares, mn)

1,569

1,790

-12.4 %

2,185

-28.2 %

1,875

1,785

5.0 %

U.S. Equities – Off-Exchange (matched shares, mn)

208

141

47.4 %

250

-17.0 %

238

113

110.0 %

Canadian Equities (matched shares, k)

144,124

150,096

-4.0 %

182,398

-21.0 %

192,208

154,298

24.6 %

European Equities (€, mn)

14,024

12,490

12.3 %

14,950

-6.2 %

16,008

13,560

18.1 %

Australian Equities (AUD, mn)

989

870

13.7 %

1,165

-15.1 %

1,128

884

27.5 %

Global FX ($, mn)

61,071

48,514

25.9 %

64,267

-5.0 %

64,767

53,135

21.9 %

Cboe Clear Europe Cleared Trades (k)

147,855

122,973

20.2 %

144,356

2.4 %

1,005,054

935,981

7.4 %

Cboe Clear Europe Net Settlements (k)

1,442

1,236

16.6 %

1,419

1.6 %

9,337

7,726

20.9 %

1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

July 2026 Trading Volume Highlights

U.S. Options

Cboe’s mini-SPX (XSP) options set a monthly ADV record of 238 thousand contracts, including a record monthly zero-days-to-expiry (0DTE) ADV of 138 thousand contracts.0DTE trading in July grew to a record high 66.2% of total S&P 500 (SPX) options volume.Total trading during Cboe’s Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET) set a monthly ADV record of 224 thousand contracts, including record SPX options GTH ADV of 197 thousand contracts.

Cboe Clear Europe

Cboe Clear Europe surpassed 1 billion cleared client cash equity trades year-to-date through July 31.

About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

atu@cboe.com

tcave@cboe.com

khill@cboe.com

CBOE-V

Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, VIX®, and XSP® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor’s®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor’s or Cboe and neither Standard & Poor’s nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-trading-volume-for-july-2026-302844194.html

SOURCE Cboe Global Markets, Inc.

Technology

Cisco Schedules Conference Call for Q4 Fiscal Year 2026 Financial Results

Published

53 minutes ago

August 5, 2026

SAN JOSE, Calif., Aug. 5, 2026 /PRNewswire/ — Cisco (NASDAQ: CSCO) has scheduled a conference call for Wednesday, Aug 12, 2026, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter fiscal year 2026 financial results for the period ending Saturday, July 25, 2026.

Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Wednesday, Aug 12, 2026. Cisco’s quarterly earnings press release will be posted at https://newsroom.cisco.com.

Date:
Wednesday, Aug 12, 2026

Time:
1:30 PM (PT); 4:30 PM (ET)

To Listen via Telephone:
888-848-6507
212-519-0847 (for International Callers)

To Listen via the Internet:
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.

The conference call will also be livestreamed on YouTube, LinkedIn, & X.

Replay:
A telephone playback of the Q4 FY2026 conference call is scheduled to be available beginning at 4:00 PM (PT) on Aug 12, 2026, through 10:00 PM (PT) Aug 18, 2026. The replay will be accessible by calling 800-839-2232 (International callers: 203-369-3662). The call runs 24 hours/day, including weekends. An archived version of the webcast will be available on Cisco’s Investor Relations website at https://investor.cisco.com.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Investor Relations Contact:

Press Contact:

Sami Badri

Britt Stagnaro

Cisco

sambadri@cisco.com

media_pr@external.cisco.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cisco-schedules-conference-call-for-q4-fiscal-year-2026-financial-results-302844102.html

SOURCE Cisco Systems, Inc.

Technology

Cognex Reports Second Quarter 2026 Results

Published

53 minutes ago

August 5, 2026

NATICK, Mass., Aug. 5, 2026 /PRNewswire/ — Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today reported financial results for the second quarter ended July 5, 2026.

Second-Quarter Financial and Operating Highlights

Achieved record quarterly revenue of $291 million, driven by broad-based strength across most major end markets; second-quarter revenue increased 17% year over year, or 16% on a constant-currency basis.Operating margin was 29.4%; delivered an Adjusted EBITDA margin of 32.2%, up 1,150 basis points year over year, marking the eighth consecutive quarter of margin expansion.Net income per diluted share was $0.43; generated Adjusted diluted earnings per share of $0.45, up 80% year over year, representing the eighth consecutive quarter of growth.Issued full-year 2026 guidance anticipating strong double-digit revenue growth and significant year-over-year expansion in profitability.Announced the general availability of OneVision™, with hundreds of customers using the platform to accelerate configuration and deployment of AI-powered vision applications.

“Q2 was another strong quarter for Cognex and further evidence that our strategy is driving results,” said Matt Moschner, President and CEO. “We delivered exceptional performance, highlighted by record revenue, strong margin expansion, and significant earnings growth, which we believe reflects both a more favorable demand environment and focused execution across the business. We continue to make meaningful progress against our strategic objectives to extend our leadership in AI-enabled machine vision, deliver the leading customer experience in the industry, and double our customer base.”

Mr. Moschner continued, “We believe that diversification is central to the next chapter of Cognex’s growth. We are focused on broadening our reach across customers, channels, adjacencies and end markets, while prioritizing the automation challenges where we expect our technology can create the most value. We believe this strategy will position Cognex to shape the future of AI-enabled machine vision and deliver more sustainable and profitable growth over time.”

Dennis Fehr, CFO, added, “We believe that our Q2 performance underscores the strength of our profitable growth strategy and the strong leverage in our financial model. We are continuing to transform our operating model to drive higher productivity, support sustainable margin expansion, and strengthen our ability to scale efficiently over time. We believe that this disciplined approach will enable us to support Cognex’s long-term growth objectives while reinforcing our commitment to creating shareholder value.”

Financial Performance Highlights for the Second Quarter
(Dollars in millions, except per share amounts)

Three-months ended

July 05, 2026

June 29, 2025

Y/Y Change

Revenue

$291

$249

+17 %

Operating Income

$86

$43

+100 %

% of Revenue

29.4 %

17.4 %

+1,200 bps

Adjusted EBITDA1

$94

$52

81 %

% of Revenue

32.2 %

20.7 %

+1,150 bps

Net Income per Diluted Share

$0.43

$0.24

+79 %

Adjusted EPS (Diluted)1

$0.45

$0.25

+80 %

1Adjusted EBITDA and Adjusted EPS (Diluted) include non-GAAP adjustments. A reconciliation from GAAP to non-GAAP metrics is provided in this news release.

Revenue was $291 million, compared with $249 million in the second quarter of 2025, an increase of 17%. Excluding the impact of foreign currency exchange (FX), revenue increased 16% compared to the prior year, driven by broad-based strength across most major end markets.Gross margin was 70.6% compared to 67.4% in the second quarter of 2025. Adjusted gross margin was 71.5% compared to 68.0% in the second quarter of 2025, an increase of 350 basis points. The year-over-year increase was primarily driven by favorable mix and volume. Tariff refunds were not a material contributor to the strong gross margin performance.Operating expenses were $120 million compared to $124 million in the second quarter of 2025, a decrease of 3%. Adjusted operating expenses were $119 million compared to $123 million in the second quarter of 2025, a decrease of 3%. On a constant-currency basis, Adjusted operating expenses decreased 5% year over year, primarily driven by disciplined cost management.Operating income was $86 million compared to $43 million in the second quarter of 2025, an increase of 100%. Operating margin was 29.4% compared to 17.4% in the second quarter of 2025, an increase of 1,200 basis points. Adjusted operating margin was 30.7% compared to 18.7% in the second quarter of 2025, an increase of 1,200 basis points.Adjusted EBITDA was $94 million compared to $52 million in the second quarter of 2025, an increase of 81%. Adjusted EBITDA margin was 32.2% compared to 20.7% in the second quarter of 2025, an increase of 1,150 basis points. The year-over-year expansion was driven by revenue growth and favorable mix.Net income of $73 million compared to $41 million in the second quarter of 2025, an increase of 78%. Adjusted net income of $76 million compared to $43 million in the second quarter of 2025, an increase of 77%.Net income per diluted share was $0.43 compared to $0.24 in the second quarter of 2025, an increase of 79%. Adjusted diluted earnings per share were $0.45 compared to $0.25 in the second quarter of 2025, an increase of 80%.

Balance Sheet and Cash Flow Highlights

As of July 5, 2026, Cognex’s financial position remained strong, with $755 million in cash and investments and no debt.During the second quarter, Cognex generated $69 million of cash from operating activities compared to $43 million in the second quarter of 2025, an increase of 60%.During the second quarter, Cognex generated Free Cash Flow (FCF) of $68 million compared to $40 million in the second quarter of 2025, an increase of 70%. Second quarter FCF conversion rate was 93% of net income and 89% of Adjusted net income. Trailing twelve-month FCF conversion rate was 153% of net income and 114% of Adjusted net income.Cognex paid $14 million in dividends to shareholders in the second quarter.

Dividend

On August 5, 2026, Cognex’s Board of Directors declared a quarterly cash dividend of $0.085 per share. The dividend is payable on September 3, 2026, to all shareholders of record at the close of business on August 20, 2026.

Guidance

Cognex issued third-quarter and full-year 2026 guidance; details are summarized in the tables below.

Table 1: Third-Quarter 2026 Guidance

(Dollars in millions, except per
share amounts)

Q3 2026
Guidance

Q3 2025
Results

Q3 2025
Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$300 – $320

$277

$264

+12 %

+17 %

Adj. EBITDA Margin1

32% – 35%

24.9 %

22.1 %

+860 bps

+1,140 bps

Adj. EPS (diluted)1

$0.50 – $0.54

$0.33

$0.28

+58 %

+86 %

Table 2: Full-Year 2026 Guidance

(Dollars in millions, except per
share amounts)

2026
Guidance

2025
Results

2025 Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$1,130 – $1,150

$994

$982

+15 %

+16 %

Adj. EBITDA Margin1

29% – 31%

21.5 %

20.7 %

+850 bps

+930 bps

Adj. EPS (diluted)1

$1.64 – $1.68

$1.02

$0.97

+63 %

+71 %

* Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”).

** At the midpoint of guidance.

1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin, and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In Q3 2025 the GAAP operating margin was 20.9% and GAAP earnings per share (diluted) were $0.10, and in full-year 2025, the GAAP operating margin was 16.3% and GAAP earnings per share (diluted) were $0.68.

Analyst Conference Call and Simultaneous Webcast

Cognex will host a conference call on August 6, 2026, at 8:30 a.m. Eastern Daylight Time (EDT). The telephone number is (877) 704-4573 or (201) 389-0911 if outside the United States.A real-time audio broadcast of the conference call or an archived recording, together with a slide presentation, will be accessible on the Events & Presentations page of the Cognex Investor website: www.cognex.com/investor.

Forward-Looking Statements

Certain statements made in this report, as well as oral statements made by Cognex Corporation (“Cognex”, “we”, “us”, “our”, or the “Company”) from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words “expects,” “anticipates,” “estimates,” “potential,” “believes,” “projects,” “intends,” “plans,” “aims,” “will,” “may,” “shall,” “could,” “should,” “opportunity,” “goal,” “objective,” “target,” “milestone” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, financial and operating models, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products, the inability to develop new products, and the inability to achieve growth through expanding and adjacent markets; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base in an increasing number of geographies; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, artificial intelligence, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices, including memory chips; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (22) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (23) stock price volatility; (24) our involvement in time-consuming and costly litigation or activist shareholder activities; and (25) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I – Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”), as updated by Part II – Item 1A of our Quarterly Reports on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.

COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

July 5, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 302,521

$ 262,925

Current investments

101,849

74,037

Accounts receivable, net of allowance for credit losses of $726 and $728 in 2026 and
2025, respectively

216,232

146,713

Unbilled revenue

12,684

16,980

Inventories

142,839

137,889

Prepaid expenses and other current assets

73,755

58,702

Total current assets

849,880

697,246

Non-current investments

350,643

305,339

Property, plant, and equipment, net

81,452

86,015

Operating lease assets

68,543

72,310

Goodwill

381,385

386,279

Intangible assets, net

64,464

81,100

Deferred income taxes

377,830

383,272

Other assets

4,453

4,994

Total assets

$ 2,178,650

$ 2,016,555

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 65,060

$ 50,203

Accrued expenses

80,586

91,397

Accrued income taxes

9,126

9,141

Deferred revenue and customer deposits

48,978

21,094

Operating lease liabilities

12,281

11,716

Total current liabilities

216,031

183,551

Non-current operating lease liabilities

60,196

64,870

Deferred income taxes

248,888

250,512

Reserve for income taxes

21,963

24,269

Other liabilities

2,017

1,452

Total liabilities

549,095

524,654

Shareholders’ equity:

Preferred stock, $.01 par value – Authorized: 400 shares in 2026 and 2025,
respectively; no shares issued and outstanding

—

Common stock, $.002 par value – Authorized: 300,000 shares in 2026 and 2025,
respectively; issued and outstanding: 168,217 and 166,997 shares in 2026 and 2025,
respectively

336

334

Additional paid-in capital

1,294,544

1,138,708

Retained earnings

397,135

406,355

Accumulated other comprehensive loss, net of tax

(62,460)

(53,496)

Total shareholders’ equity

1,629,555

1,491,901

Total liabilities and shareholders’ equity

$ 2,178,650

$ 2,016,555

COGNEX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Revenue

$ 291,263

$ 249,093

$ 559,700

$ 465,129

Cost of revenue (1)

85,490

81,217

162,988

152,930

Gross profit

205,773

167,876

396,712

312,199

Percentage of revenue

70.6 %

67.4 %

70.9 %

67.1 %

Research, development, and engineering expenses (1)

32,391

33,102

69,416

67,829

Percentage of revenue

11.1 %

13.3 %

12.4 %

14.6 %

Selling, general, and administrative expenses (1)

87,865

91,341

181,906

174,845

Percentage of revenue

30.2 %

36.7 %

32.5 %

37.6 %

Operating income

85,517

43,433

145,390

69,525

Percentage of revenue

29.4 %

17.4 %

26.0 %

14.9 %

Foreign currency gain (loss)

(862)

(1,503)

(2,207)

(3,956)

Investment income

5,091

4,040

9,927

8,030

Other income (expense)

(446)

2,092

(2,053)

2,261

Income before income tax expense

89,300

48,062

151,057

75,860

Income tax expense

16,544

7,551

26,597

11,746

Net income

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Percentage of revenue

25.0 %

16.3 %

22.2 %

13.8 %

Net income per weighted-average common and common-
equivalent share:

Basic

$ 0.43

$ 0.24

$ 0.75

$ 0.38

Diluted

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Weighted-average common and common-equivalent
shares outstanding:

Basic

167,346

167,886

166,921

168,568

Diluted

169,989

168,563

169,166

169,553

Cash dividends per common share

$ 0.085

$ 0.080

$ 0.170

$ 0.160

(1) Amounts include stock-based compensation expense, as follows:

Cost of revenue

$ 592

$ 537

$ 1,517

$ 1,205

Research, development, and engineering

3,388

3,443

8,482

8,139

Selling, general, and administrative

7,232

8,314

13,146

12,889

Total stock-based compensation expense

$ 11,212

$ 12,294

$ 23,145

$ 22,233

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows:

Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating income and margin: Operating income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, tax impact on reconciling items and one-time discrete events (such as loss on sale of business).Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares.Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments.Free cash flow: Cash provided by operating activities less cash for capital expenditures.Free cash flow conversion rate: Free cash flow divided by net income or adjusted net income, as applicable.

Cognex may disclose results on a constant-currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over-period.

Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Please see the section “Reconciliation of Selected Items from GAAP to Non-GAAP” below for more detailed information regarding non-GAAP financial measures herein, including the items reflected in our adjusted financial metrics and a description of these adjustments.

COGNEX CORPORATION
RECONCILIATION OF SELECTED ITEMS FROM GAAP TO NON-GAAP
Dollars in thousands, except per share amounts
(Unaudited)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Gross profit (GAAP)

$ 205,773

$ 167,876

$ 396,712

$ 312,199

Acquisition and integration costs

218

211

434

453

Amortization of acquisition-related intangible assets

1,323

1,382

2,660

2,720

Reorganization charges

921

—

1,295

Adjusted gross profit

$ 208,235

$ 169,469

$ 401,101

$ 315,458

GAAP gross margin

70.6 %

67.4 %

70.9 %

67.1 %

Adjusted gross margin

71.5 %

68.0 %

71.7 %

67.8 %

Operating expense (GAAP)

$ 120,256

$ 124,443

$ 251,322

$ 242,674

Acquisition and integration costs

(15)

(259)

(30)

(797)

Amortization of acquisition-related intangible assets

(972)

(1,296)

(2,167)

(2,586)

Reorganization charges

(335)

—

(5,090)

(1,622)

Adjusted operating expense

$ 118,934

$ 122,888

$ 244,035

$ 237,669

Operating income (GAAP)

$ 85,517

$ 43,433

$ 145,390

$ 69,525

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Adjusted operating income

$ 89,301

$ 46,581

$ 157,066

$ 77,789

GAAP operating margin

29.4 %

17.4 %

26.0 %

14.9 %

Adjusted operating margin

30.7 %

18.7 %

28.1 %

16.7 %

Depreciation (adjusted for amounts included in Acquisition and
integration costs)

4,358

5,095

8,830

10,178

Adjusted EBITDA

$ 93,659

$ 51,676

$ 165,896

$ 87,967

Adjusted EBITDA margin

32.2 %

20.7 %

29.6 %

18.9 %

Net income (GAAP)

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Loss on sale of business

—

1,539

—

Discrete tax (benefit) expense

450

(211)

(729)

(518)

Tax impact of reconciling items

(1,102)

(891)

(3,740)

(2,256)

Adjusted net income

$ 75,888

$ 42,557

$ 133,206

$ 69,604

Earnings per share of common stock, diluted (GAAP)

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Acquisition and integration costs

0.00

0.01

Amortization of acquisition-related intangible assets

0.01

0.02

0.03

Reorganization charges

0.01

—

0.04

0.01

Loss on sale of business

—

0.01

—

Discrete tax (benefit) expense

0.00

Tax impact of reconciling items

(0.01)

(0.02)

(0.01)

Adjusted earnings per share of common stock, diluted

$ 0.45

$ 0.25

$ 0.80

$ 0.41

Effective tax rate (GAAP)

18.5 %

15.7 %

17.6 %

15.5 %

Discrete tax benefit (expense)

(0.5) %

0.4 %

0.5 %

0.7 %

Net impact of other reconciling items

0.4 %

0.7 %

0.8 %

1.1 %

Adjusted effective tax rate

18.5 %

16.9 %

18.9 %

17.3 %

Cash provided by operating activities (GAAP)

$ 69,153

$ 42,625

$ 114,246

$ 83,127

Capital expenditures

(1,532)

(2,194)

(4,289)

(4,695)

Free cash flow

$ 67,621

$ 40,431

$ 109,957

$ 78,432

Description of adjustments:

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Adjustments incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:

Depreciation:

The company incurs expense related to its normal use of property, plant and equipment.

Acquisition and integration costs:

The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the company acquired in the fourth quarter of 2023.

Amortization of acquisition-related intangible assets:

The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation.

Reorganization charges:

The Company has incurred charges related to the reorganization of its employees. During the three-month period ended July 5, 2026, these costs consisted primarily of severance and consulting fees.

Loss on sale of business:

The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the six-month period ended July 5, 2026.

Discrete tax (benefit) expense and tax impact of reconciling items:

Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period’s actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock based compensation, and adjustments to deferred tax positions.We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount.

About Cognex Corporation

For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods.

Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Investor Relations Contact:
Greer Aviv – Head of Investor Relations
Cognex Corporation
Greer.Aviv@cognex.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cognex-reports-second-quarter-2026-results-302844140.html

SOURCE Cognex Corporation