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Cognex (CGNX) FY2025 results: revenue $994 million, up 8.7% on the year

Cognex Corp. (CGNX) reported revenue of $994 million for fiscal 2025, the year ended 31 December 2025, up 8.7% on the year before. Net income was $114 million, up 7.8%, and diluted earnings per share $0.68. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$994 million
+8.7% on the year
FY2018FY2025
Operating margin
16.3%
12.6% a year earlier
FY2018FY2025
Net income
$114 million
+7.8% on the year
FY2018FY2025
Diluted EPS
$0.68
+9.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

  • Fourth-quarter revenue rose 10%: Fourth-quarter revenue was $252 million against $230 million, up 10%, or 9% excluding currency effects.
  • Full-year adjusted EPS rose 38%: Full-year adjusted diluted EPS was $1.02, up 38%; GAAP diluted EPS was $0.68. Excluding the Commercial Partnership benefit, adjusted EPS was $0.97, up 31%.
  • First-quarter 2026 guidance issued: The company issued revenue, adjusted EBITDA margin and adjusted diluted EPS guidance for the first quarter of 2026.
  • Adjusted EBITDA margin expanded for sixth quarter: Fourth-quarter adjusted EBITDA margin was 22.7%, up 420 basis points. Full-year margin was 21.5%, up 440 basis points, or 20.7% excluding the Commercial Partnership.
  • Portfolio review led to exits: The company finished a strategic portfolio review and began exiting about $22 million of non-core, no-growth or low-margin revenue.
Read the Q4 FY2025 earnings call summary

From this 10-K

Cognex makes industrial machine vision systems: hardware and software that capture and analyze visual information to automate manufacturing and distribution. It was founded in 1981. It sells into nearly every industry where discrete items are made on an assembly line or moved through a distribution center or warehouse. Its largest end markets are logistics, packaging, consumer electronics and automotive, which together represented approximately 85% of total revenue in 2025.

Cognex Corp., the 10-K for 2025

Cognex makes industrial machine vision systems: hardware and software that capture and analyze visual information to automate manufacturing and distribution. It was founded in 1981. It sells into nearly every industry where discrete items are made on an assembly line or moved through a distribution center or warehouse. Its largest end markets are logistics, packaging, consumer electronics and automotive, which together represented approximately 85% of total revenue in 2025.

What it makes

Vision systems combine smart cameras and software for part location, identification, measurement, assembly verification and guiding robots. Vision sensors handle simpler pass/fail checks, such as whether a part is present and the right size. The In-Sight line covers 2D and 3D vision systems using rule-based tools and deep learning. VisionPro software lets customers use Cognex vision tools with third-party cameras and equipment. DataMan barcode readers, fixed-mount and handheld, read 1D, 2D, label-based and direct part mark codes. Accessories include area scan and line scan cameras, lenses and lighting, including optical components that came with the acquisition of Moritex. In 2025 the company launched OneVision, a cloud-based platform for building, training and scaling AI vision applications.

The end markets

In logistics, e-commerce and parcel companies use the products for barcode reading, dimensioning and detection, and most logistics applications today center on barcode reading. In 2025 the company launched its first line of Solutions Experience devices for logistics. In packaging, the products support traceability and inspection in consumer goods and healthcare. Consumer electronics producers use them to build, inspect and track devices. In automotive, machine vision is used from measuring inbound parts to guiding robot assembly. Semiconductor manufacturers also rely on them.

How it makes and sells

Most hardware is made by electronics manufacturing services suppliers, with the primary contract manufacturers in Indonesia and Malaysia. Assembled products go to Cognex distribution centers, where staff load the software and complete assembly and image alignment. Sales teams are organized around three approaches: winning new customers, deepening existing accounts, and working with partners such as machine builders and system integrators. Services, including maintenance, consulting and training, are less than 10% of total revenue.

Where it sells and people

Customers outside the United States represented approximately 67% of total revenue in 2025: approximately 25% in Europe, 16% in Greater China and 26% in other regions. As of December 31, 2025 the company employed 2,745 people, whom it calls Cognoids, of whom 1,876 were based outside the United States. Of the total, 1,600 worked in selling, general and administrative activities, 575 in research, development and engineering, and 570 in manufacturing, quality assurance and service.

From Cognex's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue994915838+8.7%
Cost of revenue329289236+13.9%
Gross profit665626601+6.3%
Gross margin66.9%68.4%71.8%
Research and development139140139-0.6%
Selling, general and administrative364371339-1.9%
Operating income163115131+41.3%
Operating margin16.3%12.6%15.6%
Pre-tax income183131135+39.0%
Income tax68.425.322.1+170.0%
Effective tax rate37.4%19.3%16.3%
Net income114106113+7.8%
Net margin11.5%11.6%13.5%
Diluted EPS$0.68$0.62$0.65+9.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow246149113+64.7%
Capital expenditure8.715.023.1-41.9%
Free cash flow23713489.8+76.6%
Free cash flow margin23.8%14.7%10.7%
Cash from investing28.0-39.032.3
Cash from financing-207-118-126
Depreciation and amortisation30.832.721.9-5.8%
Share-based compensation48.552.454.8-7.5%
Buybacks15167.179.8+125.4%
Dividends paid54.652.349.1+4.4%
Dividend per share$0.33$0.30$0.29+6.6%
Diluted shares, weighted169m173m173m-1.9%
Shares outstanding at period end167m170m172m-2.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,4921,5181,505-1.7%
Debt0.00.00.0
Operating lease liabilities64.961.469.0+5.7%
Other liabilities460414444+11.1%
Total liabilities and equity2,0171,9932,018+1.2%
Fixed assets86.098.4106-12.6%
Goodwill386385393+0.3%
Intangible assets81.190.7113-10.6%
Investments379401374-5.4%
Cash and equivalents263186203+41.3%
Receivables147143114+2.3%
Inventory138158162-12.5%
Other assets536531553+1.0%
Total assets2,0171,9932,018+1.2%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.