• Reported GAAP EPS of $0.20 up 17.65% YoY • Reported revenue of $252.34M up 9.86% YoY • Cognex projects Q1 2026 revenue of $235M to $255M, a 13% year-over-year increase at midpoint. Adjusted EBITDA margin is guided to 19.0%-22.0%, and Adjusted EPS (diluted) to $0.22-$0.26.
Bullish
Cognex achieved 10% Q4 revenue growth and 420 bps Adjusted EBITDA margin expansion to 22.7%, while strategically optimizing its operating model for cost reductions and investing in new AI technologies.
Bearish
Cognex's full-year gross margin declined 40 bps due to industry mix and tariffs, while adjusted operating expenses increased from incentive compensation headwinds. Cognex also exited $22M of non-core revenue.