Cognex(US:CGNX) ZACKS·2026-02-12 17:15Core Insights - Cognex (CGNX) reported fourth-quarter 2025 non-GAAP earnings of 27 cents per share, exceeding the Zacks Consensus Estimate by 23.85%, with a year-over-year increase of 35% [1] - Revenues reached $252.3 million, surpassing the Zacks Consensus Estimate by 7.17%, reflecting a 10% year-over-year growth on a reported basis and 9% on a constant-currency basis [1] Financial Performance - The gross margin on a non-GAAP basis was 71.6%, an increase of 220 basis points year over year [3] - Non-GAAP operating margin improved to 20.9%, up 470 basis points year over year [4] - Selling, general & administrative (SG&A) expenses rose by 0.1% year over year to $94.6 million, while research & development (R&D) expenses increased by 10.8% year over year to $36.1 million [3] Cash Flow and Balance Sheet - As of December 31, 2025, Cognex had cash and cash equivalents of $262.9 million, up from $245.9 million as of September 28 [5] - The company generated $74.9 million in cash from operating activities in the fourth quarter, compared to $87.5 million in the previous quarter [5] - Free cash flow for the reported quarter was $72.3 million [5] Dividend and Guidance - Cognex declared a quarterly cash dividend of $0.085 per share, payable on March 12, 2026, to shareholders of record as of February 26, 2026 [6] - For the first quarter of 2026, Cognex expects non-GAAP revenues between $235 million and $255 million, with adjusted EBITDA margins ranging from 19% to 22% [7] Stock Performance - Cognex shares increased by 23.45% in pre-market trading and have risen 26.9% over the trailing 12 months, outperforming the Zacks Computer & Technology sector's appreciation of 21.6% [2]