Earnings summaries and quarterly performance for COGNEX.
Executive leadership at COGNEX.
Matt Moschner
Detailed
President and Chief Executive Officer
CEO
CG
Carl Gerst
Detailed
Executive Vice President, Global Sales & Products
DL
Darren Long
Detailed
Vice President, Customer Success
DF
Dennis Fehr
Detailed
Chief Financial Officer
JK
Joerg Kuechen
Detailed
Chief Technology Officer
MF
Mark Fennell
Detailed
Chief Legal Officer and Corporate Secretary
MB
Mike Bowdoin
Detailed
Vice President, Operations
RW
Reto Wyss
Detailed
Vice President, Vision Engineering
RR
Richard Reuter
Detailed
Senior Director, Hardware Engineering
SD
Sheila DiPalma
Detailed
Executive Vice President, Employee Services, Chief Culture Officer
SS
Shirin Saleem
Detailed
Vice President, Software Engineering
Board of directors at COGNEX.
Research analysts who have asked questions during COGNEX earnings calls.
AB
Andrew Buscaglia
BNP Paribas
4 questions for CGNX
Also covers: AME, APH, EMR +11 more
DK
Damian Karas
UBS
4 questions for CGNX
Also covers: ALH, AOS, CR +14 more
Jacob Levinson
Melius Research
4 questions for CGNX
Also covers: GWW, VLTO
Piyush Avasthy
Citi
3 questions for CGNX
Also covers: RAL, ZBRA
Thomas Moll
Stephens Inc.
3 questions for CGNX
Also covers: CARR, DGII, DSGR +13 more
JR
James Ricchiuti
Needham & Company, LLC
2 questions for CGNX
Also covers: AEIS, BELFA, BHE +20 more
Jamie Cook
Truist Securities
2 questions for CGNX
Also covers: ACM, AGCO, AME +17 more
JG
Joseph Giordano
TD Cowen
2 questions for CGNX
Also covers: ABLZF, AME, APH +21 more
KW
Kevin Wilson
Truist Securities
2 questions for CGNX
Also covers: ACM, J
Jairam Nathan
Daiwa Capital Markets
1 question for CGNX
Also covers: ALV, CAT, DE +1 more
Joseph Ritchie
Goldman Sachs
1 question for CGNX
Also covers: ALLE, CARR, CNM +22 more
Katie Fleischer
KeyBanc Capital Markets
1 question for CGNX
Also covers: DSGR, EMR, GWW +3 more
KH
Keith Housum
Northcoast Research
1 question for CGNX
Also covers: AXON, BRC, CDW +10 more
Kenneth Newman
KeyBanc Capital Markets
1 question for CGNX
Also covers: AIT, BOOM, DSGR +10 more
MA
Michael Anastasiou
Cowen and Company
1 question for CGNX
Also covers: AME, ITT
RM
Robert Mason
Robert W. Baird & Co.
1 question for CGNX
Also covers: AEIS, AME, ATMU +12 more
Tommy Moll
Stephens Inc.
1 question for CGNX
Also covers: DGII, DSGR, ESE +9 more
Recent press releases and 8-K filings for CGNX.
Cognex Outlines Strategic Priorities and Cyclical Recovery Outlook
CGNX
Guidance Update
Management Change
Revenue Acceleration/Inflection
- Cognex, a pure-play machine vision company, is under new management, with CFO Dennis Fehr (20 months) and CEO Matt Moschner (mid-year appointment) leading efforts to drive P&L improvements.
- The company has set three strategic objectives: to be the number one leader in AI technology in machine vision, to double its customer count, and to achieve the number one customer experience in the industry. These objectives are supported by a salesforce transformation and product development focused on easier-to-use solutions.
- Cognex targets 10%-11% organic growth through the cycle, supplemented by 3% M&A growth, with 6-7% of this organic growth expected from additional penetration via AI-enabled applications and new customer acquisition.
- Following a cyclical downturn, 2025 is identified as the start of a new cycle with mid-single-digit growth, and Cognex aims for outsized EPS growth (>20%) in both 2025 and 2026 through stringent cost management.
- Key end markets are showing signs of recovery: Consumer Electronics is experiencing initial growth from supply chain diversification and new product cycles , Automotive is stabilizing after declines in 2024 and 2025 , and Semiconductor is anticipated to accelerate in late 2026 or sooner.
Dec 10, 2025, 4:30 PM
Cognex Outlines Strategic Priorities and 2026 Outlook
CGNX
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- Cognex, a pure-play machine vision company, has set three strategic objectives: to be the number one leader in AI technology, to double its customer count, and to achieve the number one customer experience.
- The company's financial framework targets 10%-11% organic growth and an additional 3% M&A growth through the cycle, with 6%-7% of organic growth expected from increased penetration via AI and new customers.
- Cognex anticipates 2025 to be the beginning of a new business cycle with mid-single-digit growth and expects to repeat or exceed greater than 20% EPS growth in 2026 through tight cost management, even with a baseline expectation of mid-single-digit revenue growth.
- The company projects positive growth dynamics in consumer electronics (driven by supply chain diversification and new hardware product lineups) and further acceleration in the semiconductor market into H2 2026. Logistics may see a lower growth rate in 2026 after two strong years, and the automotive market is stabilizing.
- Cognex continues to integrate AI into its products, having launched its first AI-embedded product in 2022 and recently introducing OneVision in 2025 to facilitate easier AI application development by bridging edge and cloud computing.
Dec 10, 2025, 4:30 PM
Cognex Outlines Strategic Priorities and Market Outlook for 2026
CGNX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Cognex, a pure-play machine vision company, is pursuing three strategic objectives: leading in AI technology, doubling its customer count, and achieving top customer experience. The company's new management team is focused on P&L improvements and capital efficiency.
- The company expects to be at the beginning of a new cycle in 2025, anticipating mid-single-digit growth for the next 6-9 months. Cognex aims to drive outsized EPS growth (greater than 20% in 2025, with potential to repeat or exceed in 2026) through tight cost management and OpEx efficiency.
- Key end markets show varied trends: Consumer electronics is seeing initial growth driven by supply chain diversification and new hardware product lineups, with expectations for several years of growth. The Automotive market, which declined 14% in 2024, is stabilizing, and the headwind is expected to diminish in 2026. The Semiconductor market, a strong growth driver in 2024, is expected to see further acceleration in the second half of 2026 or earlier.
- Cognex views AI as a significant opportunity, not a threat, integrating it into products with features like OneVision to bridge edge and cloud training. The company differentiates itself through proprietary vision models, offering high accuracy, speed, and cost-effectiveness compared to generic large language models.
Dec 10, 2025, 4:30 PM
Cognex CFO Discusses Financial Framework and Market Outlook
CGNX
Guidance Update
Revenue Acceleration/Inflection
Demand Weakening
- Cognex's CFO, Dennis Fehr, has focused on driving profitability, increasing capital efficiency, and enhancing investor communication over the past 20 months, leading to five quarters of double-digit Adjusted EPS growth and improved Adjusted EBITDA margins.
- The company introduced a new through-the-cycle financial framework targeting 13%-14% revenue growth (10%-11% organic) and 20%-30% EBITDA margins.
- Cognex expects to achieve the 20% EBITDA margin target a year ahead of schedule (in 2025) and aims for a sustainable 25% EBITDA margin within the next two to three years, primarily through 500-600 basis points of OPEX efficiency.
- The company anticipates Logistics growth rates to slow in 2026 due to base effects and absorption, while Consumer Electronics is expected to accelerate after three years of limited growth, driven by supply chain shifts and refresh cycles. The Auto market is seen as stabilizing near a bottom.
- Gross margins, which declined due to mix effects and tariffs, are expected to stabilize in 2026.
Dec 3, 2025, 5:10 PM
Cognex CFO Discusses Financial Framework, Profitability, and Market Outlook at Conference
CGNX
Guidance Update
Demand Weakening
M&A
- Cognex CFO Dennis Fehr outlined three priorities over his 20-month tenure: driving profitability, increasing capital efficiency, and enhancing investor communication.
- The company introduced a new through-the-cycle financial framework targeting 13%-14% revenue growth (including 10%-11% organic growth) and 20%-30% Adjusted EBITDA margins.
- Cognex expects to achieve the 20% Adjusted EBITDA margin target in 2026, a year ahead of schedule, and aims for a sustainable 25% within the next two to three years.
- Profitability improvements are heavily geared towards OPEX efficiency, with targets of 500-600 basis points from OPEX efficiency and 500 basis points from additional leverage.
- The outlook for 2026 includes a potential slowdown in logistics growth, a pickup in consumer electronics, and stabilization in the auto market. Gross margins are expected to stabilize after declines due to mix and China pricing.
Dec 3, 2025, 5:10 PM
Cognex CFO Discusses Financial Framework, Margin Expansion, and Market Outlook
CGNX
Guidance Update
Demand Weakening
M&A
- CFO Dennis Fehr highlighted five quarters of double-digit Adjusted EPS growth and a greater than 100% free cash flow conversion rate on a trailing 12-month basis, returning more than 100% of free cash flow to shareholders.
- Cognex is on track to achieve its new financial framework's 20% EBITDA margin target a year ahead of schedule (implied for full year 2025), with a goal to reach 25% sustainable EBITDA margin in two to three years.
- The company plans to drive margin expansion through 500-600 basis points of OPEX efficiency, including R&D productivity gains and a Salesforce Transformation focused on efficiency and customer count.
- For 2026, Logistics growth is expected to slow, while Consumer Electronics is anticipated to accelerate after small growth in 2025, and gross margins are expected to stabilize.
Dec 3, 2025, 5:10 PM
Cognex Discusses Growth Strategy, Financial Management, and Market Trends at Stephens Conference
CGNX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Cognex projects a multi-year sales outlook of a low double-digit compound rate, driven by a Salesforce transformation aimed at doubling its customer count and enhancing sales efficiency.
- The company is prioritizing adjusted EPS growth through OPEX efficiency, with a target of achieving a 25% adjusted EBITDA margin as a minimum, even during down cycles.
- For 2025, Cognex anticipates moderate sales growth but expects to deliver 20% adjusted EPS growth due to ongoing OPEX discipline.
- Key market insights include AI as a significant growth opportunity , the automotive market nearing a bottom , consumer electronics showing renewed growth , and logistics growth potentially moderating in 2026 after strong performance.
Nov 19, 2025, 4:00 PM
Cognex Discusses AI Opportunities, Growth Strategy, and Financial Outlook at Stephens Conference
CGNX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Cognex's CFO, Dennis Fehr, highlighted AI as a significant growth opportunity for machine vision, enabling new applications and higher accuracy, while emphasizing the company's proprietary models provide high precision, speed, scalability, and ease of use to counter generic AI threats.
- The company aims for low double-digit multi-year sales growth by doubling its customer count over five years, supported by a Salesforce transformation focused on efficiency and expanding reach to a broader customer base.
- Cognex is prioritizing adjusted EPS growth through OpEx efficiency, targeting a midterm R&D spend in the low teens as a percentage of revenue and an adjusted EBITDA margin of 25% as a minimum in down cycles, up from 17% in 2024.
- For 2025, the company expects moderate sales growth but anticipates approximately 20% adjusted EPS growth due to OpEx discipline, viewing this as the initial stage of a new business cycle.
- Market insights include the automotive market nearing a bottom (North America leading recovery), consumer electronics showing growth in 2025 (first in three years), and logistics remaining a multi-year growth driver despite potential moderation in 2026.
Nov 19, 2025, 4:00 PM
Cognex CFO Outlines AI Opportunity, Sales Strategy, and Financial Targets
CGNX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Cognex views AI as a significant opportunity, leveraging proprietary vision models for high precision, speed, scalability, and ease of use in machine vision applications, differentiating itself from generic AI solutions.
- The company aims for low double-digit multi-year sales growth, driven by doubling its customer count over five years through increased market penetration and a Salesforce transformation focused on efficiency and data-driven analytics.
- Cognex is prioritizing OPEX efficiency to drive higher profitability, targeting R&D spend in the low teens as a percentage of revenue (down from mid-teens) and aiming for an adjusted EBITDA margin of at least 25%.
- For 2025, Cognex anticipates moderate sales growth but expects to achieve 20% EPS growth through continued OPEX discipline. Key end markets like consumer electronics are seeing growth return due to supply chain changes, while logistics remains a multi-year growth driver despite potential non-linear growth in 2026.
Nov 19, 2025, 4:00 PM
Cognex CEO Discusses Q3 Performance, Market Trends, and AI Strategy
CGNX
CEO Change
Guidance Update
Revenue Acceleration/Inflection
- Cognex's new President and CEO, Matt Moschner, who assumed the role on July 1, discussed the company's Q3 performance, which saw 13% "apples to apples" growth, driven by strong momentum in logistics, consumer electronics, and packaging.
- The company anticipates normal seasonality for Q4, with sequential sales expected to be down by a high single-digit percentage.
- Logistics remains the largest and fastest-growing end market, achieving seven consecutive quarters of double-digit growth. Automotive, the second-largest market, is stabilizing and returning to growth in North America, while packaging and advanced semiconductor manufacturing also show positive trends.
- Cognex is heavily invested in AI-driven visual inspection, having made foundational acquisitions and developed proprietary technology, which they believe gives them a leadership position in the industry.
- The company is focused on returning its operating margins to the target range of 20-30% adjusted EBITDA, with optimism to reach 20% or greater in the near term through cost management and growth initiatives.
Nov 11, 2025, 8:20 PM
Quarterly earnings call transcripts for COGNEX.
Ask Fintool AI Agent
Get instant answers from SEC filings, earnings calls & more