Earnings summaries and quarterly performance for COGNEX.
Executive leadership at COGNEX.
Matt Moschner
Detailed
President and Chief Executive Officer
CEO
Carl Gerst
Detailed
Executive Vice President, Global Sales & Products
Darren Long
Detailed
Vice President, Customer Success
Dennis Fehr
Detailed
Chief Financial Officer
Joerg Kuechen
Detailed
Chief Technology Officer
Mark Fennell
Detailed
Chief Legal Officer and Corporate Secretary
Mike Bowdoin
Detailed
Vice President, Operations
Reto Wyss
Detailed
Vice President, Vision Engineering
Richard Reuter
Detailed
Senior Director, Hardware Engineering
Sheila DiPalma
Detailed
Executive Vice President, Employee Services, Chief Culture Officer
Shirin Saleem
Detailed
Vice President, Software Engineering
Board of directors at COGNEX.
Research analysts who have asked questions during COGNEX earnings calls.
Andrew Buscaglia
BNP Paribas
4 questions for CGNX
Also covers: AME, APH, EMR +11 more
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
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
Joseph Giordano
TD Cowen
2 questions for CGNX
Also covers: ABLZF, AME, APH +21 more
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
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
Michael Anastasiou
Cowen and Company
1 question for CGNX
Also covers: AME, ITT
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 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.
7 days ago
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.
7 days ago
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.
7 days ago
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
Cognex Reports Strong Q3 2025 Results and Provides Q4 2025 Outlook
CGNX
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Cognex reported Q3 2025 revenue of $277 million, an 18% year-over-year increase (or 16% on a constant-currency basis).
- Adjusted EBITDA for Q3 2025 increased 67% year-over-year to $69 million, achieving an Adjusted EBITDA margin of 24.9%.
- Adjusted Diluted EPS grew 69% year-over-year to $0.33 in Q3 2025.
- The company provided Q4 2025 guidance, expecting revenue between $230 million and $245 million, Adjusted EBITDA Margin between 17.0% and 20.0%, and Adjusted Diluted EPS between $0.19 and $0.24.
- Strategic progress included a salesforce transformation fueling revenue growth in Packaging and advancing AI technology in the Logistics vertical, which saw continued momentum.
Oct 30, 2025, 12:30 PM
Cognex Reports Strong Q3 2025 Results and Launches New AI Vision Product Line
CGNX
Earnings
Guidance Update
Product Launch
- Cognex reported strong Q3 2025 financial results, with revenue of $277 million, an 18% year-over-year increase, and adjusted diluted EPS of $0.33, up 69%. The company achieved its highest adjusted EBITDA margin since Q2 2023 at 22.1%.
- The company launched its new SLX (Solutions Experience) product line in logistics, introducing AI vision tools to address novel applications and accelerate automation adoption in this fast-growing vertical.
- For Q4 2025, Cognex provided guidance expecting revenue between $230 million and $245 million and adjusted EPS between $0.19 and $0.24.
- Cognex returned $37 million to shareholders in Q3 through share repurchases and dividends, and ended the quarter with $600 million in net cash and investments.
Oct 30, 2025, 12:30 PM
Cognex Reports Strong Q3 2025 Results and Provides Q4 Guidance
CGNX
Earnings
Guidance Update
Product Launch
- Cognex delivered strong Q3 2025 financial results, with revenue of $277 million and an adjusted EBITDA margin of 22.1%. Adjusted diluted EPS, excluding specific comparability items, was $0.28.
- The company launched its new SLX (Solutions Experience) product line in logistics, introducing AI vision tools to solve novel applications and accelerate automation adoption.
- Market trends showed momentum in consumer electronics, logistics, and packaging, while automotive remained soft but is believed to be nearing a bottom. Semiconductor revenue increased modestly year-over-year.
- For Q4 2025, Cognex expects revenue between $230 million and $245 million, an adjusted EBITDA margin between 17% and 20%, and adjusted EPS between $0.19 and $0.24.
- Cognex generated $86 million in free cash flow in Q3 2025, achieving a trailing twelve-month free cash flow conversion rate of 133%, and returned $37 million to shareholders through share repurchases and dividends.
| Metric | Q3 2025 | Q4 2025 (Guidance Midpoint) |
|---|---|---|
| Revenue ($USD Millions) | $277 | $237.5 |
| Adjusted EBITDA Margin (%) | 22.1 | 18.5 |
| Adjusted Diluted EPS ($USD) | $0.28 | $0.215 |
Oct 30, 2025, 12:30 PM
Quarterly earnings call transcripts for COGNEX.
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