Cognex Corporation (NASDAQ: CGNX): Corporate Profile & Financials
Source: Form 10-K Annual Report For the Fiscal Year Ended December 31, 2025
Quick Facts / Company Snapshot
| Company Name | Cognex Corporation |
| Headquarters | Natick, Massachusetts, United States |
| Country of Incorporation | Massachusetts |
| Founded | 1981 |
| What the Company Does | Makes advanced machine vision easy, providing industrial machine vision systems, software, vision sensors, and barcode readers to improve efficiency and solve manufacturing and distribution challenges through automation. |
| Exchange and Ticker | NASDAQ: CGNX |
| Business Segments | Single operating segment (Machine Vision Technology) |
| Products & Services | Vision Systems and Sensors (In-Sight), OneVision platform, Vision Software (VisionPro), Barcode Readers (DataMan), Vision Accessories (cameras, lenses, lighting), maintenance, support, consulting, and training services. |
| Employees | 2,745 globally |
| Countries & Regions Served | Americas, Europe, Greater China, and Other Asia |
| CEO & Board Chairperson | Matthew Moschner (President and Chief Executive Officer) |
| Annual Revenue | $994,359,000 +8.7% |
| Operating Income | $162,566,000 +41.3% |
| Net Income | $114,442,000 +7.8% |
| Total Assets | $2,016,555,000 |
| Total Liabilities | $524,654,000 |
Company Overview
Cognex Corporation designs, develops, manufactures, and markets a wide range of image-based products that incorporate sophisticated machine vision technology—techniques that give machines the ability to see. Founded in 1981, Cognex helps manufacturing and distribution companies become faster, smarter, and more efficient through automation. Its solutions blend hardware and software to capture and analyze visual information, aiding the automation of manufacturing and distribution tasks for customers worldwide. Machine vision products are utilized to automate the manufacturing and distribution of discrete items, such as mobile phones, automotive components, and consumer goods, by locating, identifying, inspecting, and measuring them. Machine vision can be particularly valuable for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings can be obtained through the reduction of labor costs or improved product quality.
Cognex sells to customers across nearly all major industries in which discrete items are manufactured on an assembly line or moved through a distribution center or warehouse. Its largest end markets by revenue are logistics, packaging, consumer electronics, and automotive, which combined represented approximately 85% of total revenue in 2025. The company operates through a direct sales model, supported by a network of distribution, original equipment manufacturer (OEM), and integration partners.
Business Segments
Cognex operates in one reportable segment: machine vision technology. The company has a single, company-wide management team that administers operations as a whole rather than as discrete operating segments. The chief operating decision maker is the chief executive officer, who assesses performance and allocates resources at the corporate level, as compared to the geography, product line, or end market levels. The company offers a variety of machine vision products that share similar economic characteristics and are distributed via identical sales channels to uniform customer profiles.
Disaggregated revenue by geographic area based on the customer’s country of domicile for the year ended December 31, 2025, includes:
| Geographic Area | Revenue (in thousands) | Percentage of Total Revenue |
|---|---|---|
| Americas | $407,288 | 41% |
| Europe | $251,638 | 25% |
| Greater China | $158,456 | 16% |
| Other Asia | $176,977 | 18% |
| Total Revenue | $994,359 | 100% |
History and Evolution
Cognex Corporation was founded in 1981. Over its history, the company has grown organically and through acquisitions to become a global technology leader in industrial machine vision systems. A significant milestone in its inorganic growth strategy occurred on October 18, 2023, when Cognex completed the acquisition of Moritex Corporation, a global provider of premium optical components based in Japan, for an enterprise value of approximately $270 million. The acquisition expanded Cognex’s served market to include high-end lenses and lighting, enabled in-house manufacturing capabilities in China and Vietnam, and strengthened its local presence in Japan. In December 2025, the company sold a 19,000 square-foot building adjacent to its corporate headquarters and the underlying land for approximately $7 million, resulting in a gain on the sale of assets of approximately $5 million.
Products and Services
Cognex offers a comprehensive portfolio of machine vision systems, sensors, software, barcode readers, and vision accessories designed to meet customer needs across different performance and price points:
- Vision Systems and Sensors: Combines smart cameras and software to perform tasks such as part location, identification, measurement, assembly verification, and robotic guidance. In-Sight vision systems and sensors encompass 2D and 3D vision systems leveraging rule-based coding, deep learning, and edge learning technology powered by pre-trained neural networks.
- OneVision: A cloud-based platform launched in 2025 designed to transform how manufacturers build, train, and scale AI-powered vision applications by combining deep learning performance with edge-based deployment simplicity.
- Vision Software: Offers customers the flexibility of the Cognex vision tools library (such as VisionPro) to use with third-party cameras, frame grabbers, and peripheral equipment, featuring the QuickBuild prototyping environment.
- Barcode Readers: Industrial image-based barcode readers under the DataMan product line (including fixed-mount, handheld models, and verifiers) that read 1D, 2D, label-based, and direct part mark (DPM) codes.
- Vision Accessories: Includes area scan and line scan cameras, embedded and component lenses and lighting (including optical components added via Moritex), vision controllers, frame grabbers, and I/O cards.
- Services: Represents less than 10% of total revenue and includes maintenance, support, consulting, and training services.
Brand Portfolio
Cognex utilizes several core product brands and registered trademarks to identify its technological offerings in the machine vision industry. Key brand names explicitly identified in the filing include:
- Cognex® (Corporate brand)
- In-Sight® (Vision systems and sensors)
- OneVision™ (Cloud-based AI vision platform)
- VisionPro® (Vision software)
- QuickBuild™ (Prototyping environment)
- DataMan® (Industrial barcode readers)
Geographical Presence
Cognex operates globally with sales, distribution, engineering, and manufacturing facilities across the United States, Europe, and Asia. Corporate headquarters and primary research and development operations are located in Natick, Massachusetts, where the company owns corporate office buildings. European customer distribution is anchored by a 50,000 square-foot building purchased in Cork, Ireland. Distribution for the Americas is managed from a 65,000 square-foot leased facility in Southborough, Massachusetts. Distribution for Asia is anchored by a 115,000 square-foot leased building in Singapore. In-house optical component production plants are located in Shenzhen, China (162,000 square-foot building) and Bac Ninh, Vietnam (leased 22,000 square-foot building). Sales to customers outside the United States represented approximately 67% of total revenue in 2025.
Competitor Analysis
Cognex is one of the leading machine vision companies globally. Its competitors include other vendors of machine vision systems, controllers, and components; manufacturers of image processing systems, sensors, and components; and system integrators. The company also competes against internal engineering departments of current or prospective customers, as well as free open-source tools available from various companies, including tools utilizing AI. The machine vision market is characterized by rapidly changing technology, shifting global trade conditions, and increasing market fragmentation. Competitors may attempt to lower market entry barriers through open-source platforms and advanced AI algorithms, increasing pricing pressure and competition.
Operating Performance and Business Drivers
In 2025, revenue reached $994,359,000, representing a 9% increase compared to 2024. Growth was driven primarily by higher revenue from the logistics and consumer electronics industries, alongside $13 million of one-time revenue recognized during 2025 related to a strategic channel partnership in the medical lab automation industry. Gross margin was 67% in 2025 compared to 68% in 2024, impacted by a $13 million charge recorded in the fourth quarter of 2025 for excess and obsolete inventory following a strategic product portfolio review. Operating expenses decreased 2% year-over-year due to cost management and headcount reductions, partially offset by higher incentive compensation accruals and foreign currency exchange impacts. Operating income increased to 16% of revenue in 2025 compared to 13% of revenue in 2024. Net income totaled $114,442,000 (12% of revenue), yielding $0.68 per diluted share, up from $0.62 per diluted share in 2024. The effective tax rate rose to 37% in 2025 due to a $33 million discrete tax expense accrued in connection with the enactment of the United States tax legislation known as the One Big Beautiful Bill Act (OBBBA).
Board of Directors and Leadership Team
The company’s executive officers and directors identified in the source include:
- Matthew Moschner – President, Chief Executive Officer, and Director (Principal Executive Officer)
- Dennis Fehr – Senior Vice President of Finance and Chief Financial Officer (Principal Financial Officer)
- Laura MacDonald – Vice President of Finance and Principal Accounting Officer (Principal Accounting Officer)
- Sachin Lawande – Director
- John Lee – Director
- Angelos Papadimitriou – Director
- Marjorie Sennett – Director
- Anthony Sun – Director
- Robert J. Willett – Director (former CEO and current Board member)
Future Strategy and Business Priorities
Cognex’s long-term strategy focuses on profitable growth, strong free cash flow generation, and disciplined capital allocation. Key strategic objectives include:
- Artificial Intelligence Leadership: Positioning Cognex as the leading provider of AI technology for industrial machine vision applications, including the expansion of edge learning products and cloud-based platforms like OneVision.
- Customer Experience: Delivering an industry-leading customer experience across reliability, efficiency, and ease of doing business throughout the full customer lifecycle.
- Salesforce Transformation: Doubling the customer base within five years by shifting toward a structured sales organization focused on market creation, market penetration, and partner enablement.
- Operating Model Optimization: Implementing process improvements and cost-management initiatives intended to deliver an additional $35 to $40 million in annualized operating expense reductions by the end of 2026.
- Inorganic Growth: Pursuing strategic acquisitions in machine vision and adjacent markets to expand product lines, customer bases, and technical talent.
Key Strengths
- Established technological leadership in industrial machine vision systems, barcode readers, and AI-driven edge learning software.
- A diversified global footprint with operations and sales across the Americas, Europe, Greater China, and Other Asia.
- Strong liquidity position, with $642,301,000 in cash, cash equivalents, and marketable debt securities, and no long-term debt as of December 31, 2025.
- A unique corporate culture that fosters retention of technical and engineering talent.
- Close relationships with leading global enterprises across high-demand end markets such as logistics, consumer electronics, and packaging.
Key Challenges and Risks
- Vulnerability to rapid technological changes and the risk of failing to introduce new products successfully and on time.
- Intense competition from established machine vision vendors, system integrators, internal customer engineering teams, and free open-source AI tools.
- Geographic and operational exposures in international markets, including trade disputes, tariffs, and regulatory restrictions affecting business in China.
- Supply chain dependencies on third-party contract manufacturers, primarily located in Indonesia and Malaysia, and single-source component suppliers.
- Risks associated with scaling operations and sales transformation initiatives without compromising execution quality or customer experience.
- Potential volatility in financial results due to seasonal purchasing patterns, cyclicality in customer end markets (such as automotive and consumer electronics), and foreign currency exchange fluctuations.
Conclusion and Strategic Outlook
Cognex Corporation maintains a solid financial foundation backed by significant cash reserves, zero debt, and proprietary technological capabilities in industrial machine vision and artificial intelligence. By advancing its salesforce transformation, expanding its AI ecosystem through platforms like OneVision, and optimizing its operating cost structure, the company is positioning itself to capture long-term automation demand across logistics, packaging, electronics, and semiconductor end markets while actively managing macroeconomic and geopolitical uncertainties.
Official Site
Financial Statements
The financial statements below are presented in United States Dollars (USD) and stated in thousands, except per share amounts and share quantities, for the fiscal years ended December 31, 2025 and December 31, 2024, or as of December 31, 2025 and December 31, 2024, as indicated.
Income Statement
| Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Revenue | $994,359 | $914,515 | +8.73% |
| Cost of revenue | 328,966 | 288,721 | +13.94% |
| Gross profit | 665,393 | 625,794 | +6.33% |
| Research, development, and engineering expenses | 138,970 | 139,815 | -0.60% |
| Selling, general, and administrative expenses | 363,857 | 370,914 | -1.90% |
| Loss (recovery) from fire (Note 22) | — | — | – |
| Operating income | 162,566 | 115,065 | +41.28% |
| Foreign currency gain (loss) | (4,082) | 1,531 | N/M |
| Investment income | 16,950 | 13,971 | +21.32% |
| Other income (expense) | 7,368 | 922 | +699.13% |
| Income before income tax expense | 182,802 | 131,489 | +39.02% |
| Income tax expense | 68,360 | 25,318 | +170.01% |
| Net income | $114,442 | $106,171 | +7.79% |
| Net income per weighted-average common and common-equivalent share: Basic | $0.68 | $0.62 | +9.68% |
| Net income per weighted-average common and common-equivalent share: Diluted | $0.68 | $0.62 | +9.68% |
| Weighted-average common and common-equivalent shares outstanding: Basic | 168,049 | 171,438 | -1.98% |
| Weighted-average common and common-equivalent shares outstanding: Diluted | 169,367 | 172,611 | -1.88% |
| Cash dividends per common share | $0.325 | $0.305 | +6.56% |
Balance Sheet
| Line Item | December 31, 2025 | December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Cash and cash equivalents | $262,925 | $186,094 | +41.29% |
| Current investments, amortized cost of $74,050 and $60,725 in 2025 and 2024, respectively, allowance for credit losses of $0 in 2025 and 2024 | 74,037 | 59,956 | +23.49% |
| Accounts receivable, allowance for credit losses of $728 and $827 in 2025 and 2024, respectively | 146,713 | 143,359 | +2.34% |
| Unbilled revenue | 16,980 | 3,055 | +455.81% |
| Inventories | 137,889 | 157,527 | -12.47% |
| Prepaid expenses and other current assets | 58,702 | 63,376 | -7.38% |
| Total current assets | 697,246 | 613,367 | +13.68% |
| Non-current investments, amortized cost of $302,539 and $345,033 in 2025 and 2024, respectively, allowance for credit losses of $0 in 2025 and 2024 | 305,339 | 340,898 | -10.43% |
| Property, plant, and equipment, net | 86,015 | 98,445 | -12.63% |
| Operating lease assets | 72,310 | 67,326 | +7.40% |
| Goodwill | 386,279 | 384,937 | +0.35% |
| Intangible assets, net | 81,100 | 90,684 | -10.57% |
| Deferred income taxes | 383,272 | 392,166 | -2.27% |
| Other assets | 4,994 | 5,027 | -0.66% |
| Total assets | $2,016,555 | $1,992,850 | +1.19% |
| Accounts payable | $50,203 | $38,046 | +31.95% |
| Accrued expenses | 91,397 | 71,760 | +27.36% |
| Accrued income taxes | 9,141 | 25,685 | -64.41% |
| Deferred revenue and customer deposits | 21,094 | 25,035 | -15.74% |
| Operating lease liabilities | 11,716 | 8,854 | +32.32% |
| Total current liabilities | 183,551 | 169,380 | +8.37% |
| Non-current operating lease liabilities | 64,870 | 61,363 | +5.72% |
| Deferred income taxes | 250,512 | 217,155 | +15.36% |
| Reserve for income taxes | 24,269 | 26,365 | -7.95% |
| Other liabilities | 1,452 | 1,082 | +34.20% |
| Total liabilities | 524,654 | 475,345 | +10.37% |
| Preferred stock, $0.01 par value – Authorized: 400 shares in 2025 and 2024, respectively, no shares issued and outstanding | — | — | – |
| Common stock, $0.002 par value – Authorized: 300,000 shares in 2025 and 2024, respectively, issued and outstanding: 166,997 and 170,434 shares in 2025 and 2024, respectively | 334 | 341 | -2.05% |
| Additional paid-in capital | 1,138,708 | 1,090,638 | +4.41% |
| Retained earnings | 406,355 | 499,303 | -18.62% |
| Accumulated other comprehensive loss, net of tax | (53,496) | (72,777) | -26.49% |
| Total shareholders’ equity | 1,491,901 | 1,517,505 | -1.69% |
| Total liabilities and shareholders’ equity | $2,016,555 | $1,992,850 | +1.19% |
Cash Flow Statement
| Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Net income | $114,442 | $106,171 | +7.79% |
| Stock-based compensation expense | 48,517 | 52,443 | -7.49% |
| Depreciation of property, plant, and equipment | 20,289 | 21,271 | -4.62% |
| Loss (gain) on disposal of property, plant, and equipment | 164 | 88 | +86.36% |
| Gain from sale of training center property | (5,053) | — | – |
| Amortization of intangible assets | 10,504 | 11,418 | -8.00% |
| Excess and obsolete inventory charges | 15,643 | 2,505 | +524.47% |
| Fair value adjustment on acquired inventories (Note 21) | — | 1,224 | – |
| Amortization of discounts or (premiums) on investments | (731) | 306 | N/M |
| Realized (gain) loss on sale of investments | (156) | 8 | N/M |
| Change in deferred income taxes | 40,147 | (21,507) | N/M |
| Accounts receivable | (1,358) | (32,128) | -95.77% |
| Unbilled revenue | (13,869) | (693) | +1901.30% |
| Inventories | 4,863 | (1,253) | N/M |
| Prepaid expenses and other current assets | 5,655 | 1,514 | +273.51% |
| Accounts payable | 11,707 | 18,352 | -36.21% |
| Accrued expenses | 15,957 | 2,916 | +447.22% |
| Accrued income taxes | (16,806) | (9,278) | +81.14% |
| Deferred revenue and customer deposits | (4,178) | (6,216) | -32.79% |
| Other | (223) | 1,940 | N/M |
| Net cash provided by operating activities | 245,514 | 149,081 | +64.68% |
| Purchases of investments | (290,224) | (850,852) | -65.89% |
| Maturities and sales of investments | 320,279 | 828,370 | -61.34% |
| Proceeds from sale of training center property | 6,704 | — | – |
| Purchases of property, plant, and equipment, net of proceeds from disposals | (8,743) | (15,043) | -41.88% |
| Net payments related to business acquisitions (Note 21) | — | (1,444) | – |
| Net cash provided by (used in) investing activities | 28,016 | (38,969) | N/M |
| Net payments from issuance of common stock under stock plans | (445) | 994 | N/M |
| Repurchase of common stock | (151,233) | (67,085) | +125.43% |
| Payment of excise tax on prior year common stock repurchases | (388) | — | – |
| Payment of dividends | (54,627) | (52,329) | +4.39% |
| Net cash used in financing activities | (206,693) | (118,420) | +74.54% |
| Effect of foreign exchange rate changes on cash and cash equivalents | 9,994 | (8,253) | N/M |
| Net change in cash and cash equivalents | 76,831 | (16,561) | N/M |
| Cash and cash equivalents at beginning of year | 186,094 | 202,655 | -8.17% |
| Cash and cash equivalents at end of year | $262,925 | $186,094 | +41.29% |
Subsidiaries & Joint Ventures
As disclosed in Note 1 to the Consolidated Financial Statements, the consolidated financial statements include the accounts of Cognex Corporation and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. Material subsidiaries and entities explicitly disclosed in the filing include:
| Entity Name | Country or Jurisdiction | Relationship to Reporting Company | Disclosed Ownership Interest |
|---|---|---|---|
| Moritex Corporation | Japan | Consolidated Subsidiary | 100% |
| SAC Sirius Advanced Cybernetics GmbH | Germany | Consolidated Entity | Wholly owned |
No joint ventures or unconsolidated associate entities were disclosed in the filing.
Other Investments & Holdings
The Company does not report any material associate investments, joint ventures, or minority equity holdings. All subsidiaries are wholly owned. The Company’s investment holdings consist entirely of available-for-sale debt securities and cash equivalents, which are held to provide liquidity and capital preservation:
| Investment Category | Nature of Interest | Carrying Value as of December 31, 2025 (in thousands) | Carrying Value as of December 31, 2024 (in thousands) |
|---|---|---|---|
| Money market instruments (Cash equivalents) | Available-for-sale / Short-term cash equivalent | $63,170 | $15,242 |
| Corporate bonds (Current) | Available-for-sale debt securities | $66,625 | $55,742 |
| Treasury notes (Current) | Available-for-sale debt securities | $7,412 | $2,487 |
| Sovereign bonds (Current) | Available-for-sale debt securities | $— | $990 |
| Asset-backed securities (Current) | Available-for-sale debt securities | $— | $737 |
| Corporate bonds (Non-current) | Available-for-sale debt securities | $278,726 | $285,174 |
| Treasury notes (Non-current) | Available-for-sale debt securities | $22,431 | $43,147 |
| Asset-backed securities (Non-current) | Available-for-sale debt securities | $4,182 | $12,577 |
| Total Debt Investment Portfolio | Available-for-sale debt securities | $379,376 | $400,854 |
Physical Properties
| Location | Facility Type / Primary Function | Size / Area | Ownership or Lease Status | Operational Status |
|---|---|---|---|---|
| Natick, Massachusetts | Corporate Headquarters (RD&E, marketing, service, manufacturing, quality assurance, administration) | 150,000 sq. ft. (100,000 sq. ft. building purchased in 1994, plus 50,000 sq. ft. addition completed in 1997) | Owned | Operating |
| Natick, Massachusetts | Office building adjacent to corporate headquarters (administration functions) | 83,000 sq. ft. | Owned (purchased in 1995) | Operating |
| Natick, Massachusetts | Land adjacent to corporate headquarters (held for future expansion; used as Frisbee field) | 3.5 acres | Owned (purchased in 1997) | Held for future expansion |
| Natick, Massachusetts | Former training center building and land adjacent to corporate headquarters | 19,000 sq. ft. | Sold in December 2025 for $6,704,000 | Divested |
| Cork, Ireland | Distribution center for customers located in Europe | 50,000 sq. ft. | Owned (purchased in 2014) | Operating |
| Southborough, Massachusetts | Distribution center for customers located in the Americas | 65,000 sq. ft. | Leased (10-year term entered in 2021) | Operating |
| Singapore | Distribution center for customers located in Asia (Component 1) | 88,000 sq. ft. | Leased (commenced June 2023; 10 years, 6 months term) | Operating |
| Singapore | Premises (Component 2 of facility lease; 15,000 sq. ft. subleased Dec 2025; 12,000 sq. ft. subleased Dec 2026) | 27,000 sq. ft. | Leased (commenced December 2025; subleased to third party) | Leased / Subleased |
| Shenzhen, China | In-house production plant for optical components (acquired via Moritex) | 162,000 sq. ft. | Owned | Operating |
| Bac Ninh, Vietnam | In-house production plant for optical components (assumed via Moritex) | 22,000 sq. ft. | Leased | Operating |
| Aachen, Germany | Operations facility | 6,500 sq. ft. | Leased (10-year term commenced June 2025; 5-year extension option) | Operating |
| Various Worldwide Locations | Operating facilities predominantly for RD&E, sales, and administration | Various | Leased (expiring at various dates through 2035) | Operating |
Investments and Capital Expenditure
| Expenditure / Commitment Category | Reporting Basis / Description | Year Ended December 31, 2025 (in thousands) | Year Ended December 31, 2024 (in thousands) |
|---|---|---|---|
| Purchases of property, plant, and equipment, net of proceeds from disposals | Cash Capital Expenditures (business systems, test equipment, building/leasehold improvements) | $8,743 | $15,043 |
| Research, development, and engineering (RD&E) expenses | Consolidated Statements of Operations | $138,970 | $139,815 |
| Purchases of available-for-sale investments | Cash flows from investing activities | $290,224 | $850,852 |
| Maturities and sales of available-for-sale investments | Cash flows from investing activities | $320,279 | $828,370 |
| Net payments related to business acquisitions | Cash flows from investing activities | $— | $1,444 |
| Inventory purchase commitments | Contractual commitments as of period end (majority payable within 12 months) | $57,690 | Not Disclosed |
| Undiscounted operating lease payment obligations | Contractual lease obligations as of period end ($15,863 payable in 2026) | $93,418 | Not Disclosed |
| Accrued incentive compensation obligations | Earned obligations accrued as of period end (majority payable in Q1 2026) | $35,688 | $18,735 |
Share Capital and Outstanding Shares
| Share Class or Item | Reported Amount or Number of Shares | Reporting Date or Basis |
|---|---|---|
| Preferred Stock, $0.01 par value | Authorized: 400,000 shares; Issued and outstanding: 0 shares | December 31, 2025 and December 31, 2024 |
| Common Stock, $0.002 par value – Authorized | 300,000,000 shares | December 31, 2025 and December 31, 2024 |
| Common Stock, $0.002 par value – Issued and Outstanding | 166,997,000 shares ($334 thousand par value) | December 31, 2025 |
| Common Stock, $0.002 par value – Issued and Outstanding | 170,434,000 shares ($341 thousand par value) | December 31, 2024 |
| Common Stock, $0.002 par value – Outstanding | 165,707,920 shares | February 1, 2026 |
| Treasury Shares | 0 shares reported (repurchased shares retired upon repurchase) | December 31, 2025 |
| Weighted-average common shares outstanding – Basic | 168,049,000 shares | Year ended December 31, 2025 |
| Weighted-average common shares outstanding – Basic | 171,438,000 shares | Year ended December 31, 2024 |
| Weighted-average common and common-equivalent shares – Diluted | 169,367,000 shares | Year ended December 31, 2025 |
| Weighted-average common and common-equivalent shares – Diluted | 172,611,000 shares | Year ended December 31, 2024 |
| Anti-dilutive stock awards excluded from diluted EPS | 10,255,000 awards (10,238,000 stock options, 17,000 RSUs, 0 PRSUs) | Year ended December 31, 2025 |
| Anti-dilutive stock awards excluded from diluted EPS | 8,497,000 awards (all stock options) | Year ended December 31, 2024 |
| Securities to be issued upon exercise/vesting under equity plans | 12,791,000 shares (weighted-average exercise price $45.71) | December 31, 2025 |
| Securities remaining available for future issuance under 2023 Plan | 4,006,000 shares | December 31, 2025 |
| Shares repurchased under March 2022 Repurchase Program | 4,234,000 shares (at a cost of $151,233,000) | Year ended December 31, 2025 |
| Remaining authorized balance under March 2022 Repurchase Program | $115,020,000 | December 31, 2025 |
| New share repurchase authorization approved by Board | $500,000,000 (effective upon completion of March 2022 Program) | February 11, 2026 |
Frequently Asked Questions
What is Cognex Corporation’s primary business?
Cognex Corporation makes advanced machine vision easy, providing industrial machine vision systems, software, vision sensors, and barcode readers that help manufacturing and distribution companies automate production and inspection tasks.
What were Cognex’s financial results for fiscal year 2025?
For the fiscal year ended December 31, 2025, Cognex reported annual revenue of $994,359,000, operating income of $162,566,000, and net income of $114,442,000.
Where are Cognex’s main manufacturing and distribution operations located?
Cognex utilizes primary third-party contract manufacturers located in Indonesia and Malaysia for assembled hardware, operates in-house optical component production plants in Shenzhen, China and Bac Ninh, Vietnam, and maintains regional distribution centers in Natick (Massachusetts), Cork (Ireland), Southborough (Massachusetts), and Singapore.
What caused the increase in Cognex’s effective tax rate in 2025?
Cognex’s effective tax rate increased to 37.4% in 2025 primarily due to a $33,237,000 discrete tax expense accrued to increase its deferred tax liability following the enactment of United States tax legislation known as the One Big Beautiful Bill Act (OBBBA).
Who serves as the President and Chief Executive Officer of Cognex?
Matthew Moschner serves as President, Chief Executive Officer, and Director of Cognex Corporation.