10-K · February 12, 2026
Cognex positions itself as a leader in industrial machine vision and AI, emphasizing product platform launches (OneVision™ and SLX in 2025), a salesforce transformation begun in 2025, and a strategy to double its…
Earnings analysis · 10-Q
CGNX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Cognex Corporation reported strong Q1 2026 results with revenue of $268.4 million, a 24% increase from the previous year, and diluted EPS of $0.31, reflecting significant growth across major end markets. Operating…
Read full summary
Cognex Corporation reported strong Q1 2026 results with revenue of $268.4 million, a 24% increase from the previous year, and diluted EPS of $0.31, reflecting significant growth across major end markets. Operating income grew markedly to 22% of revenue, driven by improved gross margins at 71%. The company also issued positive guidance for Q2 2026, forecasting revenue between $280 million and $300 million, indicating continuing solid demand.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.31
What stood out
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Strong Revenue Growth
Revenue for Q1 2026 was $268.4 million, up 24% year-over-year from $216.0 million.
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EPS Beat Expectations
Reported diluted EPS of $0.31 exceeded the estimated EPS of $0.24 by 29%.
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Improved Gross Margin
Gross margin improved to 71% in Q1 2026 from 67% in Q1 2025, supported by better cost efficiencies.
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Increased Operating Income
Operating income surged to $59.9 million, representing 22% of revenue compared to 12% a year earlier.
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Cash Flow Positive
Net cash provided by operating activities was $45.1 million, compared to $40.5 million in Q1 2025.
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Strong Guidance Issued
Management anticipates Q2 revenue between $280 million and $300 million, citing robust demand.
What to watch
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Impact from Currency Fluctuations
Foreign currency losses decreased to $1.3 million from $2.5 million, indicating volatility in foreign markets.
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Rising Operational Costs
Total operating expenses increased 11% from Q1 2025, potentially impacting future margins.
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Pending Legal Proceedings
Various legal claims are ongoing, which could have adverse effects, though deemed manageable.
Management's outlook
Management expects Q2 2026 revenue between $280 million and $300 million and EPS between $0.40 and $0.44.
Earlier filings 4
10-Q · July 31, 2025
Cognex reported Q2 revenue of $249.093M, up $9.801M (+4.1%) versus Q2 FY2024 ($239.292M). Gross margin compressed to 67.4% from 69.6% a year ago, while operating margin expanded to 17.4% (operating income $43.433M vs…
10-Q · August 1, 2024
Cognex reported Q2 revenue of $239,292,000 (down from $242,512,000 a year earlier), with gross margin compressing to ~69.6% and operating income down sharply to $38,457,000. Cash and investments remain large at…
10-Q · August 5, 2021
Cognex reported a strong Q2 (three months ended July 4, 2021) with revenue of $269,158 (in thousands) versus $169,097 in the year-ago quarter and produced net income of $77,598 (in thousands) or diluted EPS $0.43 versus…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.