CGNX earnings analysis
What we found in CGNX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue for Q1 2026 was $268.4 million, up 24% year-over-year from $216.0 million.
- EPS Beat Expectations
- Reported diluted EPS of $0.31 exceeded the estimated EPS of $0.24 by 29%.
- Improved Gross Margin
- Gross margin improved to 71% in Q1 2026 from 67% in Q1 2025, supported by better cost efficiencies.
- Increased Operating Income
- Operating income surged to $59.9 million, representing 22% of revenue compared to 12% a year earlier.
- Cash Flow Positive
- Net cash provided by operating activities was $45.1 million, compared to $40.5 million in Q1 2025.
- Strong Guidance Issued
- Management anticipates Q2 revenue between $280 million and $300 million, citing robust demand.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Impact from Currency Fluctuations
- Foreign currency losses decreased to $1.3 million from $2.5 million, indicating volatility in foreign markets.
- Rising Operational Costs
- Total operating expenses increased 11% from Q1 2025, potentially impacting future margins.
- Pending Legal Proceedings
- Various legal claims are ongoing, which could have adverse effects, though deemed manageable.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.31
- Gross margin
- 71%
- Operating margin
- 22%
What they said about what is next.
Management expects Q2 2026 revenue between $280 million and $300 million and EPS between $0.40 and $0.44.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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