Vishay Intertechnology — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 net revenues reached $978.9 million, representing a 24% year-over-year increase compared to $790.6 million in Q3 2025.
• Q3 2026 gross profit was $249.4 million, with a gross margin of 25.5%, an increase of 600 basis points from 19.5% in Q3 2025.
• Q3 2026 operating income was $92.2 million, with an operating margin of 9.4%, up from 2.4% in Q3 2025.
• Q3 2026 net earnings were $58.97 million, compared to a net loss of $7.88 million in Q3 2025.
• Q3 2026 diluted earnings per share (EPS) were $0.37, compared to a loss of $0.06 per share in Q3 2025.
• Nine fiscal months ended October 3, 2026, net revenues were $2.71 billion, up from $2.27 billion in the prior year period.
• Nine fiscal months ended October 3, 2026, gross margin was 23.4%, compared to 19.3% in the prior year period.
• Nine fiscal months ended October 3, 2026, net earnings were $94.26 million, compared to a net loss of $9.96 million in the prior year period.
• Nine fiscal months ended October 3, 2026, diluted EPS were $0.63, compared to a loss of $0.07 per share in the prior year period.
• Cash and cash equivalents increased to $1.14 billion as of October 3, 2026, from $515.0 million as of December 31, 2025.
• Long-term debt decreased to $735.5 million as of October 3, 2026, from $950.9 million as of December 31, 2025.
• Net cash provided by operating activities for the nine fiscal months ended October 3, 2026, was $314.8 million, compared to $34.9 million in the prior year period.
• Free cash for the nine fiscal months ended October 3, 2026, was $61.9 million, compared to a negative $142.7 million in the prior year period.
• Adjusted EBITDA for the nine fiscal months ended October 3, 2026, was $328.7 million, with an adjusted EBITDA margin of 12.0%, compared to $194.0 million and 8.6% in the prior year period.

Guidance and Future Outlook:

• Management expects Q4 2026 revenues to be in the range of $990 million, plus or minus $15 million.
• Management expects Q4 2026 gross profit margin to be in the range of 26.0%, plus or minus 50 basis points.

Business Segments and Product Lines:

• Q3 2026 book-to-bill ratio was 1.29, with a ratio of 1.28 for semiconductors and 1.31 for passive components.
• Backlog at the end of Q3 2026 was 6.6 months.
• All technologies delivered strong results during the quarter.

Other Key Points:

• Q3 2026 revenue of $978.9 million marked the highest quarterly revenue in the company's history.
• The company executed a follow-on public offering in the nine fiscal months ended October 3, 2026, generating net proceeds of $830.25 million.
• Cash dividends per share were $0.10 for the quarter and $0.30 for the nine fiscal months ended October 3, 2026.
• Inventory write-offs for obsolescence were $33.4 million for the nine fiscal months ended October 3, 2026.
• Capital expenditures were $253.4 million for the nine fiscal months ended October 3, 2026.
• GAAP net revenues for the nine fiscal months ended October 3, 2026, were reduced by $30.0 million for tariff refunds passed through to customers, with no impact on gross profit.
• GAAP costs of products sold for the nine fiscal months ended October 3, 2026, were reduced by $30.0 million for tariff refunds received from the U.S. government.
• Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025, included an $11.3 million benefit from the favorable resolution of a contingency.