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American Capital Management Inc. trimmed its stake in Cognex Corporation (NASDAQ:CGNX – Free Report) by 25.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 271,533 shares of the scientific and technical instruments company’s stock after selling 92,840 shares during the quarter. American Capital Management Inc. owned approximately 0.16% of Cognex worth $13,302,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CGNX. Northwestern Mutual Wealth Management Co. increased its stake in Cognex by 173,138.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 10,477,448 shares of the scientific and technical instruments company’s stock worth $376,979,000 after purchasing an additional 10,471,400 shares in the last quarter. Norges Bank purchased a new position in shares of Cognex in the fourth quarter worth approximately $73,103,000. Alyeska Investment Group L.P. acquired a new stake in shares of Cognex during the fourth quarter valued at approximately $68,388,000. AQR Capital Management LLC raised its holdings in shares of Cognex by 18,810.9% during the second quarter. AQR Capital Management LLC now owns 1,794,649 shares of the scientific and technical instruments company’s stock valued at $56,657,000 after acquiring an additional 1,785,159 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in shares of Cognex by 27.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 7,013,184 shares of the scientific and technical instruments company’s stock valued at $252,360,000 after acquiring an additional 1,529,010 shares in the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth A number of equities analysts recently commented on the stock. Wall Street Zen raised shares of Cognex from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Truist Financial boosted their target price on shares of Cognex from $61.00 to $71.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. upgraded Cognex from a “neutral” rating to an “overweight” rating and increased their target price for the company from $65.00 to $75.00 in a report on Tuesday, May 26th. Seaport Research Partners set a $75.00 target price on Cognex in a research report on Tuesday, May 26th. Finally, Barclays reiterated an “overweight” rating and set a $75.00 price target (up from $64.00) on shares of Cognex in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.31.

Read Our Latest Stock Report on CGNX

Insider Buying and Selling In related news, VP Laura Ann Macdonald sold 41,600 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $65.56, for a total transaction of $2,727,296.00. Following the completion of the sale, the vice president directly owned 5,258 shares in the company, valued at approximately $344,714.48. This trade represents a 88.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Darren Marc Long sold 20,252 shares of Cognex stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $66.34, for a total value of $1,343,517.68. Following the sale, the vice president directly owned 3,990 shares of the company’s stock, valued at approximately $264,696.60. The trade was a 83.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 224,847 shares of company stock worth $14,975,098. Corporate insiders own 1.70% of the company’s stock.

Cognex Stock Performance CGNX stock opened at $61.29 on Tuesday. The firm has a 50 day simple moving average of $64.96 and a 200 day simple moving average of $55.62. Cognex Corporation has a 52 week low of $33.45 and a 52 week high of $72.88. The stock has a market cap of $10.20 billion, a P/E ratio of 72.96 and a beta of 1.49.

Cognex (NASDAQ:CGNX – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The scientific and technical instruments company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.09. The firm had revenue of $268.44 million for the quarter, compared to analyst estimates of $245.98 million. Cognex had a net margin of 13.62% and a return on equity of 10.89%. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 EPS. Cognex has set its Q2 2026 guidance at 0.400-0.440 EPS. Sell-side analysts predict that Cognex Corporation will post 1.48 EPS for the current year.

Cognex Announces Dividend The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were paid a $0.085 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.6%. Cognex’s dividend payout ratio is 40.48%.

About Cognex (Free Report)

Cognex Corporation is a leading provider of machine vision systems, software, sensors and industrial barcode readers used to automate manufacturing, logistics and distribution processes. The company designs and develops vision-based products that help manufacturers and logistics operators inspect, identify and guide parts, assemblies and packaged goods in real time. Its solutions are applied in a broad range of industries, including automotive, electronics, semiconductor, pharmaceutical, food and beverage, and general manufacturing.

The company’s product portfolio includes stand-alone vision systems, vision sensors and deep learning-based software platforms that enable automated inspection, quality control and traceability.

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, /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, will release earnings for the second quarter of 2026 on Wednesday, August 5, 2026, after market close.

The Company will host a conference call on Thursday, August 6, 2026, at 8:30 a.m. Eastern Time (ET), to discuss the results.

Access to the conference call, and a replay that will be available following the call, may be found on the Cognex Investor Relations website at https://www.cognex.com/investor. The telephone number for the live call is (877) 704-4573 or (201) 389-0911 if outside the United States.

About Cognex
For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods.

Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Investor Relations Contact:
Greer Aviv
Head of Investor Relations
Cognex Corporation
[email protected]

SOURCE Cognex Corporation

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Cognex Corporation (CGNX - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Cognex Corporation currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if CGNX is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For CGNX, shares are up 1.86% over the past week while the Zacks Electronics - Testing Equipment industry is up 1.48% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 9.23% compares favorably with the industry's 4.31% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Cognex Corporation have risen 17.33%, and are up 92.41% in the last year. In comparison, the S&P 500 has only moved 10.61% and 21.48%, respectively.

Investors should also take note of CGNX's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now CGNX is averaging 2,308,609 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CGNX.

Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CGNX's consensus estimate, increasing from $1.36 to $1.48 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that CGNX is a #1 (Strong Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Cognex Corporation on your short list.

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Stock Market Skids As Trump Makes This Trade Call; Jobs Report Due The artificial intelligence trade was getting tested by the bears heading into the holiday weekend. But AI stock Cognex (CGNX) found bullish support as it flirted with an entry amid accelerating earnings. The company makes machine-vision products that help automate manufacturing processes. These include vision software, systems, sensors, and identification products. This means Cognex falls within the so-called physical AI…

Copyright ©2026 Investor's Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Cognex Corporation (CGNX - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Cognex Corporation currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if CGNX is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For CGNX, shares are up 3.91% over the past week while the Zacks Electronics - Testing Equipment industry is up 1.48% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 2.28% compares favorably with the industry's 2.28% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Cognex Corporation have risen 47.15%, and are up 126.62% in the last year. In comparison, the S&P 500 has only moved 15.12% and 26.7%, respectively.

Investors should also pay attention to CGNX's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. CGNX is currently averaging 2,032,283 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CGNX.

Over the past two months, 6 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CGNX's consensus estimate, increasing from $1.25 to $1.49 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that CGNX is a #1 (Strong Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Cognex Corporation on your short list.

, /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today reported financial results for the first quarter ended April 5, 2026.

First-Quarter Financial and Operating Highlights

Revenue increased 24% year over year, or 21% on a constant-currency basis, exceeding expectations due to broad-based strength across major end markets. Operating margin was 22.3%; Adjusted EBITDA margin reached 26.9%, expanding 1,010 basis points year over year and marking the seventh consecutive quarter of margin improvement. Net income per diluted share was $0.31; Adjusted diluted earnings per share of $0.34 increased 113% year over year, representing the seventh straight quarter of growth. Returned $113 million to shareholders in Q1 primarily through opportunistic share repurchases. Advancing AI vision innovation: introduced two breakthrough AI vision platforms – the In‑Sight® 6900 powered by NVIDIA and the In‑Sight® 3900 embedded AI vision system powered by Qualcomm. Successfully completed the divestiture of the Japan‑focused trading business as part of the announced portfolio optimization. "Since the CEO transition was announced a year ago, we've moved with urgency to focus our strategy, strengthen execution, and position Cognex for sustainable, profitable growth," said Matt Moschner, President and CEO. "This was evident in Q1, highlighted by the launch of two breakthrough AI vision systems, the completion of the trading business divestiture and continued execution toward our announced cost reduction target. We believe that this progress is clearly reflected in our Q1 results, with an exceptional start to the year and broad‑based outperformance during the quarter."

Mr. Moschner continued, "Our latest AI vision products reinforce our technology leadership and objective of becoming the #1 provider of AI‑powered machine vision. By combining our industry-leading AI vision tools with high-performance embedded systems and the scalability of OneVision™, we're enabling customers to solve more complex inspection challenges at the edge – faster, easier, and without the cost and complexity of PC-based architectures."

Dennis Fehr, CFO, added, "Our strong Q1 performance reflects disciplined execution and continued progress against our profitable growth strategy. As we continue to transform our operating model, we expect to drive higher productivity, support sustainable margin expansion, and reinforce our commitment to creating long‑term shareholder value."

Financial Performance Highlights for the First Quarter
(Dollars in millions, except per share amounts)

Three-months ended

April 05, 2026

March 30, 2025

Y/Y Change

Revenue

$268

$216

+24 %

Operating Income

$60

$26

+131 %

% of Revenue

22.3 %

12.1 %

+1,020 bps

Adjusted EBITDA*

$72

$36

100 %

% of Revenue

26.9 %

16.8 %

+1,010 bps

Net Income per Diluted Share

$0.31

$0.14

+121 %

Adjusted EPS (Diluted)*

$0.34

$0.16

+113 %

*Adjusted EBITDA and Adjusted EPS (Diluted) include non-GAAP adjustments. A reconciliation from GAAP to non-GAAP metrics is provided in this news release.

Revenue was $268 million, compared with $216 million in the first quarter of 2025, an increase of 24%. Excluding the impact of foreign currency exchange (FX), revenue increased 21% compared to the prior year. The year-over-year increase in revenue was driven by broad-based strength across major end markets. Gross margin was 71.1% compared to 66.8% in the first quarter of 2025. Adjusted gross margin of 71.8% compared to 67.6% in the first quarter of 2025, an increase of 420 basis points. The year-over-year increase was primarily driven by favorable mix and volume, slightly offset by tariffs. Operating expenses were $131 million compared to $118 million in the first quarter of 2025, an increase of 11%. Adjusted operating expenses were $125 million compared to $115 million in the first quarter of 2025, an increase of 9%. On a constant-currency basis, Adjusted operating expenses increased 4% year over year, driven by higher incentive compensation, partially offset by disciplined cost management. Operating income was $60 million compared to $26 million in the first quarter of 2025, an increase of 131%. Operating margin was 22.3% compared to 12.1% in the first quarter of 2025, an increase of 1,020 basis points. Adjusted operating margin was 25.2% compared to 14.4% in the first quarter of 2025, an increase of 1,080 basis points. Adjusted EBITDA was $72 million compared to $36 million in the first quarter of 2025, an increase of 100%. Adjusted EBITDA margin was 26.9% compared to 16.8% in the first quarter of 2025, an increase of 1,010 basis points. The year-over-year expansion was driven by revenue growth and favorable mix. Net income of $52 million compared to $24 million in the first quarter of 2025, an increase of 117%. Adjusted net income of $57 million compared to $27 million in the first quarter of 2025, an increase of 111%. Net income per diluted share was $0.31 compared to $0.14 in the first quarter of 2025, an increase of 121%. Adjusted diluted earnings per share were $0.34 compared to $0.16 in the first quarter of 2025, an increase of 113%. Balance Sheet and Cash Flow Highlights

As of April 5, 2026, Cognex's financial position remained strong, with $622 million in cash and investments and no debt. During the first quarter, Cognex generated $45 million of cash from operating activities compared to $41 million in the first quarter of 2025, an increase of 10%. During the first quarter, Cognex generated Free Cash Flow (FCF) of $42 million compared to $38 million in the first quarter of 2025, an increase of 11%. First quarter FCF conversion rate was 82% of net income and 74% of Adjusted net income. Trailing twelve-month FCF conversion rate was 169% of net income and 119% of Adjusted net income. Cognex repurchased $99 million of its common stock and paid $14 million in dividends to shareholders in the first quarter. Dividend

On May 6, 2026, Cognex's Board of Directors declared a quarterly cash dividend of $0.085 per share. The dividend is payable on June 4, 2026, to all shareholders of record at the close of business on May 21, 2026.

Guidance
Cognex issued second-quarter 2026 guidance; details are summarized in the table below.

(Dollars in millions, except per share amounts)

Q2 2026
Guidance

Q2 2025
Results

Y/Y
Change*

Revenue

$280 - $300

$249

+16.5 %

Adjusted EBITDA Margin1

28% - 31%

20.7 %

+880 bps

Adjusted Earnings Per Share (diluted)1

$0.40 - $0.44

$0.25

+68.0 %

*At the midpoint of guidance.

1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin, and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex's control. Additionally, these items are outside of Cognex's normal business operations and not used by management to assess Cognex's operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled "Reconciliation of Selected Items From GAAP to Non-GAAP". In Q2 2025 the GAAP operating margin was 17.4% and GAAP earnings per share (diluted) were $0.24.

Analyst Conference Call and Simultaneous Webcast

Cognex will host a conference call on May 7, 2026, at 8:30 a.m. Eastern Daylight Time (EDT). The telephone number is (877) 704-4573 or (201) 389-0911 if outside the United States. A real-time audio broadcast of the conference call or an archived recording, together with a slide presentation, will be accessible on the Events & Presentations page of the Cognex Investor website: www.cognex.com/investor.  Forward-Looking Statements

Certain statements made in this release, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "potential," "believes," "projects," "intends," "plans," "aims," "will," "may," "shall," "could," "should," "opportunity," "goal," "objective," "target," "milestone" and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products and the inability to develop new products; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, AI, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices, including memory chips; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (22) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (23) stock price volatility; (24) our involvement in time-consuming and costly litigation or activist shareholder activities; and (25) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I - Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"), as updated by Part II - Item 1A of our Quarterly Report on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.

COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

April 5, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$       237,343

$             262,925

Current investments

59,413

74,037

Accounts receivable, net of allowance for credit losses of $781 and $728 in 2026 and
2025, respectively

170,721

146,713

Unbilled revenue

16,401

16,980

Inventories

135,549

137,889

Prepaid expenses and other current assets

70,922

58,702

Total current assets

690,349

697,246

Non-current investments

325,186

305,339

Property, plant, and equipment, net

84,291

86,015

Operating lease assets

69,709

72,310

Goodwill

382,818

386,279

Intangible assets, net

67,140

81,100

Deferred income taxes

381,100

383,272

Other assets

5,025

4,994

Total assets

$     2,005,618

$          2,016,555

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$        59,551

$              50,203

Accrued expenses

77,399

91,397

Accrued income taxes

6,172

9,141

Deferred revenue and customer deposits

34,053

21,094

Operating lease liabilities

12,310

11,716

Total current liabilities

189,485

183,551

Non-current operating lease liabilities

61,707

64,870

Deferred income taxes

252,230

250,512

Reserve for income taxes

21,336

24,269

Other liabilities

1,891

1,452

Total liabilities

526,649

524,654

Shareholders' equity:

Preferred stock, $.01 par value – Authorized: 400 shares in 2026 and 2025,
respectively; no shares issued and outstanding

—

—

Common stock, $.002 par value – Authorized: 300,000 shares in 2026 and 2025,
respectively; issued and outstanding: 166,527 and 166,997 shares in 2026 and 2025,
respectively

333

334

Additional paid-in capital

1,194,927

1,138,708

Retained earnings

344,443

406,355

Accumulated other comprehensive loss, net of tax

(60,734)

(53,496)

Total shareholders' equity

1,478,969

1,491,901

Total liabilities and shareholders' equity

$     2,005,618

$          2,016,555

COGNEX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

Three-months Ended

April 5, 2026

March 30, 2025

Revenue

$        268,437

$        216,036

Cost of revenue (1)

77,498

71,713

Gross profit

190,939

144,323

Percentage of revenue

71.1 %

66.8 %

Research, development, and engineering expenses (1)

37,025

34,727

Percentage of revenue

13.8 %

16.1 %

Selling, general, and administrative expenses (1)

94,041

83,504

Percentage of revenue

35.0 %

38.7 %

Operating income

59,873

26,092

Percentage of revenue

22.3 %

12.1 %

Foreign currency gain (loss)

(1,345)

(2,453)

Investment income

4,836

3,990

Other income (expense)

(1,607)

169

Income before income tax expense

61,757

27,798

Income tax expense

10,053

4,195

Net income

$         51,704

$         23,603

Percentage of revenue

19.3 %

10.9 %

Net income per weighted-average common and common-equivalent share:

Basic

$            0.31

$            0.14

Diluted

$            0.31

$            0.14

Weighted-average common and common-equivalent shares outstanding:

Basic

166,514

169,265

Diluted

168,386

170,391

Cash dividends per common share

$           0.085

$           0.080

(1) Amounts include stock-based compensation expense, as follows:

Cost of revenue

$             925

$             668

Research, development, and engineering

5,094

4,696

Selling, general, and administrative

5,914

4,575

Total stock-based compensation expense

$         11,933

$           9,939

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows:

Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. Adjusted operating income and margin: Operating income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, tax impact on reconciling items and one-time discrete events (such as loss on sale of business). Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares. Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments. Free cash flow: Cash provided by operating activities less cash for capital expenditures. Free cash flow conversion rate: Free cash flow divided by adjusted net income. Cognex may disclose results on a constant-currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over-period.

Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex's definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Please see the section "Reconciliation of Selected Items from GAAP to Non-GAAP" below for more detailed information regarding non-GAAP financial measures herein, including the items reflected in our adjusted financial metrics and a description of these adjustments.

COGNEX CORPORATION
RECONCILIATION OF SELECTED ITEMS FROM GAAP TO NON-GAAP
Dollars in thousands, except per share amounts 
(Unaudited)

Three-months Ended

April 5,
2026

March 30,
2025

Gross profit (GAAP)

$    190,939

$    144,323

Acquisition and integration costs

216

242

Amortization of acquisition-related intangible assets

1,337

1,338

Reorganization charges

374

86

Adjusted gross profit

$    192,866

$    145,989

GAAP gross margin

71.1 %

66.8 %

Adjusted gross margin

71.8 %

67.6 %

Operating expense (GAAP)

$    131,066

$    118,231

Acquisition and integration costs

(15)

(538)

Amortization of acquisition-related intangible assets

(1,195)

(1,290)

Reorganization charges

(4,755)

(1,622)

Adjusted operating expense

$    125,101

$    114,781

Operating income (GAAP)

$      59,873

$      26,092

Acquisition and integration costs

231

780

Amortization of acquisition-related intangible assets

2,532

2,628

Reorganization charges

5,129

1,708

Adjusted operating income

$      67,765

$      31,208

GAAP operating margin

22.3 %

12.1 %

Adjusted operating margin

25.2 %

14.4 %

Depreciation (adjusted for amounts included in Acquisition and integration costs)

4,472

5,083

Adjusted EBITDA

$      72,237

$      36,291

Adjusted EBITDA margin

26.9 %

16.8 %

Net income (GAAP)

$      51,704

$      23,603

Acquisition and integration costs

231

780

Amortization of acquisition-related intangible assets

2,532

2,628

Reorganization charges

5,129

1,708

Loss on sale of business

1,539

—

Discrete tax (benefit) expense

(1,179)

(307)

Tax impact of reconciling items

(2,638)

(1,365)

Adjusted net income

$      57,318

$      27,047

Earnings per share of common stock, diluted (GAAP)

$        0.31

$        0.14

Acquisition and integration costs

—

—

Amortization of acquisition-related intangible assets

0.02

0.02

Reorganization charges

0.03

0.01

Loss on sale of business

0.01

—

Discrete tax (benefit) expense

(0.01)

—

Tax impact of reconciling items

(0.02)

(0.01)

Adjusted earnings per share of common stock, diluted

$        0.34

$        0.16

Effective tax rate (GAAP)

16.3 %

15.1 %

Discrete tax benefit (expense)

1.9 %

1.1 %

Net impact of other reconciling items

1.3 %

1.6 %

Adjusted effective tax rate

19.5 %

17.8 %

Cash provided by operating activities (GAAP)

$      45,093

$      40,502

Capital expenditures

(2,757)

(2,501)

Free cash flow

$      42,336

$      38,001

Description of adjustments:

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Adjustments incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:

Depreciation:

The company incurs expense related to its normal use of property, plant and equipment. Acquisition and integration costs:

The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the company acquired in the fourth quarter of 2023. Amortization of acquisition-related intangible assets:

The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation. Reorganization charges:

The Company has incurred charges related to the reorganization of its employees. During the three-month period ended April 5, 2026, these costs consisted primarily of severance and consulting fees. Loss on sale of business:

The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the three-month period ended April 5, 2026. Discrete tax (benefit) expense and tax impact of reconciling items:

Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period's actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock based compensation, and adjustments to deferred tax positions. We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount. About Cognex Corporation

For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods.

Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Investor Relations Contact:
Greer Aviv – Head of Investor Relations
Cognex Corporation
[email protected]

SOURCE Cognex Corporation

Cognex Corporation (CGNX) Q1 2026 Earnings Call Transcript

Customers report faster deployment, improved throughput, and new levels of collaboration

, /PRNewswire/ -- Cognex Corporation (NASDAQ: CGNX), the global leader in industrial machine vision, today announced the general availability of OneVision™, its collaborative AI vision development environment designed to simplify and scale AI-powered inspection across manufacturing operations.

Cognex OneVision: collaborative AI vision, at scale Since its beta launch in June 2025, more than 100 customers worldwide have used OneVision to accelerate AI-powered vision development and deployment, with many progressing from single-line applications to multi-site rollouts in days instead of months. This momentum reflects a broader shift as manufacturers move beyond isolated AI pilots toward connected, enterprise-wide inspection strategies.

"AI vision has long delivered value, but scaling it across operations has remained a barrier," said Matt Moschner, President and CEO of Cognex. "Manufacturers encounter recurring challenges—from fragmented workflows to models that don't adapt across environments. OneVision addresses this by unifying the simplicity of the edge with the scalability of the cloud, helping organizations move from isolated pilots to consistent, enterprise-wide deployment."

Cloud-to-Edge Architecture for Scalable AI Vision
OneVision addresses a persistent challenge in industrial AI: deploying advanced vision applications at enterprise scale without adding complexity or slowing production. This introduces a cloud-to-edge architecture, where AI models are trained, managed, and governed in the cloud, while inspection runs at the edge on Cognex vision systems for real-time, reliable execution. Customers can now centrally manage the entire AI lifecycle—from collecting and labeling production images to refining models—and deploy updates consistently across global fleets of devices. OneVision is optimized to work with Cognex's latest systems, including the In-Sight® 3900 and In-Sight® 6900.

"While OneVision leverages the cloud for development and management, runtime inspection remains fully edge-based," said Reto Wyss, Vice President of Vision Engineering at Cognex. "Once a model is deployed, no connectivity to the cloud is required. Production images stay local and latency is a non-issue."

By centralizing model development and management, OneVision helps manufacturers:

Standardize inspection processes across sites. Reduce duplication of work across teams. Reduce scaling costs by up to 50%. Maintain version control and consistency across deployments. Customer Success: From Pilots to Global Scale
Across industries including automotive, electronics, food and beverage, and healthcare, customers are seeing faster AI application development, improved throughput, and more consistent inspection results—while reducing reliance on specialized expertise and scaling deployments globally.

Essity – AI inspection development: from one year to one day

"With our previous approach, developing a reliable sealing inspection application took more than a year of iteration and tuning, and quality issues could lead to full batch returns and significant material waste," said Amin Tajeddine, Operational Technology and Digitization Manager. "Using OneVision, we were able to build and demonstrate a viable solution in less than a day. OneVision's simplicity and ease of use significantly reduced development effort and gives us confidence in how quickly AI vision applications can be scaled across our operations." Schneider Electric – Standardizing AI inspection for global scale

"OneVision allowed us to develop and validate AI inspection standards centrally and then deploy those same models across our worldwide operations," said Christophe Ernis, Smart Operation Manager, Product Power Division. "That approach helped us double yield, dramatically reduce false rejects, and reduce our dependence on specialized vision expertise. Most importantly, it gives us a repeatable way to scale best practices reliably across our factories." 3M – Improving speed and collaboration in AI vision development

"With OneVision, our engineers can quickly label real production images, build models, and deploy them to cameras with far less effort," said Scott Daniels, Senior Manufacturing Technology Engineer. With general availability now underway, Cognex expects momentum for OneVision to accelerate as manufacturers demand scalable AI vision to drive operational efficiency across global production networks.

About Cognex Corporation
For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods. Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Media Contact:
Liz Bradley – Head of Communications
Cognex Corporation
[email protected]

IR Contact:
Greer Aviv – Head of Investor Relations
Cognex Corporation
[email protected]

SOURCE Cognex Corporation

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Cognex Corporation (CGNX - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Cognex Corporation currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if CGNX is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For CGNX, shares are up 17.38% over the past week while the Zacks Electronics - Testing Equipment industry is up 2.37% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 20.23% compares favorably with the industry's 0.83% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of Cognex Corporation have risen 18.14%, and are up 109.08% in the last year. On the other hand, the S&P 500 has only moved 10.02% and 28.69%, respectively.

Investors should also pay attention to CGNX's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. CGNX is currently averaging 2,704,779 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with CGNX.

Over the past two months, 5 earnings estimates moved higher compared to 1 lower for the full year. These revisions helped boost CGNX's consensus estimate, increasing from $1.24 to $1.43 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been 1 downward revision in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that CGNX is a #2 (Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Cognex Corporation on your short list.

On May 18, 2026, Cognex Corp CGNX shares fell 3.7% to $61.91. The stock has experienced significant volatility, with a 52-week range of $29.00 to $71.90, reflecting both growth and uncertainty in investor sentiment.

GF Value™ verdict: Current price of $61.91 is 22.3% above the GF Value™ estimate of $50.60, indicating it is overvalued.GF Score™: 83/100, suggesting strong overall performance based on multiple factors.Notable signal: Insiders sold $20.5 million in stock over the past three months with no buying activity. Is CGNX Overvalued or Undervalued? Cognex Corp's current price of $61.91 is significantly higher than the GF Value™ estimate of $50.60, resulting in a 22.3% overvaluation. This indicates a lack of margin of safety for potential investors. The GF Valuation label identifies the stock as "Modestly Overvalued," suggesting that while the company demonstrates strong fundamentals, the current market price may not be justified based on intrinsic value. This overvaluation poses a risk, as investors may face price corrections if the stock fails to meet future performance expectations.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. With stock prices currently exceeding intrinsic value, investors need to exercise caution, as the potential for future returns may be limited unless Cognex demonstrates exceptional growth.

How Does CGNX's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 73.7x 51.2x Forward P/E 42.6x N/A The current P/E (TTM) of 73.7x is 44% above its 5-year median P/E of 51.2x, indicating that the stock is trading at a premium compared to its historical valuation. This P/E analysis aligns with the GF Value™ verdict, reinforcing the conclusion that CGNX is overvalued at its current price.

What Does CGNX's GF Score™ Tell Us? Metric Rating GF Score™ 83/100 Financial Strength 7/10 Profitability 8/10 Growth 6/10 Valuation 5/10 Momentum 9/10 The GF Score™ of 83/100 indicates that Cognex Corp has strong performance across various metrics, with particularly high ratings in Profitability (8/10) and Momentum (9/10). However, the Valuation rank of 5/10 suggests that the stock may not be appropriately priced relative to its potential. The Financial Strength score of 7/10 further indicates a solid foundation, though the Growth rank of 6/10 implies room for improvement in expanding the business.

What Are Insiders Doing with CGNX Stock? Recent insider activity at Cognex Corp has shown a notable trend, with insiders selling $20.5 million in stock over the last three months and no reported buying. This pattern may raise concerns among potential investors, as the lack of insider buying could indicate a lack of confidence in the stock's short-term performance. Typically, insider purchases can signal positive expectations for the company's future, while selling may reflect an opportunistic strategy or concerns about valuation.

What This Means for Investors Based on the GF Value™ analysis, Cognex Corp CGNX is currently considered overvalued. With a current price of $61.91 significantly above the estimated fair value of $50.60, potential investors may need to exercise caution and consider the associated risks before making investment decisions.

For the complete analysis, visit the Cognex Corp CGNX stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CGNX's GF Score™?

The GF Score™ for Cognex Corp is 83/100, indicating strong overall performance based on key financial metrics and market analysis.

Is CGNX overvalued or undervalued?

Cognex Corp is currently overvalued, with its stock price of $61.91 exceeding the GF Value™ estimate of $50.60 by 22.3%.

What is CGNX's P/E ratio?

The current P/E ratio for Cognex Corp is 73.7x, which is significantly higher than its 5-year median P/E of 51.2x, confirming its overvalued status.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Investors in Cognex Corporation (CGNX - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov. 20, 2026 $40 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Cognex shares, but what is the fundamental picture for the company? Currently, Cognex is a Zacks Rank #2 (Buy) in the Electronics - Testing Equipment industry that ranks in the Top 12% of our Zacks Industry Rank. Over the last 60 days, three analysts have increased their earnings estimates for the current quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 30 cents per share to 42 cents in that period.

Given the way analysts feel about Cognex right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Cognex NASDAQ: CGNX is seeing the early benefits of a leadership transition, an improving market backdrop and a sharper focus on operating efficiency, CFO Dennis Fehr said during a TD Cowen investor event hosted by analyst Joe Giordano.

Aeva Technologies is scaling its lidar-on-chip technology for the automotive and robotics industries, but faces significant net losses. Cognex provides a stable, profitable investment opportunity with a dominant position in the global machine vision market.