Cognex
CGNX · NasdaqIndustrial Instruments For Measurement, Display, and Control · Fiscal year ends Dec 31
Cognex reported revenue of $994M in the fiscal year ended Dec 2025, up 8.7% from the year before. Operating income was $163M, an operating margin of 16.3%, and net income was $114M. Operating cash flow of $246M less capital expenditure of $9M left free cash flow of $237M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1B | $1B | $838M | $915M | $994M |
| Cost of revenue | $277M | $284M | $236M | $289M | $329M |
| Gross profit | $760M | $722M | $601M | $626M | $665M |
| Research & development | $135M | $141M | $139M | $140M | $139M |
| Selling, general & admin | $309M | $312M | $339M | $371M | $364M |
| Operating income | $315M | $246M | $131M | $115M | $163M |
| Pre-tax income | $319M | $251M | $135M | $131M | $183M |
| Income tax | $39M | $35M | $22M | $25M | $68M |
| Net income | $280M | $216M | $113M | $106M | $114M |
| Diluted EPS | 1.56 | 1.23 | 0.65 | 0.62 | 0.68 |
| Diluted shares | 180M | 175M | 173M | 173M | 169M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $186M | $181M | $203M | $186M | $263M |
| Receivables | $130M | $125M | $114M | $143M | $147M |
| Inventory | $113M | $122M | $162M | $158M | $138M |
| Current assets | $640M | $718M | $679M | $613M | $697M |
| Net PP&E | $78M | $80M | $106M | $98M | $86M |
| Goodwill | $242M | $243M | $393M | $385M | $386M |
| Total assets | $2B | $2B | $2B | $2B | $2B |
| Payables | $44M | $27M | $21M | $38M | $50M |
| Deferred revenue | $36M | $41M | $32M | $25M | $21M |
| Current liabilities | $189M | $188M | $152M | $169M | $184M |
| Total liabilities | $574M | $520M | $513M | $475M | $525M |
| Shareholders' equity | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $314M | $243M | $113M | $149M | $246M |
| Capital expenditure | $15M | $20M | $23M | $15M | $9M |
| Free cash flow | $299M | $224M | $90M | $134M | $237M |
| Depreciation & amortisation | $17M | $16M | $17M | $21M | $20M |
| Stock-based compensation | $44M | $55M | $55M | $52M | $49M |
| Acquisitions | $0 | $5M | $257M | $1M | $0 |
| Share buybacks | $162M | $204M | $80M | $67M | $151M |
| Dividends paid | $43M | $46M | $49M | $52M | $55M |
| Dividend per share | 0.24 | 0.27 | 0.29 | 0.30 | 0.33 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.0% | −16.8% | 9.2% | 8.7% |
| Operating income growth (YoY) | – | −21.9% | −46.9% | −12.0% | 41.3% |
| EPS growth (YoY) | – | −21.2% | −47.2% | −4.6% | 9.7% |
| Gross margin | 73.3% | 71.8% | 71.8% | 68.4% | 66.9% |
| Operating margin | 30.4% | 24.5% | 15.6% | 12.6% | 16.3% |
| Net margin | 27.0% | 21.4% | 13.5% | 11.6% | 11.5% |
| Return on equityBlank when equity is negative | 19.6% | 15.0% | 7.5% | 7.0% | 7.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.4% | 13.9% | 7.0% | 6.3% | 8.9% |
| Free cash flow margin | 28.8% | 22.2% | 10.7% | 14.7% | 23.8% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.13x | 1.00x | 1.40x | 2.15x |
| Receivable days | 46 | 46 | 50 | 57 | 54 |
| Inventory days | 149 | 157 | 251 | 199 | 153 |
| Payable days | 58 | 35 | 33 | 48 | 56 |
| Current ratio | 3.39x | 3.82x | 4.47x | 3.62x | 3.80x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.