Cognex earnings date
Cognex (CGNX) Q3 2026 Earnings Report
MX:CGNX Q3 2026 EPS Results
- Actual EPS
- MXN 9.86
- Consensus EPS
- MXN 9.64
- Beat/Miss
- Beat by +MXN 0.22
- One Year Ago EPS
- MXN 6.14
MX:CGNX Q3 2026 Revenue Results
- Actual Revenue
- MXN 5.83B
- Expected Revenue
- MXN 5.83B
- Beat/Miss
- Missed by -MXN 4.28M
- YoY Revenue Growth
- +13.18%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- After Close
- Conference Call
- Wednesday, November 4, 2026
Cognex's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Cognex reported record revenue, significant margin expansion, record adjusted EPS, strong free cash flow, broad-based end-market growth, and raised full-year guidance. The company also highlighted strategic progress in AI, logistics, customer acquisition, and the pending RealSense acquisition. The main challenges were European and automotive weakness, expected seasonal Q4 moderation, comparison headwinds, lower investment income, and the remaining execution requirements for RealSense, but these were outweighed by the reported operating performance and outlook.
Excluding RealSense, Cognex expects fourth-quarter 2026 revenue of $270 million-$290 million, representing approximately 11% growth at the midpoint; adjusted EBITDA margin of 29%-32%, with the midpoint representing approximately 780 basis points of year-over-year expansion and approximately 100% revenue flow-through to adjusted EBITDA; and adjusted earnings per share of $0.37-$0.41, with the midpoint representing approximately 44% year-over-year growth. For full-year 2026, also excluding RealSense, the company expects revenue of $1.14 billion-$1.16 billion, representing approximately 16% growth at the midpoint, or 17% growth excluding the 2025 commercial partnership benefit; adjusted EBITDA margin of 31%-32%, representing approximately 1,000 basis points of year-over-year expansion, or approximately 1,080 basis points excluding the commercial partnership benefit; approximately $35 million of annualized net cost reductions, normalized for incentive compensation; approximately 93% flow-through of incremental revenue to adjusted EBITDA versus roughly 70% in 2025; and adjusted EPS of $1.68-$1.72, with the midpoint representing approximately 67% year-over-year growth, or 75% growth excluding the commercial partnership benefit, including approximately $0.08 per share of investment income versus the prior expectation of approximately $0.11 per share. Full-year end-market guidance includes double-digit growth across nearly all end markets, double-digit growth in logistics, packaging, and electronics, flat to low single-digit growth in automotive, and strong double-digit growth in semiconductor; for 2027, Dennis said flow-through may be around the 60% or so and “wouldn't put it as high as 90%,” while Matt said there were no concrete growth projections.
- Record Third-Quarter Revenue and ProfitabilityQ3 revenue reached a record $313 million, increasing 19% year-over-year and marking the ninth consecutive quarter of year-over-year revenue growth. Adjusted EBITDA was $111 million, up 91% year-over-year and the highest level since Q3 2017, while adjusted EBITDA margin expanded 1,240 basis points to 35.5%.
- Strong Adjusted EPS and Cash GenerationRecord adjusted EPS of $0.53 increased 89% year-over-year, representing the ninth consecutive quarter of double-digit EPS growth. Free cash flow increased 21% year-over-year to $104 million, trailing-12-month free cash flow totaled $286 million, and free cash flow conversion was 106%, meeting the greater than 100% target for the eighth consecutive quarter.
- Broad-Based End-Market GrowthFour of five end markets delivered double-digit constant-currency growth in Q3. Management cited positive manufacturing indicators, including the US Purchasing Managers' Index remaining in expansion territory for 10 consecutive months, and expects full-year double-digit growth across nearly all end markets.
- Logistics Growth and Higher Full-Year OutlookLogistics revenue grew at a double-digit rate for the 11th consecutive quarter, with growth across both large customers and the broader logistics customer base. Cognex raised its full-year logistics outlook to double-digit growth and cited contributions from new vision applications, productivity improvements in existing facilities, and greenfield projects.
- Packaging and Electronics MomentumPackaging delivered another quarter of double-digit growth across multiple geographies and customers, supported by sales-force transformation and customer acquisition efforts, with double-digit full-year growth expected. Electronics delivered its sixth consecutive quarter of double-digit growth, supported by AI-enabled devices, new product form factors, data-center supply-chain investment, and geographic diversification of manufacturing; the company maintained its full-year double-digit electronics-growth outlook.
- Strong Semiconductor Performance and Product LaunchSemiconductor delivered strong double-digit growth across major geographies, supported by continued investment in advanced manufacturing and AI infrastructure, with strong double-digit growth expected for the full year. The new In-Sight 1750 wafer and panel ID reader combines Edge AI, rules-based tools, multi-mode illumination, and one-button AI Autotune, while remaining backwards compatible with the In-Sight 1740 series.
- Automotive StabilizationAutomotive revenue increased mid-single digits in Q3, and management said the global market is showing signs of stabilization after two years of significant declines. Growth has returned strongly in the Americas and the business is growing in Asia to a lesser extent; the full-year outlook remains flat to low single-digit growth.
- Geographic Growth in the Americas, China, and Other AsiaOn a constant-currency basis, Americas revenue grew 42%, China revenue increased 29% in Q3 and 35% year to date, and Other Asia increased approximately 12%. Excluding the divestiture of the Japan-focused trading business, Other Asia increased more than 20%. China growth was supported by commercial investments, in-country distribution, local manufacturing, and expanded technology partnerships.
- Gross Margin Expansion and Pricing ExecutionAdjusted gross margin expanded 360 basis points to 71.3%, driven by favorable mix, higher volume, and faster-than-expected pricing execution. These benefits more than offset the expected memory cost headwinds in the quarter.
- Cost Management and Operating LeverageAdjusted operating expenses declined 7% year-over-year, primarily reflecting continued cost-management activities. Cognex remains on track to achieve approximately $35 million of annualized net cost reductions, normalized for incentive compensation, while continuing to invest for growth. Incremental revenue flow-through to adjusted EBITDA exceeded 100% in Q3.
- Raised Full-Year 2026 GuidanceCognex raised its full-year 2026 revenue outlook to $1.14 billion-$1.16 billion, representing approximately 16% growth at the midpoint, or 17% excluding the 2025 commercial partnership benefit. Adjusted EBITDA margin guidance increased to 31%-32%, adjusted EPS guidance is $1.68-$1.72, and the midpoint represents approximately 67% adjusted EPS growth year-over-year, or 75% excluding the commercial partnership benefit.
- Fourth-Quarter Growth and Operating Leverage OutlookQ4 revenue guidance is $270 million-$290 million, representing approximately 11% growth at the midpoint. Adjusted EBITDA margin guidance is 29%-32%, with the midpoint representing approximately 780 basis points of year-over-year expansion and approximately 100% revenue flow-through to adjusted EBITDA. Adjusted EPS guidance is $0.37-$0.41, with the midpoint representing approximately 44% year-over-year growth.
- RealSense Acquisition Expands Addressable MarketThe pending RealSense acquisition is expected to close in the fourth quarter and would add depth sensing and robotic perception capabilities. Management said the combination could create a broader visual-intelligence platform, expand Cognex's served market, and add a growth pillar aligned with robotics, AI, and intelligent automation.
- Continued AI and Product InnovationCognex continues to invest in AI-enabled machine vision to address increasingly complex customer challenges while simplifying deployments. The company cited AI Autotune, web-based workflows, backwards compatibility, and seamless configuration transfer as features intended to accelerate adoption of the In-Sight 1750.
- Customer Acquisition and Commercial ExecutionManagement said the new-customer acquisition engine is 'roaring' and that customer additions remain in line with historical trends. The company is transitioning from a 'land' strategy focused on acquiring customers to a 'land and expand' strategy intended to increase penetration within acquired accounts.
- Supply-Chain Execution and Financial FlexibilityCognex said it has maintained next-day shipment service-level agreements despite a generally tighter supply environment. The company ended Q3 with approximately $846 million in cash and investments, expects to maintain a strong net cash position after the RealSense closing, and said M&A remains part of its longer-term capital-allocation strategy.
- Logistics Gross-Margin Improvement InitiativesManagement said logistics has a lower gross margin than factory automation because it is more project-based and includes pass-through materials and services. However, gross margins in logistics have trended favorably over the last 12 months, supported in part by portfolio optimization, while greater vision adoption and easier deployment and maintenance are expected to support further improvement.
- Planned Investor DayCognex plans to host an Investor Day in June 2027 to review progress, discuss its long-term strategy and growth opportunities, introduce RealSense, and provide access to members of its broader leadership team.
MX:CGNX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 7.52- | 5.02 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 9.649.86 | 6.14 | 60.61% (+3.72) | |
| Aug 05, 2026 | 2026 (Q2) | 7.898.37 | 4.65 | 80.00% (+3.72) | |
| May 06, 2026 | 2026 (Q1) | 4.616.32 | 2.98 | 112.50% (+3.35) | |
| Feb 11, 2026 | 2025 (Q4) | 4.095.02 | 2.98 | 68.75% (+2.05) | |
| Oct 29, 2025 | 2025 (Q3) | 5.456.14 | 3.16 | 94.12% (+2.98) | |
| Jul 31, 2025 | 2025 (Q2) | 4.454.65 | 3.91 | 19.05% (+0.74) | |
| Apr 30, 2025 | 2025 (Q1) | 2.382.98 | 1.3 | 128.57% (+1.67) | |
| Feb 12, 2025 | 2024 (Q4) | 2.732.98 | 1.3 | 128.57% (+1.67) | |
| Oct 30, 2024 | 2024 (Q3) | 3.393.16 | 2.05 | 54.55% (+1.12) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
