CGNX

MKT CAP:$9B

Cognex Corporation

Market Cap

$9B

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$53.96+$17.03 (+46.13%)

Apr 21, 2026

Company Details

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and trac...

CEO

Matthew Moschner

IPO Date

Jul 20, 1989

Website

www.cognex.com

Key Metrics TTM

Revenue

$994M

+8.7% YoY

Net Income

$114M

EPS (Diluted)

$0.67

Free Cash Flow

$237M

Revenue / Share

$5.89

Gross Margin

66.9%

Operating Margin

16.3%

Net Margin

11.5%

FCF Margin

23.8%

P/S

9.1x

P/E

79.2x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 12, 2026

$994M+8.7%EPS $0.68

Q4 2025

Feb 12, 2026

$252M+9.9%EPS $0.19

Q3 2025

Oct 30, 2025

$277M+18.0%EPS $0.10

Q2 2025

Jul 31, 2025

$249M+4.1%EPS $0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$282M	$204M	$87M
Q2 22	$275M	$196M	$65M
Q3 22	$210M	$152M	$40M
Q4 22	$239M	$170M	$54M
Q1 23	$201M	$144M	$22M
Q2 23	$243M	$180M	$65M
Q3 23	$197M	$143M	$31M
Q4 23	$197M	$135M	$13M
Q1 24	$211M	$142M	$14M
Q2 24	$239M	$167M	$38M
Q3 24	$235M	$159M	$32M
Q4 24	$230M	$158M	$31M
Q1 25	$216M	$144M	$26M
Q2 25	$249M	$168M	$43M
Q3 25	$277M	$187M	$58M
Q4 25	$252M	$166M	$35M

Valuation

Quarter	P/S	P/E
Q1 22	8.4x	32.7x
Q2 22	8.3x	35.0x
Q3 22	9.0x	42.4x
Q4 22	9.0x	42.0x
Q1 23	9.8x	52.1x
Q2 23	10.1x	52.6x
Q3 23	10.3x	57.6x
Q4 23	10.8x	80.0x
Q1 24	10.7x	90.9x
Q2 24	10.7x	115.6x
Q3 24	10.3x	101.7x
Q4 24	9.9x	85.3x
Q1 25	9.8x	76.9x
Q2 25	9.7x	74.2x
Q3 25	9.3x	82.3x
Q4 25	9.1x	79.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$50M	$45M
Q2 22	$44M	$37M
Q3 22	$84M	$79M
Q4 22	$66M	$62M
Q1 23	$28M	$22M
Q2 23	$30M	$25M
Q3 23	$41M	$35M
Q4 23	$14M	$7M
Q1 24	$14M	$10M
Q2 24	$28M	$23M
Q3 24	$56M	$52M
Q4 24	$51M	$49M
Q1 25	$41M	$38M
Q2 25	$43M	$40M
Q3 25	$87M	$86M
Q4 25	$75M	$72M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$7M
Q3 22	$4M
Q4 22	$4M
Q1 23	$6M
Q2 23	$5M
Q3 23	$6M
Q4 23	$7M
Q1 24	$4M
Q2 24	$5M
Q3 24	$4M
Q4 24	$2M
Q1 25	$3M
Q2 25	$2M
Q3 25	$1M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+18.1%	+21.9%
Q2 22	+2.0%	+18.6%
Q3 22	-26.4%	-14.0%
Q4 22	-1.9%	-1.3%
Q1 23	-28.8%	-8.5%
Q2 23	-11.7%	-15.3%
Q3 23	-5.9%	-1.8%
Q4 23	-17.9%	-0.6%
Q1 24	+4.8%	+9.9%
Q2 24	-1.3%	+13.3%
Q3 24	+19.0%	+22.0%
Q4 24	+16.8%	+8.1%
Q1 25	+2.5%	-3.4%
Q2 25	+4.1%	+2.4%
Q3 25	+18.0%	+7.8%
Q4 25	+9.9%	+9.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$15M	5.3%
Q2 22	$13M	4.7%
Q3 22	$13M	6.4%
Q4 22	$13M	5.5%
Q1 23	$17M	8.2%
Q2 23	$13M	5.2%
Q3 23	$12M	6.3%
Q4 23	$13M	6.7%
Q1 24	$13M	6.3%
Q2 24	$13M	5.4%
Q3 24	$13M	5.6%
Q4 24	$13M	5.7%
Q1 25	$10M	4.6%
Q2 25	$12M	4.9%
Q3 25	$12M	4.5%
Q4 25	$14M	5.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$36M	$83M	—
Q2 22	$34M	$83M	—
Q3 22	$34M	$80M	—
Q4 22	$37M	—	$66M
Q1 23	$39M	—	$83M
Q2 23	$34M	—	$83M
Q3 23	$33M	—	$82M
Q4 23	$35M	—	$90M
Q1 24	$37M	—	$91M
Q2 24	$35M	—	$93M
Q3 24	$35M	—	$93M
Q4 24	$33M	—	$94M
Q1 25	$35M	—	$84M
Q2 25	$33M	—	$91M
Q3 25	$35M	—	$94M
Q4 25	$36M	—	$95M

Revenue Segments

Quarter	Application-Specific Customer Solutions	Standard Products and Services
Q1 22	$25M	$258M
Q2 22	$53M	$221M
Q3 22	$51M	$158M
Q1 23	$10M	$191M
Q2 23	$48M	$195M
Q3 23	$27M	$170M
Q1 24	$23M	$188M
Q2 24	$38M	$201M
Q3 24	$32M	$203M
Q1 25	$12M	$205M
Q2 25	$33M	$216M
Q3 25	$44M	$233M

Revenue by Geography

Quarter	Americas	Asia, Excluding China	China	Europe
Q1 22	$127M	$45M	$48M	$63M
Q2 22	$92M	$43M	$79M	$62M
Q3 22	$66M	$28M	$66M	$49M
Q1 23	$80M	$28M	$33M	$60M
Q2 23	$82M	$31M	$72M	$57M
Q3 23	$80M	$31M	$34M	$52M
Q1 24	$83M	$45M	$30M	$52M
Q2 24	$85M	$43M	$54M	$57M
Q3 24	$82M	$50M	$45M	$57M
Q1 25	$99M	$43M	$27M	$47M
Q2 25	$92M	$45M	$45M	$67M
Q3 25	$105M	$48M	$50M	$75M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$166M	$149M	$315M
Q2 22	$177M	$183M	$360M
Q3 22	$266M	$208M	$474M
Q4 22	$181M	$219M	$400M
Q1 23	$164M	$217M	$381M
Q2 23	$177M	$191M	$369M
Q3 23	$396M	$117M	$513M
Q4 23	$203M	$129M	$332M
Q1 24	$139M	$139M	$278M
Q2 24	$177M	$112M	$289M
Q3 24	$197M	$91M	$288M
Q4 24	$186M	$60M	$246M
Q1 25	$144M	$57M	$200M
Q2 25	$179M	$49M	$228M
Q3 25	$246M	$54M	$300M
Q4 25	$263M	$74M	$337M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	177M	-1.5%	-1.8%
Q2 22	175M	-0.9%	-2.8%
Q3 22	174M	-0.4%	-3.3%
Q4 22	173M	-1.0%	-3.7%
Q1 23	174M	+0.7%	-1.6%
Q2 23	174M	-0.2%	-0.8%
Q3 23	173M	-0.2%	-0.6%
Q4 23	173M	-0.5%	-0.0%
Q1 24	173M	+0.0%	-0.8%
Q2 24	173M	+0.1%	-0.5%
Q3 24	173M	+0.0%	-0.3%
Q4 24	173M	-0.1%	-0.0%
Q1 25	170M	-1.2%	-1.3%
Q2 25	169M	-1.1%	-2.4%
Q3 25	169M	+0.5%	-2.0%
Q4 25	169M	-0.3%	-2.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$125.1K	2K
Q2 22	$121.7K	2K
Q3 22	$92.9K	2K
Q4 22	$98.1K	2K
Q1 23	$82.4K	2K
Q2 23	$99.3K	2K
Q3 23	$80.8K	2K
Q4 23	$65.7K	3K
Q1 24	$70.5K	3K
Q2 24	$80.0K	3K
Q3 24	$78.5K	3K
Q4 24	$78.8K	3K
Q1 25	$74.1K	3K
Q2 25	$85.5K	3K
Q3 25	$95.0K	3K
Q4 25	$86.6K	3K

Revenue / Employee