Cognex Hits Record $313 Million Quarter, Lifts 2026 Outlook And Agrees To Buy RealSense For Cash

Cognex, which makes machine vision systems for factory lines and distribution centers, posted record third-quarter revenue of $313 million, up 13% from a year earlier, and raised its 2026 forecast. The company also agreed to buy RealSense, a depth-camera maker, in an all-cash deal it expects to close in the fourth quarter, according to its 8-K filed Wednesday.

Profit grows faster than sales

Excluding a one-time benefit in the year-earlier quarter from a commercial partnership with a medical lab automation channel partner, revenue grew 19%. Operating income reached $101 million, up 74%, for a 32.2% operating margin versus 20.9% a year earlier.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) was $111 million, a 35.5% margin, up 1,060 basis points. Excluding the partnership benefit, that margin widened 1,340 basis points, which the company called the ninth consecutive quarter of margin expansion.

Net income per diluted share was $0.50 against $0.10 a year earlier. Adjusted earnings per share were $0.53, up 61%, or 89% excluding the partnership benefit. Gross margin rose to 70.8% from 67.6%, which Cognex credited to favorable mix, higher volume and faster-than-expected pricing, more than offsetting higher memory costs. Operating expenses fell 7% to $121 million.

CEO Matt Moschner said the results reflect "strong execution across the business."

Higher guidance and a cash purchase

Full-year revenue guidance rose to $1,143 million-$1,163 million from $1,130 million-$1,150 million. Adjusted earnings per share guidance moved to $1.68-$1.72 from $1.64-$1.68. For the fourth quarter, Cognex guided to revenue of $270 million-$290 million and adjusted earnings per share of $0.37-$0.41.

RealSense, Inc. makes depth-sensing cameras and vision technology for robotic perception and physical artificial intelligence. Cognex sold investments, mostly corporate bonds, in the quarter at a $2.4 million pre-tax loss, and says those proceeds plus existing cash are meant to fund the purchase.

Cognex ended the quarter with $846 million in cash and investments and no debt. It generated $106 million of operating cash flow and $104 million of free cash flow in the quarter.

Dividend and the call

The board declared a quarterly dividend of $0.09 per share, up from $0.085 in the prior quarter, payable December 3 to holders of record on November 19.

Cognex also launched the In-Sight 1750, a wafer and panel identification system for the semiconductor industry, and plans a 2027 Investor Day in June at its Natick, Massachusetts headquarters.

Cognex holds its earnings call Thursday at 8:30 a.m. Eastern.

Sources

• 8-K Filing — COGNEX CORP (CGNX) — SEC EDGAR
• Exhibit a10042026-xex991xq32026ear.htm — COGNEX CORP 8-K exhibit — SEC EDGAR
• Cognex Reports Third Quarter 2026 Results — prnewswire.com