VISHAY INTERTECHNOLOGY INC (VSH): Results of Operations and Financial Condition
VISHAY INTERTECHNOLOGY INC (VSH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Vishay Intertechnology Reports Second Quarter 2026 Results Malvern, PA, August 5, 2026 – Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the
How this was made
The 30-second read
Why it matters
The filing updates both realized 2Q performance (revenues, margins, EPS, book-to-bill, backlog) and management’s 3Q 2026 outlook (revenue and gross margin range), which can drive revisions to near-term estimates and positioning.
Market read
Traders can recalibrate expectations using the explicit 3Q revenue and gross-margin guidance plus demand indicators (book-to-bill, backlog).
What to watch
Backlog is 6.1 months, so traders may focus on whether book-to-bill sustainability translates into revenue conversion and margin follow-through in 3Q.
Vishay Intertechnology Reports Second Quarter 2026 Results
GAAP revenues were $888.6 million, adjusted revenues were $918.6 million, gross margin was 23.3%, operating margin was 6.0%, and book-to-bill was 1.32. Management said adjusted revenue exceeded the top end of its revenue guidance and guided third-quarter revenue to $945 million to $975 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenuesGAAP | $ 888,575 | – | – |
| Adjusted revenuesnon-GAAP | $918.6 million | 9.5% sequential growth | – |
| Costs of products soldGAAP | 681,193 | – | – |
| Gross profitGAAP | 207,382 | – | – |
| Gross marginGAAP | 23.3 % | – | – |
| Adjusted gross marginnon-GAAP | 22.6% | – | – |
| Selling, general, and administrative expensesGAAP | 153,856 | – | – |
| Operating incomeGAAP | 53,526 | – | – |
| Operating marginGAAP | 6.0 % | – | – |
| Adjusted operating marginnon-GAAP | 5.8% | – | – |
| Interest expenseGAAP | (10,333 ) | – | – |
| Other income (expense)GAAP | (794 ) | – | – |
| Total other income (expense) - netGAAP | (11,127 ) | – | – |
| Income before taxesGAAP | 42,399 | – | – |
| Income tax expenseGAAP | 14,275 | – | – |
| Net earningsGAAP | $ 28,124 | – | – |
| Basic earnings per shareGAAP | $ 0.21 | – | – |
| Diluted earnings per shareGAAP | $ 0.19 | – | – |
| Weighted average shares outstanding - basicGAAP | 136,824 | – | – |
| Weighted average shares outstanding - dilutedGAAP | 147,901 | – | – |
| Cash dividends per shareGAAP | $ 0.10 | – | – |
| Six fiscal months net revenuesGAAP | $ 1,727,817 | – | – |
| Six fiscal months costs of products soldGAAP | 1,343,823 | – | – |
| Six fiscal months gross profitGAAP | 383,994 | – | – |
| Six fiscal months gross marginGAAP | 22.2 % | – | – |
| Six fiscal months selling, general, and administrative expensesGAAP | 308,344 | – | – |
| Six fiscal months operating incomeGAAP | 75,650 | – | – |
| Six fiscal months operating marginGAAP | 4.4 % | – | – |
| Six fiscal months interest expenseGAAP | (20,306 ) | – | – |
| Six fiscal months other income (expense)GAAP | (93 ) | – | – |
| Six fiscal months total other income (expense) - netGAAP | (20,399 ) | – | – |
| Six fiscal months income before taxesGAAP | 55,251 | – | – |
| Six fiscal months income tax expenseGAAP | 19,963 | – | – |
| Six fiscal months net earnings (loss)GAAP | $ 35,288 | – | – |
| Six fiscal months basic earnings (loss) per share attributable to Vishay stockholdersGAAP | $ 0.26 | – | – |
| Six fiscal months diluted earnings (loss) per share attributable to Vishay stockholdersGAAP | $ 0.25 | – | – |
| Six fiscal months weighted average shares outstanding - basicGAAP | 136,428 | – | – |
| Six fiscal months weighted average shares outstanding - dilutedGAAP | 142,680 | – | – |
| Six fiscal months cash dividends per shareGAAP | $ 0.20 | – | – |
| Book-to-billother | 1.32 | – | – |
| Backlog at quarter endother | 6.1 months | – | – |
third quarter of 2026 outlook
- Revenue$945 million and $975 million
- Gross margin24.0% +/- 50 basis points
Capital returns
- Cash dividends per share: $ 0.10
- Six fiscal months cash dividends per share: $ 0.20
What drove it
- Management cited continued strengthening demand across all end markets, channels and regions.
- Book-to-bill was 1.23 for semiconductors and 1.40 for passive components.
- GAAP revenues were reduced by $30.0 million of tariff refunds passed through to customers, with no impact on gross profit.
- Management stated that Vishay 3.0 is focused on supplying its increasing customer count, taking full advantage of the upcycle, outpacing industry growth, and laying a foundation for sustained growth, expanded margins and enhanced stockholder returns.
Concerns
- Interest expense was (10,333 ) in the fiscal quarter ended July 4, 2026.
- The filing identifies risks including manufacturing or supply chain interruptions, changes in customer demand, trade regulations and tariffs, metals and materials price volatility, foreign currency exchange rates, competition, and capacity-expansion execution.
- The filing does not provide operating cash flow, free cash flow, debt balances, or share-repurchase activity in the supplied text.
What to watch
- Third-quarter revenue outlook of $945 million and $975 million.
- Third-quarter gross profit margin outlook of 24.0% +/- 50 basis points.
- Whether book-to-bill of 1.32 and backlog of 6.1 months continue to support demand across semiconductors and passive components.
- The effect of tariff refunds passed through to customers on reported GAAP revenues.
Balance sheet and cash flow
- Cash and cash equivalents: $ 1,297,309 as of July 4, 2026; $ 514,966 as of December 31, 2025.
- Short-term investments: 5,263 as of July 4, 2026; 265 as of December 31, 2025.
- Accounts receivable, net: 393,373 as of July 4, 2026; 381,802 as of December 31, 2025.
- Total inventories: 807,111 as of July 4, 2026; 759,203 as of December 31, 2025.
- Property and equipment, net: 1,749,645 as of July 4, 2026; 1,673,159 as of December 31, 2025.
- Total assets: $ 5,156,366 as of July 4, 2026; $ 4,234,160 as of December 31, 2025.
Analysis
Vishay reported fiscal second-quarter GAAP net revenues of $ 888,575 and adjusted revenues of $918.6 million. Management said adjusted revenue increased 9.5% sequentially, exceeded the top end of its revenue guidance, and reflected strengthening demand across all end markets, channels and regions. GAAP revenues were reduced by $30.0 million of tariff refunds passed through to customers, while the filing states there was no impact on gross profit.
Profitability improved in the reported quarter. Gross profit was 207,382 and gross margin was 23.3 %, compared with 176,612 and 21.0 % in the fiscal quarter ended April 4, 2026, and 148,683 and 19.5 % in the fiscal quarter ended June 28, 2025. Operating income was 53,526 and operating margin was 6.0 %, compared with 22,124 and 2.6 % in the prior quarter. Net earnings were $ 28,124, and diluted earnings per share were $ 0.19.
Order indicators support management's demand commentary. Total book-to-bill was 1.32, including 1.23 for semiconductors and 1.40 for passive components, while backlog at quarter end was 6.1 months. The company also reported $ 1,727,817 of GAAP net revenues, 383,994 of gross profit, 75,650 of operating income, and $ 35,288 of net earnings for the six fiscal months ended July 4, 2026.
Balance-sheet liquidity included cash and cash equivalents of $ 1,297,309 as of July 4, 2026, versus $ 514,966 as of December 31, 2025. Total inventories were 807,111, versus 759,203 as of December 31, 2025. The company reported cash dividends per share of $ 0.10 for the quarter and $ 0.20 for the six fiscal months.
For the third quarter of 2026, management expects revenue in the range of $945 million and $975 million and gross profit margin in the range of 24.0% +/- 50 basis points. This outlook places attention on continued order conversion, the durability of the demand improvement cited by management, gross-margin progression, inventory levels, and the reported effects of tariff refunds on GAAP revenue.
Management, verbatim
For the second quarter, Vishay delivered 9.5% sequential growth to adjusted revenue of $919 million, exceeding the top end of our revenue guidance and representing continued strengthening demand across all end markets, channels and regions.
Joel Smejkel, president and CEO
Executing as a new company, Vishay 3.0 is focused on supplying our increasing customer count and taking full advantage of the upcycle, outpacing industry growth, while laying the foundation to leverage multi-year demand across all end markets for sustained growth, expanded margins and enhanced stockholder returns.
Joel Smejkel, president and CEO
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Operating cash flow was not provided in the supplied filing text.
- Free cash flow or free cash was not provided in the supplied filing text.
- Debt balances were not provided in the supplied filing text because the balance-sheet liabilities section is truncated.
- Share-repurchase activity was not provided in the supplied filing text.
- Segment revenue was not provided in the supplied filing text.
- Adjusted net earnings, adjusted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin values were not provided in the supplied filing text.
- Third-quarter guidance for operating expenses and tax rate was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Vishay’s SEC Form 8-K (Item 2.02) with an attached earnings release for fiscal 2Q ended July 4, 2026.
Ticker impact
Vishay reported 2Q 2026 GAAP revenue of $888.6M, adjusted revenue of $918.6M, and guided 3Q revenue to $945M-$975M.
Likely near-term positive bias if the market views the guidance range and book-to-bill as consistent with strengthening demand.
The article is a primary SEC filing with quantified results (revenues, margins, EPS, book-to-bill, backlog) and a specific 3Q outlook range, which typically drives immediate repricing versus prior expectations.
Market effects
Discrete semiconductors and passive components demand signals may influence sentiment across the analog supply chain.
Limited direct regional read-through; company reports global end-market strengthening.
Tariff-refund pass-through detail and margin levels can affect broader pricing and cost expectations in components.
Counterpoint
Adjusted results may be sensitive to tariff-refund pass-through and non-GAAP adjustments, so headline margin strength could be less durable.
Key entities
- companyVishay Intertechnology, Inc.
Discrete semiconductors and passive components manufacturer reporting 2Q results and issuing 3Q 2026 guidance.
- executiveJoel Smejkel
CEO quoted on sequential growth and the company’s “Vishay 3.0” strategy.
