Vishay Intertechnology Reports Third Quarter 2026 Results
VISHAY INTERTECHNOLOGY INC (VSH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Vishay Intertechnology Reports Third Quarter 2026 Results Malvern, PA, November 4, 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 earnings beat and issued guidance reinforce the company's growth narrative, likely supporting a bullish bias.
Market read
The report provides fresh, material data that can influence short‑term trading decisions on VSH.
What to watch
Potential supply‑chain constraints or higher input costs could temper margin expansion despite higher revenue.
Vishay reported record 3Q 2026 revenues of $978.9 million, gross margin of 25.5%, diluted EPS of $0.37, and fourth-quarter revenue guidance of $990 million +/- $15 million.
Record quarterly revenue, stated 24% revenue growth over last year, a 600-basis-point gross-margin improvement, substantially higher operating income and positive free cash supported a strong quarter. Fourth-quarter guidance calls for higher revenue and gross margin.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, fiscal quarter ended October 3, 2026GAAP | $978.9M | – | 24% |
| Costs of products sold, fiscal quarter ended October 3, 2026GAAP | 729.6M | – | – |
| Gross profit, fiscal quarter ended October 3, 2026GAAP | 249.4M | – | – |
| Gross margin, fiscal quarter ended October 3, 2026GAAP | 25.5 % | – | 600 basis points higher |
| Selling, general, and administrative expenses, fiscal quarter ended October 3, 2026GAAP | 157.2M | – | – |
| Operating income, fiscal quarter ended October 3, 2026GAAP | 92.22M | – | – |
| Operating margin, fiscal quarter ended October 3, 2026GAAP | 9.4 % | – | – |
| Interest expense, fiscal quarter ended October 3, 2026GAAP | −6.68M | – | – |
| Other income, fiscal quarter ended October 3, 2026GAAP | 1.74M | – | – |
| Total other income (expense) - net, fiscal quarter ended October 3, 2026GAAP | −4.93M | – | – |
| Income before taxes, fiscal quarter ended October 3, 2026GAAP | 87.28M | – | – |
| Income tax expense, fiscal quarter ended October 3, 2026GAAP | 28.31M | – | – |
| Net earnings (loss), fiscal quarter ended October 3, 2026GAAP | $58.97M | – | – |
| Basic earnings (loss) per share, fiscal quarter ended October 3, 2026GAAP | $ 0.38 | – | – |
| Diluted earnings (loss) per share, fiscal quarter ended October 3, 2026GAAP | $ 0.37 | – | – |
| Weighted average shares outstanding - basic, fiscal quarter ended October 3, 2026GAAP | 153.5M | – | – |
| Weighted average shares outstanding - diluted, fiscal quarter ended October 3, 2026GAAP | 160.8M | – | – |
| Cash dividends per share, fiscal quarter ended October 3, 2026GAAP | $ 0.10 | – | – |
| Adjusted net earnings (loss), fiscal quarter ended October 3, 2026non-GAAP | $58.97M | – | – |
| Adjusted earnings (loss) per diluted share, fiscal quarter ended October 3, 2026non-GAAP | $ 0.37 | – | – |
| Free cash, fiscal quarter ended October 3, 2026non-GAAP | $98.47M | – | – |
| EBITDA, fiscal quarter ended October 3, 2026non-GAAP | $145.9M | – | – |
| Adjusted EBITDA, fiscal quarter ended October 3, 2026non-GAAP | $145.9M | – | – |
| Adjusted EBITDA margin, fiscal quarter ended October 3, 2026non-GAAP | 14.9 % | – | – |
| Net revenues, nine fiscal months ended October 3, 2026GAAP | $2.71B | – | – |
| Gross profit, nine fiscal months ended October 3, 2026GAAP | 633.4M | – | – |
| Gross margin, nine fiscal months ended October 3, 2026GAAP | 23.4 % | – | – |
| Operating income, nine fiscal months ended October 3, 2026GAAP | 167.9M | – | – |
| Operating margin, nine fiscal months ended October 3, 2026GAAP | 6.2 % | – | – |
| Net earnings (loss), nine fiscal months ended October 3, 2026GAAP | $94.26M | – | – |
| Diluted earnings (loss) per share, nine fiscal months ended October 3, 2026GAAP | $ 0.63 | – | – |
| Adjusted earnings (loss) per diluted share, nine fiscal months ended October 3, 2026non-GAAP | $ 0.63 | – | – |
| Net cash provided by operating activities, nine fiscal months ended October 3, 2026GAAP | 314.8M | – | – |
| Capital expenditures, nine fiscal months ended October 3, 2026GAAP | −253.4M | – | – |
| Free cash, nine fiscal months ended October 3, 2026non-GAAP | $61.86M | – | – |
| Cash and cash equivalents, October 3, 2026GAAP | $1.14B | – | – |
| Long-term debt less current portion, October 3, 2026GAAP | 735.5M | – | – |
| Total inventories, October 3, 2026GAAP | 805.5M | – | – |
| Book-to-bill, 3Q 2026other | 1.29 | – | – |
| Backlog at quarter endother | 6.6 months | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
4Q 2026 outlook
- Revenue$990 million +/- $15 million
- Gross margin26.0% +/- 50 basis points
Capital returns
- Cash dividends per share were $ 0.10 for the fiscal quarter ended October 3, 2026.
- Dividends paid to common stockholders were (38,933) (In thousands) for the nine fiscal months ended October 3, 2026.
- Dividends paid to Class B common stockholders were (3,629) (In thousands) for the nine fiscal months ended October 3, 2026.
- Proceeds from follow-on public offering, net of underwriting discounts and issuance costs were 830,250 (In thousands) for the nine fiscal months ended October 3, 2026.
- Repurchase of common stock was - for the nine fiscal months ended October 3, 2026.
What drove it
- Management stated that all technologies delivered strong results.
- 3Q 2026 book-to-bill was 1.29, including 1.28 for semiconductors and 1.31 for passive components.
- Management cited execution under Vishay 3.0, incremental capacity and competitive lead times.
- The fiscal quarter ended July 4, 2026 included ($30,008) for tariff refunds passed through to customers and ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.
Concerns
- Total inventories were 805,488 (In thousands) at October 3, 2026, compared with 759,203 (In thousands) at December 31, 2025.
- Capital expenditures were (253,409) (In thousands) for the nine fiscal months ended October 3, 2026.
- Backlog at quarter end was 6.6 months.
What to watch
- Fourth-quarter revenue guidance of $990 million +/- $15 million.
- Fourth-quarter gross profit margin guidance of 26.0% +/- 50 basis points.
- Book-to-bill of 1.29 and backlog of 6.6 months.
- Execution on incremental capacity and maintenance of competitive lead times.
- Free cash after capital expenditures.
Balance sheet and cash flow
- Cash and cash equivalents were $ 1,139,887 (In thousands) at October 3, 2026, versus $ 514,966 (In thousands) at December 31, 2025.
- Long-term debt less current portion was 735,482 (In thousands) at October 3, 2026, versus 950,893 (In thousands) at December 31, 2025.
- Net cash provided by operating activities was 314,791 (In thousands) for the nine fiscal months ended October 3, 2026, versus 34,946 (In thousands) in the prior-year period.
- Capital expenditures were (253,409) (In thousands) for the nine fiscal months ended October 3, 2026, versus (178,491) (In thousands) in the prior-year period.
- Net cash provided by financing activities was 574,598 (In thousands) for the nine fiscal months ended October 3, 2026.
- Net increase in cash and cash equivalents was 624,921 (In thousands) for the nine fiscal months ended October 3, 2026.
Analysis
Vishay delivered record third-quarter revenue of $978.9 million and stated that revenue grew 24% over last year. The company reported book-to-bill of 1.29, with 1.28 for semiconductors and 1.31 for passive components, while backlog stood at 6.6 months at quarter end. Management said all technologies delivered strong results.
Profitability improved materially. GAAP gross margin was 25.5%, compared with 19.5% in the prior-year quarter and 23.3% in the preceding quarter. The company described the year-over-year improvement as 600 basis points higher. GAAP operating income was 92,217 (In thousands), operating margin was 9.4%, and net earnings were $ 58,969 (In thousands), compared with a net loss of $ (7,876) (In thousands) in the prior-year quarter. Diluted EPS was $ 0.37.
Cash generation turned positive alongside the earnings improvement. Quarterly free cash was $ 98,475 (In thousands), compared with $ (24,325) (In thousands) in the prior-year quarter. For the nine fiscal months, operating cash flow was 314,791 (In thousands), capital expenditures were (253,409) (In thousands), and free cash was $ 61,862 (In thousands). Cash and cash equivalents were $ 1,139,887 (In thousands) at October 3, 2026, and long-term debt less current portion was 735,482 (In thousands). The company also reported 830,250 (In thousands) of net proceeds from a follow-on public offering during the nine-month period.
Management expects fourth-quarter revenue of $990 million +/- $15 million and gross profit margin of 26.0% +/- 50 basis points. That outlook places the next quarter's revenue guidance above third-quarter reported revenue of $978.9 million and calls for a gross-margin range centered above the third-quarter 25.5% result. The primary reported execution markers are conversion of the 1.29 book-to-bill and 6.6 months of backlog, capacity expansion, and free-cash generation after capital expenditures.
Management, verbatim
Q3 revenue of $979 million marked the highest quarterly revenue ever in Vishay’s history and exceeded the top end of our guidance. With revenue growth of 24% over last year, we lifted our gross profit margin to 25.5%, 600 basis points higher. This significant gross margin improvement flowed through to earnings which surged to $0.37 per share. All technologies delivered strong results, demonstrating the value of Vishay as a hybrid supplier of discrete semiconductors and passive components.
Joel Smejkal, president and CEO
We remain intensely focused on execution under Vishay 3.0, delivering on our promise to our customers to be a reliable supplier with incremental capacity and maintain competitive lead times.
Joel Smejkal, president and CEO
Not in the filing
stated, not guessed- Previous-quarter outlook or guidance was not provided, so no comparison of actual results with prior guidance is available.
- Segment revenue, segment profit, and segment margins were not reported.
- Fourth-quarter operating-expense guidance was not reported.
- Fourth-quarter tax-rate guidance was not reported.
- Fourth-quarter EPS guidance was not reported.
- A current-period common-stock repurchase amount was not reported; the cash-flow statement reports repurchase of common stock as -.
- Current debt was not separately reported in the balance sheet excerpt.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
Vishay Intertechnology is a major manufacturer of discrete semiconductors and passive components serving multiple end‑markets.
Ticker impact
Vishay Intertechnology reported Q3 2026 revenue of $979 million, EPS $0.37 and issued its Q4 guidance to $990 million ± $15 million.
likely upward pressure as investors price in higher revenue and margin outlook
The company posted record revenue, beat prior guidance and issued issued Q4 guidance, which typically drives buying interest in the stock.
Market effects
Positive for the semiconductor and passive component sectors as Vishay's performance may signal broader demand strength.
U.S. industrial and technology markets may see modest upside from the earnings beat.
Limited to components supply chain; no immediate global macro effect.
Counterpoint
If the market has already priced in the strong results, the stock may face a short‑term pull‑back.
Key entities
- companyVishay Intertechnology Inc.
Manufacturer of semiconductor and passive component products.
