Cognex Reports Fourth Quarter 2025 Results

Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today reported financial results for the fourth quarter and full year 2025. Fourth-Quarter and Full-Year Financial and Operating Highlights Fourth-quarter revenue grew 10% year over year or 9% on a constant-currency basis. Full-year revenue grew 9% year over year or 8% on a constant-currency basis; excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the "Commercial Partnership" or "CP"), revenue grew 7% year over year. Fourth-quarter operating margin of 14.0%; Adjusted EBITDA margin of 22.7%, up 420 basis points year over year, and the sixth consecutive quarter of expansion. Full-year operating margin of 16.3%; Adjusted EBITDA margin of 21.5%, up 440 basis points year over year and up 360 basis points to 20.7% excluding the Commercial Partnership, surpassing 20% execution milestone ahead of plan. Fourth-quarter net income per