Vishay Intertechnology Reports Third Quarter 2026 Results

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 fiscal third quarter ended October 3, 2026. Highlights 3Q 2026 revenues of $978.9 million 3Q 2026 gross margin was 25.5% 3Q 2026 operating margin was 9.4% 3Q 2026 diluted EPS of $0.37 3Q 2026 book-to-bill of 1.29 with book-to-bill of 1.28 for semiconductors and 1.31 for passive components Backlog at quarter end was 6.6 months “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,” said 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.” 4Q 2026 Outlook For the fourth quarter of 2026, management expects revenues in the range of $990 million +/- $15 million and a gross profit margin in the range of 26.0% +/- 50 basis points. Conference Call A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 4, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register here. Upon registering, you will be emailed a dial-in number, and unique PIN. A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com. There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days. 1 About Vishay Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech®. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com. This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted net revenues; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted net revenues, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results and financial trends of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted net revenues, adjusted gross margin, adjusted operating margin, and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company’s financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q. Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capacity expansion, multi-year customer demand, stockholder returns, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “will,” “expect,” “going forward” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The DNA of tech® is a trademark of Vishay Intertechnology. Contact: Vishay Intertechnology, Inc. Peter Henrici Executive Vice President, Corporate Development +1-610-644-1300 2 VISHAY INTERTECHNOLOGY, INC. Summary of Operations (Unaudited - In thousands, except per share amounts) Fiscal quarters ended October 3, 2026 July 4, 2026 September 27, 2025 Net revenues(a) $ 978,939 $ 888,575 $ 790,640 Costs of products sold(b) 729,554 681,193 636,781 Gross profit 249,385 207,382 153,859 Gross margin 25.5 % 23.3 % 19.5 % Selling, general, and administrative expenses 157,168 153,856 134,712 Operating income 92,217 53,526 19,147 Operating margin 9.4 % 6.0 % 2.4 % Other income (expense): Interest expense (6,676 ) (10,333 ) (9,525 ) Other 1,742 (794 ) 2,265 Total other income (expense) - net (4,934 ) (11,127 ) (7,260 ) Income before taxes 87,283 42,399 11,887 Income tax expense 28,314 14,275 19,763 Net earnings (loss) $ 58,969 $ 28,124 $ (7,876 ) Basic earnings (loss) per share $ 0.38 $ 0.21 $ (0.06 ) Diluted earnings (loss) per share $ 0.37 $ 0.19 $ (0.06 ) Weighted average shares outstanding - basic 153,523 136,824 135,720 Weighted average shares outstanding - diluted 160,819 147,901 135,720 Cash dividends per share $ 0.10 $ 0.10 $ 0.10 (a) Net revenues for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit. (b) Costs of product sold for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit. 3 VISHAY INTERTECHNOLOGY, INC. Summary of Operations (Unaudited - In thousands, except per share amounts) Nine fiscal months ended October 3, 2026 September 27, 2025 Net revenues(c) $ 2,706,756 $ 2,268,126 Costs of products sold(d) 2,073,377 1,830,030 Gross profit 633,379 438,096 Gross margin 23.4 % 19.3 % Selling, general, and administrative expenses(e) 465,512 396,016 Operating income 167,867 42,080 Operating margin 6.2 % 1.9 % Other income (expense): Interest expense (26,982 ) (28,903 ) Other 1,649 6,759 Total other income (expense) - net (25,333 ) (22,144 ) Income before taxes 142,534 19,936 Income tax expense 48,277 29,900 Net earnings (loss) $ 94,257 $ (9,964 ) Basic earnings (loss) per share $ 0.66 $ (0.07 ) Diluted earnings (loss) per share $ 0.63 $ (0.07 ) Weighted average shares outstanding - basic 142,065 135,739 Weighted average shares outstanding - diluted 148,664 135,739 Cash dividends per share $ 0.30 $ 0.30 (c) Net revenues for the nine fiscal months ended October 3, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit. (d) Costs of product sold for the nine fiscal months ended October 3, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit. (e) Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency. 4 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (Unaudited - In thousands) October 3, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 1,139,887 $ 514,966 Short-term investments 5,304 265 Accounts receivable, net 367,048 381,802 Inventories: Finished goods 174,418 182,444 Work in process 365,575 331,347 Raw materials 265,495 245,412 Total inventories 805,488 759,203 Prepaid expenses and other current assets 233,063 231,004 Total current assets 2,550,790 1,887,240 Property and equipment, at cost: Land 85,515 86,399 Buildings and improvements 846,712 839,856 Machinery and equipment 3,487,407 3,477,884 Construction in progress 564,927 464,475 Allowance for depreciation (3,251,827 ) (3,195,455 ) 1,732,734 1,673,159 Right of use assets 118,996 119,746 Deferred income taxes 189,525 183,016 Goodwill 179,928 180,390 Other intangible assets, net 67,785 78,487 Other assets 109,030 112,122 Total assets $ 4,948,788 $ 4,234,160 5 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (continued) (Unaudited - In thousands) October 3, 2026 December 31, 2025 Liabilities and equity Current liabilities: Trade accounts payable $ 246,311 $ 214,984 Payroll and related expenses 192,326 164,114 Lease liabilities 28,099 26,546 Other accrued expenses 268,088 300,031 Income taxes 34,768 14,751 Total current liabilities 769,592 720,426 Long-term debt less current portion 735,482 950,893 Deferred income taxes 95,991 96,818 Long-term lease liabilities 92,757 95,799 Other liabilities 135,972 109,228 Accrued pension and other postretirement costs 164,616 172,723 Total liabilities 1,994,410 2,145,887 Equity: Vishay stockholders' equity Common stock 14,130 12,351 Class B convertible common stock 1,210 1,210 Capital in excess of par value 1,955,384 1,101,086 Retained earnings 943,885 892,232 Accumulated other comprehensive income 39,769 81,394 Total equity 2,954,378 2,088,273 Total liabilities and equity $ 4,948,788 $ 4,234,160 6 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Statements of Cash Flows (Unaudited - In thousands) Nine fiscal months ended October 3, 2026 September 27, 2025 Operating activities Net earnings (loss) $ 94,257 $ (9,964 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 174,035 167,036 Loss on disposal of property and equipment 107 56 Inventory write-offs for obsolescence 33,374 25,614 Deferred income taxes (5,026 ) (7,461 ) Stock compensation expense 29,875 17,635 Other 8,993 (2,189 ) Change in U.S. transition tax liability - (47,027 ) Change in repatriation tax liability (4,092 ) (9,375 ) Changes in operating assets and liabilities (16,732 ) (99,379 ) Net cash provided by operating activities 314,791 34,946 Investing activities Capital expenditures (253,409 ) (178,491 ) Proceeds from sale of property and equipment 480 854 Purchase of short-term investments (5,356 ) (28,575 ) Maturity of short-term investments 317 45,111 Other investing activities (410 ) (2,336 ) Net cash used in investing activities (258,378 ) (163,437 ) Financing activities Proceeds from follow-on public offering, net of underwriting discounts and issuance costs 830,250 - Principal payments on long-term debt - (41,911 ) Net proceeds (payments) on revolving credit facility (219,000 ) 53,000 Dividends paid to common stockholders (38,933 ) (37,050 ) Dividends paid to Class B common stockholders (3,629 ) (3,629 ) Repurchase of common stock - (12,538 ) Cash withholding taxes paid when shares withheld for vested equity awards (4,090 ) (4,000 ) Other financing activities 10,000 10,080 Net cash provided by (used in) financing activities 574,598 (36,048 ) Effect of exchange rate changes on cash and cash equivalents (6,090 ) 18,111 Net increase (decrease) in cash and cash equivalents 624,921 (146,428 ) Cash and cash equivalents at beginning of period 514,966 590,286 Cash and cash equivalents at end of period $ 1,139,887 $ 443,858 7 VISHAY INTERTECHNOLOGY, INC. Reconciliation of Adjusted Earnings Per Share (Unaudited - In thousands, except per share amounts) Fiscal quarters ended Nine fiscal months ended October 3, 2026 July 4, 2026 September 27, 2025 October 3, 2026 September 27, 2025 Net earnings (loss) $ 58,969 $ 28,124 $ (7,876 ) $ 94,257 $ (9,964 ) Reconciling items affecting net revenues: Tariff refunds passed through to customers - 30,008 - 30,008 - Other reconciling items affecting gross profit: Tariff refunds received from U.S. government - (30,008 ) - (30,008 ) - Other reconciling items affecting operating income: Favorable resolution of contingency - - - - (11,293 ) Reconciling items affecting tax expense: Change in tax laws and regulations - - 13,657 - 13,657 Adjusted net earnings (loss) $ 58,969 $ 28,124 $ 5,781 $ 94,257 $ (7,600 ) Adjusted weighted average diluted shares outstanding 160,819 147,901 136,582 148,664 135,739 Adjusted earnings (loss) per diluted share $ 0.37 $ 0.19 $ 0.04 $ 0.63 $ (0.06 ) 8 VISHAY INTERTECHNOLOGY, INC. Reconciliation of Free Cash (Unaudited - In thousands) Fiscal quarters ended Nine fiscal months ended October 3, 2026 July 4, 2026 September 27, 2025 October 3, 2026 September 27, 2025 Net cash provided by operating activities $ 145,763 $ 105,359 $ 27,639 $ 314,791 $ 34,946 Proceeds from sale of property and equipment 259 155 360 480 854 Less: Capital expenditures (47,547 ) (95,201 ) (52,324 ) (253,409 ) (178,491 ) Free cash $ 98,475 $ 10,313 $ (24,325 ) $ 61,862 $ (142,691 ) 9 VISHAY INTERTECHNOLOGY, INC. Reconciliation of EBITDA and Adjusted EBITDA (Unaudited - In thousands) Fiscal quarters ended Nine fiscal months ended October 3, 2026 July 4, 2026 September 27, 2025 October 3, 2026 September 27, 2025 Net earnings (loss) $ 58,969 $ 28,124 $ (7,876 ) $ 94,257 $ (9,964 ) Interest expense 6,676 10,333 9,525 26,982 28,903 Interest income (7,718 ) (4,088 ) (2,710 ) (14,844 ) (10,610 ) Income taxes 28,314 14,275 19,763 48,277 29,900 Depreciation and amortization 59,707 56,117 57,293 174,035 167,036 EBITDA $ 145,948 $ 104,761 $ 75,995 $ 328,707 $ 205,265 Reconciling items Tariff refunds passed through to customers $ - $ 30,008 $ - $ 30,008 $ - Tariff refunds received from U.S. government - (30,008 ) - (30,008 ) - Favorable resolution of contingency - - - - (11,293 ) Adjusted EBITDA $ 145,948 $ 104,761 $ 75,995 $ 328,707 $ 193,972 Adjusted EBITDA margin(f) 14.9 % 11.4 % 9.6 % 12.0 % 8.6 % (f) Adjusted EBITDA as a percentage of adjusted net revenues. 10 VISHAY INTERTECHNOLOGY, INC. Schedule of Adjusted Revenue, Gross Profit, and Gross Margin (Unaudited - In thousands) Fiscal quarter ended Fiscal quarter ended Nine fiscal months ended October 3, 2026 July 4, 2026 October 3, 2026 GAAP and Adjusted(g) GAAP Adjusted(h) GAAP Adjusted(h) Net revenues $ 978,939 $ 888,575 $ 918,583 $ 2,706,756 $ 2,736,764 Gross profit 249,385 207,382 207,382 633,379 633,379 Gross margin 25.5 % 23.3 % 22.6 % 23.4 % 23.1 % (g) Net revenues for the fiscal quarter ended October 3, 2026 do not contain any adjusting items. (h) Adjusted net revenues for the fiscal quarter ended July 4, 2026 and nine fiscal months ended October 3, 2026 exclude $30,008 for tariff refunds passed through to customers, with no impact on gross profit. The tariff refunds are recognized as a reduction of Net revenues and Costs of products sold in the GAAP results. Adjusted gross margin is calculated using adjusted net revenues.