Vishay Intertechnology Reports Fourth Quarter and Full Year 2025 Results

Vishay Intertechnology Reports Fourth Quarter and Full Year 2025 Results Malvern, PA, February 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 fourth quarter and year ended December 31, 2025. Highlights • 4Q 2025 revenues of $800.9 million • Gross margin was 19.6% and included the negative impact of approximately 130 basis points related to Newport • 4Q 2025 GAAP EPS of $0.01 • 4Q 2025 book-to-bill of 1.20 with book-to-bill of 1.27 for semiconductors and 1.13 for passive components • Backlog at quarter end was 4.9 months "Fourth quarter financial results capped a year of steadily improving performance. Revenue was 1.3% higher than the third quarter, reflecting growing demand for a broad range of industrial and AI-related power applications, with growth in each channel, led by distribution. Orders for the quarter reached a three-year high and we ended the quarter with a book-to-bill of 1.20,” said Joel Smejkal, president and CEO. ”As a result, we enter 2026 ready to take off as we push our factories to maintain competitive lead times and win our customers’ trust, push to outperform the market and push to advance our strategy to accelerate revenue growth, elevate profitability and enhance our return on capital.” 1Q 2026 Outlook For the first quarter of 2026, management expects revenues in the range of $800 million and $830 million and a gross profit margin in the range of 19.9% +/- 50 basis points, including the negative impact of approximately 50 to 75 basis points related to Newport. Conference Call A conference call to discuss Vishay’s fourth quarter financial results is scheduled for Wednesday, February 4, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register at VSH 4Q25 Earnings Call. 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. 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 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 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 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 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, return on capital investment, capacity expansion, product lead times, 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,” “push” 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 VISHAY INTERTECHNOLOGY, INC. Summary of Operations (Unaudited - In thousands, except per share amounts) Years ended December 31, 2025 December 31, 2024 Net revenues $ 3,069,048 $ 2,937,587 Costs of products sold 2,474,165 2,311,295 Gross profit 594,883 626,292 Gross margin 19.4 % 21.3 % Selling, general, and administrative expenses* 538,015 513,564 Restructuring and severance costs - 40,614 Impairment of goodwill - 66,487 Operating income 56,868 5,627 Operating margin 1.9 % 0.2 % Other income (expense): Interest expense (38,651 ) (27,480 ) Other 7,296 19,464 Total other income (expense) - net (31,355 ) (8,016 ) Income (loss) before taxes 25,513 (2,389 ) Income tax expense 34,491 27,366 Net earnings (loss) (8,978 ) (29,755 ) Less: net earnings attributable to noncontrolling interests - 1,395 Net earnings (loss) attributable to Vishay stockholders $ (8,978 ) $ (31,150 ) Basic earnings (loss) per share attributable to Vishay stockholders $ (0.07 ) $ (0.23 ) Diluted earnings (loss) per share attributable to Vishay stockholders $ (0.07 ) $ (0.23 ) Weighted average shares outstanding - basic 135,737 136,964 Weighted average shares outstanding - diluted 135,737 136,964 Cash dividends per share $ 0.40 $ 0.40 * Selling, general, and administrative expenses for the fiscal year ended December 31, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency. VISHAY INTERTECHNOLOGY, INC. Summary of Operations (Unaudited - In thousands, except per share amounts) Fiscal quarters ended December 31, 2025 September 27, 2025 December 31, 2024 Net revenues $ 800,922 $ 790,640 $ 714,716 Costs of products sold 644,135 636,781 572,584 Gross profit 156,787 153,859 142,132 Gross margin 19.6 % 19.5 % 19.9 % Selling, general, and administrative expenses 141,999 134,712 132,330 Impairment of goodwill - - 66,487 Operating income (loss) 14,788 19,147 (56,685 ) Operating margin 1.8 % 2.4 % -7.9 % Other income (expense): Interest expense (9,748 ) (9,525 ) (7,731 ) Other 537 2,265 5,563 Total other income (expense) - net (9,211 ) (7,260 ) (2,168 ) Income (loss) before taxes 5,577 11,887 (58,853 ) Income tax expense 4,591 19,763 7,232 Net earnings (loss) 986 (7,876 ) (66,085 ) Less: net earnings attributable to noncontrolling interests - - 223 Net earnings (loss) attributable to Vishay stockholders $ 986 $ (7,876 ) $ (66,308 ) Basic earnings (loss) per share attributable to Vishay stockholders $ 0.01 $ (0.06 ) $ (0.49 ) Diluted earnings (loss) per share attributable to Vishay stockholders $ 0.01 $ (0.06 ) $ (0.49 ) Weighted average shares outstanding - basic 135,727 135,720 136,050 Weighted average shares outstanding - diluted 136,730 135,720 136,050 Cash dividends per share $ 0.10 $ 0.10 $ 0.10 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (Unaudited - In thousands) December 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 514,966 $ 590,286 Short-term investments 265 16,130 Accounts receivable, net 381,802 401,901 Inventories: Finished goods 182,444 175,176 Work in process 331,347 296,393 Raw materials 245,412 217,812 Total inventories 759,203 689,381 Prepaid expenses and other current assets 231,004 217,809 Total current assets 1,887,240 1,915,507 Property and equipment, at cost: Land 86,399 84,124 Buildings and improvements 839,856 766,058 Machinery and equipment 3,477,884 3,259,213 Construction in progress 464,475 367,564 Allowance for depreciation (3,195,455 ) (2,931,221 ) 1,673,159 1,545,738 Right of use assets 119,746 117,953 Deferred income taxes 183,016 159,769 Goodwill 180,390 179,005 Other intangible assets, net 78,487 87,223 Other assets 112,122 105,501 Total assets $ 4,234,160 $ 4,110,696 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Balance Sheets (continued) (Unaudited - In thousands) December 31, 2025 December 31, 2024 Liabilities and equity Current liabilities: Trade accounts payable $ 214,984 $ 216,313 Payroll and related expenses 164,114 137,101 Lease liabilities 26,546 25,901 Other accrued expenses 300,031 264,471 Income taxes 14,751 64,562 Total current liabilities 720,426 708,348 Long-term debt less current portion 950,893 905,019 Deferred income taxes 96,818 96,363 Long-term lease liabilities 95,799 94,218 Other liabilities 109,228 104,086 Accrued pension and other postretirement costs 172,723 173,700 Total liabilities 2,145,887 2,081,734 Equity: Common stock 12,351 13,361 Class B convertible common stock 1,210 1,210 Capital in excess of par value 1,101,086 1,306,245 Retained earnings 892,232 955,500 Treasury stock (at cost) - (212,062 ) Accumulated other comprehensive income (loss) 81,394 (35,292 ) Total equity 2,088,273 2,028,962 Total liabilities and equity $ 4,234,160 $ 4,110,696 VISHAY INTERTECHNOLOGY, INC. Consolidated Condensed Statements of Cash Flows (Unaudited - In thousands) Years ended December 31, 2025 December 31, 2024 Operating activities Net earnings (loss) $ (8,978 ) $ (29,755 ) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 224,738 210,645 (Gain) loss on disposal of property and equipment 100 (1,969 ) Inventory write-offs for obsolescence 34,967 37,245 Impairment of goodwill - 66,487 Pensions and other postretirement benefits, net of contributions (5,540 ) (6,036 ) Stock compensation expense 22,355 20,921 Deferred income taxes (10,864 ) (23,514 ) Other 6,776 20,416 Change in U.S. transition tax liability (47,027 ) (37,622 ) Change in repatriation tax liability (9,375 ) (15,000 ) Changes in operating assets and liabilities, net of effects of businesses acquired (22,844 ) (68,116 ) Net cash provided by operating activities 184,308 173,702 Investing activities Capital expenditures (273,293 ) (320,079 ) Proceeds from sale of property and equipment 1,162 3,015 Purchase of businesses, net of cash acquired - (216,024 ) Purchase of short-term investments (28,575 ) (145,327 ) Maturity of short-term investments 45,111 164,983 Other investing activities (2,336 ) 970 Net cash used in investing activities (257,931 ) (512,462 ) Financing activities Principal payment upon maturity of convertible senior notes due 2025 (41,911 ) - Repurchase of convertible senior notes due 2025 - (52,960 ) Net proceeds on revolving credit facility 83,000 136,000 Debt issuance and amendment costs - (1,062 ) Dividends paid to common stockholders (49,399 ) (49,833 ) Dividends paid to Class B common stockholders (4,839 ) (4,839 ) Repurchase of common stock (12,528 ) (50,406 ) Distributions to noncontrolling interests - (2,500 ) Acquisition of noncontrolling interests - (5,500 ) Cash withholding taxes paid when shares withheld for vested equity awards (3,986 ) (4,303 ) Other financing activities 10,000 - Net cash used in financing activities (19,663 ) (35,403 ) Effect of exchange rate changes on cash and cash equivalents 17,966 (8,270 ) Net decrease in cash and cash equivalents (75,320 ) (382,433 ) Cash and cash equivalents at beginning of period 590,286 972,719 Cash and cash equivalents at end of period $ 514,966 $ 590,286 VISHAY INTERTECHNOLOGY, INC. Reconciliation of Adjusted Earnings Per Share (Unaudited - In thousands, except per share amounts) Fiscal quarters ended Years ended December 31, 2025 September 27, 2025 December 31, 2024 December 31, 2025 December 31, 2024 GAAP net earnings (loss) attributable to Vishay stockholders $ 986 $ (7,876 ) $ (66,308 ) $ (8,978 ) $ (31,150 ) Reconciling items affecting operating income (loss): Favorable resolution of contingency $ - $ - $ - $ (11,293 ) $ - Impairment of goodwill - - 66,487 - 66,487 Restructuring and severance costs - - - - 40,614 Reconciling items affecting tax expense (benefit): Change in tax laws and regulations $ - $ 13,657 $ - $ 13,657 $ - Tax effects of pre-tax items above - - - - (10,299 ) Adjusted net earnings (loss) $ 986 $ 5,781 $ 179 $ (6,614 ) $ 65,652 Adjusted weighted average diluted shares outstanding 136,730 136,582 136,883 135,737 137,741 Adjusted earnings (loss) per diluted share $ 0.01 $ 0.04 $ 0.00 $ (0.05 ) $ 0.48 VISHAY INTERTECHNOLOGY, INC. Reconciliation of Free Cash (Unaudited - In thousands) Fiscal quarters ended Years ended December 31, 2025 September 27, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $ 149,362 $ 27,639 $ 67,656 $ 184,308 $ 173,702 Proceeds from sale of property and equipment 308 360 1,618 1,162 3,015 Less: Capital expenditures (94,802 ) (52,324 ) (144,904 ) (273,293 ) (320,079 ) Free cash $ 54,868 $ (24,325 ) $ (75,630 ) $ (87,823 ) $ (143,362 ) VISHAY INTERTECHNOLOGY, INC. Reconciliation of EBITDA and Adjusted EBITDA (Unaudited - In thousands) Fiscal quarters ended Years ended December 31, 2025 September 27, 2025 December 31, 2024 December 31, 2025 December 31, 2024 GAAP net earnings (loss) attributable to Vishay stockholders $ 986 $ (7,876 ) $ (66,308 ) $ (8,978 ) $ (31,150 ) Net earnings attributable to noncontrolling interests - - 223 - 1,395 Net earnings (loss) $ 986 $ (7,876 ) $ (66,085 ) $ (8,978 ) $ (29,755 ) Interest expense $ 9,748 $ 9,525 $ 7,731 $ 38,651 $ 27,480 Interest income (2,753 ) (2,710 ) (4,533 ) (13,363 ) (25,479 ) Income taxes 4,591 19,763 7,232 34,491 27,366 Depreciation and amortization 57,702 57,293 55,373 224,738 210,645 EBITDA $ 70,274 $ 75,995 $ (282 ) $ 275,539 $ 210,257 Reconciling items Favorable resolution of contingency $ - $ - $ - $ (11,293 ) $ - Impairment of goodwill - - 66,487 - 66,487 Restructuring and severance costs - - - - 40,614 Adjusted EBITDA $ 70,274 $ 75,995 $ 66,205 $ 264,246 $ 317,358 Adjusted EBITDA margin** 8.8 % 9.6 % 9.3 % 8.6 % 10.8 % ** Adjusted EBITDA as a percentage of net revenues