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COGNEX Cognex Q2 2026 Earnings August 5 , 2026 1 © 2026 Cognex Corporation
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© 2026 Cognex Corporation2 Certain statements made in this presentation, as well as oral statements made by Cognex Corporation ("Cognex", "we", "us", "our", or the "Company") from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words "expects," "anticipates," "estimates," "potential," "believes," "projects," "intends," "plans," "aims," "will," "may," "shall," "could," "should," "opportunity," "goal," "objective," "target," "milestone" and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, financial and operating models, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products, the inability to develop new products, and the inability to achieve growth through expanding and adjacent markets; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base in an increasing number of geographies; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, artificial intelligence, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices, including memory chips; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (22) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (23) stock price volatility; (24) our involvement in time-consuming and costly litigation or activist shareholder activities; and (25) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I - Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Annual Report"), as updated by Part II - Item 1A of our Quarterly Reports on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made. Forward-Looking Statements
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© 2026 Cognex Corporation3 Q2 2026 Revenue $291 Million Please see the appendix of this presentation for a description of certain Non-GAAP measures and a full GAAP to Non-GAAP reconciliation Q2 2026 Highlights Strategy Update: ▪ Extending AI leadership: using OneVisionTM to enable new AI-driven applications and expand into high-growth end markets, including data center supply chain ▪ Customer experience: building the industry’s most comprehensive and easy-to- use machine vision ecosystem ▪ Diversification: targeting growth to be increasingly diversified across customers, channels, adjacencies and end markets Revenue up 17% Y/Y, +16% Y/Y constant-currency growth ▪ Achieved record quarterly revenue; 8th consecutive quarter of Y/Y growth ▪ 10th consecutive quarter of double-digit Y/Y Logistics growth ▪ Broad-based FA growth led by Electronics, Semi and Packaging +17% Y/Y Commitment to bottom-line profitability: ▪ Adjusted EBITDA and Adjusted EPS increased 81% and 80% Y/Y , respectively ▪ Adjusted EBITDA margin of 32.2%, up 1,150 bps Y/Y , marking the eighth consecutive quarter of expansion Q2 2026 Adj. EBITDA Margin 32.2% +1,150 bps Y/Y Q2 2026 Free Cash Flow $68 Million +70% Y/Y
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Driving Growth Through Diversification ADDING NEW CUSTOMERS STRENGTHENING CHANNEL ▪ ~9,000 in 2025 ▪ ~4,500 2026 YTD ▪ Revitalizing Cognex channel partner program globally EXPANDING END MARKETS ▪ Data Center supply chain ENTERING ADJACENCIES ▪ Through organic or inorganic investments 4 © 2026 Cognex Corporation
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© 2026 Cognex Corporation5 Driving Growth Through Diversification: Data Center Supply Chain Opportunity ▪ Addresses a complex, high-value quality control challenge in data center infrastructure ▪ Showcases the expanding opportunity for OneVision beyond traditional factory automation Application: Server Rack Inspection
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© 2026 Cognex Corporation6 Q2 2026 End Market Results and Updated 2026 View 1) End Market revenue mix excludes the medical lab automation Commercial Partnership and includes the Japan -focused trading business in 2025; 2) Q2 2026 revenue growth excludes FX and the impact from the divestiture of the Japan-focused trading business. END MARKET % OF REVENUE Full-year 20251 Q2 2026 REVENUE GROWTH2 UPDATED 2026 VIEW Logistics 26% DD HSD from MSD to HSD Packaging 21% DD DD from HSD Consumer Electronics 19% DD DD from HSD to DD Automotive 19% (HSD) FLAT to LSD Semiconductor 10% DD DD from HSD to DD OTHER 5% LSD = low-single digit; MSD = mid-single digit; HSD = high-single digit; DD = double digit.
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© 2026 Cognex Corporation7 Adj. EBITDA Margin 32.2% Free Cash Flow Conversion1 114% Please see the appendix of this presentation for a description of certain Non-GAAP measures and a full GAAP to Non-GAAP reconciliation Q2 2026 Financial Highlights Adj. Diluted EPS $0.45 +80% Y/Y Eighth consecutive quarter of Y/Y growth +1,150 bps Y/Y Eighth consecutive quarter of Y/Y expansion Trailing twelve-month rate Seventh consecutive quarter >100% 1) Defined as Free Cash Flow divided by Adjusted Net Income.
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© 2026 Cognex Corporation8 Q2 2026 Financials 1. Revenue increased 17% as reported and 16% on a constant currency basis driven by broad-based strength across most major end markets. 2. Adjusted Gross Margin expanded 350 basis points, driven by favorable mix and volume. Tariff refunds were not a material contributor. 3. Adjusted EBITDA Margin expanded 1,150 basis points driven by revenue growth and favorable mix. 4. Adjusted diluted EPS increased by $0.20, or 80%, driven by operating leverage. 5. Continued strong cash generation with $68 million of Free Cash Flow, an increase of 70% year over year. All figures in $ million, except per share amounts Q2 2026 Q2 2025 Y/Y Change Revenue 291 249 +17% Adjusted Gross Profit 208 169 +23% Adjusted Gross Margin 71.5% 68.0% +350bps Adjusted Operating Expenses 119 123 -3% Adjusted EBITDA 94 52 +81% Adjusted EBITDA Margin 32.2% 20.7% +1,150 bps Adjusted Net Income 76 43 +77% Adjusted Diluted EPS $0.45 $0.25 +80% Free Cash Flow 68 40 +70% Please see the appendix of this presentation for a description of certain Non-GAAP measures and a full GAAP to Non-GAAP reconciliation
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© 2026 Cognex Corporation9 Q3 2026 Outlook All figures in $ million, unless specified Q3 2026 Guidance Q3 2025 Results Q3 2025 Results ex CP* Y/Y Change** Y/Y Change** ex CP* Revenue $300 – $320 $277 $264 +12% +17% Adj. EBITDA Margin1 32% – 35% 24.9% 22.1% +860bps +1,140bps Adj. Diluted EPS1 $0.50 – $0.54 $0.33 $0.28 +58% +86% 3rd QUARTER EXPECTATIONS 1. Year-over-year revenue growth reflects contribution from broader Factory Automation end markets and Logistics. 2. Adjusted EBITDA margin expansion driven by revenue growth and cost reduction. 3. Adjusted EPS growth driven by revenue growth and margin expansion. 1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In Q3 2025 the GAAP operating margin was 20.9% and GAAP earnings per share (diluted) were $0.10. * Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”). ** At the midpoint of guidance.
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© 2026 Cognex Corporation10 Full-Year 2026 Outlook All figures in $ million, unless specified 2026 Guidance 2025 Results 2025 Results ex CP* Y/Y Change** Y/Y Change** ex CP* Revenue $1,130 – $1,150 $994 $982 +15% +16% Adj. EBITDA Margin1 29% – 31% 21.5% 20.7% +850bps +930bps Adj. Diluted EPS1 $1.64 – $1.68 $1.02 $0.97 +63% +71% 2026 EXPECTATIONS 1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In 2025 the GAAP operating margin was 16.3% and GAAP earnings per share (diluted) were $0.68. 1. Year-over-year revenue growth reflects contribution from broader Factory Automation end markets and Logistics. 2. Adjusted EBITDA margin expansion driven by revenue growth and cost reduction resulting in 87% revenue flow through at the midpoint. 3. Adjusted EPS growth driven by revenue growth and margin expansion. * Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”). ** At the midpoint of guidance.
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© 2026 Cognex Corporation11 Baselining Revenue for Comparability TOPIC All figures in $ million Q3 Q4 Full Year 2025 GAAP Revenue as reported $277 $252 $994 Completed portfolio optimization actions Y/Y headwind (5) (5) (17) Consumer Electronics order timing shift (Q3 → Q2) Timing (7) -- -- One-time commercial partnership benefit (Q3 2025) Y/Y headwind (13) -- (13) Revenue Baseline (for growth comparison) 252 247 964 2026 GAAP Revenue guidance range1 $300 – 320 -- $1,130 – 1,150 Implied Y/Y growth at the mid-point 23% -- 18% 1) Q4 2026 GAAP revenue guidance to be provided in the Q3 quarterly earnings release .
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© 2026 Cognex Corporation12 Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows: • Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted operating income and margin: Operating income adjusted for amortization of acquisition- related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events. • Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, and one-time discrete events (such as loss on sale of business). • Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares. • Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments. • Free cash flow: Cash provided by operating activities less cash for capital expenditures. • Free cash flow conversion rate: Free cash flow divided by net income or adjusted net income, as applicable. Cognex may also disclose results on a constant- currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over- period. Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
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© 2026 Cognex Corporation13 GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share July 5, 2026 June 29, 2025 July 5, 2026 June 29, 2025 Gross profit (GAAP) $ 205,773 $ 167,876 $ 396,712 $ 312,199 Acquisition and integration costs 218 211 434 453 Amortization of acquisition-related intangible assets 1,323 1,382 2,660 2,720 Reorganization charges 921 — 1,295 86 Adjusted gross profit $ 208,235 $ 169,469 $ 401,101 $ 315,458 GAAP gross margin 70.6 % 67.4 % 70.9 % 67.1 % Adjusted gross margin 71.5 % 68.0 % 71.7 % 67.8 % Operating expense (GAAP) $ 120,256 $ 124,443 $ 251,322 $ 242,674 Acquisition and integration costs (15) (259) (30) (797) Amortization of acquisition-related intangible assets (972) (1,296) (2,167) (2,586) Reorganization charges (335) — (5,090) (1,622) Adjusted operating expense $ 118,934 $ 122,888 $ 244,035 $ 237,669 Operating income (GAAP) $ 85,517 $ 43,433 $ 145,390 $ 69,525 Acquisition and integration costs 233 470 464 1,250 Amortization of acquisition-related intangible assets 2,295 2,678 4,827 5,306 Reorganization charges 1,256 — 6,385 1,708 Adjusted operating income $ 89,301 $ 46,581 $ 157,066 $ 77,789 GAAP operating margin 29.4 % 17.4 % 26.0 % 14.9 % Adjusted operating margin 30.7 % 18.7 % 28.1 % 16.7 % Depreciation (adjusted for amounts included in Acquisition and integration costs) 4,358 5,095 8,830 10,178 Adjusted EBITDA $ 93,659 $ 51,676 $ 165,896 $ 87,967 Adjusted EBITDA margin 32.2 % 20.7 % 29.6 % 18.9 % Six-months EndedThree-months Ended
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© 2026 Cognex Corporation14 GAAP to Non-GAAP Tables USD $ in 000s unless noted as per share July 5, 2026 June 29, 2025 July 5, 2026 June 29, 2025 Net income (GAAP) $ 72,756 $ 40,511 $ 124,460 $ 64,114 Acquisition and integration costs 233 470 464 1,250 Amortization of acquisition-related intangible assets 2,295 2,678 4,827 5,306 Reorganization charges 1,256 — 6,385 1,708 Loss on sale of business — — 1,539 — Discrete tax (benefit) expense 450 (211) (729) (518) Tax impact of reconciling items (1,102) (891) (3,740) (2,256) Adjusted net income $ 75,888 $ 42,557 $ 133,206 $ 69,604 Earnings per share of common stock, diluted (GAAP) $ 0.43 $ 0.24 $ 0.74 $ 0.38 Acquisition and integration costs 0.00 0.00 0.00 0.01 Amortization of acquisition-related intangible assets 0.01 0.02 0.03 0.03 Reorganization charges 0.01 — 0.04 0.01 Loss on sale of business — — 0.01 — Discrete tax (benefit) expense 0.00 0.00 0.00 0.00 Tax impact of reconciling items (0.01) (0.01) (0.02) (0.01) Adjusted earnings per share of common stock, diluted $ 0.45 $ 0.25 $ 0.80 $ 0.41 Effective tax rate (GAAP) 18.5 % 15.7 % 17.6 % 15.5 % Discrete tax benefit (expense) (0.5)% 0.4 % 0.5 % 0.7 % Net impact of other reconciling items 0.4 % 0.7 % 0.8 % 1.1 % Adjusted effective tax rate 18.5 % 16.9 % 18.9 % 17.3 % Cash provided by operating activities (GAAP) $ 69,153 $ 42,625 $ 114,246 $ 83,127 Capital expenditures (1,532) (2,194) (4,289) (4,695) Free cash flow $ 67,621 $ 40,431 $ 109,957 $ 78,432 Six-months EndedThree-months Ended
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© 2026 Cognex Corporation15 Description of Certain Adjustments 1. Depreciation The company incurs expense related to its normal use of property, plant and equipment 2. Acquisition and integration costs The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the Company acquired in the fourth quarter of 2023. 3. Amortization of acquisition-related intangible assets The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation. 4. Reorganization charges The Company has incurred charges related to the reorganization of its employees. During the three-month period ended July 5, 2026, these costs consisted primarily of severance and consulting fees. 5. Loss on sale of business The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the six-month period ended July 5, 2026. 6. Discrete tax (benefit) expense and tax impact of reconciling items Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period’s actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock- based compensation, and adjustments to deferred tax positions. We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount.
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© 2026 Cognex Corporation16 Investor Relations Upcoming Activity INVESTOR RELATIONS CONTACT: ir@cognex.com Greer Aviv HEAD OF INVESTOR RELATIONS Upcoming Conferences and Investor Events August KeyBanc Capital Markets Technology Leadership Forum Park City, UT August Melius HQ Investor Visit Natick, MA August Raymond James Virtual Industrial Showcase Natick, MA September Morgan Stanley 14th Annual Laguna Conference Dana Point, CA October European Non-Deal Roadshow London, Stockholm, Frankfurt, Zurich, Geneva, Paris