10-Q · May 13, 2026
Vishay Intertechnology reported solid Q1 2026 results, with revenues of $839.2 million and EPS of $0.05, both surpassing market expectations. The company experienced significant revenue growth compared to prior periods…
Earnings analysis · 10-Q
VSH earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Vishay delivered strong Q3 execution, with revenue of $978.939 million, gross margin of 25.5%, operating margin of 9.4%, diluted EPS of $0.37, and free cash flow of $98.475 million. Revenue, margins, EPS, and cash flow…
Read full summary
Vishay delivered strong Q3 execution, with revenue of $978.939 million, gross margin of 25.5%, operating margin of 9.4%, diluted EPS of $0.37, and free cash flow of $98.475 million. Revenue, margins, EPS, and cash flow all improved substantially versus both Q2 2026 and Q3 2025, and results exceeded consensus estimates of $965.363 million revenue and $0.28 EPS. The Q4 outlook calls for $975 million-$1.005 billion of revenue and 26.0% gross margin, although the filing does not establish whether that outlook was raised or lowered versus a prior company forecast.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
What stood out
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Revenue growth and consensus beat
Q3 revenue was $978.939 million, up 10.1% from $889 million in Q2 2026 and 23.7% from $791 million in Q3 2025; it exceeded the $965.363 million consensus estimate by $13.576 million.
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Gross margin expanded sharply
Gross margin expanded to 25.5%, up 2.2 percentage points from 23.3% in Q2 and 6.0 percentage points from 19.5% in Q3 2025.
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Operating leverage accelerated
Operating margin increased to 9.4%, versus 6.0% in Q2 and 2.4% in Q3 2025, representing sequential and year-over-year expansion of 3.4 and 7.0 percentage points, respectively.
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EPS beat and turned higher
Diluted EPS was $0.37, compared with $0.19 in Q2 2026 and a $0.06 loss in Q3 2025; EPS also exceeded the $0.28 consensus estimate by $0.09.
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Cash generation improved
Free cash flow was $98.475 million, improving from $10 million in Q2 2026 and negative $25 million in Q3 2025.
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Positive Q4 outlook
Q4 2026 revenue guidance is $975 million-$1.005 billion, with gross margin expected at 26.0% plus or minus 50 basis points.
What to watch
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No updated risk-factor disclosure
The 10-Q states there were no material changes to the risk factors previously disclosed in the December 31, 2025 Form 10-K; therefore, no new filing-based risk-factor change was identified.
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Director selling plans
Director trading arrangements allow potential sales of 4,000 shares under Michael Cody's plan and 78,507 shares under Ruta Zandman's new plan, which could create incremental insider-selling overhang through August 6, 2027 and December 17, 2027, respectively.
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Q4 growth and margin range
Q4 revenue guidance of $975 million-$1.005 billion implies a range that is broadly flat to only modestly above Q3 revenue of $978.939 million, while the stated Q4 gross-margin outlook of 26.0% plus or minus 50 basis points leaves downside to approximately 25.5%.
Management's outlook
The filing materials provided do not establish a prior outlook for comparison. The accompanying Q3 earnings release gives Q4 2026 revenue guidance of $975 million-$1.005 billion, or $990 million plus or minus $15 million, and gross margin guidance of 26.0% plus or minus 50 basis points; no numeric EPS guidance was provided.
Earlier filings 4
10-K · February 13, 2026
Vishay 2025 10-K reiterates the Vishay 3.0 strategy: multi‑year capacity expansion (internal and external), increased R&D/technical headcount, and targeted M&A to capture electrification, A.I., and 5G opportunities. The…
10-K · February 14, 2025
Vishay positions itself as a broad, long-standing leader in discrete semiconductors and passive components and is executing a multi-year capacity expansion and product-innovation plan under its 'Vishay 3.0' strategy…
10-Q · November 6, 2024
Vishay reported Q3 revenue of $735,353,000 and a GAAP diluted loss per share of $(0.14), a material decline versus the year-ago quarter. Gross profit fell to $150,883,000 and the company recorded a $40,614,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.