Vishay Intertechnology Earnings Call Transcripts
Fiscal Year 2026
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Adjusted Q2 revenue grew 20.5% year-over-year to $919 million, with strong demand across all segments, record backlog, and margin expansion supported by price increases and operational improvements. Q3 guidance anticipates continued growth and early achievement of gross margin targets.
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Vishay 3.0 is driving growth through expanded capacity, customer reengagement, and innovation in both semiconductors and passives. The company targets $5 billion revenue and low 30% gross margin by 2028–2029, supported by new fabs, optimized operations, and a revitalized culture.
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The meeting covered director elections, auditor ratification, executive compensation approval, and an amendment to the long-term incentive plan, all of which passed by majority vote. Voting results will be published and filed with the SEC.
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Q1 2026 revenue and margins exceeded guidance, driven by broad-based growth and strong order momentum across all segments. Capacity expansion and pricing actions are fueling market share gains, with AI, industrial, and automotive segments leading growth. High CapEx continues, with negative free cash flow expected for 2026.
Fiscal Year 2025
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Fourth quarter revenue grew 12% year-over-year to $801 million, with strong order momentum and a book-to-bill of 1.2. Capacity expansion and new product releases are driving growth, while 2026 guidance anticipates continued revenue increases and peak CapEx in the first half.
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Q3 2025 revenue rose 4% sequentially to $791M, led by automotive and industrial growth, with gross margin at 19.5%. Capacity investments and new product launches position the company for continued growth, while guidance for Q4 remains stable amid ongoing cost pressures and dynamic market conditions.
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Q2 2025 saw 7% sequential revenue growth to $762M, with all segments and regions contributing. Backlog and book-to-bill remain strong, capacity expansion is on track, and guidance points to continued growth and margin improvement in Q3. AI, smart grid, and automotive drive demand.
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Q1 revenue was $715M, flat sequentially, with improving book-to-bill and strong demand in smart grid, AI, and automotive. Q2 revenue is guided up 6% to $760M, with limited tariff impact and continued capacity expansion. Free cash flow remains negative due to investments.
Fiscal Year 2024
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Q4 revenue declined 2.8% sequentially and 9% year-over-year, with gross margin at 19.9% and a $66M goodwill impairment impacting results. Book-to-bill turned positive for the first time in nine quarters, and capacity expansion remains a key focus despite ongoing negative free cash flow and macro headwinds in Europe.
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Q3 revenue was flat sequentially at $735.4 million, with automotive and AI server demand offsetting industrial and European weakness. Gross margin declined, and restructuring charges led to a GAAP loss, but strategic initiatives and capacity expansion continue.
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Q2 revenue was flat sequentially at $741.2M, with softness in automotive and industrial offset by AI server demand and the Newport acquisition. Gross margin declined to 22%, and free cash flow was negative due to high CapEx. Guidance for Q3 is cautious, with continued inventory digestion and pricing pressure in semiconductors.