Cognex Corporation (CGNX) Income Statement

30Y historyFree accessUpdated daily

Revenue accelerated 16.9% YoY to $291.3M in Q2 2026 with gross margin expanding to 70.6% and operating margin reaching 29.4%, driven by AI-vision adoption and cost discipline.

Annual statement

CGNX Income Statement

Cognex Corporation (CGNX) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	1.09B	994.36M	914.51M	837.55M	1.01B	1.04B	811.02M	725.63M	806.34M	766.08M	529.51M	450.56M	426.45M	307.65M	324.28M	321.91M	290.69M	175.73M	242.68M	225.68M	238.32M	216.88M	201.96M	150.09M	114.11M	140.73M	250.73M	152.1M	121.8M	155.3M	122.8M
Revenue Growth %	17.15%	8.73%	9.19%	-16.75%	-2.99%	27.88%	11.77%	-10.01%	5.25%	44.68%	17.52%	5.65%	38.61%	-5.13%	0.73%	10.74%	65.42%	-27.59%	7.53%	-5.3%	9.89%	7.39%	34.56%	31.54%	-18.92%	-43.87%	64.84%	24.88%	-21.57%	26.47%	17.51%
Cost of Goods Sold	339.02M	328.97M	288.72M	236.31M	284.19M	277.27M	206.42M	189.75M	206.05M	187.29M	131.07M	102.57M	94.07M	62.89M	79.5M	77.92M	77.59M	56.39M	68.43M	64.35M	64.84M	62.9M	57.37M	50.14M	39.86M	62.34M	53.79M	35.9M	28.6M	36.5M	33.8M
COGS % of Revenue	-	33.08%	31.57%	28.21%	28.25%	26.74%	25.45%	26.15%	25.55%	24.45%	24.75%	22.77%	22.06%	20.44%	24.51%	24.2%	26.69%	32.09%	28.2%	28.51%	27.21%	29%	28.41%	33.41%	34.93%	44.3%	21.45%	23.6%	23.48%	23.5%	27.52%
Gross Profit	749.91M	665.39M	625.79M	601.24M	721.9M	759.83M	604.6M	535.87M	600.29M	578.79M	398.44M	347.99M	332.38M	244.76M	244.78M	244M	213.1M	119.34M	174.25M	161.33M	173.48M	153.98M	144.59M	99.95M	74.25M	78.38M	196.94M	116.2M	93.2M	118.8M	89M
Gross Margin %	68.87%	66.92%	68.43%	71.79%	71.75%	73.26%	74.55%	73.85%	74.45%	75.55%	75.25%	77.23%	77.94%	79.56%	75.49%	75.8%	73.31%	67.91%	71.8%	71.49%	72.79%	71%	71.59%	66.59%	65.07%	55.7%	78.55%	76.4%	76.52%	76.5%	72.48%
Gross Profit Growth %	-	6.33%	4.08%	-16.71%	-4.99%	25.67%	12.83%	-10.73%	3.71%	45.26%	14.5%	4.69%	35.8%	-0.01%	0.32%	14.5%	78.57%	-31.51%	8.01%	-7%	12.67%	6.49%	44.65%	34.62%	-5.28%	-60.2%	69.48%	24.68%	-21.55%	33.48%	4.46%
Operating Expenses	511.48M	502.83M	510.73M	470.54M	475.68M	444.73M	434.07M	393.27M	379.14M	319.93M	244.38M	226.47M	204.53M	167.82M	161.38M	158.64M	137.39M	132.01M	149.15M	133.2M	129.01M	109.97M	97.74M	80.44M	83.66M	105.72M	107.25M	80.7M	71.4M	64.1M	50.8M
OpEx % of Revenue	-	50.57%	55.85%	56.18%	47.28%	42.88%	53.52%	54.2%	47.02%	41.76%	46.15%	50.26%	47.96%	54.55%	49.76%	49.28%	47.26%	75.12%	61.46%	59.02%	54.13%	50.71%	48.39%	53.6%	73.31%	75.13%	42.78%	53.06%	58.62%	41.27%	41.37%
Selling, General & Admin	370.92M	363.86M	370.91M	339.14M	312.11M	309.35M	267.59M	273.84M	262.7M	220.73M	166.11M	156.67M	148.7M	123.51M	119.83M	117.69M	104.23M	96.35M	112.63M	99.81M	96.67M	82.33M	70.67M	55.72M	58.03M	61.59M	61.91M	43.7M	38M	35.8M	26.3M
SG&A % of Revenue	-	36.59%	40.56%	40.49%	31.02%	29.83%	32.99%	37.74%	32.58%	28.81%	31.37%	34.77%	34.87%	40.15%	36.95%	36.56%	35.86%	54.83%	46.41%	44.23%	40.57%	37.96%	34.99%	37.13%	50.85%	43.77%	24.69%	28.73%	31.2%	23.05%	21.42%
Research & Development	140.56M	138.97M	139.81M	139.4M	141.13M	135.37M	130.98M	119.43M	116.44M	99.2M	78.27M	69.79M	55.83M	44.31M	41.55M	40.95M	33.08M	31.13M	36.26M	33.38M	32.33M	27.64M	27.06M	24.72M	25.63M	30.09M	33.34M	27.7M	24.7M	22.5M	19.4M
R&D % of Revenue	-	13.98%	15.29%	16.64%	14.03%	13.05%	16.15%	16.46%	14.44%	12.95%	14.78%	15.49%	13.09%	14.4%	12.81%	12.72%	11.38%	17.72%	14.94%	14.79%	13.57%	12.74%	13.4%	16.47%	22.46%	21.38%	13.3%	18.21%	20.28%	14.49%	15.8%
Other Operating Expenses	0	0	0	-8M	22.44M	0	35.49M	0	0	0	0	0	0	0	0	0	75K	4.53M	258K	0	0	0	0	0	0	14.04M	11.99M	9.3M	8.7M	5.8M	5.1M
Operating Income	238.43M	162.57M	115.06M	130.7M	246.23M	315.1M	170.53M	142.6M	221.14M	258.86M	154.07M	121.52M	127.85M	76.94M	83.41M	85.36M	75.71M	-12.67M	25.1M	28.14M	44.47M	44M	46.85M	19.51M	-9.41M	-27.34M	89.69M	35.5M	21.8M	54.7M	38.2M
Operating Margin %	21.9%	16.35%	12.58%	15.61%	24.47%	30.38%	21.03%	19.65%	27.43%	33.79%	29.1%	26.97%	29.98%	25.01%	25.72%	26.51%	26.05%	-7.21%	10.34%	12.47%	18.66%	20.29%	23.2%	13%	-8.24%	-19.43%	35.77%	23.34%	17.9%	35.22%	31.11%
Operating Income Growth %	-	41.28%	-11.96%	-46.92%	-21.86%	84.78%	19.58%	-35.52%	-14.57%	68.02%	26.78%	-4.95%	66.18%	-7.76%	-2.28%	12.73%	697.67%	-150.46%	-10.78%	-36.73%	1.07%	-6.07%	140.13%	307.38%	65.59%	-130.48%	152.64%	62.84%	-60.15%	43.19%	-14.73%
EBITDA	266.95M	193.36M	147.75M	152.58M	265.85M	335.38M	197.03M	167.5M	242.69M	275.85M	169.13M	135.64M	140.32M	88.04M	94.27M	95.11M	85.52M	-3.09M	36.48M	39.49M	56.14M	55.43M	56.82M	29.67M	116K	-13.8M	101.68M	44.8M	30.5M	60.5M	43.3M
EBITDA Margin %	24.52%	19.45%	16.16%	18.22%	26.42%	32.34%	24.29%	23.08%	30.1%	36.01%	31.94%	30.1%	32.9%	28.62%	29.07%	29.55%	29.42%	-1.76%	15.03%	17.5%	23.56%	25.56%	28.13%	19.77%	0.1%	-9.8%	40.55%	29.45%	25.04%	38.96%	35.26%
EBITDA Growth %	62.24%	30.87%	-3.16%	-42.61%	-20.73%	70.22%	17.63%	-30.98%	-12.02%	63.1%	24.7%	-3.34%	59.38%	-6.6%	-0.89%	11.21%	2869.49%	-108.47%	-7.63%	-29.65%	1.28%	-2.45%	91.49%	25479.31%	100.84%	-113.57%	126.96%	46.89%	-49.59%	39.72%	-9.79%
D&A (Non-Cash Add-back)	28.52M	30.79M	32.69M	21.88M	19.62M	20.28M	26.5M	24.9M	21.55M	16.99M	15.07M	14.12M	12.47M	11.1M	10.86M	9.76M	9.81M	9.58M	11.38M	11.36M	11.67M	11.43M	9.97M	10.16M	9.52M	13.54M	11.99M	9.3M	8.7M	5.8M	5.1M
EBIT	250.43M	182.8M	131.49M	122.7M	268.67M	318.9M	206.02M	142.6M	221.14M	258.86M	154.07M	121.52M	127.85M	76.94M	83.41M	85.36M	75.79M	-8.14M	25.36M	28.14M	44.47M	44M	46.85M	19.51M	-9.41M	-27.34M	89.69M	35.5M	21.8M	54.7M	38.2M
Net Interest Income	4.1M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2.9M	1.42M	2.19M	7.1M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	4.1M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2.9M	1.42M	2.19M	7.1M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	19.57M	20.24M	16.42M	4.65M	4.47M	3.8M	16.38M	20.39M	13.43M	7.6M	8.01M	5.44M	3.9M	1.52M	3.22M	1.76M	390K	2.29M	10.26M	7.99M	6.1M	4.24M	6.31M	3.74M	1.2M	11.67M	10.53M	7.3M	5.5M	3.6M	5.5M
Pretax Income	258M	182.8M	131.49M	135.35M	250.69M	318.9M	186.91M	162.99M	234.57M	266.46M	162.08M	126.96M	131.76M	78.46M	86.63M	87.12M	76.1M	-10.38M	35.37M	36.12M	50.58M	48.25M	53.16M	23.25M	-8.2M	-15.67M	100.22M	42.8M	27.3M	58.3M	43.7M
Pretax Margin %	23.69%	18.38%	14.38%	16.16%	24.92%	30.75%	23.05%	22.46%	29.09%	34.78%	30.61%	28.18%	30.9%	25.5%	26.71%	27.06%	26.18%	-5.9%	14.57%	16.01%	21.22%	22.25%	26.32%	15.49%	-7.19%	-11.14%	39.97%	28.14%	22.41%	37.54%	35.59%
Income Tax	83.21M	68.36M	25.32M	22.11M	35.17M	39.02M	10.72M	-40.87M	15.31M	89.75M	18.13M	19.3M	20.91M	11.27M	18.53M	17.25M	14.72M	-5.51M	4.87M	8.57M	10.55M	12.54M	15.42M	7.3M	-2.18M	-4.54M	32.07M	12.4M	7.1M	17.8M	13.3M
Effective Tax Rate %	32.25%	37.4%	19.25%	16.34%	14.03%	12.24%	5.74%	-25.08%	6.53%	33.68%	11.18%	15.2%	15.87%	14.37%	21.39%	19.8%	19.34%	53.07%	13.77%	23.74%	20.86%	26%	29%	31.39%	26.54%	29%	32%	28.97%	26.01%	30.53%	30.43%
Net Income	174.79M	114.44M	106.17M	113.23M	215.53M	279.88M	176.19M	203.87M	219.27M	176.71M	143.69M	187.07M	121.48M	73.57M	68.1M	69.87M	61.38M	-4.87M	27.27M	26.9M	39.85M	35.7M	37.74M	15.95M	-6.03M	-11.13M	68.15M	30.4M	20.2M	40.5M	30.4M
Net Margin %	16.05%	11.51%	11.61%	13.52%	21.42%	26.99%	21.72%	28.1%	27.19%	23.07%	27.14%	41.52%	28.49%	23.91%	21%	21.7%	21.12%	-2.77%	11.24%	11.92%	16.72%	16.46%	18.69%	10.63%	-5.28%	-7.91%	27.18%	19.99%	16.58%	26.08%	24.76%
Net Income Growth %	43.21%	7.79%	-6.24%	-47.46%	-22.99%	58.86%	-13.58%	-7.02%	24.08%	22.98%	-23.19%	53.99%	65.12%	8.04%	-2.53%	13.83%	1360.65%	-117.85%	1.4%	-32.51%	11.63%	-5.41%	136.62%	364.66%	45.83%	-116.33%	124.17%	50.5%	-50.12%	33.22%	32.17%
Net Income (Continuing)	174.79M	114.44M	106.17M	113.23M	215.53M	279.88M	176.19M	203.87M	219.27M	176.71M	143.95M	107.66M	110.84M	67.18M	68.1M	69.87M	61.38M	-4.87M	30.5M	27.55M	40.03M	35.7M	37.74M	15.95M	-6.03M	-11.13M	68.15M	30.4M	20.2M	40.5M	30.4M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	-255K	79.41M	10.64M	6.39M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.03	0.68	0.62	0.65	1.23	1.56	1.00	1.16	1.24	0.99	0.86	1.07	0.68	0.42	0.39	0.41	0.38	-0.03	0.17	0.15	0.21	0.19	0.20	0.09	-0.03	-0.06	0.37	0.17	0.12	0.23	0.17
EPS Growth %	45.07%	9.68%	-4.62%	-47.15%	-21.15%	56%	-13.79%	-6.45%	25.25%	15.12%	-19.63%	57.35%	61.9%	7.69%	-4.88%	7.89%	1337.79%	-118.06%	13.33%	-28.57%	10.53%	-5%	122.22%	360.12%	45.68%	-117.22%	117.65%	41.67%	-47.83%	35.29%	21.43%
EPS (Basic)	-	0.68	0.62	0.66	1.24	1.59	1.02	1.19	1.27	1.02	0.88	1.09	0.70	0.43	0.40	0.42	0.39	-0.03	0.17	0.16	0.22	0.19	0.21	0.09	-0.03	-0.06	0.40	0.19	0.12	0.25	0.17
Diluted Shares Outstanding	169.99M	169.37M	172.61M	173.4M	174.87M	179.92M	176.59M	175.27M	177.41M	179.55M	174.14M	175.98M	178.14M	177.8M	174.56M	171.05M	161.19M	158.64M	166.22M	176.25M	186.59M	191.74M	189.43M	177.86M	174.01M	174.56M	182.79M	175.94M	172.81M	178.02M	175.26M
Basic Shares Outstanding	167.35M	168.05M	171.44M	172.25M	173.41M	176.46M	173.49M	171.19M	172.33M	173.29M	170.68M	172.59M	173.72M	173.89M	171.33M	167.44M	159.7M	158.63M	165.75M	174.9M	182.24M	186.84M	181.92M	172.69M	174.01M	174.56M	172.17M	163.73M	163.91M	165.31M	175.26M
Dividend Payout Ratio	-	47.73%	49.29%	43.34%	21.31%	15.46%	221.65%	17.23%	14.53%	16.43%	17.55%	9.65%	-	-	97.23%	21.63%	16.31%	-	70.69%	55.38%	37.78%	41.9%	33.8%	32.83%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Demand normalization after record quarter

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Accelerating Revenue Momentum

Cognex's revenue surged 16.9% year-over-year to $291.3M in Q2 2026, marking the third consecutive quarter of accelerating growth, according to the latest income statement data.

The sequential acceleration from 4.1% in Q2 2025 to 16.9% in Q2 2026 suggests a broad-based demand recovery, likely driven by AI-enabled vision systems and renewed factory automation spending. The 24.3% growth in Q1 2026 further confirms this trend, though the implied sequential decline in Q3 guidance (to $300-320M) indicates potential seasonality or a pause in the logistics segment.

Gross Margin Expansion to 70.6%

Gross margin reached 70.6% in Q2 2026, up from 67.4% a year earlier, reflecting a favorable mix shift toward high-value software-defined vision systems, as reported in the quarterly financials.

The 320 basis point year-over-year expansion suggests that Cognex is successfully selling more complex, software-intensive solutions, which carry higher embedded value. This is consistent with the company's strategy to differentiate through deep learning and AI, though investors should monitor whether this mix shift is sustainable as logistics hardware demand normalizes.

Operating Leverage Drives Margin Surge

Operating income grew 97% year-over-year to $85.5M in Q2 2026, with operating margin expanding to 29.4% from 17.4%, as SG&A and R&D grew only modestly relative to revenue, per the income statement.

The 1,200 basis point operating margin expansion demonstrates significant operating leverage, as revenue growth of 16.9% translated into nearly double-digit operating income growth. SG&A remained flat sequentially at $87.9M, while R&D declined from $37.0M to $32.4M, indicating disciplined cost control. This suggests that the company's high fixed-cost base is now being utilized more efficiently, though the sustainability of this leverage depends on maintaining revenue growth.

EPS Beat Masks Tax and SBC Effects

Q2 2026 EPS of $0.43 beat estimates by $0.18, but stock-based compensation of $11.2M and a tax rate of 15.4% (vs. 21% statutory) contributed to the quality of reported earnings, based on the financial data.

The effective tax rate in Q2 2026 was 15.4%, below the statutory rate, which may have flattered net income. SBC of $11.2M represents about 15% of operating income, a significant non-cash expense that investors should add back to assess true cash generation. The large EPS beat relative to estimates suggests that analysts may have underestimated the operating leverage, but the quality of the beat is partially attributable to tax benefits.

R&D and SG&A Efficiency Gains

R&D spending fell to 11.1% of revenue in Q2 2026 from 13.3% a year earlier, while SG&A dropped to 30.2% from 36.7%, indicating improved cost discipline, as shown in the quarterly data.

The decline in R&D as a percentage of revenue is notable given the company's emphasis on innovation, but it may reflect a pause in hiring or a shift toward more efficient development processes. SG&A efficiency improved significantly, suggesting that the sales organization is scaling without proportional cost increases. However, the absolute R&D dollar decline from Q1 2026 ($37.0M to $32.4M) warrants monitoring to ensure it does not compromise future product development.

Q2 2026 Marks a Turning Point

Q2 2026 stands out as the inflection quarter, with revenue, operating margin, and EPS all reaching multi-year highs, driven by AI-vision adoption and a rebound in factory automation, per the income statement history.

The quarter's 29.4% operating margin is the highest in the provided data, surpassing the previous peak of 22.3% in Q1 2026. This inflection appears to be driven by a combination of revenue acceleration and cost discipline, suggesting that the company's strategic pivot to AI-enabled vision is gaining traction. The lasting impact could be a higher baseline for profitability if the company can sustain this mix shift, though the implied sequential revenue decline in Q3 guidance introduces uncertainty.

Sustainability of the AI-Driven Surge

Despite the record Q2, forward guidance implies a sequential revenue decline from $291.3M to $300-320M, suggesting that the growth rate may moderate, and the EPS beat may not be repeatable, based on the company's own projections.

Short-sellers could argue that the Q2 beat was a one-off, driven by pent-up demand or a large customer order, and that the implied Q3 revenue decline signals demand normalization. Additionally, the gross margin expansion to 70.6% may be unsustainable if logistics hardware sales rebound, as that segment typically carries lower margins. The reliance on AI-driven products also exposes the company to competitive responses from Keyence and others, which could pressure pricing and margins over the next few quarters.

CGNX — Frequently Asked Questions

Quick answers to the most common questions about buying CGNX stock.

What was Cognex Corporation's (CGNX) revenue in 2025?

For fiscal year 2025, Cognex Corporation (CGNX) reported total revenue of $994.4M. This represents a 709.7% increase compared to $122.8M in 1996.

Is Cognex Corporation (CGNX) profitable?

Cognex Corporation (CGNX) is profitable, generating $114.4M in net income for the fiscal year ending 2025 with a net profit margin of 11.5%.

What is Cognex Corporation's operating profit margin?

Cognex Corporation (CGNX) reported an operating income of $162.6M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Cognex Corporation's gross profit and gross margin?

Cognex Corporation (CGNX) generated $665.4M in gross profit for the year, representing a gross profit margin of 66.9%. This demonstrates the company's core pricing power and production efficiency.