Gentex Corporation (GNTX) Income Statement

30Y historyFree accessUpdated daily

Revenue of $647.7M in 2026Q3 declined 1.1% year-over-year and operating margin fell from 21.7% in 2026Q2 to 17.8%, suggesting the early-2026 margin strength may not be fully sustainable.

Annual statement

GNTX Income Statement

Gentex Corporation (GNTX) 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	2.62B	2.53B	2.31B	2.3B	1.92B	1.73B	1.69B	1.86B	1.83B	1.79B	1.68B	1.54B	1.38B	1.17B	1.1B	1.02B	816.26M	544.52M	623.8M	653.93M	572.27M	536.48M	505.67M	469.02M	395.26M	310.3M	297.42M	262.2M	222.3M	186.3M	148.7M
Revenue Growth %	7.71%	9.55%	0.61%	19.82%	10.85%	2.55%	-9.18%	1.35%	2.18%	6.91%	8.77%	12.22%	17.38%	6.58%	7.4%	25.42%	49.9%	-12.71%	-4.61%	14.27%	6.67%	6.09%	7.81%	18.66%	27.38%	4.33%	13.43%	17.95%	19.32%	25.29%	33.24%
Cost of Goods Sold	1.71B	1.67B	1.54B	1.54B	1.31B	1.11B	1.08B	1.17B	1.14B	1.1B	1.01B	939.84M	836.61M	741.13M	726.74M	662.18M	520.57M	366.97M	420.67M	426.24M	373.16M	337.84M	297.92M	272.52M	235.61M	188.3M	160.33M	138.4M	123.8M	111.9M	89.1M
COGS % of Revenue	-	65.8%	66.67%	66.83%	68.22%	64.2%	64.14%	62.97%	62.35%	61.3%	60.19%	60.89%	60.82%	63.24%	66.09%	64.68%	63.78%	67.39%	67.44%	65.18%	65.21%	62.97%	58.92%	58.1%	59.61%	60.68%	53.91%	52.78%	55.69%	60.06%	59.92%
Gross Profit	910.47M	866.71M	771.09M	762.63M	609.81M	619.71M	605.44M	688.31M	690.47M	694.53M	668.45M	603.78M	538.89M	430.73M	372.82M	361.58M	295.69M	177.55M	203.13M	227.7M	199.1M	198.64M	207.75M	196.5M	159.65M	122M	137.1M	123.8M	98.5M	74.4M	59.6M
Gross Margin %	34.77%	34.2%	33.33%	33.17%	31.78%	35.8%	35.86%	37.03%	37.65%	38.7%	39.81%	39.11%	39.18%	36.76%	33.91%	35.32%	36.22%	32.61%	32.56%	34.82%	34.79%	37.03%	41.08%	41.9%	40.39%	39.32%	46.09%	47.22%	44.31%	39.94%	40.08%
Gross Profit Growth %	-	12.4%	1.11%	25.06%	-1.6%	2.36%	-12.04%	-0.31%	-0.58%	3.9%	10.71%	12.04%	25.11%	15.53%	3.11%	22.28%	66.53%	-12.59%	-10.79%	14.36%	0.23%	-4.38%	5.72%	23.08%	30.85%	-11.01%	10.74%	25.69%	32.39%	24.83%	26%
Operating Expenses	410.31M	392.77M	311.36M	266.9M	239.81M	209.93M	205.89M	199.77M	182.34M	171.17M	156.71M	145.01M	140.06M	125.99M	133.36M	130.21M	104.72M	82.94M	110.93M	88.88M	72.66M	62.35M	57.68M	49.93M	44.45M	39.94M	46.68M	38.3M	31.2M	26.9M	23.7M
OpEx % of Revenue	-	15.5%	13.46%	11.61%	12.5%	12.13%	12.2%	10.75%	9.94%	9.54%	9.33%	9.39%	10.18%	10.75%	12.13%	12.72%	12.83%	15.23%	17.78%	13.59%	12.7%	11.62%	11.41%	10.64%	11.25%	12.87%	15.7%	14.61%	14.04%	14.44%	15.94%
Selling, General & Admin	195.49M	177.87M	121.02M	112.54M	106.5M	92.16M	89.95M	85.08M	75.21M	71.44M	62.47M	56.62M	55.88M	49.5M	48.36M	48.58M	40.62M	35.81M	42.43M	35.28M	30.88M	27.29M	26.85M	23.31M	21.47M	19.26M	17.64M	14.1M	12.1M	10.8M	11.7M
SG&A % of Revenue	-	7.02%	5.23%	4.89%	5.55%	5.32%	5.33%	4.58%	4.1%	3.98%	3.72%	3.67%	4.06%	4.22%	4.4%	4.75%	4.98%	6.58%	6.8%	5.4%	5.4%	5.09%	5.31%	4.97%	5.43%	6.21%	5.93%	5.38%	5.44%	5.8%	7.87%
Research & Development	205.71M	203.26M	181.48M	154.36M	133.31M	117.76M	115.94M	114.69M	107.13M	99.73M	94.24M	88.39M	84.18M	76.5M	85M	81.63M	64.1M	47.13M	51.89M	50.72M	41.77M	35.06M	30.83M	26.61M	22.97M	20.68M	16.9M	13.8M	11M	9.1M	7.5M
R&D % of Revenue	-	8.02%	7.84%	6.71%	6.95%	6.8%	6.87%	6.17%	5.84%	5.56%	5.61%	5.73%	6.12%	6.53%	7.73%	7.97%	7.85%	8.65%	8.32%	7.76%	7.3%	6.54%	6.1%	5.67%	5.81%	6.67%	5.68%	5.26%	4.95%	4.88%	5.04%
Other Operating Expenses	3.36M	11.64M	8.86M	0	0	0	0	0	0	0	-1.18M	0	0	0	0	0	0	0	0	2.89M	0	0	0	0	0	0	12.14M	10.4M	8.1M	7M	4.5M
Operating Income	500.16M	473.94M	459.73M	495.73M	370.01M	409.78M	399.56M	488.54M	508.13M	523.36M	511.74M	458.77M	398.83M	304.74M	234.46M	231.37M	190.97M	94.62M	108.81M	138.82M	126.45M	136.29M	150.07M	146.58M	115.2M	82.06M	90.41M	85.5M	67.3M	47.5M	35.8M
Operating Margin %	19.1%	18.7%	19.87%	21.56%	19.28%	23.67%	23.67%	26.28%	27.7%	29.16%	30.48%	29.72%	29%	26%	21.32%	22.6%	23.4%	17.38%	17.44%	21.23%	22.1%	25.41%	29.68%	31.25%	29.15%	26.44%	30.4%	32.61%	30.27%	25.5%	24.08%
Operating Income Growth %	-	3.09%	-7.26%	33.98%	-9.71%	2.56%	-18.21%	-3.85%	-2.91%	2.27%	11.55%	15.03%	30.88%	29.98%	1.33%	21.15%	101.83%	-13.04%	-21.61%	9.78%	-7.23%	-9.18%	2.38%	27.24%	40.39%	-9.24%	5.74%	27.04%	41.68%	32.68%	43.2%
EBITDA	568.98M	577.98M	554.44M	589.05M	466.57M	508.89M	504.3M	593.24M	610.31M	622.93M	600.33M	539.37M	476.21M	367.6M	284.64M	274M	229.59M	132.98M	144.7M	171.25M	154.21M	160.12M	171.81M	168.12M	134.91M	98.19M	102.55M	95.9M	75.4M	54.5M	40.3M
EBITDA Margin %	21.73%	22.81%	23.97%	25.62%	24.31%	29.4%	29.87%	31.91%	33.28%	34.71%	35.76%	34.94%	34.62%	31.37%	25.89%	26.76%	28.13%	24.42%	23.2%	26.19%	26.95%	29.85%	33.98%	35.84%	34.13%	31.64%	34.48%	36.58%	33.92%	29.25%	27.1%
EBITDA Growth %	4.16%	4.25%	-5.88%	26.25%	-8.32%	0.91%	-14.99%	-2.8%	-2.03%	3.76%	11.3%	13.26%	29.55%	29.15%	3.88%	19.34%	72.65%	-8.1%	-15.5%	11.05%	-3.69%	-6.8%	2.19%	24.61%	37.4%	-4.25%	6.94%	27.19%	38.35%	35.24%	41.4%
D&A (Non-Cash Add-back)	76.66M	104.04M	94.71M	93.32M	96.57M	99.11M	104.74M	104.7M	102.19M	99.57M	88.59M	80.6M	77.38M	62.85M	50.18M	42.63M	38.62M	38.36M	35.89M	32.44M	27.76M	23.82M	21.74M	21.54M	19.71M	16.13M	12.14M	10.4M	8.1M	7M	4.5M
EBIT	473.49M	461.06M	472.21M	504.98M	369.72M	416.35M	399.56M	488.54M	508.13M	523.36M	511.74M	458.77M	398.83M	304.74M	239.46M	231.37M	190.97M	94.62M	108.81M	138.82M	126.45M	136.29M	150.07M	146.58M	115.2M	82.06M	90.41M	85.5M	67.3M	47.5M	35.8M
Net Interest Income	0	0	13.4M	0	4.8M	3.59M	6.39M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	13.4M	0	4.8M	3.59M	6.99M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	600K	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	-26.67M	-12.87M	12.49M	9.25M	-283.05K	6.57M	12.26M	11.88M	13.92M	8.44M	-1.18M	4.83M	16.49M	23.32M	15.17M	13.06M	12.47M	1.73M	-16.62M	40.92M	32.53M	23.6M	15.67M	11.59M	11.87M	14.56M	14.11M	10.8M	7.4M	4.7M	-300K
Pretax Income	473.49M	461.06M	472.21M	504.98M	369.72M	416.35M	411.81M	500.42M	522.05M	531.8M	510.56M	463.59M	415.33M	328.06M	249.63M	244.43M	203.44M	96.35M	92.19M	179.74M	158.97M	159.89M	165.73M	158.16M	127.07M	96.62M	104.52M	96.3M	74.7M	52.2M	35.5M
Pretax Margin %	18.08%	18.19%	20.41%	21.96%	19.27%	24.05%	24.39%	26.92%	28.46%	29.63%	30.41%	30.03%	30.19%	28%	22.7%	23.88%	24.92%	17.69%	14.78%	27.49%	27.78%	29.8%	32.78%	33.72%	32.15%	31.14%	35.14%	36.73%	33.6%	28.02%	23.87%
Income Tax	77.05M	76.38M	67.73M	76.58M	50.97M	55.55M	64.25M	75.73M	84.16M	125M	162.97M	145.12M	126.72M	105.13M	81.04M	79.76M	65.71M	31.72M	30.11M	57.61M	50.21M	50.37M	53.08M	51.4M	41.3M	31.4M	33.98M	31.4M	24.4M	17M	11.5M
Effective Tax Rate %	16.27%	16.57%	14.34%	15.16%	13.78%	13.34%	15.6%	15.13%	16.12%	23.51%	31.92%	31.3%	30.51%	32.05%	32.46%	32.63%	32.3%	32.92%	32.66%	32.05%	31.59%	31.5%	32.03%	32.5%	32.5%	32.5%	32.51%	32.61%	32.66%	32.57%	32.39%
Net Income	396.67M	384.84M	404.49M	428.4M	318.76M	360.8M	347.56M	424.68M	437.88M	406.79M	347.59M	318.47M	288.6M	222.93M	168.59M	164.67M	137.73M	64.64M	62.09M	122.13M	108.76M	109.53M	112.66M	106.76M	85.77M	65.22M	70.54M	64.9M	50.3M	35.2M	24M
Net Margin %	15.15%	15.19%	17.49%	18.63%	16.61%	20.84%	20.59%	22.85%	23.88%	22.66%	20.7%	20.63%	20.98%	19.02%	15.33%	16.08%	16.87%	11.87%	9.95%	18.68%	19.01%	20.42%	22.28%	22.76%	21.7%	21.02%	23.72%	24.75%	22.63%	18.89%	16.14%
Net Income Growth %	4.51%	-4.86%	-5.58%	34.4%	-11.65%	3.81%	-18.16%	-3.01%	7.64%	17.03%	9.14%	10.35%	29.46%	32.23%	2.38%	19.56%	113.09%	4.11%	-49.16%	12.29%	-0.7%	-2.78%	5.52%	24.47%	31.52%	-7.55%	8.7%	29.03%	42.9%	46.67%	26.98%
Net Income (Continuing)	396.44M	384.68M	404.49M	428.4M	318.76M	360.8M	347.56M	424.68M	437.88M	406.79M	347.59M	318.47M	288.6M	222.93M	168.59M	164.67M	137.73M	64.64M	62.09M	122.13M	108.76M	109.53M	112.66M	106.76M	85.77M	65.22M	70.54M	64.9M	50.3M	35.2M	24M
Discontinued Operations	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
Minority Interest	2.94T	3.1M	4.15M	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)	1.88	1.74	1.76	1.84	1.36	1.50	1.41	1.66	1.62	1.41	1.19	1.08	0.98	0.78	0.59	0.57	0.49	0.24	0.22	0.43	0.37	0.35	0.36	0.34	0.28	0.22	0.23	0.22	0.17	0.12	0.08
EPS Growth %	9.47%	-1.14%	-4.35%	35.29%	-9.33%	6.38%	-15.06%	2.47%	14.89%	18.49%	10.19%	10.2%	25.64%	32.2%	3.51%	16.33%	104.17%	9.09%	-48.84%	16.22%	5.71%	-2.78%	5.88%	21.43%	27.27%	-4.35%	4.55%	29.41%	41.67%	43.2%	19.71%
EPS (Basic)	-	1.74	1.77	1.84	1.36	1.51	1.41	1.67	1.64	1.42	1.21	1.09	0.99	0.78	0.59	0.58	0.50	0.24	0.22	0.43	0.37	0.35	0.37	0.35	0.28	0.22	0.24	0.22	0.18	0.13	0.09
Diluted Shares Outstanding	210.62M	217.85M	226.02M	229.72M	231.22M	236.6M	243.68M	253.27M	269.88M	288.23M	291.07M	296.24M	294.3M	288.55M	287.94M	288.55M	281.47M	275.29M	282.01M	288.14M	297.98M	312.94M	312.93M	311.71M	306.33M	303.33M	303.42M	301.86M	295.88M	287.35M	286.57M
Basic Shares Outstanding	210.62M	217.83M	225.71M	229.41M	230.83M	235.53M	242.6M	251.77M	267.79M	285.86M	288.43M	293.1M	290.95M	286.92M	286.2M	284.99M	278.71M	274.46M	281.8M	286.11M	293.95M	312.94M	308.65M	307.23M	300.95M	299.85M	297.03M	291.69M	287.43M	276.08M	274.29M
Dividend Payout Ratio	-	27.77%	27.3%	26.18%	35.48%	31.95%	33.72%	27.39%	26.62%	26.75%	29.09%	30.46%	30.36%	35.51%	43.53%	40.79%	44.57%	93.75%	97.38%	45.79%	50.3%	49.1%	-	10.78%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Automotive production cyclicality and concentration

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Top-Line Growth Turns Choppy Through 2026

Based on Gentex's reported quarterly figures, revenue reached $675.4M in 2026Q1 with a 17.1% year-over-year gain, then slipped to $647.7M in 2026Q3, a -1.1% decline, suggesting growth momentum has softened after the early-year rebound.

The swing from double-digit growth in Q1 to a flat-to-negative trajectory in Q2 and Q3 implies that the year-ago comparison base, rather than a durable acceleration, may have driven the Q1 print. Revenue appears to be tracking light vehicle production volumes, and the absence of disclosed unit or content-per-vehicle breakdowns limits how confidently growth can be attributed to Full Display Mirror penetration versus volume. Investors should monitor whether FDM dollar content gains can offset flat unit demand in the coming quarters.

Gross Margin Recovers Toward Mid-Thirties

Gross margin reported at 37.0% in 2026Q2, up from 32.5% in 2024Q4, indicating that pricing, mix, or cost absorption improvements have partially restored the premium margin structure Gentex has historically sustained.

The recovery toward the mid-30s range is consistent with a premium positioning that avoids commodity-style pricing pressure, though the quarterly volatility of roughly 3 to 4 percentage points points to sensitivity to input costs and fixed-cost absorption. Gross margin in 2026Q3 retreated to 33.4%, which may reflect the sequential revenue decline weighing on utilization. The margin trajectory warrants continued tracking against revenue volume to separate structural pricing power from cyclical absorption effects.

Operating Leverage Varies With Overhead Swings

Operating margin peaked at 21.7% in 2026Q2 before compressing to 17.8% in 2026Q3, with SG&A running between $29.7M and $50.0M across the period, suggesting overhead timing has been a material swing factor.

The SG&A step-up from roughly $30M to around $50M between 2025Q1 and 2025Q2 is large relative to revenue movement, which suggests a change in cost classification, investment timing, or incentive accruals rather than purely volume-driven expansion. Because operating income moved more sharply than gross profit in several quarters, the company's operating leverage appears highly sensitive to overhead decisions. Analysts should examine whether the elevated SG&A base is structural or reflects discretionary spending that could reverse.

Net Income Tracks Operations With Limited Distortion

Net margin of 14.0% to 17.6% over recent quarters sits close to operating margin, and the 2025Q3 net loss of -$16.2M reflects an apparent non-operating or tax-related item, not ongoing operational weakness, based on reported figures.

The gap between operating and net income is generally narrow, which suggests limited reliance on non-operating gains, though interest income on a substantial cash balance likely contributes modestly. The 2025Q3 swing to a loss while operating income was positive points to a discrete charge, such as a tax or impairment item, that warrants review in the filing footnotes before drawing conclusions about underlying earnings power. Stock-based compensation of $7.5M to $10.9M per quarter is modest relative to net income and does not appear to materially distort reported EPS.

Cost Base Anchored by Materials and Fixed Overhead

COGS consumed roughly 63% to 67% of revenue across recent quarters, while R&D held steady near $44M to $53M, implying that materials and manufacturing costs remain the dominant lever on profitability.

The stability of R&D spending relative to revenue indicates a deliberate commitment to electrochromic and display technology regardless of short-term demand swings, which supports the moat thesis. Because COGS moves with production volumes and input costs, the company's margin resilience depends heavily on controlling materials and glass or electronics pricing. The data does not disaggregate COGS into labor, materials, and overhead, so the precise drivers of cost movement remain an inference rather than a confirmed finding.

Peak Margins May Prove Difficult to Sustain

Operating margin compressed from 21.7% in 2026Q2 to 17.8% in 2026Q3 while revenue turned negative, which may indicate that the recent margin peak reflected favorable timing rather than a durable step-up in profitability.

A bear case would argue that the 2026Q2 beat, with EPS of $0.54, was partly driven by temporary cost absorption or favorable quarter timing, given the absence of forward guidance. The subsequent Q3 decline to $0.43 EPS while revenue slipped further suggests the earnings base may be more sensitive to volume than the headline gross margin recovery implies. Investors should monitor whether operating margin stabilizes above the high-teens range and whether SG&A remains elevated, since sustained overhead above $45M per quarter would pressure earnings if revenue growth does not resume.

GNTX — Frequently Asked Questions

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

What was Gentex Corporation's (GNTX) revenue in 2025?

For fiscal year 2025, Gentex Corporation (GNTX) reported total revenue of $2.53B. This represents a 1604.3% increase compared to $148.7M in 1996.

Is Gentex Corporation (GNTX) profitable?

Gentex Corporation (GNTX) is profitable, generating $384.8M in net income for the fiscal year ending 2025 with a net profit margin of 15.2%.

What is Gentex Corporation's operating profit margin?

Gentex Corporation (GNTX) reported an operating income of $473.9M, resulting in an operating profit margin of 18.7%. This margin reflects the operational efficiency of the business before interest and taxes.

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

Gentex Corporation (GNTX) generated $866.7M in gross profit for the year, representing a gross profit margin of 34.2%. This demonstrates the company's core pricing power and production efficiency.