Vishay Intertechnology Reports Third Quarter 2026 Results

Malvern, PA, November 4, 2026 — Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal third quarter ended October 3, 2026.

Highlights

“Q3 revenue of $979 million marked the highest quarterly revenue ever in Vishay’s history and exceeded the top end of our guidance. With revenue growth of 24% over last year, we lifted our gross profit margin to 25.5%, 600 basis points higher. This significant gross margin improvement flowed through to earnings which surged to $0.37 per share. All technologies delivered strong results, demonstrating the value of Vishay as a hybrid supplier of discrete semiconductors and passive components,” said Joel Smejkal, president and CEO. “We remain intensely focused on execution under Vishay 3.0, delivering on our promise to our customers to be a reliable supplier with incremental capacity and maintain competitive lead times.”

4Q 2026 Outlook

For the fourth quarter of 2026, management expects revenues in the range of $990 million +/- $15 million and a gross profit margin in the range of 26.0% +/- 50 basis points.

Conference Call

A conference call to discuss Vishay’s third quarter financial results is scheduled for Wednesday, November 4, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register here. Upon registering, you will be emailed a dial-in number, and unique PIN.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.

About Vishay

Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech®. Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted net revenues; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted net revenues, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results and financial trends of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted net revenues, adjusted gross margin, adjusted operating margin, and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company’s financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, capacity expansion, multi-year customer demand, stockholder returns, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “will,” “expect,” “going forward” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech® is a trademark of Vishay Intertechnology.

Contact:

Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300

VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)

	Fiscal quarters ended
			October 3, 2026			July 4, 2026			September 27, 2025

Net revenues(a)		$	978,939		$	888,575		$	790,640
Costs of products sold(b)			729,554			681,193			636,781
Gross profit			249,385			207,382			153,859
Gross margin			25.5	%		23.3	%		19.5	%

Selling, general, and administrative expenses			157,168			153,856			134,712
Operating income			92,217			53,526			19,147
Operating margin			9.4	%		6.0	%		2.4	%

Other income (expense):
Interest expense			(6,676	)		(10,333	)		(9,525	)
Other			1,742			(794	)		2,265
Total other income (expense) - net			(4,934	)		(11,127	)		(7,260	)

Income before taxes			87,283			42,399			11,887

Income tax expense			28,314			14,275			19,763

Net earnings (loss)		$	58,969		$	28,124		$	(7,876	)

Basic earnings (loss) per share		$	0.38		$	0.21		$	(0.06	)

Diluted earnings (loss) per share		$	0.37		$	0.19		$	(0.06	)

Weighted average shares outstanding - basic			153,523			136,824			135,720

Weighted average shares outstanding - diluted			160,819			147,901			135,720

Cash dividends per share		$	0.10		$	0.10		$	0.10

(a) Net revenues for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit.
(b) Costs of product sold for the fiscal quarter ended July 4, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.

VISHAY INTERTECHNOLOGY, INC.
Summary of Operations
(Unaudited - In thousands, except per share amounts)

	Nine fiscal months ended
			October 3, 2026			September 27, 2025


Net revenues(c)		$	2,706,756		$	2,268,126
Costs of products sold(d)			2,073,377			1,830,030
Gross profit			633,379			438,096
Gross margin			23.4	%		19.3	%

Selling, general, and administrative expenses(e)			465,512			396,016
Operating income			167,867			42,080
Operating margin			6.2	%		1.9	%

Other income (expense):
Interest expense			(26,982	)		(28,903	)
Other			1,649			6,759
Total other income (expense) - net			(25,333	)		(22,144	)

Income before taxes			142,534			19,936

Income tax expense			48,277			29,900

Net earnings (loss)		$	94,257		$	(9,964	)

Basic earnings (loss) per share		$	0.66		$	(0.07	)

Diluted earnings (loss) per share		$	0.63		$	(0.07	)

Weighted average shares outstanding - basic			142,065			135,739

Weighted average shares outstanding - diluted			148,664			135,739

Cash dividends per share		$	0.30		$	0.30

(c) Net revenues for the nine fiscal months ended October 3, 2026 are reduced by ($30,008) for tariff refunds passed through to customers, with no impact on gross profit.
(d) Costs of product sold for the nine fiscal months ended October 3, 2026 are reduced by ($30,008) for tariff refunds received from the U.S. government, with no impact on gross profit.
(e) Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets
(Unaudited - In thousands)

		October 3, 2026			December 31, 2025

Assets
Current assets:
Cash and cash equivalents	$	1,139,887		$	514,966
Short-term investments		5,304			265
Accounts receivable, net		367,048			381,802
Inventories:
Finished goods		174,418			182,444
Work in process		365,575			331,347
Raw materials		265,495			245,412
Total inventories		805,488			759,203

Prepaid expenses and other current assets		233,063			231,004
Total current assets		2,550,790			1,887,240

Property and equipment, at cost:
Land		85,515			86,399
Buildings and improvements		846,712			839,856
Machinery and equipment		3,487,407			3,477,884
Construction in progress		564,927			464,475
Allowance for depreciation		(3,251,827	)		(3,195,455	)
		1,732,734			1,673,159

Right of use assets		118,996			119,746
Deferred income taxes		189,525			183,016
Goodwill		179,928			180,390
Other intangible assets, net		67,785			78,487
Other assets		109,030			112,122
Total assets	$	4,948,788		$	4,234,160

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Balance Sheets (continued)
(Unaudited - In thousands)

		October 3, 2026		December 31, 2025


Liabilities and equity
Current liabilities:
Trade accounts payable	$	246,311	$	214,984
Payroll and related expenses		192,326		164,114
Lease liabilities		28,099		26,546
Other accrued expenses		268,088		300,031
Income taxes		34,768		14,751
Total current liabilities		769,592		720,426

Long-term debt less current portion		735,482		950,893
Deferred income taxes		95,991		96,818
Long-term lease liabilities		92,757		95,799
Other liabilities		135,972		109,228
Accrued pension and other postretirement costs		164,616		172,723
Total liabilities		1,994,410		2,145,887

Equity:
Vishay stockholders' equity
Common stock		14,130		12,351
Class B convertible common stock		1,210		1,210
Capital in excess of par value		1,955,384		1,101,086
Retained earnings		943,885		892,232
Accumulated other comprehensive income		39,769		81,394
Total equity		2,954,378		2,088,273
Total liabilities and equity	$	4,948,788	$	4,234,160

VISHAY INTERTECHNOLOGY, INC.
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
	Nine fiscal months ended
			October 3, 2026			September 27, 2025

Operating activities
Net earnings (loss)		$	94,257		$	(9,964	)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization			174,035			167,036
Loss on disposal of property and equipment			107			56
Inventory write-offs for obsolescence			33,374			25,614
Deferred income taxes			(5,026	)		(7,461	)
Stock compensation expense			29,875			17,635
Other			8,993			(2,189	)
Change in U.S. transition tax liability			-			(47,027	)
Change in repatriation tax liability			(4,092	)		(9,375	)
Changes in operating assets and liabilities			(16,732	)		(99,379	)
Net cash provided by operating activities			314,791			34,946

Investing activities
Capital expenditures			(253,409	)		(178,491	)
Proceeds from sale of property and equipment			480			854
Purchase of short-term investments			(5,356	)		(28,575	)
Maturity of short-term investments			317			45,111
Other investing activities			(410	)		(2,336	)
Net cash used in investing activities			(258,378	)		(163,437	)

Financing activities
Proceeds from follow-on public offering, net of underwriting discounts and issuance costs			830,250			-
Principal payments on long-term debt			-			(41,911	)
Net proceeds (payments) on revolving credit facility			(219,000	)		53,000
Dividends paid to common stockholders			(38,933	)		(37,050	)
Dividends paid to Class B common stockholders			(3,629	)		(3,629	)
Repurchase of common stock			-			(12,538	)
Cash withholding taxes paid when shares withheld for vested equity awards			(4,090	)		(4,000	)
Other financing activities			10,000			10,080
Net cash provided by (used in) financing activities			574,598			(36,048	)
Effect of exchange rate changes on cash and cash equivalents			(6,090	)		18,111

Net increase (decrease) in cash and cash equivalents			624,921			(146,428	)

Cash and cash equivalents at beginning of period			514,966			590,286
Cash and cash equivalents at end of period		$	1,139,887		$	443,858

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Adjusted Earnings Per Share
(Unaudited - In thousands, except per share amounts)
	Fiscal quarters ended									Nine fiscal months ended
			October 3, 2026		July 4, 2026			September 27, 2025				October 3, 2026			September 27, 2025

Net earnings (loss)		$	58,969	$	28,124		$	(7,876	)		$	94,257		$	(9,964	)

Reconciling items affecting net revenues:
Tariff refunds passed through to customers			-		30,008			-				30,008			-

Other reconciling items affecting gross profit:
Tariff refunds received from U.S. government			-		(30,008	)		-				(30,008	)		-

Other reconciling items affecting operating income:
Favorable resolution of contingency			-		-			-				-			(11,293	)

Reconciling items affecting tax expense:
Change in tax laws and regulations			-		-			13,657				-			13,657

Adjusted net earnings (loss)		$	58,969	$	28,124		$	5,781			$	94,257		$	(7,600	)

Adjusted weighted average diluted shares outstanding			160,819		147,901			136,582				148,664			135,739

Adjusted earnings (loss) per diluted share		$	0.37	$	0.19		$	0.04			$	0.63		$	(0.06	)

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of Free Cash
(Unaudited - In thousands)
	Fiscal quarters ended										Nine fiscal months ended
			October 3, 2026			July 4, 2026			September 27, 2025				October 3, 2026			September 27, 2025
Net cash provided by operating activities		$	145,763		$	105,359		$	27,639			$	314,791		$	34,946
Proceeds from sale of property and equipment			259			155			360				480			854
Less: Capital expenditures			(47,547	)		(95,201	)		(52,324	)			(253,409	)		(178,491	)
Free cash		$	98,475		$	10,313		$	(24,325	)		$	61,862		$	(142,691	)

VISHAY INTERTECHNOLOGY, INC.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited - In thousands)
	Fiscal quarters ended										Nine fiscal months ended
			October 3, 2026			July 4, 2026			September 27, 2025				October 3, 2026			September 27, 2025

Net earnings (loss)		$	58,969		$	28,124		$	(7,876	)		$	94,257		$	(9,964	)

Interest expense			6,676			10,333			9,525				26,982			28,903
Interest income			(7,718	)		(4,088	)		(2,710	)			(14,844	)		(10,610	)
Income taxes			28,314			14,275			19,763				48,277			29,900
Depreciation and amortization			59,707			56,117			57,293				174,035			167,036
EBITDA		$	145,948		$	104,761		$	75,995			$	328,707		$	205,265

Reconciling items
Tariff refunds passed through to customers		$	-		$	30,008		$	-			$	30,008		$	-
Tariff refunds received from U.S. government			-			(30,008	)		-				(30,008	)		-
Favorable resolution of contingency			-			-			-				-			(11,293	)

Adjusted EBITDA		$	145,948		$	104,761		$	75,995			$	328,707		$	193,972

Adjusted EBITDA margin(f)			14.9	%		11.4	%		9.6	%			12.0	%		8.6	%

(f) Adjusted EBITDA as a percentage of adjusted net revenues.


VISHAY INTERTECHNOLOGY, INC.
Schedule of Adjusted Revenue, Gross Profit, and Gross Margin
(Unaudited - In thousands)
		Fiscal quarter ended		Fiscal quarter ended							Nine fiscal months ended
		October 3, 2026		July 4, 2026							October 3, 2026
		GAAP and Adjusted(g)				GAAP			Adjusted(h)				GAAP			Adjusted(h)

Net revenues	$	978,939			$	888,575		$	918,583			$	2,706,756		$	2,736,764
Gross profit		249,385				207,382			207,382				633,379			633,379
Gross margin		25.5	%			23.3	%		22.6	%			23.4	%		23.1	%

(g) Net revenues for the fiscal quarter ended October 3, 2026 do not contain any adjusting items.
(h) Adjusted net revenues for the fiscal quarter ended July 4, 2026 and nine fiscal months ended October 3, 2026 exclude $30,008 for tariff refunds passed through to customers, with no impact on gross profit. The tariff refunds are recognized as a reduction of Net revenues and Costs of products sold in the GAAP results. Adjusted gross margin is calculated using adjusted net revenues.