Vishay Intertechnology
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Vishay Intertechnology (VSH) investor relations material

Vishay Intertechnology Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Fourth quarter 2025 revenue reached $800.9 million, up 1.3% sequentially and 12% year-over-year, driven by strong demand in industrial power and AI-related applications, with Asia and distribution channels leading growth.

  • Book-to-bill ratio improved to 1.2 overall, with semiconductors at 1.27 and passives at 1.13; backlog at quarter end was 4.9 months, reflecting strong order momentum.

  • Strategic initiatives and capacity investments under the five-year plan are driving increased market share and operational improvements, positioning for growth in automotive, AI server, industrial power, aerospace, and healthcare markets.

  • Newport acquisition negatively impacted gross margin by 130–160 basis points in Q4 and FY 2025.

  • Full-year 2025 net revenues totaled $3.07 billion, with a gross margin of 19.4% and operating income of $56.9 million (1.9% margin).

Financial highlights

  • Q4 2025 gross profit was $157 million, with a gross margin of 19.6%, slightly above guidance, aided by higher volumes despite Newport's negative impact.

  • Q4 2025 GAAP EPS was $0.01; adjusted EPS was $0.01; full-year adjusted EPS was $(0.05) due to Newport's margin impact.

  • Adjusted EBITDA for Q4 2025 was $70.3 million (8.8% margin); full-year adjusted EBITDA was $264.2 million (8.6% margin).

  • Q4 2025 free cash flow was $54.9 million, rebounding from negative free cash in prior quarters; full-year free cash flow was ($87.8) million, reflecting high capital expenditures.

  • CapEx for Q4 was $95 million, with $75 million for capacity expansion; full-year CapEx was $273.3 million, below guidance due to equipment delays.

Outlook and guidance

  • Q1 2026 revenue expected between $800 million and $830 million, with sequential growth in all five key segments.

  • Gross margin guidance is 19.9% ±50 bps, with Newport expected to negatively impact by 50–75 bps; SG&A projected at $153 million ±$2 million.

  • CapEx for 2026 planned at $400–$440 million, peaking in H1 due to 12-inch fab investments, then tapering in H2.

  • Free cash flow expected to be negative in 2026 due to high CapEx; dividend to be maintained.

Explain Newport's ongoing margin drag
Inventory build-up: strategic for demand or risk?
Capital deployment effectiveness for ROC goals
AI server demand impact on product segments?
Capacity expansion focus on product types?
Distribution inventory trend implications?
Detail Newport fab's path to profitability
What is the revenue impact of new SiC trench MOSFETs?
Post-CapEx peak, what are the strategic priorities?
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Frequently asked questions

Vishay Intertechnology, Inc. is a global manufacturer of discrete semiconductors and passive electronic components. The company's product portfolio includes diodes, rectifiers, transistors, optoelectronics, resistors, capacitors, and inductors. These components are used in a wide range of applications, including automotive, industrial, consumer electronics, telecommunications, and medical devices. Vishay serves customers across various sectors, providing essential components for power management, signal processing, and energy storage solutions. The company is headquartered in Malvern, Pennsylvania, and its shares are listed on the NYSE.

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