Gentex (GNTX) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for Q4 2025 were $644.4M, up 19% year-over-year; full-year 2025 sales reached $2.53B, up 10% from 2024, with VOXX contributing $267.2M and core revenue flat but outperforming markets by up to 5 points.

• Net income for Q4 2025 was $93M ($0.43 EPS); full-year net income was $384.8M ($1.74 EPS), with adjusted net income at $400.2M and adjusted EPS of $1.81.

• Gross margin for Q4 2025 was 34.8% (core: 35.5%), the highest since early 2021; full-year gross margin was 34.2% (core: 34.7%), up 140 bps year-over-year.

• Returned $425.9M to shareholders in 2025, including $319M in share repurchases (13.6M shares) and $106.9M in dividends, a 35% increase year-over-year.

• VOXX acquisition completed in April 2025, with integration progressing and expected to yield $40M/year in positive cash flow.

Financial highlights

• Q4 operating income was $120.1M (core: $112.5M, up 25.3% YoY); full-year operating income was $473.9M and operating cash flow $587.3M.

• Operating expenses for 2025 were $392.8M, with Q4 OpEx at $104.4M, mainly due to VOXX; capex for 2025 was $120.6M.

• Cash and equivalents at year-end were $145.6M, down from $233.3M, reflecting acquisition and buybacks.

• 3.19M Full Display Mirrors shipped in 2025, up 7–8% YoY, launched on 140+ vehicle models.

• Depreciation and amortization for 2025 totaled $104M.

Outlook and guidance

• 2026 revenue expected at $2.6B–$2.7B; gross margin 34%–35%; OpEx (ex-severance) $410M–$420M; capex $125M–$140M; tax rate 16%–18%.

• 2027 revenue projected at $2.75B–$2.85B, driven by DMS launches, FDM growth, and initial visor sales.

• Light vehicle production in primary markets expected to remain flat or slightly decline in 2026, with modest growth in 2027.