Vishay 3.0 Beats Second-Quarter Revenue Guide

The Tip Desk · August 6, 2026 · 2 min read

Adjusted revenue reached $918.6 million, 9.5% above the prior quarter and past the $905 million top of the company's outlook.

Vishay Intertechnology (VSH), a maker of discrete semiconductors and passive electronic components, reported second-quarter adjusted revenue of $918.6 million, 9.5% above the prior quarter and above the $905 million top of its outlook. GAAP net revenues were $888.6 million after $30.0 million of tariff refunds passed through to customers, which the company said had no impact on gross profit.

Sequential growth accelerated. In the first quarter, GAAP revenue rose 4.8% from $800.9 million to $839.2 million, and gross margin expanded 140 basis points to 21.0%. In the second quarter, gross margin expanded 230 basis points to 23.3%, and adjusted gross margin was 22.6%. Operating margin widened to 6.0% from 2.6%, and operating income was $53.5 million. Diluted earnings were $0.19 a share, or $28.1 million, versus $0.05 a share and $7.2 million in the first quarter. Adjusted EBITDA was $104.8 million, an 11.4% margin.

President and CEO Joel Smejkel said the company delivered 9.5% sequential growth that exceeded the top end of revenue guidance and represented continued strengthening demand across all end markets, channels, and regions. He said Vishay 3.0 is focused on supplying an increasing customer count and taking advantage of the upcycle.

Book-to-bill was 1.32, with semiconductors at 1.23 and passive components at 1.40. Backlog at quarter end was 6.1 months.

Free cash turned positive at $10.3 million after a $46.9 million outflow in the first quarter. Operating cash flow was $105.4 million, and capital expenditures were $95.2 million.

For the third quarter of 2026, management expects revenues of $945 million to $975 million and a gross profit margin of 24.0% plus or minus 50 basis points.