Vishay Posts Record Sales and Issues Fourth-Quarter Guide

The Tip Desk · November 4, 2026 · 2 min read

Third-quarter revenue reached $978.9 million, above the top of the company's $945 million to $975 million range, as gross margin hit 25.5%.

Vishay Intertechnology (VSH), a manufacturer of discrete semiconductors and passive electronic components, reported fiscal third-quarter revenue of $978.9 million for the period ended October 3, 2026, the highest quarterly total in the company's history and above the top of its $945 million to $975 million outlook.

Sales were 24% higher than $790.6 million a year earlier. President and Chief Executive Joel Smejkal said all technologies delivered strong results and that Vishay remained focused on execution under Vishay 3.0, including incremental capacity and competitive lead times.

Gross margin expanded to 25.5% from 23.3% in the prior quarter, a 600-basis-point year-over-year lift the CEO highlighted. Sequential expansion was 220 basis points, down from 230 basis points in the second quarter. Operating margin widened to 9.4% from 6.0%, and operating income was $92.2 million.

Diluted earnings were $0.37 a share, compared with $0.19 in the prior quarter and a $0.06 loss a year earlier. Net earnings were $59.0 million. Adjusted EBITDA was $145.9 million, or a 14.9% margin.

Book-to-bill was 1.29 overall, with 1.28 for semiconductors and 1.31 for passive components. Semiconductor book-to-bill rose from 1.23 while passive book-to-bill fell from 1.40. Backlog at quarter end was 6.6 months, up from 6.1 months.

Free cash was $98.5 million in the quarter, up from $10.3 million in the prior quarter. Operating cash flow was $145.8 million. Cash and cash equivalents were $1.14 billion at October 3, 2026, up from $515.0 million at December 31, 2025, after $830.3 million of net proceeds from a follow-on public offering in the nine months ended October 3, 2026.

For the fourth quarter of 2026, management expects revenues of $990 million plus or minus $15 million and a gross profit margin of 26.0% plus or minus 50 basis points.

The company said it remains intensely focused on execution under Vishay 3.0, delivering on its promise to customers to be a reliable supplier with incremental capacity and to maintain competitive lead times.