Slide 1: Cognex Q3 2025 Earnings
Cognex Q3 2025 Earnings October 29, 2025 1 © 2025 Cognex Corporation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements made in this presentation, as well as oral statements made by Cognex Corporation ("Cognex", "we", "us", "our", or the "Company") from time to time, constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as
Slide 3: Q3 2025 Highlights
Q3 2025 Highlights As reported Q3 2025 Revenue Progress on strategic objectives: $277 Million ▪ Salesforce transformation fueling revenue growth in Packaging +18% Y/Y ▪ Advancing our technology leadership in AI with the launch of vision tools for the Logistics vertical Q3 2025 Adj. EBITDA Margin Rev
Slide 4: SLX: AI Vision in Logistics at Work
SLX: AI Vision in Logistics at TAKING CUSTOMERS SLX IN ACTION: RESULT BEYOND THE BARCODE ERROR DETECTION Adding Vision to the best ID Happy customer, Advanced package detection performance good for Cognex ▪ Reduces expenses and improves efficiency of customer operations ▪ Demonstrates power of AI- d
Slide 5: End Market Results
Q3 2025 End Market Results % OF REVENUE END MARKET Q3 DRIVERS1 2025 TRENDS Full-year 2024 Strong growth driven by large Continued momentum driven by e- Logistics 23% customers commerce Decline driven by lower project activity Automotive 22% Continued softness as expected and investment levels Positi
Slide 6: Revenue Bridge
Q3 2025 Revenue Bridge Y/Y Y/Y CC Q3 2025 Q3 2024 All figures in $ million Change Change Revenue – as reported $277 $235 +18% +16% Refer to slide 7 One-time benefit from ($13) -- -- Commercial Partnership Revenue – ex Commercial Partnership $264 $235 +13% +10% Moritex additional month -- ($5) -- Rev
Slide 7: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights As reported All figures in $ million, except per share amounts Q3 2025 Q3 2024 Y/Y Change 1. Revenue increased 18% as reported and 16% on a constant currency basis. Revenue $277 $235 +18% Adjusted Gross Margin contracted 30 basis Adjusted Gross Profit 189 161 +17% 2. poi
Slide 8: Q3 2025 Financial Highlights (excluding Commercial Partnership and Moritex month)
Q3 2025 Financial Highlights excluding Commercial Partnership and additional month of Moritex Adj. EBITDA Margin Adj. Diluted EPS Free Cash Flow Conversion1 22.1% $0.28 133% +450bps Y/Y +47% Y/Y Trailing twelve-month rate Highest level since Q2 2023 Fifth consecutive quarter of growth 1) Defined as
Slide 9: Q3 2025 Financial Highlights (excluding Commercial Partnership and Moritex month)
Q3 2025 Financial Highlights Q3 2025 excluding Commercial Partnership Q3 2024 excluding additional month of Moritex Q3 Q3 Y/Y 1. Revenue increased 15% and 13% on a constant currency basis. All figures in $ million, except per share amounts 2025 2024 Change Adjusted gross margin contracted 170 basis
Slide 10: Q4 2025 Outlook
Q4 2025 Outlook 4 th QUARTER EXPECTATIONS Revenue growth reflects contribution from 1. Logistics and broader Factory Automation businesses. Q4 2025 Q4 2024 Y/Y Guidance Results Change** All figures in $ million, unless specified 2. Sequential decline driven by seasonal step-down in Consumer Electron
Slide 11: Purchasing Managers Index (PMI) Historical Data
Purchasing Managers Index (PMI) Historical Data 70 65 60 Average PMI 55 Q3 2025 U.S. 48.6 50 Eurozone 50.1 45 China 50.4 40 Japan 49.0 35 30 U.S. Eurozone China Japan Source: U.S. = ISM U.S. Manufacturing PMI / Eurozone = HCOB Eurozone Manufacturing PMI / China = S&P Global China General Manufacturi
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including adjusted gross profit and Cognex may also disclose results on a constant- margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, currency basis as one
Slide 13: Tables
GAAP to Non-GAAP Tables Three-months Ended Nine-months Ended USD $ in 000s unless noted as per share September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Gross profit (GAAP) $ 187,290 $ 159,399 $ 499,489 $ 467,935 Acquisition and integration costs 213 281 666 2,082 Amortizatio
Slide 14: Tables
GAAP to Non-GAAP Tables Three-months Ended Nine-months Ended USD $ in 000s unless noted as per share September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Net income (GAAP) $ 17,664 $ 29,591 $ 81,778 $ 77,825 Acquisition and integration costs 393 1,243 1,643 5,550 Amortization
Slide 15: Description of Certain Adjustments
Description of Certain Adjustments 1. Depreciation The company incurs expense related to its normal use of 4. Amortization assets of acquisition-related intangible property, plant and equipment The Company excludes the amortization of acquired intangible assets from non- GAAP expense and income meas
Slide 16: Investor Relations Team & Upcoming Activity
Investor Relations Team & Upcoming Activity Upcoming Conferences and Investor Events November Baird 2025 Global Industrial Conference Chicago, IL November Stephens Annual Investment Conference Nashville, TN December UBS Global Technology & AI Conference Scottsdale, AZ Goldman Sachs Industrials and M