Highlights

  • Net revenues for the quarter ended July 4, 2026 were $888.6 million, and diluted earnings per share were $0.19.
  • Vishay completed an offering of 17.25 million shares at $50.00 per share on July 1, 2026, with net proceeds of $830.25 million.
  • End-of-period backlog was $1,877,300 thousand, with a book-to-bill ratio of 1.32, and gross profit margin was 23.3%.
  • Management guided third quarter revenue of $945 million to $975 million and 2026 capital expenditures of $400 million to $440 million.

Vishay Intertechnology, Inc. (NYSE: VSH) shares were trading at USD 29.63 on October 27, 2026, up 10.93%, with a relative volume at time of 2.03. The electronic components maker completed a public offering of common stock on July 1, 2026, filed its quarterly report for the fiscal quarter ended July 4, 2026 on August 5, 2026, and issued third quarter guidance on its August 12, 2026 earnings call.

Vishay is incorporated in Delaware and lists its principal executive offices in Malvern, Pennsylvania. It manufactures discrete semiconductors and passive electronic components for the automotive, industrial, computing, consumer, telecommunications, military, aerospace and healthcare markets. It operates six segments: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors and Capacitors. Its fiscal year ends December 31, and its second fiscal quarter of 2026 ended July 4, 2026.

Second Quarter Results

Net revenues were $888.6 million, compared with $839.2 million for the first fiscal quarter of 2026 and $762.3 million for the second fiscal quarter of 2025. Net revenues were reduced by $30.0 million for tariff refunds passed through to customers.

Gross profit was $207,382 thousand, or 23.3% of net revenues, compared with $148,683 thousand, or 19.5%, a year earlier. SG&A expenses were $153,856 thousand, compared with $126,565 thousand. Operating income was $53,526 thousand, compared with $22,118 thousand. Net earnings were $28,124 thousand, or $0.19 per diluted share, compared with $2,004 thousand, or $0.01. Vishay received IEEPA tariff refunds from the U.S. government, of which $30.0 million will be passed through to customers.

For the six fiscal months, net revenues were $1,727.8 million, compared with $1,477.5 million, and net earnings were $35.3 million, or $0.25 per diluted share, compared with a net loss of $(2.1) million, or $(0.02) per share.

By segment, net revenues were $188,926 thousand for MOSFETs, $186,965 thousand for Diodes, $215,028 thousand for Resistors and $153,399 thousand for Capacitors. The MOSFETs segment operating margin was 1.4%.

Offering, Cash Flow and Debt

On July 1, 2026, Vishay completed an underwritten public offering of 17.25 million shares of common stock at $50.00 per share for proceeds of $830.25 million, net of underwriting discounts and issuance costs. It intends to use the proceeds to accelerate growth initiatives and for general corporate purposes, including reducing borrowings under its revolving credit facility, and used a portion to repay the outstanding revolver balance in the third fiscal quarter.

Cash and cash equivalents were $1,297,309 thousand at July 4, 2026, compared with $514,966 thousand at December 31, 2025. Total debt was $972,287 thousand, including $750,000 thousand of convertible senior notes due 2030 and $238,000 thousand under the credit facility.

Net cash provided by continuing operating activities was $169.0 million for the six fiscal months, and capital expenditures were $205.9 million. Free cash, a non-GAAP measure, was $(36,613) thousand for the six fiscal months and $10,313 thousand for the second fiscal quarter. Vishay paid cash dividends of $0.10 per share for the quarter and did not repurchase shares in the second fiscal quarter.

Backlog and Guidance

End-of-period backlog was $1,877,300 thousand, compared with $1,174,900 thousand a year earlier, and the book-to-bill ratio was 1.32.

On the earnings call, management guided third quarter 2026 revenue of $945 million to $975 million, gross margin of 24.0% plus or minus 50 basis points, SG&A expenses of $155 million plus or minus $3 million, and interest expense of approximately $7 million. It expects 2026 capital expenditures of $400 million to $440 million, with about half earmarked for its 12-inch fab in Germany, and expects negative free cash flow for 2026 due to capacity expansion.

The filing notes uncertainty over the duration and level of U.S. tariffs following a February 20, 2026 Supreme Court ruling on IEEPA tariffs.