The strong beat and raised guidance signal accelerating demand and operational leverage. Watch for follow-through at Q3 earnings — if the company sustains or improves margins and continues to generate positive free cash flow, the stock could re-rate higher. Monitor convertible note dilution management and any insider selling after the equity offering.
Price Chart
Executive Summary
Vishay Intertechnology reported Q2 2026 adjusted revenue of $918.6M (vs. $895.0M consensus) and GAAP diluted EPS of $0.19 (vs. $0.14 consensus, +34.2% beat), driven by a 9.5% sequential revenue increase and gross margin expansion to 23.3% (from 21.0% last quarter). The company also raised Q3 2026 revenue guidance to $945-975M from the prior Q2 range of $875-905M, signaling continued demand acceleration across end markets. This is a strong earnings beat with upward guidance, which typically drives significant bullish momentum for the stock.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP revenue $888.6M (adjusted $918.6M), above the $895.0M consensus
- GAAP diluted EPS of $0.19, +34.2% beat vs. $0.14 consensus estimate
- Gross margin expanded to 23.3% from 21.0% in Q1 2026 and 19.5% in Q2 2025
- Operating margin improved to 6.0% from 2.6% last quarter
- Book-to-bill ratio of 1.32 (semiconductors 1.23, passive components 1.40) indicates strong demand
- Backlog increased to 6.1 months from 5.7 months last quarter
- Q3 2026 revenue guidance raised to $945-975M from prior Q2 outlook of $875-905M
- Gross margin guidance raised to 24.0% +/- 50 bps from 22.0% +/- 50 bps
- Free cash flow turned positive to $10.3M in Q2 vs. negative ($46.9M) in Q1
- Cash and equivalents surged to $1.3B from $479M year-end 2025, bolstered by $830M follow-on offering
- Total debt reduced via reclassification: current portion of long-term debt $738M (from $0), long-term debt cut to $235M from $951M
- Diluted share count increased to 147.9M from 137.5M in Q1 due to convertible debt conversion and equity offering
Financial Impact
Adjusted revenue beat consensus by $23.6M (+2.6%); EPS beat by $0.05 (+34.2%); Q3 guidance midpoint $960M is $65M above Q2 actual revenue, implying 7.3% sequential growth
Risk Factors
- Dilution from the 147.9M diluted shares (vs. 136.2M a year ago) could pressure per-share metrics
- Tariff pass-through accounting complexity may confuse some investors; the $30M reversal is non-recurring
- Customer demand is cyclical — a downturn in automotive/industrial end markets could reverse the upcycle
- Execution risk on 3.0 strategy as capacity expansion (CapEx $95M in Q2) requires sustained demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000103730-26-000064 |
| Document: vsh-20260805.htm | 0000103730-26-000064 |
| Document: 0000103730-26-000064-index-headers.html | 0000103730-26-000064 |
| Document: 0000103730-26-000064-index.html | 0000103730-26-000064 |
| Document: 0000103730-26-000064.txt | 0000103730-26-000064 |
| 8-K Data (Synthetic) | 0000103730-26-000064 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 7w ago | Press Release | $33.32 $33.21 | ▼ −0.33% | ▲ +1.42% | $38.58 (+15.77%) |
Aug 5, 2026 8w ago | 8-K | $33.18 $30.61 | ▼ −7.75% | ▼ −7.14% | $38.58 (+16.26%) |
Jul 6, 2026 12w ago | 8-K | $42.19 $35.40 | ▼ −16.09% | ▼ −17.43% | $38.58 (−8.57%) |
Jul 1, 2026 13w ago | 8-K | $51.21 $29.96 | ▲ +41.50% | ▲ +39.31% | $38.58 (+24.67%) |
Jun 30, 2026 13w ago | 424B5 | $51.21 $29.96 | ▲ +41.50% | ▲ +39.31% | $38.58 (+24.67%) |
Jun 30, 2026 13w ago | Press Release | $53.78 $37.18 | ▲ +30.87% | ▲ +29.84% | $38.58 (+28.27%) |
Jun 29, 2026 13w ago | 424B5 | $53.78 $37.18 | ▲ +30.87% | ▲ +29.84% | $38.58 (+28.27%) |
Jun 29, 2026 13w ago | S-3ASR | $53.78 $37.18 | ▼ −30.87% | ▼ −29.84% | $38.58 (−28.27%) |
May 13, 2026 20w ago | 8-K | $38.50 $58.60 | ▲ +52.21% | ▲ +52.82% | $38.58 (+0.19%) |
May 13, 2026 20w ago | Press Release | $38.50 $58.60 | ▲ +52.21% | ▲ +52.82% | $38.58 (+0.19%) |
US Market Status
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