Robotics · 4 November 2026 · 5 min read

The factory-camera firm kept 71 cents in the dollar. The robot eyes are not bought

Cognex said on 4 November that third-quarter revenue was $313 million, up 13 per cent, and that the GAAP gross margin was 70.8 per cent. Adjusted earnings were $0.53 a share, up 61 per cent. The 400 per cent rise in GAAP earnings is from 10 cents. RealSense, the depth-camera deal announced in September at about $500 million in cash, is still only expected to close this quarter.

A studio image of a silver and black RealSense depth camera, with several lenses on the front, against a black background. — A product image of a RealSense depth camera, published with a June camera launch. It is a studio shot of a device. It is not on a robot, it is not a Cognex inspection line, and the purchase has not closed.

Cognex reported on 4 November, for the quarter ended 4 October. Revenue was $313 million, against $277 million a year earlier, up 13 per cent. Leave out a one-time commercial-partnership benefit in last year’s quarter and the company says the rise is 19 per cent. GAAP gross margin was 70.8 per cent, against 67.6 per cent. That is about 71 cents of gross profit on a dollar of sales, before the engineers, the sales force and the tax. The adjusted gross margin, Cognex’s own smoother figure, was 71.3 per cent. GAAP operating income was $101 million, 32.2 per cent of revenue, against 20.9 per cent a year earlier.

The earnings line needs both numbers. GAAP diluted earnings were $0.50 a share, against $0.10, which is the 400 per cent. Adjusted diluted earnings were $0.53, against $0.33, up 61 per cent, or 89 per cent if last year’s partnership benefit is left out. Adjusted EBITDA margin was 35.5 per cent. Free cash flow was $104 million. At 4 October the company had $846 million of cash and investments, and no debt. Cash and investments are not the same as cash in a current account. The board declared a dividend of $0.09 a share, payable on 3 December, against $0.085 the previous quarter.

The eyes are still a signature

The robot piece is RealSense, which makes depth cameras used on arms, mobile robots and humanoids. Cognex agreed in September to buy it for about $500 million in cash, from money already on the balance sheet, and said it expected to close in the fourth quarter. The November results repeat that the deal is all cash and still expected to close this quarter. Expected is not closed. On the 5 November call the company said it is selling investments to help pay for the purchase. A camera that can see depth is a real part for a robot. It is not Cognex’s part until the money has moved. The same release launches an In-Sight 1750 reader for wafers and panels in chip plants. A launch is a product. It is not a count of wafers read.

The new full-year revenue range is $1.143 billion to $1.163 billion, against a previous range of $1.130 billion to $1.150 billion. A range is not a year that has happened. The fourth-quarter range is $270 million to $290 million.