Gentex (GNTX) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for 2025 were $2.53B, up 10% from 2024, with Q4 sales at $644.4M, up 19% YoY; VOXX contributed $267.2M for the year and $103.4M in Q4.

• Core revenue was flat in Q4 and down 2% for the year, mainly due to China tariffs, but outperformed primary markets by 3–5 points.

• Net income for 2025 was $384.8M ($1.74 EPS); Q4 net income was $93M ($0.43 EPS); adjusted net income for 2025 was $400.2M ($1.81 EPS).

• Capital returned to shareholders in 2025 totaled $425.9M, including $319M in share repurchases and $106.9M in dividends, a 35% increase YoY.

• VOXX acquisition completed in April 2025, with integration progressing and $40M annual synergy target halfway achieved.

Financial highlights

• Q4 2025 gross margin was 34.8% (core: 35.5%), a 300 bps YoY improvement; full-year gross margin was 34.2% (core: 34.7%), up 140 bps.

• Q4 operating income was $120.1M (core: $112.5M, up 25.3% YoY); full-year operating income was $473.9M.

• Q4 operating expenses rose to $104.4M, mainly due to VOXX; full-year OpEx was $392.8M; capex was $120.6M.

• Operating cash flow for 2025 was $587.3M, up from $498.2M; net capex was $120.6M, down from $141.4M.

• Cash and equivalents at year-end were $145.6M, down from $233.3M, due to acquisition and buybacks.

Outlook and guidance

• 2026 consolidated revenue expected at $2.6B–$2.7B; gross margin 34%–35%; OpEx (ex-severance) $410M–$420M; tax rate 16%–18%; capex $125M–$140M.

• 2027 revenue guidance: $2.75B–$2.85B, driven by DMS launches, FDM growth, and visor sales.

• Light vehicle production in primary markets expected to remain stable or slightly decline in 2026, with modest growth in 2027.