Gentex (GNTX) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for Q4 2025 were $644.4 million, up 19% year-over-year; full-year 2025 sales reached $2.53 billion, up 10% from 2024, with VOXX contributing $103.4 million in Q4 and $267.2 million for the year.

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

• Gross margin improved to 34.8% in Q4 and 34.2% for the year, driven by product mix, efficiencies, and cost reductions, partially offset by tariffs.

• Net income for Q4 was $93.0 million ($0.43 EPS), and for the year $384.8 million ($1.74 EPS), both slightly down year-over-year due to tariff and integration costs.

• Returned $425.9 million to shareholders in 2025, including $319.0 million in share repurchases and $106.9 million in dividends, a 35% increase year-over-year.

Financial highlights

• Q4 consolidated gross margin was 34.8% (core Gentex 35.5%), highest since early 2021; full-year gross margin was 34.2% (core Gentex 34.7%).

• Q4 operating income was $120.1 million, up from $89.8 million; full-year operating income was $473.9 million.

• Q4 operating expenses increased to $104.4 million, mainly due to VOXX; full-year operating expenses were $392.8 million.

• Full-year operating cash flow was $587.3 million, with $319.0 million spent on share repurchases.

• Capital expenditures for 2025 were $120.6 million.

Outlook and guidance

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

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

• Capital expenditures for 2026 are expected to be $125–$140 million; D&A $100–$110 million.

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