Gentex Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Gentex (NASDAQ: GNTX) reported Q1 2026 consolidated net sales of $675.4M (up 17% YoY) and core Gentex revenue of $586.8M (up 2% QoQ). Consolidated gross margin was 33.8%, core gross margin 34.0% (80 bps improvement). GAAP net income attributable to Gentex was $98.5M and GAAP EPS was $0.46. VOXX contributed $88.6M of revenue and achieved profitability. The company repurchased 3.3M shares for $71.6M, updated 2026 revenue guidance to $2.65–$2.75B, and provided 2027 revenue guidance of $2.80–$2.90B. Tariff exposure remains under assessment.
Positive
- Consolidated net sales of $675.4M (+17% YoY)
- Core Gentex revenue $586.8M (+2% QoQ)
- Core gross margin 34.0% (80 bps improvement YoY)
- VOXX revenue contribution of $88.6M and achieved profitability
- Share repurchases of 3.3M shares for $71.6M
Negative
- China revenue approximately $28M (29% decline QoQ)
- Tariff costs capitalized in inventory of about $15M and cumulative tariffs paid ~$42M
- Total other loss of $5.6M in Q1 2026 versus income of $0.6M in Q1 2025
- Operating expenses increase partly due to VOXX acquisition and $2.8M impairment charge
Key Figures
Market Reality Check
Peers on Argus
GNTX gained 1.19% with strong Q1 results and raised 2026 revenue guidance, while key peers were mixed: LEA +1.26%, ALSN +1.38%, ALV roughly flat, and MOD/DORM down. The move appears company-specific rather than a broad auto-parts rally.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 30 | Q4 & FY 2025 earnings | Positive | -4.3% | Record 2025 sales, solid margins, and 2026–2027 revenue guidance with large capital returns. |
| Oct 24 | Q3 2025 earnings | Negative | -10.2% | Mixed Q3 with core revenue decline, tariff impacts, and cautious 2025 guidance tweaks. |
| Jul 25 | Q2 2025 earnings | Positive | +16.2% | Strong Q2 sales, VOXX acquisition completion, margin strength, and higher 2025 guidance. |
| Apr 25 | Q1 2025 earnings | Negative | -2.8% | Sales and EPS declines with lower auto-dimming shipments and reduced 2025 outlook. |
| Jan 31 | Q4 & FY 2024 earnings | Positive | -8.2% | Record 2024 sales despite lower production, but margin compression and cautious 2025 targets. |
Earnings have often been followed by weak or negative next-day moves, with an average same-tag reaction of -1.84%, even when results or guidance were positive.
Over the past five earnings cycles, Gentex has grown revenue and integrated VOXX, while managing tariff and regional demand headwinds. Q2 and Q4 2025 showed strong consolidated sales, margin expansion, and active buybacks, yet several earnings releases saw negative price reactions. The latest Q1 2026 report continues the trend of revenue growth, margin improvement, and increased guidance versus prior periods, but the stock remains below its 52-week high despite these operational gains.
Historical Comparison
Across 5 recent earnings releases, GNTX’s average move was -1.84%. Today’s +1.19% reaction to Q1 2026 and higher guidance is modestly stronger than past trends.
Earnings releases show progression from record 2024 sales through 2025 VOXX integration and recurring guidance updates. Q1 2026 extends this arc with higher consolidated revenue, improved gross margin versus Q1 2025, and an upward revision to both 2026 and 2027 revenue expectations.
Market Pulse Summary
This announcement details Q1 2026 revenue of $675.4M, better gross margins, and raised full‑year 2026 revenue guidance to $2.65–$2.75B, while reaffirming margin and expense targets. It underscores VOXX’s profitable contribution and continued share repurchases of $71.6M. At the same time, management highlights tariff and commodity cost headwinds and a 29% revenue decline in China. Investors may watch future quarters for margin track, tariff refunds, and execution on new technology launches.
Key Terms
non-gaap financial
full display mirror ("fdm") technical
in-cabin-monitoring-system ("icms") technical
international emergency economic powers act ("ieepa") regulatory
tariffs regulatory
effective tax rate financial
AI-generated analysis. Not financial advice.
ZEELAND, Mich., April 24, 2026 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics, today reported financial results for the three months ended March 31, 2026.
First Quarter 2026 Highlights
- Net sales: Consolidated
$675.4 million ; core Gentex (ex‑VOXX)$586.8 million - Gross margin: Consolidated
33.8% ; core Gentex (ex‑VOXX)34.0% - Consolidated Income from operations: (GAAP)
$123.7 million ; core Gentex$117.9 million ; adjusted income from operations (non‑GAAP) for core Gentex$121.4 million - Net income attributable to Gentex: (GAAP)
$98.5 million ; adjusted net income (non‑GAAP)$103.7 million - Earnings per diluted share attributable to Gentex: (GAAP)
$0.46 ; adjusted earnings per diluted share (non‑GAAP)$0.48 - Share repurchases: 3.3 million shares repurchased during the quarter for a total of
$71.6 million
Financial Summary
For the first quarter of 2026, the Company reported consolidated net sales of
For the first quarter of 2026, the Company's consolidated gross margin was
Consolidated operating expenses during the first quarter of 2026 were
Consolidated income from operations for the first quarter of 2026 was
Total other loss was
During the first quarter of 2026, the Company had an effective tax rate of
Consolidated net income attributable to Gentex for the first quarter of 2026 was
Consolidated earnings per diluted share attributable to Gentex for the first quarter of 2026 were
Revenue By Category
Gentex Automotive
Gentex Automotive net sales were
Gentex Other
Net sales from Gentex’s Other product lines, which include dimmable aircraft windows, fire protection products, medical devices, and biometrics, were
VOXX
VOXX net sales contributed
Share Repurchases
During the first quarter of 2026, the Company repurchased 3.3 million shares of its common stock at an average price of
Future Estimates
The Company’s light vehicle production forecast for the second quarter of 2026 and full years 2026 and 2027 are based on the mid-April 2026 S&P Global Mobility outlook for North America, Europe, Japan/Korea, and China (see table below). The S&P Global mobility forecast for global light vehicle production for the second quarter of 2026 is expected to decline
| Light Vehicle Production (per S&P Global Mobility mid-April light vehicle production forecast) | ||||||||||||
| (in Millions) | ||||||||||||
| Region | Q2 2026 | Q2 2025 | % Change | Calendar Year 2027 | Calendar Year 2026 | Calendar Year 2025 | 2027 vs 2026 % Change | 2026 vs 2025 % Change | ||||
| North America | 3.81 | 3.95 | (4)% | 15.30 | 14.96 | 15.27 | 2 | % | (2)% | |||
| Europe | 4.31 | 4.47 | (4)% | 16.87 | 16.75 | 17.05 | 1 | % | (2)% | |||
| Japan and Korea | 2.95 | 3.02 | (2)% | 11.57 | 11.82 | 12.07 | (2)% | (2)% | ||||
| China | 7.73 | 7.76 | — | % | 32.46 | 32.34 | 33.10 | — | % | (2)% | ||
| Total Light Vehicle Production | 18.80 | 19.20 | (2)% | 76.20 | 75.87 | 77.49 | — | % | (2)% | |||
Based on the updated light vehicle production forecast and actual results for the first three months of 2026, as well as the Company’s estimates for premium audio, aerospace, medical, fire protection, and consumer electronic products, the Company is making certain changes to its full-year 2026 guidance. The updated guidance reflects the anticipated impact of all known tariffs effective as of April 24, 2026.
2026 Annual Guidance (as of April 24, 2026)
- Consolidated Revenue:
$2.65 –$2.75 billion (previously$2.60 -$2.70 billion ) - Gross Margin:
34% –35% (no change) - Operating Expenses (excluding severance and impairments):
$410 –$420 million (no change) - Tax Rate:
16% –18% (no change) - Capital Expenditures:
$125 –$140 million (no change) - Depreciation & Amortization:
$100 –$110 million (no change)
2027 Revenue Guidance
Based on the mid‑April 2026 S&P Global Mobility light‑vehicle production outlook and the Company’s estimates for premium audio, aerospace, medical, fire protection, and consumer electronics products, the Company has updated its expected calendar‑year 2027 revenue to range between
International Emergency Economic Powers Act ("IEEPA") Tariffs
As it relates to the recent invalidation of the IEEPA tariffs by the U.S. Supreme Court, the Company has not recognized any potential refund in its first‑quarter results. The Company is in the process of assessing the potential impact of such invalidation, and its eligibility and process for seeking refunds. As of March 31, 2026, the Company estimates that approximately
Closing Remarks
“Based on first‑quarter performance and our current forecast for the remainder of the year, the Company is increasing its current revenue guidance for the year, while maintaining the full year gross margin guidance. New tariffs, which are currently temporary, have been reflected in our outlook as if effective for the full year. The Company is also facing new and ongoing cost pressures from key commodities including a number of precious metals, petroleum‑based products, and memory components. These headwinds have not resulted in material supply chain disruptions to date, and we will continue to pursue customer reimbursement opportunities and internal VA/VE projects to reduce the impact these headwinds could have on gross margin performance. At the one-year anniversary of the VOXX acquisition, we are pleased with the cost improvements accomplished and how the teams continue to further integrate. We are also proud of the progress made across the organization, as we begin to see the benefits of a shared strategy and expanded capabilities across the combined businesses. As we look ahead, we remain focused on the disciplined execution of the many technology launches, development initiatives, and R&D projects that are currently underway. Such focus is needed to accelerate growth in a market where light vehicle production challenges remain. These technology launches are designed to provide above market growth over the next few years and when combined with our disciplined approach to managing operating expenses, we believe we have a winning formula to create shareholder returns. We are also encouraged by the increased interest from our customers on Gen4 FDM, ICMS, dimmable visor and large area devices, as well as several ongoing discussions with customers around becoming a strategic, high-volume, electronics supplier with a US operating footprint to help OEM customers mitigate tariff exposure and geo-political risks that exist in the current supply base," said Downing.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” "likely", “may,” “opinion,” “optimistic,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” "work to," and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions, including the impact of inflation; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers and suppliers; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); changes in product mix; raw material and other supply shortages; labor shortages, supply chain constraints and disruptions; our dependence on information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates and uncertainties in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation, including securities litigation relating to the conduct of our business; and force majeure events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.
The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading “Risk Factors” in the Company’s latest Form 10-K and Form 10-Q filed with the SEC, which risks and uncertainties include tariffs and supply chain constraints that have affected, are affecting, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by S&P Global Mobility Light Vehicle Production Forecast of April 16, 2026 (http://www.gentex.com/forecast-disclaimer).
First Quarter Conference Call
A conference call related to this news release will be simulcast live on the Internet beginning at 9:30 a.m. ET today, April 24, 2026. Participants who wish to ask questions may register for the call at https://register-conf.media-server.com/register/BI799e9a1c0dbc44a0a34de405360df322. It is recommended that participants join 10 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call. Participants may listen to the call via audio streaming https://edge.media-server.com/mmc/p/qatwrwz7. A webcast replay will be available approximately 24 hours after the conclusion of the call at http://ir.gentex.com/events-and-presentations/upcoming-past-events.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics. Visit the Company’s web site at www.gentex.com.
Contact Information:
Gentex Investor & Media Contact
Josh O'Berski
616.931.3505
| GENTEX CORPORATION AUTO-DIMMING MIRROR SHIPMENTS (Thousands) | ||||||
| Three Months Ended March 31, | ||||||
| 2026 | 2025 | % Change | ||||
| North American Interior Mirrors | 2,272 | 2,249 | 1 | % | ||
| North American Exterior Mirrors | 1,401 | 1,370 | 2 | % | ||
| Total North American Mirror Units | 3,673 | 3,619 | 1 | % | ||
| International Interior Mirrors | 4,509 | 5,140 | (12)% | |||
| International Exterior Mirrors | 2,671 | 2,783 | (4)% | |||
| Total International Mirror Units | 7,180 | 7,923 | (9)% | |||
| Total Interior Mirrors | 6,781 | 7,389 | (8)% | |||
| Total Exterior Mirrors | 4,072 | 4,153 | (2)% | |||
| Total Auto-Dimming Mirror Units | 10,853 | 11,542 | (6)% | |||
Note: Percent change and amounts may not total due to rounding.
| GENTEX CORPORATION AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended March 31, 2026 and 2025 | |||||||||||||||
| Supplemental Information | Consolidated | ||||||||||||||
| Gentex | VOXX | 2026 | 2025 | ||||||||||||
| Net Sales | $ | 586,814,513 | $ | 88,628,612 | $ | 675,443,125 | $ | 576,773,090 | |||||||
| Cost of Goods Sold | 387,094,819 | 59,721,393 | 446,816,212 | 385,039,503 | |||||||||||
| Gross Profit | 199,719,694 | 28,907,219 | 228,626,913 | 191,733,587 | |||||||||||
| Engineering, Research & Development | 46,310,378 | 5,342,241 | 51,652,619 | 45,924,364 | |||||||||||
| Selling, General & Administrative | 32,002,343 | 17,789,491 | 49,791,834 | 29,933,005 | |||||||||||
| Impairment charges | 2,800,000 | — | 2,800,000 | — | |||||||||||
| Severance Expense | 689,341 | 33,200 | 722,541 | 2,889,112 | |||||||||||
| Operating Expenses | 81,802,062 | 23,164,932 | 104,966,994 | 78,746,481 | |||||||||||
| Income from Operations | 117,917,632 | 5,742,287 | 123,659,919 | 112,987,106 | |||||||||||
| Other (Loss)/Income | (6,049,584 | ) | 437,227 | (5,612,357 | ) | 640,476 | |||||||||
| Income before Income Taxes | 111,868,048 | 6,179,514 | 118,047,562 | 113,627,582 | |||||||||||
| Income Tax Provision | 18,049,974 | 1,576,529 | 19,626,503 | 18,753,537 | |||||||||||
| Net Income | 93,818,074 | 4,602,985 | $ | 98,421,059 | $ | 94,874,045 | |||||||||
| Less: Net loss attributable to non-controlling interest | — | (34,084 | ) | (34,084 | ) | — | |||||||||
| Net Income Attributable to Gentex Corporation | $ | 93,818,074 | $ | 4,637,069 | $ | 98,455,143 | $ | 94,874,045 | |||||||
| Earnings Per Share Attributable to Gentex Corporation(1) | |||||||||||||||
| Basic | $ | 0.44 | $ | 0.02 | $ | 0.46 | $ | 0.42 | |||||||
| Diluted | $ | 0.44 | $ | 0.02 | $ | 0.46 | $ | 0.42 | |||||||
| Cash Dividends Declared per Share | $ | 0.120 | $ | 0.120 | |||||||||||
| (1)Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. | |||||||||||||||
| GENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| March 31, 2026 | December 31, 2025 | ||||
| (Unaudited) | (Note) | ||||
| ASSETS | |||||
| Cash and Cash Equivalents | $ | 164,761,633 | $ | 145,645,715 | |
| Short-Term Investments | 10,285,838 | 5,386,566 | |||
| Accounts Receivable, net | 419,468,925 | 368,517,569 | |||
| Inventories, net | 523,509,606 | 516,253,617 | |||
| Other Current Assets | 90,166,999 | 92,631,001 | |||
| Total Current Assets | 1,208,193,001 | 1,128,434,468 | |||
| Plant and Equipment - Net | 786,333,204 | 790,935,378 | |||
| Goodwill | 359,175,664 | 357,211,919 | |||
| Long-Term Investments | 270,092,847 | 272,975,939 | |||
| Intangible Assets, net | 185,598,287 | 189,341,387 | |||
| Deferred Tax Asset | 111,197,574 | 108,338,592 | |||
| Patents and Other Assets, net | 77,045,617 | 81,355,151 | |||
| Total Other Assets | 1,003,109,989 | 1,009,222,988 | |||
| Total Assets | $ | 2,997,636,194 | $ | 2,928,592,834 | |
| LIABILITIES AND SHAREHOLDERS' INVESTMENT | |||||
| Current Liabilities | $ | 444,579,260 | $ | 387,542,969 | |
| Other Non-current Liabilities | 46,510,151 | 49,209,006 | |||
| Deferred Income Taxes | 940,127 | 908,922 | |||
| Redeemable Non-controlling Interest | 3,021,490 | 3,102,213 | |||
| Shareholders' Investment | 2,502,585,166 | 2,487,829,724 | |||
| Total Liabilities & Shareholders' Investment | $ | 2,997,636,194 | $ | 2,928,592,834 | |
Note: The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
GENTEX CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
In this press release, the Company has provided information regarding certain non-GAAP financial measures, which are reconciled to their closest GAAP financial measure in the following schedules. Use of the term "adjusted" or "excluding" in connection with a financial measure identifies and reflects a non-GAAP financial measure.
Non-GAAP Financial Measures: The Company has presented Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income as supplemental measures of the Company's performance. Current quarter Adjusted Operating Expenses, Adjusted Income from Operations, and Adjusted Other (Loss) Income exclude impairment charges, acquisition related costs, and severance costs set forth in the table below.
| (Unaudited) | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| Gentex | VOXX | Consolidated 2026 | Consolidated 2025 | |||||||||||
| Operating Expenses - GAAP | $ | 81,802,062 | $ | 23,164,932 | $ | 104,966,994 | $ | 78,746,481 | ||||||
| Less: | ||||||||||||||
| Impairment Charge - Intangible Assets | 2,800,000 | — | 2,800,000 | — | ||||||||||
| Acquisition Related Costs | — | — | — | 879,467 | ||||||||||
| Severance Costs | 689,341 | 33,200 | 722,541 | 2,889,112 | ||||||||||
| Adjusted Operating Expenses - (Non-GAAP) | $ | 78,312,721 | $ | 23,131,732 | $ | 101,444,453 | $ | 74,977,902 | ||||||
| Income from Operations - GAAP | $ | 117,917,632 | $ | 5,742,287 | $ | 123,659,919 | $ | 112,987,106 | ||||||
| Less: | ||||||||||||||
| Impairment Charge - Intangible Assets | 2,800,000 | — | 2,800,000 | — | ||||||||||
| Acquisition Related Costs | — | — | — | 879,467 | ||||||||||
| Severance Costs | 689,341 | 33,200 | 722,541 | 2,889,112 | ||||||||||
| Adjusted Income from Operations - (Non-GAAP) | $ | 121,406,973 | $ | 5,775,487 | $ | 127,182,460 | $ | 116,755,685 | ||||||
| Other (Loss) Income - GAAP | $ | (6,049,584 | ) | $ | 437,227 | $ | (5,612,357 | ) | $ | 640,476 | ||||
| Less: | ||||||||||||||
| Impairment Charge - Technology Investment | (2,739,466 | ) | — | (2,739,466 | ) | — | ||||||||
| Adjusted Other (Loss) Income - (Non-GAAP) | $ | (3,310,118 | ) | $ | 437,227 | $ | (2,872,891 | ) | $ | 640,476 | ||||
Adjusted Net Income and Adjusted Earnings per Share: Adjusted Net Income and Adjusted Earnings per Share are presented as supplemental measures of the Company's performance. Adjusted Net Income is defined as Net Income adjusted for impairment charges, acquisition related costs, and severance costs during the first quarter of 2026 and first quarter of 2025. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted average diluted shares outstanding.
| (Unaudited) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| Gentex | VOXX | 2026 Consolidated | 2025 Consolidated | |||||||||
| Net Income Attributable to Gentex Corporation - GAAP | $ | 93,818,074 | $ | 4,637,069 | $ | 98,455,143 | $ | 94,874,045 | ||||
| Impairment Charges - Intangible Assets, net of tax | 2,335,200 | — | 2,335,200 | — | ||||||||
| Acquisition Related Costs, net of tax | — | — | — | 734,355 | ||||||||
| Severance Costs, net of tax | 574,910 | 27,689 | 602,599 | 2,412,409 | ||||||||
| Impairment Charges - Technology Investment, net of tax | 2,284,715 | — | 2,284,715 | — | ||||||||
| Net Income (Loss) Attributable to Gentex Corporation - (Non-GAAP) | $ | 99,012,899 | $ | 4,664,758 | $ | 103,677,657 | $ | 98,020,809 | ||||
| Adjusted Earnings Per Share: | ||||||||||||
| Basic | $ | 0.46 | $ | 0.02 | $ | 0.48 | $ | 0.43 | ||||
| Diluted | $ | 0.46 | $ | 0.02 | $ | 0.48 | $ | 0.43 | ||||
The Company believes that the presentation of these non-GAAP financial measures provides insight into the Company's core performance and trends with respect to the same. Management of the Company similarly uses such non-GAAP financial measures in assessing the business internally.
